Property
Portfolio Statistics
Our investment approach is to concentrate on the fundamentals of each asset. A key criterion is a property's enduring attraction to occupiers, because of its business sustainability, location and efficiency.
Portfolio Statistics - as at 31 December 2009
| | Value
£m | Net rents 1
£m | ERV 2
£m | Occupancy rate 3
% | Lease length 4
years |
|---|
| Retail | | | | | |
|---|
| Retail warehouses | 2,493 | 161 | 175 | 98.3 | 11.6 |
|---|
| Superstores | 1,226 | 69 | 73 | 100.0 | 17.6 |
|---|
| Shopping centres | 1,115 | 79 | 89 | 97.9 | 10.8 |
|---|
| Department stores | 420 | 26 | 30 | 100.0 | 27.1 |
|---|
| | | | | | |
| All retail | 5,254 | 335 | 367 | 98.6 | 14.0 |
|---|
| | | | | | |
| Offices | | | | | |
|---|
| City | 1,468 | 86 | 105 | 90.5 | 9.3 |
|---|
| West End | 847 | 45 | 61 | 72.6 | 7.5 |
|---|
| Development | 143 | n/a | n/a | n/a | n/a |
|---|
| | | | | | |
| All Offices | 2,458 | 131 | 166 | 84.2 | 8.8 |
|---|
| | | | | | |
| Other | 187 | 16 | 19 | 93.1 | 21.0 |
|---|
| | | | | | |
| Total | 7,899 | 482 | 552 | 93.7 | 12.6 |
|---|
1 annualised net rents which are cash based differs from net rental income due to accounting items, such as spreading lease incentives and contracted future rental uplifts
2 Estimated Rental Value (ERV) includes rent reviews and lease break/expiry and letting of vacant space at current ERV (as determined by external valuers) within 5 years, plus expiry of rent free periods
3 underlying occupancy rate including asset management initiatives and units under offer
4 weighted average lease length to first break
Download an Excel spreadsheet of the data > (33KB)