Working to create even better space, even better results

Performance Highlights

We buy, sell, manage and develop office, retail, leisure and residential space. Here we show our performance over the last six months.

Revenue profit1

£m

Revenue Profit

Adjusted diluted earnings1

pence per share

Adjusted Diluted Earnings

Adjusted diluted NAV2

pence per share

Adjusted Diluted NAV

1Including our proportionate share of subsidiaries and joint ventures,
as explained in the notes to the financial statements included within the half-yearly results.

2Our key valuation measure.

Total business return

7.0 %

Total property return

5.9 %

All measures are presented on a proportionate basis, as explained in the notes to the financial statements included within the half-yearly results.

Combined Portfolio value

Combined Portfolio Value
Financial highlights

CEO’s Statement

Our focus has been on driving lettings in London, continuing the transformation of our Retail Portfolio and creating opportunities for local people.

We funded high levels of activity by recycling capital rather than increasing debt.”

Robert Noel, CEO
CEO’s Statement

Our Portfolio

We’ve continued to reshape and strengthen our Retail and London Portfolios to ensure they can thrive in changing and cyclical markets.

Retail Bluewater

Our strategy

We have reshaped our portfolio over the past few years to ensure it meets the evolving requirements of our customers and consumers. Our retail park portfolio is focused on meeting consumers’ convenience shopping needs, and our leisure properties and shopping centres are all vibrant destinations that provide consumers with a great experience.

1.6%

Valuation surplus

£9.9m

Investment lettings

£0.6m

Development lettings

London Fenchurch

Our strategy

As we deliver the remainder of our large speculative development programme in London, we have continued to see strong demand for the workspace we are creating.

5.6%

Valuation surplus

£7.1m

Investment lettings

£16.6m

Development lettings

Top properties

From innovative space in London to dominance, experience and convenience in retail – our best assets have helped set us apart.

Development pipeline

We have exciting new buildings in planning or construction, including groundbreaking space in SW1 and a first-class shopping centre for Oxford.

Beyond 2017

Portland House London SW1

Nova – Phase II London SW1

21 Moorfields London EC2

1 Sherwood Street London W1

Worcester Woods

Selly Oak Birmingham

Proposed development Buchanan Galleries Glasgow

Financial review

Our balance sheet is strong, which gives us plenty of flexibility and firepower as we go into the second half of the year.

Our Combined Portfolio increased in value from £14.0bn at 31 March 2015 to £14.6bn.”

Martin Greenslade, CFO
Financial Review Financial Statements