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PROPERTY ANALYSIS > Group data |
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property analysis group data |
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4.1 million sq m
of built space |
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£4.4 billion
investment portfolio |
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£250 million
annual rent roll |
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534 hectare
land bank |
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| Completed Investment Properties1 |
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Rental data |
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Valuation data |
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Lettable
space
(sq m) |
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Passing
rent at
year end
(£m) |
Market
rental
value
(ERV) at
year end
(£m) |
Gross
rental
income
2007
(£m) |
Net
rental
income
2007
(£m) |
Vacancy
by
space
(%) |
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Valuation
at end
year
(£m) |
Valuation
percentage
of total
(%) |
Valuation
surplus/
(deficit)
(£m) |
Valuation
surplus/
(deficit)
(%) |
Initial
yield
(%) |
Equivalent
yield
(%) |
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| UK - by asset type |
| Industrial 2 |
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2,330,608 |
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146.8 |
180.0 |
167.8 |
133.8 |
10.7 |
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2,666.4 |
60.7 |
(292.3) |
(9.9) |
5.5 |
6.1 |
| Offices |
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193,168 |
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26.2 |
36.5 |
32.4 |
22.0 |
12.3 |
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561.7 |
12.8 |
(48.1) |
(7.9) |
4.7 |
6.2 |
| Retail |
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55,226 |
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11.8 |
13.4 |
12.2 |
10.4 |
0.1 |
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227.5 |
5.2 |
(21.4) |
(8.6) |
5.2 |
5.5 |
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| Total |
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2,579,002 |
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184.8 |
229.9 |
212.4 |
166.2 |
10.8 |
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3,455.6 |
78.7 |
(361.8) |
(9.5) |
5.3 |
6.1 |
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| Continental Europe - by asset type |
| Industrial 2 |
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1,450,143 |
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53.2 |
62.5 |
32.0 |
26.3 |
5.1 |
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747.8 |
17.1 |
38.5 |
5.4 |
7.1 |
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| Offices |
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85,427 |
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9.8 |
12.1 |
9.3 |
7.6 |
20.1 |
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163.7 |
3.7 |
13.8 |
9.2 |
6.0 |
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| Retail |
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22,979 |
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1.7 |
1.9 |
1.4 |
1.1 |
0.0 |
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21.0 |
0.5 |
2.0 |
10.5 |
8.1 |
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| Total |
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1,558,549 |
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64.7 |
76.5 |
42.7 |
35.0 |
5.9 |
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932.5 |
21.3 |
54.3 |
6.2 |
6.9 |
7.0 |
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| Group - by sector |
| Industrial 2 |
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3,780,751 |
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200.0 |
242.5 |
199.8 |
159.8 |
8.6 |
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3,414.2 |
77.8 |
(253.8) |
(6.9) |
5.9 |
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| Offices |
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278,595 |
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36.0 |
48.6 |
41.7 |
29.8 |
14.7 |
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725.4 |
16.5 |
(34.3) |
(4.5) |
5.0 |
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| Retail |
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78,205 |
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13.5 |
15.3 |
13.6 |
11.6 |
0.1 |
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248.5 |
5.7 |
(19.4) |
(7.2) |
5.4 |
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| Group Total |
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4,137,551 |
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249.5 |
306.4 |
255.1 |
201.2 |
8.9 |
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4,388.1 |
100.0 |
(307.5) |
(6.5) |
5.7 |
6.3 |
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| 1 |
All completed investment properties at year end, including the Group's share of of joint ventures' properties. Excludes land held for investment and properties for own occupation. |
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| 2 |
Includes warehousing, logistics, and other industrial-type properties including any offices which are ancillary to these uses. |
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| Reconciliation of Total Properties shown in the Accounts |
| Valuation |
UK
(£m) |
Continental
Europe
(£m) |
Total
(£m) |
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| Valuation per Investment Portfolio Table - including share of Joint Ventures |
3,455.6 |
932.5 |
4,388.1 |
| Add trading properties |
8.1 |
227.9 |
236.0 |
| Add lease incentives & letting fees |
29.8 |
5.2 |
35.0 |
| Add joint ventures - trading properties |
14.1 |
46.5 |
60.6 |
| Company occupied buildings |
11.9 |
1.2 |
13.1 |
| Land & construction in progress |
272.9 |
176.9 |
449.8 |
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| Total |
3,792.4 |
1,390.2 |
5,182.6 |
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| Included within: |
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| Investment properties |
3,517.7 |
932.8 |
4,450.5 |
| Lease incentives & letting fees |
29.8 |
5.2 |
35.0 |
| Development properties |
116.8 |
172.7 |
289.5 |
| Trading properties |
8.1 |
227.9 |
236.0 |
| Joint ventures - investment properties |
105.9 |
5.1 |
111.0 |
| Joint ventures - traders |
14.1 |
46.5 |
60.6 |
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| Total Properties per Balance Sheet |
3,792.4 |
1,390.2 |
5,182.6 |
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| Lettings Analysis |
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Area 000's sq m |
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Rent 1 pa (£m) |
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Lettings |
Space Returned |
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Lettings |
Space
Returned |
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2007 |
2006 |
2007 |
2006 |
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2007 |
2007 |
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| UK - Lettings of new developments |
88 |
38 |
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| UK - Existing vacant |
148 |
129 |
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| UK - Licenses |
62 |
17 |
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| Total UK |
298 |
184 |
217 |
169 |
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25.5 |
14.7 |
| Continental Europe |
298 |
169 |
69 |
86 |
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9.9 |
3.2 |
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| Total Group |
596 |
353 |
286 |
255 |
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35.4 |
17.9 |
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| Vacancy Analysis |
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31 December
2007
(%) |
31 December
2006
(%) |
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| UK |
10.8 |
11.6 |
| Continental Europe |
5.9 |
8.7 |
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| Group Total |
8.9 |
10.9 |
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| Analysis of UK Vacancy |
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| Recent acquisitions (less than 18 months) |
0.0 |
2.5 |
| Completed development sites (less than 18 months) |
2.3 |
1.1 |
| Underlying UK vacancy |
8.5 |
8.0 |
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| Total UK |
10.8 |
11.6 |
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| Lease Expiries & Customers |
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Average lease length to: |
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Passing rent (at 31.12.07) of leases which expire in: |
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Passing rent subject to breaks: |
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| Investment properties only |
Number of
customers |
Break
(Years) |
Expiry
(Years) |
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2008
(£m) |
2009
(£m) |
2010
(£m) |
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2008
(£m) |
2009
(£m) |
2010
(£m) |
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| UK |
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| - Industrial/Warehousing |
1,251 |
6.1 |
8.5 |
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7.7 |
10.5 |
10.7 |
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11.1 |
11.1 |
8.3 |
| - Offices |
122 |
5.7 |
8.7 |
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0.4 |
0.8 |
0.4 |
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2.9 |
0.8 |
1.9 |
| - Retail |
96 |
9.1 |
9.2 |
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- |
- |
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0.1 |
- |
- |
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| Total UK |
1,469 |
6.3 |
8.6 |
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8.1 |
11.3 |
11.1 |
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14.1 |
11.9 |
10.2 |
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| Continental Europe |
205 |
5.9 |
8.4 |
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6.3 |
1.6 |
1.8 |
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2.6 |
5.9 |
5.2 |
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| Group Total |
1,674 |
6.4 |
8.6 |
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14.4 |
12.9 |
12.9 |
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16.7 |
17.8 |
15.4 |
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| Reversionary Potential as at 31 December 2007 |
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Passing rent subject to rent review in |
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2008
(£m) |
2009
(£m) |
2010
(£m) |
Reversion to
ERV on
occupied
properties
(£m) |
ERV on
vacant
properties
(£m) |
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| UK |
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| - Industrial |
21.5 |
19.0 |
26.1 |
3.0 |
21.3 |
| - Offices |
2.6 |
3.2 |
4.4 |
(0.8) |
4.2 |
| - Retail |
4.6 |
0.1 |
0.5 |
1.3 |
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| Continental Europe |
- |
- |
- |
6.0 |
5.8 |
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| Total |
28.7 |
22.3 |
31.0 |
9.5 |
31.3 |
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