Operational excellence
· £42.6m of development lettings
· £36.8m of investment lettings
· Acquisitions of £951.4m including the managing stake in Bluewater
· Development and refurbishment expenditure(1) of £441.9m
· Disposals of £1,081.2m
· Further developments committed with total development costs of £220m (our share)
Outstanding results
· Ungeared total property return 23.0%, outperforming the IPD Quarterly Universe at 17.1%
· Total business return (dividends and adjusted diluted NAV growth) of 30.7%
· Combined Portfolio valued at £14.0bn, with a valuation surplus of 17.3%
· Valuation surplus on properties in the development programme of 38.7%
· Revenue profit £329.1m, up 3.0%
· Profit before tax £2,416.5m, up from £1,108.9m
· Voids in the like-for-like portfolio up from 1.8% to 3.6%
Robust financials
· Group LTV ratio at 28.5%, based on adjusted net debt of £4.2bn
· Weighted average maturity of debt at 8.3 years
· Weighted average cost of debt at 4.5%
· Cash and available facilities of £1.4bn
· Recommended increase in final dividend to 8.15p (from 7.9p)
Looking ahead
· 1.5m sq ft being delivered in London over the next 18 months
· 1.8m sq ft of retail development opportunities including Westgate, Oxford; Buchanan Galleries, Glasgow; and Ealing Filmworks
· Plan to build 0.7m sq ft to grade at 21 Moorfields, EC2 and Nova, Victoria, SW1 - Phase II by 2017
