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2015 PRELIMINARY RESULTS
Funding investment through disposals since 2010
Agenda
Financial results
Financial summary
Financial summary
Financial summary
Financial summary
Financial summary
Financial summary
Financial summary
Revenue profit
Revenue profit
Revenue profit
Revenue profit
Revenue profit
Net rental income analysis
Net rental income analysis
Net rental income analysis
Net rental income analysis
Net rental income analysis
Net rental income analysis
Net rental income analysis
Net rental income analysis
Net rental income analysis
Combined Portfolio valuation
Combined Portfolio valuation
Combined Portfolio valuation
Combined Portfolio valuation
Combined Portfolio valuation
Movement in adjusted diluted NAV
Movement in adjusted diluted NAV
Movement in adjusted diluted NAV
Movement in adjusted diluted NAV
Movement in adjusted diluted NAV
Movement in adjusted diluted NAV
Movement in adjusted diluted NAV
Movement in adjusted diluted NAV
Movement in adjusted diluted NAV
Movement in adjusted diluted NAV
Cash flow and adjusted net debt(1)
Cash flow and adjusted net debt(1)
Cash flow and adjusted net debt(1)
Cash flow and adjusted net debt(1)
Cash flow and adjusted net debt(1)
Cash flow and adjusted net debt(1)
Cash flow and adjusted net debt(1)
Financing
Financial summary
Retail Portfolio
Retail Portfolio – a transformational year
Portfolio focused on dominance, experience and convenience
Retail parks – affordable rents and convenient locations
Retail park development – exploring opportunities
Leisure and hotels – increasingly strong performance
Leisure development – in a great Crossrail location
Greater London shopping centres – 20% capital growth
Dominant shopping centres – beating the benchmarks
Dominant shopping centres – enhancing the experience
Bluewater – a key destination for retailers
Westgate – a new destination for Oxford
Buchanan Galleries – investing in dominance
Retail Portfolio summary – quality and resilience
London Portfolio
London Portfolio – business is firing on all cylinders
Central London supply – March 2014 – well timed lettings
Central London supply – March 2014 – well timed lettings
Central London supply – March 2014 – well timed lettings
Central London Supply – 2014 and 2015 forecasts
Central London Supply – 2014 and 2015 forecasts
Central London Supply – 2014 and 2015 forecasts
Central London Supply – 2014 and 2015 forecasts
Central London Supply – 2014 and 2015 forecasts
Central London Supply – 2014 and 2015 forecasts
Central London supply – March 2015 – well timed lettings
Development – maintaining letting momentum
Development – City and mid-town – building portfolio resilience
Development – Victoria – great product – value creation
Development - Nova residential - great product - great location
Development – Nova offices and retail – changing Victoria
Development – great Crossrail location
Manage – strengthening income – building portfolio resilience
Manage – strengthening income – increasing values
Manage – strengthening income – increasing values
Manage – voids – opportunities to capture rental value growth
Sell – successfully recycling capital
Buy – Thomas More Square, E1 – capturing rental value growth
21 Moorfields, EC2 – secured 250 year leasehold interest
21 Moorfields, EC2 – pre-letting opportunity
21 Moorfields, EC2 – pre-letting opportunity
21 Moorfields, EC2 – pre-letting opportunity
21 Moorfields, EC2 – pre-letting opportunity
Future pipeline – building in optionality
London Portfolio summary – business is firing on all cylinders
Summary
London and Retail Portfolios – both delivering results
Building quality, strength and resilience in a cyclical market
Q&A
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