Portfolio Statistics at 31 March 2010

Lease profile


Wholly-owned
Share of joint ventures
Rent roll
£m
Reversionary
potential
£m
Rental
values
£m

Rent roll
£m
Reversionary
potential
£m
Rental
values
£m
Total rental
values
£m
London North of
Oxford Street
Office 21.4 (2.4) 19.0
3.8 1.0 4.8 23.8


Retail 4.5 0.5 5.0
4.6 0.9 5.5 10.5

Rest of
West End
Office 4.1 4.1
7.4 (0.8) 6.6 10.7


Retail 2.7 0.6 3.3
4.9 0.3 5.2 8.5

Total
West End

32.7 (1.3) 31.4
20.7 1.4 22.1 53.5

City and
Southwark
Office 8.7 (0.2) 8.5
4.5 0.4 4.9 13.4


Retail 0.9 0.5 1.4
0.2 0.2 1.6

Total City
and Southwark
9.6 0.3 9.9
4.7 0.4 5.1 15.0
Total let portfolio 42.3 (1.0) 41.3
25.4 1.8 27.2 68.5
Voids

1.9


1.0 2.9
Premises under refurbishment

0.1


6.8 6.9
Total portfolio

43.3


35.0 78.3

Rent roll security, lease lengths and voids




Wholly-owned

Joint ventures
Rent roll
secure for
five years
%
Weighted
average
lease length
years
Voids
%

Rent roll
secure for
five years
%
Weighted
average
lease length
years
Voids
%
London North of
Oxford Street
Office 53.6 7.4 2.3
17.6 3.0 3.5


Retail 62.8 6.6 0.3
75.5 9.2 0.7

Rest of
West End
Office 1.1 1.7 6.9
29.5 4.1 3.8


Retail 3.8 3.0 8.4
79.0 11.7 -

Total
West End

44.1 6.2 3.1
50.1 7.0 2.4

City and
Southwark
Office 19.8 3.8 7.8
5.8 1.4 3.7


Retail 72.2 9.7 2.3
36.7 6.6 5.8

Total City
and Southwark
24.6 4.3 7.3
7.4 1.7 3.8
Total let portfolio
39.7 5.8 4.1
42.0 5.9 2.6

Rental values and yields


Wholly-owned
Joint ventures
Wholly-owned
Joint ventures
Average
rent
£psf
Average
ERV
£psf

Average
rent
£psf
Average
ERV
£psf

Initial
yield
%
True
equivalent
yield
%

Initial
yield
%
True
equivalent
yield
%
London North of
Oxford Street
Office 43 38
23 36
4.3 5.3
4.6 5.4


Retail 33 37
62 75
4.4 5.3
4.7 5.2

Rest of
West End
Office 36 35
36 32
4.4 4.4
5.9 5.8


Retail 49 59
44 47
3.3 4.8
4.9 4.4

Total
West End
41 39
38 40
4.2 5.1
5.1 5.2

City and
Southwark
Office 30 29
30 32
6.4 6.1
7.0 7.0


Retail 21 34
37 39
4.4 6.9
5.8 6.0

Total City
and Southwark
29 30
30 32
6.2 6.2
6.9 6.9
Total portfolio
37 36
36 38
4.6 5.3
5.4 5.5