Business analysis

In this section we provide a detailed, transparent picture of our business performance. We include comprehensive information on our portfolio, occupiers and rental income. And we show our performance relative to the IPD industry benchmark.

Table 65

Top 12 occupiers

Top 12 occupiers Current Gross % Government = 9.3 Accor Hotels = 4.2 Royal Bank of Scotland = 2.8 Deloitte = 2.5 DSG International = 1.5 Arcadia Group = 1.5 Bank of New York Mellon = 1.4 J Sainsbury = 1.3 Boots = 1.2 Metropolitan Police = 1.0 Marks & Spencer = 1.0 EDF Energy = 1.0 Percentage of total portfolio = 28.7
Enlarge

Table 66

% Portfolio by value and number of
property holdings at 31 March 2010

% Portfolio by value and number of property holdings at 31 March 2010 £m = 0-9.99, Value % = 3.0, Number of properties = 81 £m = 10-24.99, Value % = 4.2, Number of properties = 27 £m = 25-49.99, Value % = 12.5, Number of properties = 37 £m = 50-99.99, Value % = 21.2, Number of properties = 28 £m = 100-149.99, Value % = 11.5, Number of properties = 9 £m = 150-199.99, Value % = 5.3, Number of properties = 3 £m = 200+, Value % = 42.3, Number of properties = 13 £m = Total, Value % = 100.0, Number of properties = 198 Includes share of joint venture properties.
Enlarge

Chart 67

Contracted rental income breakdown
by tenant business sector

Contracted rental income breakdown by tenant business sector Financial services = 30.6% Services = 23.0% Retail trade = 18.2% Public administration = 11.4% Unmatched = 8.6% Manufacturing = 3.8% Transportation, comms = 2.7% Wholesale trade = 1.7%
Enlarge

Table 68

Combined portfolio value by location

Combined portfolio value by location Location, Shopping centres and shops %, Retail warehouses %, Offices %, Other %, Total % Central, inner and outer London, 13.9, 0.5, 43.5, 4.7, 62.6 South-east and Eastern, 2.8, 4.6, –, 1.5,8.9 Midlands, 1.0, 1.1, 0.1, 0.5, 2.7 Wales and South-west, 6.8, 1.0, –, 0.1, 7.9 North, North-west, Yorkshire and Humberside, 6.8, 3.3, 0.3, 0.7, 11.1 Scotland and Northern Ireland, 4.9, 1.6, –, 0.3,6.8 Total, 36.2, 12.1, 43.9, 7.8, 100.0
Enlarge

Table 69

Long-term performance relative to IPD
Ungeared total returns – periods to 31 March 2010

Long-term performance relative to IPD Ungeared total returns – periods to 31 March 2010 3 years: Land Securities % pa = (7.1), IPD % pa = (7.4) 5 years: Land Securities % pa = 2.8, IPD % pa = 2.1 10 years: Land Securities % pa = 6.6, IPD % pa = 6.5 Source: IPD Quarterly Universe
Enlarge

Table 70

Average rents at 31 March 2010

Average rents at 31 March 2010 Retail: Shopping centres and shops: Average rent £/m² = n/a, Average ERV £/m² = n/a Retail warehouses and food stores: Average rent £/m² = 206, Average ERV £/m² = 201 Offices: London office portfolio: Average rent £/m² = 386, Average ERV £/m² = 341 Average rent and estimated rental value have not been provided where it is considered that the figures would be potentially misleading (i.e. where there is a combination of analysis on rents on an overall and Zone A basis in the retail sector or where there is a combination of uses, or small sample sizes). This is not a like-for-like analysis with the previous year. Excludes properties in the development programme and voids.
Enlarge

Table 71

Like-for-like reversionary potential at 31 March 2010

Like-for-like reversionary potential at 31 March 2010 Reversionary potential, 31 March 2010 % of rent roll, 31 March 2009 % of rent roll Gross reversions, 5.4, 6.5 Over-rented, (9.8), (4.5) Net reversionary potential, (4.4), 2.0 The reversion is calculated with reference to the gross secure rent roll after the expiry of rent free periods on those properties which fall under the like-for-like definition as set out in the notes to the combined portfolio analysis.
Enlarge

Table 72

One year performance relative to IPD
Ungeared total returns – year to 31 March 2010

One year performance relative to IPD Ungeared total returns – year to 31 March 2010 Retail – Shopping centres: Land Securities % = 17.6, IPD % = 9.9 Retail warehouses: Land Securities % = 30.1, IPD % = 29.1 Central London offices*: Land Securities % = 16.8, IPD % = 19.5 Total portfolio: Land Securities % = 17.3, IPD % = 17.4 Source: IPD Quaterly Uniiverse. *Central London defined as West End, City, Mid-town and Inner London regions.
Enlarge
Combined portfolio value by location Scotland and Northern Ireland: Retail warehouses = 1.6% Offices = ̶ Shopping centres and shops = 4.9% Other = 0.3% Total = 6.8% Midlands: Retail warehouses = 1.1% Offices = 0.1% Shopping centres and shops = 1.0% Other = 0.5% Total = 2.7% Wales and South-west Retail warehouses = 1.0% Offices = ̶ Shopping centres and shops = 6.8% Other = 0.1% Total = 7.9% North, North-west, Yorkshire and Humberside Retail warehouses = 3.3% Offices = 0.3% Shopping centres and shops = 6.8% Other = 0.7% Total = 11.1% South-east and Eastern Retail warehouses = 4.6% Offices = ̶ Shopping centres and shops = 2.8% Other = 1.5% Total = 8.9% Central, inner and outer London Retail warehouses = 0.5% Offices = 43.5% Shopping centres and shops = 13.9% Other = 4.7% Total = 62.6%* * Retail and London Portfolios combined