Combined portfolio reconciliation
Sections within this page
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.
Combined portfolio reconciliation
| Retail Portfolio £m |
London Portfolio £m |
Other £m |
31 March 2010 £m |
Retail Portfolio £m |
London Portfolio £m |
Other £m |
31 March 2009 £m |
|
| Income statement – gross rental income reconciliation | ||||||||
| Combined portfolio | 329.8 | 274.7 | 40.7 | 645.2 | 374.9 | 306.1 | 46.8 | 727.8 |
| Central London shops (excluding Metro Shopping Fund LP) | (41.0) | 41.0 | – | – | (42.8) | 42.8 | – | – |
| Inner London offices in Metro Shopping Fund LP | 0.6 | (0.6) | – | – | 0.8 | (0.8) | – | – |
| Rest of UK offices | 1.3 | - | (1.3) | – | 1.5 | 0.2 | (1.7) | – |
| Other | 35.7 | 3.7 | (39.4) | – | 40.6 | 4.5 | (45.1) | – |
| 326.4 | 318.8 | – | 645.2 | 375.0 | 352.8 | – | 727.8 | |
| Less finance lease adjustment | (2.8) | (3.6) | – | (6.4) | (3.1) | (5.3) | – | (8.4) |
| Total rental income for combined portfolio | 323.6 | 315.2 | – | 638.8 | 371.9 | 347.5 | – | 719.4 |
| Market value reconciliation | ||||||||
| Combined portfolio | 4,600.2 | 4,150.6 | 789.6 | 9,540.4 | 4,687.3 | 3,969.0 | 750.7 | 9,407.0 |
| Central London shops (excluding Metro Shopping Fund LP) | (937.2) | 937.2 | – | – | (939.2) | 939.2 | – | – |
| Inner London offices in Metro Shopping Fund LP | 11.9 | (11.9) | – | – | 9.8 | (9.8) | – | – |
| Rest of UK offices | 46.7 | – | (46.7) | – | 51.1 | – | (51.1) | – |
| Other | 544.1 | 198.8 | (742.9) | – | 508.6 | 191.0 | (699.6) | – |
| Per business unit | 4,265.7 | 5,274.7 | – | 9,540.4 | 4,317.6 | 5,089.4 | – | 9,407.0 |
| Gross estimated rental value reconciliation | ||||||||
| Combined portfolio | 366.1 | 302.2 | 54.0 | 722.3 | 434.1 | 327.0 | 53.6 | 814.7 |
| Central London shops (excluding Metro Shopping Fund LP) | (67.5) | 67.5 | – | – | (64.3) | 64.3 | – | – |
| Inner London offices in Metro Shopping Fund LP | 0.8 | (0.8) | – | – | 0.9 | (0.9) | – | – |
| Rest of UK offices | 5.7 | – | (5.7) | – | 5.0 | – | (5.0) | – |
| Other | 39.6 | 8.7 | (48.3) | – | 40.1 | 8.5 | (48.6) | – |
| Per business unit | 344.7 | 377.6 | – | 722.3 | 415.8 | 398.9 | – | 814.7 |
Development pipeline financial summary
| Cumulative movements on the development programme to 31 March 2010 | Total scheme details | ||||||||||
| Market value at start of scheme £m |
Capital expend- iture incurred to date £m |
Capital- ised interest to date £m |
Revalua- tion surplus/ (deficit) to date £m |
Disposals, SIC 15 rent and other adjust- ments £m |
Market value at 31 March 2010 £m |
Estima- ted total capital expend- iture4 £m |
Estima- ted total capital- ised interest £m |
Estima- ted total develop- ment cost 2 £m |
Net income/ ERV3 £m |
Valuation surplus/ (deficit) for year ended/ 31 March 20101 £m |
|
| Development programme transferred or sold |
|||||||||||
| Shopping centres, etc | 32.0 | 259.4 | 19.4 | (63.7) | 0.4 | 247.5 | 259.4 | 19.4 | 310.8 | 17.9 | 20.2 |
| London Portfolio | 51.2 | 304.4 | 21.8 | 96.8 | 52.8 | 527.0 | 304.4 | 21.8 | 377.4 | 32.2 | 101.0 |
| 83.2 | 563.8 | 41.2 | 33.1 | 53.2 | 774.5 | 563.8 | 41.2 | 688.2 | 50.1 | 121.2 | |
| Development programme completed, approved or in progress |
|||||||||||
| Shopping centres and shops | 20.5 | 444.3 | 24.4 | (221.0) | 1.3 | 269.5 | 477.7 | 24.4 | 522.6 | 22.4 | 6.6 |
| Retail warehouses and foodstores | 24.1 | 0.6 | – | 10.7 | – | 35.4 | 8.5 | – | 32.6 | 2.7 | 10.7 |
| London Portfolio | 469.0 | 330.2 | 44.1 | (172.0) | 6.7 | 678.0 | 782.8 | 82.6 | 1,334.4 | 77.6 | 87.1) |
| 513.6 | 775.1 | 68.5 | (382.3) | 8.0 | 982.9 | 1,269.0 | 107.0 | 1,889.6 | 102.7 | 104.4 | |
| Movement on proposed developments for the year ended 31 March 2010 | |||||||||||
| Proposed developments | |||||||||||
| Shopping centres and shops | 85.0 | 27.1 | – | (14.0) | (0.6) | 97.5 | 284.6 | 41.6 | 423.7 | 31.9 | (14.0) |
| Retail warehouses and foodstores | 19.6 | 0.4 | – | 3.0 | – | 23.0 | 11.3 | – | 34.3 | 2.0 | 3.0 |
| London Portfolio | 213.7 | 7.0 | 0.7 | (6.1) | 0.4 | 215.7 | 775.6 | 139.1 | 1,130.4 | 67.0 | (6.1)) |
| 318.3 | 34.5 | 0.7 | (17.1) | (0.2) | 336.2 | 1,071.5 | 180.7 | 1,588.4 | 100.9 | (17.1) | |
Notes:
- Includes profit realised on the disposal of property.
- Includes the property at the market valuation at the start of the financial year in which the property was added to the Development Programme together with estimated capitalised interest. For Proposed Development properties, the market value of the property at 31 March 2010 is included in the estimated total cost. Estimated total development cost includes the cost of residential properties for Shopping Centres and shops of £20m in the development programme and £9m for proposed developments. The London Portfolio development programme and proposed developments includes the cost of residential properties of £156.4m and £322.0m respectively. Allowances for rent-free periods are excluded from cost.
- Net headline annual rental payable on let units plus net ERV at 31 March 2010 on unlet units.
- For Proposed Development properties the estimated total capital expenditure represents the outstanding costs required to complete the scheme as at 31 March 2010.
