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ANNUAL RESULTS 2014ANNUAL RESULTS 2014
CONTENTSCONTENTS
INTRODUCTION AND OVERVIEWINTRODUCTION AND OVERVIEW
RAISING MIDDLE MARKET RENTSRAISING MIDDLE MARKET RENTS
HIGHLIGHTSHIGHLIGHTS
MAINTAINING DEVELOPMENT IMPETUSMAINTAINING DEVELOPMENT IMPETUS
RESULTS AND FINANCIAL REVIEWRESULTS AND FINANCIAL REVIEW
FINANCIAL HEADLINESFINANCIAL HEADLINES
NAV GROWTHNAV GROWTH
EPRA PROFIT BEFORE TAXEPRA PROFIT BEFORE TAX
EPRA NAV MOVEMENTEPRA NAV MOVEMENT
GROSS PROPERTY INCOMEGROSS PROPERTY INCOME
PROPERTY OUTGOINGS, EPRA RENTAL INCOME & COST RATIOSPROPERTY OUTGOINGS, EPRA RENTAL INCOME & COST RATIOS
CASHFLOWCASHFLOW
PROFORMA IMPACT OF MAJOR PROJECTSPROFORMA IMPACT OF MAJOR PROJECTS
DEBT SUMMARYDEBT SUMMARY
DEBT FACILITIESDEBT FACILITIES
VALUATION AND PORTFOLIO ANALYSISVALUATION AND PORTFOLIO ANALYSIS
VALUATIONVALUATION
VALUATION DRIVERS AND PERFORMANCEVALUATION DRIVERS AND PERFORMANCE
MOVEMENT IN YIELDSMOVEMENT IN YIELDS
RENTAL GROWTHRENTAL GROWTH
CONTEXT TO YIELD MOVEMENTCONTEXT TO YIELD MOVEMENT
PORTFOLIO REVERSIONPORTFOLIO REVERSION
RENTAL VALUESRENTAL VALUES
OPPORTUNITIES ACROSS THE PORTFOLIOOPPORTUNITIES ACROSS THE PORTFOLIO
PORTFOLIO MANAGEMENTPORTFOLIO MANAGEMENT
RAISING THE RENTAL TONE 2014RAISING THE RENTAL TONE 2014
LETTINGS AND ASSET MANAGEMENT HIGHLIGHTSLETTINGS AND ASSET MANAGEMENT HIGHLIGHTS
LETTING VACANT SPACE: 1-2 STEPHEN STREET W1LETTING VACANT SPACE: 1-2 STEPHEN STREET W1
WINNING NEW SPACEWINNING NEW SPACE
PHASED REFURBISHMENT: 1-2 STEPHEN STREET W1PHASED REFURBISHMENT: 1-2 STEPHEN STREET W1
DEALING WITH LEASE EXPIRIES: ANGEL SQUARE EC1DEALING WITH LEASE EXPIRIES: ANGEL SQUARE EC1
RISING CONSTRUCTION COSTSRISING CONSTRUCTION COSTS
PROJECTSPROJECTS
DELIVERING OUR PIPELINEDELIVERING OUR PIPELINE
2016 COMPLETION: WHITE COLLAR FACTORY EC12016 COMPLETION: WHITE COLLAR FACTORY EC1
2015 MAJOR PROJECT: 80 CHARLOTTE STREET W12015 MAJOR PROJECT: 80 CHARLOTTE STREET W1
RECENT START: THE COPYRIGHT BUILDING W1RECENT START: THE COPYRIGHT BUILDING W1
2015 MAJOR PROJECT: 80 CHARLOTTE STREET W12015 MAJOR PROJECT: 80 CHARLOTTE STREET W1
THE NEXT WAVE: 55-65 NORTH WHARF ROAD W2THE NEXT WAVE: 55-65 NORTH WHARF ROAD W2
INVESTMENT ACTIVITYINVESTMENT ACTIVITY
PRINCIPAL ACQUISITIONS IN 2014PRINCIPAL ACQUISITIONS IN 2014
PLANNING APPLICATION: WEDGE HOUSE SE1PLANNING APPLICATION: WEDGE HOUSE SE1
CREATING CLUSTERS: ISLINGTONCREATING CLUSTERS: ISLINGTON
ACQUISITION IN 2015: 20 FARRINGDON ROAD EC1ACQUISITION IN 2015: 20 FARRINGDON ROAD EC1
CREATING CLUSTERS: CLERKENWELLCREATING CLUSTERS: CLERKENWELL
PRINCIPAL INVESTMENT DISPOSALSPRINCIPAL INVESTMENT DISPOSALS
OUTLOOK FOR CENTRAL LONDON PROPERTYOUTLOOK FOR CENTRAL LONDON PROPERTY
WEST END OFFICE SUPPLYWEST END OFFICE SUPPLY
WEST END OFFICE DEMANDWEST END OFFICE DEMAND
THE EVOLVING TECH BELTTHE EVOLVING TECH BELT
CENTRAL LONDON OFFICE INVESTMENT MARKETCENTRAL LONDON OFFICE INVESTMENT MARKET
OUTLOOK FOR DERWENT LONDONOUTLOOK FOR DERWENT LONDON
OUTLOOKOUTLOOK
Question 1Question 1
Question 2Question 2
Question 4Question 4
Question 3Question 3
Question 5Question 5
Question 6Question 6
ANNUAL RESULTS 2014
ANNUAL RESULTS 2014
CONTENTS
CONTENTS
INTRODUCTION AND OVERVIEW
INTRODUCTION AND OVERVIEW
RAISING MIDDLE MARKET RENTS
RAISING MIDDLE MARKET RENTS
HIGHLIGHTS
HIGHLIGHTS
MAINTAINING DEVELOPMENT IMPETUS
MAINTAINING DEVELOPMENT IMPETUS
RESULTS AND FINANCIAL REVIEW
RESULTS AND FINANCIAL REVIEW
FINANCIAL HEADLINES
FINANCIAL HEADLINES
NAV GROWTH
NAV GROWTH
EPRA PROFIT BEFORE TAX
EPRA PROFIT BEFORE TAX
EPRA NAV MOVEMENT
EPRA NAV MOVEMENT
GROSS PROPERTY INCOME
GROSS PROPERTY INCOME
PROPERTY OUTGOINGS, EPRA RENTAL INCOME & COST RATIOS
PROPERTY OUTGOINGS, EPRA RENTAL INCOME & COST RATIOS
CASHFLOW
CASHFLOW
PROFORMA IMPACT OF MAJOR PROJECTS
PROFORMA IMPACT OF MAJOR PROJECTS
DEBT SUMMARY
DEBT SUMMARY
DEBT FACILITIES
DEBT FACILITIES
VALUATION AND PORTFOLIO ANALYSIS
VALUATION AND PORTFOLIO ANALYSIS
VALUATION
VALUATION
VALUATION DRIVERS AND PERFORMANCE
VALUATION DRIVERS AND PERFORMANCE
MOVEMENT IN YIELDS
MOVEMENT IN YIELDS
RENTAL GROWTH
RENTAL GROWTH
CONTEXT TO YIELD MOVEMENT
CONTEXT TO YIELD MOVEMENT
PORTFOLIO REVERSION
PORTFOLIO REVERSION
RENTAL VALUES
RENTAL VALUES
OPPORTUNITIES ACROSS THE PORTFOLIO
OPPORTUNITIES ACROSS THE PORTFOLIO
PORTFOLIO MANAGEMENT
PORTFOLIO MANAGEMENT
RAISING THE RENTAL TONE 2014
RAISING THE RENTAL TONE 2014
LETTINGS AND ASSET MANAGEMENT HIGHLIGHTS
LETTINGS AND ASSET MANAGEMENT HIGHLIGHTS
LETTING VACANT SPACE: 1-2 STEPHEN STREET W1
LETTING VACANT SPACE: 1-2 STEPHEN STREET W1
WINNING NEW SPACE
WINNING NEW SPACE
PHASED REFURBISHMENT: 1-2 STEPHEN STREET W1
PHASED REFURBISHMENT: 1-2 STEPHEN STREET W1
DEALING WITH LEASE EXPIRIES: ANGEL SQUARE EC1
DEALING WITH LEASE EXPIRIES: ANGEL SQUARE EC1
RISING CONSTRUCTION COSTS
RISING CONSTRUCTION COSTS
PROJECTS
PROJECTS
DELIVERING OUR PIPELINE
DELIVERING OUR PIPELINE
2016 COMPLETION: WHITE COLLAR FACTORY EC1
2016 COMPLETION: WHITE COLLAR FACTORY EC1
2015 MAJOR PROJECT: 80 CHARLOTTE STREET W1
2015 MAJOR PROJECT: 80 CHARLOTTE STREET W1
RECENT START: THE COPYRIGHT BUILDING W1
RECENT START: THE COPYRIGHT BUILDING W1
2015 MAJOR PROJECT: 80 CHARLOTTE STREET W1
2015 MAJOR PROJECT: 80 CHARLOTTE STREET W1
THE NEXT WAVE: 55-65 NORTH WHARF ROAD W2
THE NEXT WAVE: 55-65 NORTH WHARF ROAD W2
INVESTMENT ACTIVITY
INVESTMENT ACTIVITY
PRINCIPAL ACQUISITIONS IN 2014
PRINCIPAL ACQUISITIONS IN 2014
PLANNING APPLICATION: WEDGE HOUSE SE1
PLANNING APPLICATION: WEDGE HOUSE SE1
CREATING CLUSTERS: ISLINGTON
CREATING CLUSTERS: ISLINGTON
ACQUISITION IN 2015: 20 FARRINGDON ROAD EC1
ACQUISITION IN 2015: 20 FARRINGDON ROAD EC1
CREATING CLUSTERS: CLERKENWELL
CREATING CLUSTERS: CLERKENWELL
PRINCIPAL INVESTMENT DISPOSALS
PRINCIPAL INVESTMENT DISPOSALS
OUTLOOK FOR CENTRAL LONDON PROPERTY
OUTLOOK FOR CENTRAL LONDON PROPERTY
WEST END OFFICE SUPPLY
WEST END OFFICE SUPPLY
WEST END OFFICE DEMAND
WEST END OFFICE DEMAND
THE EVOLVING TECH BELT
THE EVOLVING TECH BELT
CENTRAL LONDON OFFICE INVESTMENT MARKET
CENTRAL LONDON OFFICE INVESTMENT MARKET
OUTLOOK FOR DERWENT LONDON
OUTLOOK FOR DERWENT LONDON
OUTLOOK
OUTLOOK
Question 1
Question 1
Question 2
Question 2
Question 4
Question 4
Question 3
Question 3
Question 5
Question 5
Question 6
Question 6