Results & Reports

2016 Interim Announcement
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INTERIM RESULTS 2016INTERIM RESULTS 2016
CONTENTSCONTENTS
INTRODUCTION <br>AND OVERVIEWINTRODUCTION
AND OVERVIEW
HIGHLIGHTSHIGHLIGHTS
EU REFERENDUM <br>RAISES UNCERTAINTYEU REFERENDUM
RAISES UNCERTAINTY
CENTRAL LONDON <br>OFFICE OUTLOOKCENTRAL LONDON
OFFICE OUTLOOK
OCCUPIER DEMAND STEADY<br>IN CENTRAL LONDONOCCUPIER DEMAND STEADY
IN CENTRAL LONDON
LOCKING IN<br>POTENTIAL GROWTHLOCKING IN
POTENTIAL GROWTH
DEVELOPMENT <br>& REFURBISHMENT <br>ACTIVITY OVERVIEWDEVELOPMENT
& REFURBISHMENT
ACTIVITY OVERVIEW
DEVELOPMENT & <br>REFURBISHMENT <br>ACTIVITY IN DETAILDEVELOPMENT &
REFURBISHMENT
ACTIVITY IN DETAIL
RENT REVIEWS, <br>LEASE RENEWALS <br>AND REGEARSRENT REVIEWS,
LEASE RENEWALS
AND REGEARS
MIDDLE MARKET <br>PRODUCT WELL PLACEDMIDDLE MARKET
PRODUCT WELL PLACED
RESULTS AND <br>FINANCIAL REVIEWRESULTS AND
FINANCIAL REVIEW
HEADLINE NUMBERSHEADLINE NUMBERS
NET ASSETS, <br>DEBT AND GEARINGNET ASSETS,
DEBT AND GEARING
EPRA NAV MOVEMENTEPRA NAV MOVEMENT
EPRA PROFIT <br>BEFORE TAXEPRA PROFIT
BEFORE TAX
GROSS PROPERTY <br>INCOMEGROSS PROPERTY
INCOME
PROPERTY OUTGOINGS, <br>COST RATIOS AND <br>EPRA RENTAL INCOMEPROPERTY OUTGOINGS,
COST RATIOS AND
EPRA RENTAL INCOME
CASH FLOWCASH FLOW
PROFORMA IMPACT <br>OF MAJOR SCHEMESPROFORMA IMPACT
OF MAJOR SCHEMES
DEBT SUMMARYDEBT SUMMARY
DEBT FACILITIESDEBT FACILITIES
VALUATION AND <br>PORTFOLIO ANALYSISVALUATION AND
PORTFOLIO ANALYSIS
VALUATIONVALUATION
VALUATION PERFORMANCE <br>AND DRIVERSVALUATION PERFORMANCE
AND DRIVERS
RENTAL VALUE GROWTHRENTAL VALUE GROWTH
MOVEMENT IN YIELDSMOVEMENT IN YIELDS
CONTEXT TO <br>YIELD MOVEMENTCONTEXT TO
YIELD MOVEMENT
PORTFOLIO INCOME <br>POTENTIAL - REVERSIONPORTFOLIO INCOME
POTENTIAL - REVERSION
CENTRAL LONDON OFFICE <br>RENTAL VALUESCENTRAL LONDON OFFICE
RENTAL VALUES
PROJECTSPROJECTS
DELIVERY OF <br>CURRENT PIPELINEDELIVERY OF
CURRENT PIPELINE
H2 2016 COMPLETION: <br>WHITE COLLAR <br>FACTORY EC1H2 2016 COMPLETION:
WHITE COLLAR
FACTORY EC1
WHITE COLLAR FACTORY<br>FILLING UPWHITE COLLAR FACTORY
FILLING UP
H2 2016 COMPLETION: <br>THE WHITE CHAPEL<br> BUILDING E1H2 2016 COMPLETION:
THE WHITE CHAPEL
BUILDING E1
GOOD PRE-LETTING <br>PROGRESS SINCE <br>MAY 2016GOOD PRE-LETTING
PROGRESS SINCE
MAY 2016
2017 COMPLETION: <br>THE COPYRIGHT <br>BUILDING W12017 COMPLETION:
THE COPYRIGHT
BUILDING W1
2019 COMPLETION: <br>BRUNEL BUILDING W22019 COMPLETION:
BRUNEL BUILDING W2
2019 COMPLETION: <br>80 CHARLOTTE STREET <br>W12019 COMPLETION:
80 CHARLOTTE STREET
W1
PLANNING CONSENTSPLANNING CONSENTS
SUMMARYSUMMARY
SUMMARYSUMMARY
QUESTIONSQUESTIONS
QUESTIONSQUESTIONS
QUESTIONSQUESTIONS
QUESTIONSQUESTIONS
QUESTIONSQUESTIONS
INTERIM RESULTS 2016
INTERIM RESULTS 2016
CONTENTS
CONTENTS
INTRODUCTION <br>AND OVERVIEW
INTRODUCTION <br>AND OVERVIEW
HIGHLIGHTS
HIGHLIGHTS
EU REFERENDUM <br>RAISES UNCERTAINTY
EU REFERENDUM <br>RAISES UNCERTAINTY
CENTRAL LONDON <br>OFFICE OUTLOOK
CENTRAL LONDON <br>OFFICE OUTLOOK
OCCUPIER DEMAND STEADY<br>IN CENTRAL LONDON
OCCUPIER DEMAND STEADY<br>IN CENTRAL LONDON
LOCKING IN<br>POTENTIAL GROWTH
LOCKING IN<br>POTENTIAL GROWTH
DEVELOPMENT <br>& REFURBISHMENT <br>ACTIVITY OVERVIEW
DEVELOPMENT <br>& REFURBISHMENT <br>ACTIVITY OVERVIEW
DEVELOPMENT & <br>REFURBISHMENT <br>ACTIVITY IN DETAIL
DEVELOPMENT & <br>REFURBISHMENT <br>ACTIVITY IN DETAIL
RENT REVIEWS, <br>LEASE RENEWALS <br>AND REGEARS
RENT REVIEWS, <br>LEASE RENEWALS <br>AND REGEARS
MIDDLE MARKET <br>PRODUCT WELL PLACED
MIDDLE MARKET <br>PRODUCT WELL PLACED
RESULTS AND <br>FINANCIAL REVIEW
RESULTS AND <br>FINANCIAL REVIEW
HEADLINE NUMBERS
HEADLINE NUMBERS
NET ASSETS, <br>DEBT AND GEARING
NET ASSETS, <br>DEBT AND GEARING
EPRA NAV MOVEMENT
EPRA NAV MOVEMENT
EPRA PROFIT <br>BEFORE TAX
EPRA PROFIT <br>BEFORE TAX
GROSS PROPERTY <br>INCOME
GROSS PROPERTY <br>INCOME
PROPERTY OUTGOINGS, <br>COST RATIOS AND <br>EPRA RENTAL INCOME
PROPERTY OUTGOINGS, <br>COST RATIOS AND <br>EPRA RENTAL INCOME
CASH FLOW
CASH FLOW
PROFORMA IMPACT <br>OF MAJOR SCHEMES
PROFORMA IMPACT <br>OF MAJOR SCHEMES
DEBT SUMMARY
DEBT SUMMARY
DEBT FACILITIES
DEBT FACILITIES
VALUATION AND <br>PORTFOLIO ANALYSIS
VALUATION AND <br>PORTFOLIO ANALYSIS
VALUATION
VALUATION
VALUATION PERFORMANCE <br>AND DRIVERS
VALUATION PERFORMANCE <br>AND DRIVERS
RENTAL VALUE GROWTH
RENTAL VALUE GROWTH
MOVEMENT IN YIELDS
MOVEMENT IN YIELDS
CONTEXT TO <br>YIELD MOVEMENT
CONTEXT TO <br>YIELD MOVEMENT
PORTFOLIO INCOME <br>POTENTIAL - REVERSION
PORTFOLIO INCOME <br>POTENTIAL - REVERSION
CENTRAL LONDON OFFICE <br>RENTAL VALUES
CENTRAL LONDON OFFICE <br>RENTAL VALUES
PROJECTS
PROJECTS
DELIVERY OF <br>CURRENT PIPELINE
DELIVERY OF <br>CURRENT PIPELINE
H2 2016 COMPLETION: <br>WHITE COLLAR <br>FACTORY EC1
H2 2016 COMPLETION: <br>WHITE COLLAR <br>FACTORY EC1
WHITE COLLAR FACTORY<br>FILLING UP
WHITE COLLAR FACTORY<br>FILLING UP
H2 2016 COMPLETION: <br>THE WHITE CHAPEL<br> BUILDING E1
H2 2016 COMPLETION: <br>THE WHITE CHAPEL<br> BUILDING E1
GOOD PRE-LETTING <br>PROGRESS SINCE <br>MAY 2016
GOOD PRE-LETTING <br>PROGRESS SINCE <br>MAY 2016
2017 COMPLETION: <br>THE COPYRIGHT <br>BUILDING W1
2017 COMPLETION: <br>THE COPYRIGHT <br>BUILDING W1
2019 COMPLETION: <br>BRUNEL BUILDING W2
2019 COMPLETION: <br>BRUNEL BUILDING W2
2019 COMPLETION: <br>80 CHARLOTTE STREET <br>W1
2019 COMPLETION: <br>80 CHARLOTTE STREET <br>W1
PLANNING CONSENTS
PLANNING CONSENTS
SUMMARY
SUMMARY
SUMMARY
SUMMARY
QUESTIONS
QUESTIONS
QUESTIONS
QUESTIONS
QUESTIONS
QUESTIONS
QUESTIONS
QUESTIONS
QUESTIONS
QUESTIONS