2012 HIGHLIGHTS
Out-performed in challenging market background
property valuations increased 0.6 per cent, comparing favourably with benchmark index which fell 5.8 per cent
high occupancy at 96 per cent; successful relettings partly offsetting impact of tenant failures which represented 6 per cent of rent roll
signed 169 long-term leases for £44 million new annual rent at an average 7 per cent above previous passing rent and in line with valuation assumptions
underlying earnings per share 16.1 pence (2011 - 16.5 pence)
Progressed active management and major extension projects
pipeline now amounts to £1 billion programme over 10 years
represents some 2,300,000 sq. ft. of new retail, restaurants and leisure of which 650,000 sq. ft. consented
acquired strategic sites at Metrocentre, Cribbs Causeway, Braehead and Manchester Arndale
Improved financial flexibility
£300 million 2.5 per cent convertible bonds due 2018 issued in October
cash and committed facilities of £563 million at 31 December 2012
Launched nationwide consumer-facing brand and transformed digital proposition
announced January 2013, corporate name change effective 18 February 2013, consumer launch in May 2013
installing high capacity fibre optic networks enabling free WiFi and other digital services from March 2013
transactional website from spring 2013
