Strong growth in both capital and rental values, outperforming London market
Portfolio valuation up 18.7% in year (developments: 31.4%) and 5.1% in Q4
12 month Total Property Return of 22.5% outperforming IPD's Central London index of 20.0%, driven by capital return of 19.2% vs 15.6% for IPD Central London (West End offices capital return of 18.7% vs 16.9% for IPD)
Rental value growth of 8.2% (7.2% West End offices, 12.1% West End retail) vs 6.7% for IPD Central London
Excellent financial performance
EPRA NAV per share of 569 pence, up 27.6% in year and 8.0% in Q4
Net assets of £1,931.9 million (March 2013: £1,537.7 million)
EPRA profit before tax of £38.4 million, up 73.0% on 2013. EPRA earnings per share of 11.0 pence up 59.4%
After revaluation surplus, reported profit before tax of £422.2 million (March 2013: £180.6 million)
Total dividend per share of 8.8 pence (2013: 8.6 pence), up 2.3%
Development programme delivering significant surpluses - more to come
Three schemes completed (487,100 sq ft), total profit of £103.9 million, profit on cost of 53.3%
Two committed schemes (202,800 sq ft), 69% pre-let, expected profit on cost of 40.7%, completions from summer 2014
760,000 sq ft of new planning consents achieved, 100% in West End
Further seven near-term schemes (828,100 sq ft), 83% in West End including Rathbone Square, W1
Total development programme of 2.2 million sq ft covering 50% of existing portfolio, 77% in West End, 55% with planning permission
Record leasing year - beating ERVs
84 new lettings (422,300 sq ft) securing annual income of £25.9 million (our share: £20.8 million), including pre-lets of £12.1 million p.a. (our share: £10.2 million)
Market lettings were 3.7% ahead of valuers' March 2013 ERV (4.2% excluding pre-lets)
Vacancy rate of 3.7% (March 2013: 2.3%), average office rent only £42.00 sq ft, reversionary potential of 22.6%
Since year end:
o Lettings of £3.3 million, including £1.5 million at 240 Blackfriars Road, SE1
o Further £3.1 million under offer, 4.3% premium to March 2014 ERV
Disciplined and profitable capital recycling with selective acquisition activity
Disposals of £422.5 million (our share: £269.0 million) at an average 9.5% premium to March 2013 book value, including creation of new JV at Hanover Square Estate
Purchase of Oxford House, W1 (79,000 sq ft) for £90.0 million increases total development potential at east end of Oxford Street to c.690,000 sq ft
Robust financial position with low leverage and high liquidity
Gearing conservative at 30.3%, loan to property value of 25.7%, weighted average interest rate low at 3.5%
Significant cash and undrawn facilities of £508 million, weighted average drawn debt maturity of 6.9 years
