High levels of activity
Sales of £185.8m during the period and £468.9m since 30 September
Acquisitions of £697.0m during the period and £137.5m since 30 September
3.0m sq ft development programme
Development and refurbishment expenditure of £220.4m (1)
£21.8m of development lettings
£10.3m of investment lettings
Completed a sustainability strategic review
Delivering results
Ungeared total property return 9.9%, outperforming the IPD Quarterly Universe at 9.3%
Total business return (dividends and adjusted diluted NAV growth) of 13.0%
Combined portfolio valued at £13.2bn, with a valuation surplus of 7.5%
Valuation surplus on properties in the development programme of 14.0%
Profit before tax £1,031.1m, up from £397.9m
Revenue profit £170.0m, up 8.6%
Voids in the like-for-like portfolio remain low at 2.6% (31 March 1.9%)
Improved our performance against Environmental, Social and Governance (ESG) benchmarks
Progressed 85 disadvantaged people into jobs through our London Employment Strategy
With a strong financial structure
Group LTV ratio at 33.6%, based on adjusted net debt of £4.6bn
Weighted average maturity of debt at 8.2 years
Weighted average cost of debt at 4.5%
Cash and available facilities of £0.8bn
First half dividend of 15.8p per share, up 3.9%
