Resilient performance in challenging market
- Total property return 2.7%, ahead of IPD Quarterly Universe at 1.1%
- Adjusted diluted NAV per share up 1p since March 2012
- Revenue profit of 143.7m, down 9.8% on the six months ended 30 September 2011 following disposals and development starts
- 33,410 sq m of new retail space opened since 1 April 2012 through new formats for John Lewis and Debenhams plus two new Primark stores
- 14.6m of development lettings since 1 April 2012 with a further 9.1m in solicitors' hands
- 15.1m of investment lettings across the portfolio at 2.8% below ERV due to pre-development properties
- Like-for-like voids down at 2.6% from 2.9% since March 2012. Retail at 3.1% from 3.4% and London at 2.0% from 2.4%
- Units in administration down in Retail at 1.8% from 2.8%, with London unchanged at 0.1%
- Weighted average unexpired lease term across the like-for-like portfolio, completed developments and acquisitions of 9.0 years (31 March 2012: 9.2 years)
