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Places People Prefer Places People British Land Annual Report and Accounts 2021 Prefer Annual Report and Accounts 2021 CONTENTS Strategic Report Corporate Governance Financial Statements 1 Places People Prefer 90 Board of Directors 149 Report of the auditors 2 2021 Key figures 93 Governance at a glance 160 Primary statements and notes 3 Investment case 94 Chairman’s introduction 211 Company balance sheet 4 Our portfolio 96 Governance Review 223 Supplementary disclosures 6 Chairman’s Statement 101 Key investor relations activities 8 Chief Executive’s Review during the year Other Information 12 How we deliver value 102 Key themes for the year 229 Other information (unaudited) 14 Vision 103 Board activity 235 Sustainability performance 15 The priorities for our business 104 Stakeholder engagement statement measures 20 Our development pipeline 108 Workforce engagement statement 237 Ten year record 28 Market drivers 110 Report of the Corporate Social 238 Shareholder information 30 Our key performance indicators Responsibility Committee 32 Stakeholder engagement 112 Report of the Nomination Committee 36 People and culture 116 Report of the Audit Committee 40 Sustainability 122 Directors’ Remuneration Report 48 Task Force on Climate-Related 144 Directors’ Report and Financial Disclosures (TCFD) additional disclosures 52 Streamlined Energy and Carbon 147 Directors’ responsibilities statement Reporting (SECR) 54 Non-financial reporting disclosure 56 Performance Review 70 Financial Review 75 Financial policies and principles 78 Managing risk in delivering our strategy 82 Principal risks 88 Viability statement Presentation of financial information The accounting policies used are otherwise non-GAAP measures, which management uses The financial statements for the year ended consistent with those contained in the Group’s internally. IFRS measures are labelled as such. 31 March 2021 have been prepared on the historical previous Annual Report and Accounts for the year See our supplementary disclosures which start cost basis, except for the revaluation of properties, ended 31 March 2020. The Group’s interests in joint on page 223 for reconciliations, and the glossary investments classified as fair value through profit ventures and funds are shown as a single line item found at britishland.com/glossary. or loss and derivatives. ‘The financial statements on the income statement and balance sheet and all Integrated reporting are prepared in accordance with the International subsidiaries are consolidated at 100%. Financial Reporting Standards (‘IFRS’) and the Management considers the business principally We integrate social and environmental information relevant legal provisions as required by the on a proportionally consolidated basis when setting throughout this Report in line with the International Companies Act 2006. In addition to complying the strategy, determining annual priorities, making Integrated Reporting Framework. This reflects how with IFRS, the consolidated financial statements investment and financing decisions and reviewing sustainability is incorporated into our placemaking also comply with international financial reporting performance. This includes the Group’s share of strategy, governance and business operations. standards adopted pursuant to Regulation (EC) joint ventures and funds on a line-by-line basis and Our industry-leading sustainability strategy is No 1606/2002 as it applies in the European Union. excludes non-controlling interests in the Group’s a powerful tool to deliver lasting value for all In the current financial year the Group has adopted subsidiaries. The financial key performance our stakeholders. a number of minor amendments to standards indicators are also presented on this basis. Refer This Report was signed off by the Board on effective in the year issued by the IASB, none of to the Financial review for a discussion of the IFRS 25 May 2021. which have had a material impact on the Group. results. We supplement our IFRS figures with 5 British Land Annual Report and Accounts 2021 Places People Prefer Our purpose is to create and manage outstanding places which deliver positive outcomes for all our stakeholders on a long term, sustainable basis. We do this by understanding the evolving needs of the people and the organisations who use our places and the communities who live around them. This year has demonstrated the importance of our purpose like never before. The deep connections we have created between our customers, communities, partners and people have endured, helping us navigate a unique year. Visit britishland.com for more information 100 Liverpool Street British Land Annual Report and Accounts 2021 1 2021 KEY FIGURES Underlying EPS Dividend per share Total accounting return 18.8p 15.04p (15.1)% 2020: 32.7p 2020: 15.97p 2020: (11.0)% IFRS EPS EPRA NTA per share GRESB rating (111.2)p 648p 5* 2020: (110.0)p 2020: 773p Underlying Profit IFRS net assets Average embodied carbon in developments £201m £5,983m 640kg CO2e per sqm 2020: £306m 2020: £7,147m IFRS loss after tax Senior unsecured credit rating Beneficiaries from our community programmes £(1,083)m A 23,024 2020: £(1,114)m 2020: A 100 Liverpool Street 2 British Land Annual Report and Accounts 2021 INVESTMENT CASE The scale and quality Assets under management Total floor space 1. of our portfolio £12.7bn 21.5m sq ft Our Campuses provide modern, sustainable space in great buildings with an engaging public realm. Retail & Fulfilment focuses on our retail parks and urban logistics which are aligned to the growth of convenience and online shopping. Read about our places on pages 4-5 Our operational Net zero carbon by Expertise in our team 2. expertise 2030 613 people Our expertise across investment, development, asset management, financing and sustainability enabled us to navigate a challenging year and pursue growth and value opportunities. Read about our people on pages 26-27 and 36-39 Aligned to growth and Retail & Fulfilment portfolio London campuses 3. value opportunities 53% 100+ Our strategy is aligned to growth areas and value opportunities. We are leveraging our retail parks acres competitive strengths to invest behind two strategic themes, our Campuses and Retail & Fulfilment. Read more about our strategy on pages 14-27 Attractive Development pipeline Loan to value 4. development pipeline 9.3m sq ft 32.0% and financial strength Our development pipeline includes opportunities on our portfolio which we supplement through acquisition. We have a strong balance sheet and work with partners to mitigate risk and accelerate returns. Read about our pipeline of developments on pages 20-21 British Land Annual Report and Accounts 2021 3 OUR PORTFOLIO Our three London campuses are located in some Campuses of London’s most exciting neighbourhoods. They are well-connected, high quality environments fostering innovation, collaboration and creativity. We are delivering a fourth at Canada Water. Olympic Park Knowledge Quarter Hoxton & Shoreditch King’s Cross Hoxton Station Angel Regent’s Place St Pancras 13 acre office-led campus in Station Silicon Euston London’s Knowledge Quarter Roundabout Station Tech belt Regent’s Park Warren Old Street Street Farringdon Edgware Shoreditch Road High Street Paddington Station The West End Moorgate Creative hub Overground Bond Street Tottenham Liverpool Cross rail Court Road The City Oxford Street Station Soho Circus Blackfriars Mayfair Piccadilly Circus Tower Bridge Southbank Paddington Central Canada Water 11 acre office-led campus Masterplan close to Paddington Station 53 acre redevelopment scheme in zone 2 4 British Land Annual Report and Accounts 2021 Retail & Our retail portfolio is focused on out of town retail parks aligned to the growth of Fulfilment convenience, online retail and last mile delivery which we are complementing with an emerging business in urban logistics. Our shopping centres include well located open air and traditional covered centres. Olympic Park Portfolio highlights £12.7bn Knowledge Quarter managed assets Hoxton & Shoreditch King’s Cross Angel Hoxton £9.1bn Station owned assets St Pancras Broadgate Station 32 acre office-led campus Silicon Euston adjacent to Liverpool Street Station Roundabout 21.5m Tech belt Station Regent’s sq ft of floor space Park Warren Old Street Street Farringdon Edgware Shoreditch Road High Street £425m Paddington annualised rent Station The West End Moorgate Creative hub Overground Bond Street 5.3 yrs Tottenham Liverpool average lease length Cross rail Court Road The City Oxford Street Station Soho Circus Blackfriars Mayfair Piccadilly Circus Retail & Fulfilment A modern, well located UK network Tower Bridge Southbank Traditional covered schemes Open air schemes primarily retail parks British Land Annual Report and Accounts 2021 5 CHAIRMAN’S STATEMENT A clear focus for the year ahead “ In this extraordinary year, I have been immensely proud of the way our people have pulled together.” Tim Score Chairman ovid-19 has created challenges for our business our first logistics acquisition, which also offers attractive – like almost every other – that none of us could development potential. Our leasing activity in retail was ahead have foreseen. In this extraordinary year, I have of last year and while activity in offices was subdued, we were been immensely proud of the way our people have pleased to pre-let space at our 1 Broadgate development to pulled together to support our customers, our JLL. As we emerge from lockdown, we are encouraged by the Ccommunities and each other. They enabled
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