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PLACES PEOPLE PREFER Annual Report and Accounts 2020

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PLACES PEOPLE PREFER Annual Report and Accounts 2020 PLACES PEOPLE PREFER Annual Report and Accounts 2020 British Land plc Annual Report and Accounts 2020 Inside Key figures Strategic Report Underlying EPS IFRS loss after tax At a glance 2 Chairman’s statement 4 32.7p £(1,114)m Our purpose 6 2019: 34.9p 2019: £(320)m Case study: 1 Triton Square 8 Chief Executive’s review 10 Investment case 13 EPRA NAV per share Underlying Profit Business model 14 774p £306m Places 2019: 905p 2019: £340m Our portfolio 16 Strategic focus 22 Total accounting return IFRS net assets Strategic performance and KPIs 24 Development pipeline 26 (11.0)% £7,147m 2019: (3.3)% 2019: £8,689m People Customer and community stories 30 Stakeholder engagement and s172 32 IFRS EPS Dividend per share People and culture 34 (110.0)p 15.97p Employee-led networks 36 Sustainability 38 2019: (30.0)p 2019: 31.00p Task Force on Climate-Related Financial Disclosures (TCFD) 42 Senior unsecured Carbon intensity reduction GHG emissions 46 credit rating versus 2009 Non-financial reporting disclosure 47 A 73% Prefer 2019: A 2019: 64% Market insights 54 Performance review 56 Customer Bright Lights skills and Financial review 68 satisfaction employment programme Financial policies and principles 75 Managing risk 78 8.3 504 Principal risks 82 2019: 8.2/10 people supported with work Viability statement 88 2019: 389 Corporate Governance Report Chairman’s introduction 90 Board of Directors 92 Stakeholder engagement statement 96 Presentation of financial information Corporate Governance Report 98 The Group financial statements are prepared under IFRS where the Report of the Nomination Committee 104 Group’s interests in joint ventures and funds are shown as a single line item on the income statement and balance sheet and all subsidiaries are Report of the Audit Committee 108 consolidated at 100%. Report of the Corporate Social Management considers the business principally on a proportionally Responsibility Committee 114 consolidated basis when setting the strategy, determining annual priorities, Workforce engagement statement 116 making investment and financing decisions and reviewing performance. Directors’ Remuneration Report 118 This includes the Group’s share of joint ventures and funds on a line-by-line basis and excludes non-controlling interests in the Group’s subsidiaries. Directors’ Report and additional disclosures 134 The financial key performance indicators are also presented on this basis. Directors’ responsibilities statement 137 Refer to the Financial review for a discussion of the IFRS results. We supplement our IFRS figures with non-GAAP measures, which management Financial Statements uses internally. IFRS measures are labelled as such. See our supplementary Report of the auditors 138 disclosures which start on page 207 for reconciliations, and the glossary Primary statements and notes 147 found at www.britishland.com/glossary. Company balance sheet 195 Integrated reporting Supplementary disclosures 207 We integrate social and environmental information throughout this Report in line with the International Integrated Reporting Framework. This reflects Other Information how sustainability is integrated into our placemaking strategy, governance Other information (unaudited) 213 and business operations. Our industry-leading sustainability strategy is a Sustainability performance measures 221 powerful tool to deliver lasting value for all our stakeholders. Ten year record 224 Shareholder information 225 Visit www.britishland.com for more information Disclaimer: This Report was signed off by the Board on 26 May 2020. PLACES PREFER PEOPLE At British Land, our purpose is to create and PLACES 16 manage outstanding places which deliver positive outcomes for all our stakeholders on a Outstanding places which long term, sustainable basis. make a positive contribution We do this by understanding the evolving needs of the people and organisations who use our places and the communities who live in and around them. The changing way people work, PEOPLE 28 shop and live is what shapes our strategy, enabling us to drive enduring demand for our Our team, our customers, the space and deliver value over the long term. people who work, shop and live This year’s annual report is split into chapters in and around our places focused on our purpose and demonstrates how we engage with key stakeholder groups, which are denoted by the following icons: Our customers PREFER 48 Communities, partners and suppliers Aligning our offer with long Our people term market trends and changing customer needs Shareholders Dealing with Covid-19 Since March 2020, our business has been focused on responding to the Covid-19 crisis. Our people have demonstrated a remarkable commitment to supporting our customers, suppliers, partners and local communities in difficult circumstances. They are a key strength of our business, positioning us well to deal with the months ahead. The early effects of the crisis are discussed throughout this report. British Land Annual Report and Accounts 2020 1 At a glance BRITISH LAND OUR PORTFOLIO We are a leading UK property Our long term aspiration is to build an company. We create and increasingly mixed use business. Our manage outstanding places to London campuses combine workspace with deliver positive outcomes for retail and leisure and at Canada Water we our stakeholders, on a long are creating a new urban centre for term, sustainable basis. London. Our high quality Retail assets meet a broad range of needs nationwide. Our assets Managed £14.8bn Owned by British Land £11.2bn 22.8m £516m sq ft of floor annualised space rent 96.6% 5.8 yrs occupancy average lease rate length Retail A modern, well located UK network 41,500 people work across British Land MANAGED ENVIRONMENT 84% campuses OFFICE-LED CAMPUSES 49% CANADA MULTI-LET RETAIL 30% WATER & 76% RESID- ENTIAL RETAIL PARKS CITY 29% WEST END 20% of our portfolio is in London 5% 16% and the South East 8m sq ft pipeline of development opportunities across the portfolio 2 British Land Annual Report and Accounts 2020 WE CREATE PLACES PEOPLE PREFER From leasing and asset management, to development, finance, marketing and our use of data and technology, we have the depth and breadth of talent within our team to deliver on our purpose. Supporting our focus on creating value for our stakeholders At British Land, we have created a diverse team, with a broad range of skills, experiences and perspectives, helping us to make balanced and well informed decisions across our business. This approach is key to understanding the needs of our customers, helping us to design and build space that meets their needs. A more diverse team also means we work more effectively across our stakeholder groups, including our local communities Canada Water and suppliers, partnering to grow social value and Masterplan wellbeing, as well as promoting ethical practices throughout our supply chain. 53 acre redevelopment scheme in zone 2 Read more about how we engage with our stakeholders on page 32 Broadgate 32 acre office-led campus adjacent to Liverpool Street station, with Crossrail on site Employee engagement score Regent’s Place 13 acre office-led campus in London’s 75% Knowledge Quarter Paddington Central 11 acre office-led campus close to Paddington station MANAGED ENVIRONMENT 84% SINGLE USE ASSET 16% MULTI-LET RETAIL 30% STAND-ALONE OTHER OFFICES RETAIL RETAIL PARKS SHOPPING CENTRES 11% 5% 16% 14% Employees who are proud to work at British Land 91% British Land Annual Report and Accounts 2020 3 Chairman’s statement A resilient performance, but challenges ahead British Land benefits from a strong balance sheet, high quality assets, a clear strategy and great people. Our purpose After six years on the Board, this has been an extraordinary start to my At British Land, our purpose is to Chairmanship. In recent months, our create and manage outstanding places business has faced challenges on an which deliver positive outcomes for all unprecedented scale as a result of the our stakeholders on a long term, Covid-19 crisis, but I am extremely proud sustainable basis. of the way our people have responded. Without exception, they have delivered We do this by understanding the day in, day out often in extremely difficult evolving needs of the people and circumstances. Nevertheless, it is organisations who use our places and inevitable that our business, like many the communities who live in and around others, will be impacted. However, we have worked hard over several years to them. The changing way people work, strengthen our balance sheet, refine our shop and live is what shapes our portfolio and re-focus our strategy, strategy, enabling us to drive enduring meaning we are well placed to respond demand for our space and deliver value to the current challenge, today and over the long term. long term. 4 British Land Annual Report and Accounts 2020 Covid-19 and the Board The Board’s decision to temporarily suspend dividend provided us with additional flexibility to support our stakeholders. This includes protecting our employees, supporting the hardest hit retail and leisure customers and in turn the communities they operate within, whilst preserving long term shareholder value and financial resilience. In view of this, the Robust financial position At our campuses, our focus is on Board has waived a portion of their salaries. We finished the year on a sound financial creating neighbourhoods where businesses and their people can thrive. Read more about the Board’s decision footing. Our loan to value is 34% and we making during the Covid-19 crisis within have access to £1.3bn of cash and In today’s market as more occupiers our Stakeholder engagement statement undrawn facilities with no need to seek buildings which are sustainable on page 96 refinance until 2024, and significant and support wellbeing, our space stands headroom against Group level out. I was delighted that 1 Triton Square covenants.
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