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Exploiting the Development Cycle Unlocking Potential Exploiting the Development Cycle

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Exploiting the Development Cycle Unlocking Potential Exploiting the Development Cycle Investor Conference - 7 February 2014 Exploiting the Development Cycle Unlocking Potential Exploiting the Development Cycle Acquisitions Design & Planning Construction Leasing Capturing Value 1 Exploiting the Development Cycle Agenda Introduction Toby Courtauld, Chief Executive Buying the Raw Material Ben Chambers, Investment Director Creating the Development Opportunities Andrew White, Head of Development Meeting Occupier Needs Mark Ridley, Chief Executive, Savills UK Navigating the Planning Environment Hugh Bullock, Senior Partner, Gerald Eve Rathbone Place Scheme Design Ken Shuttleworth, Founding Partner, Make Delivering the Developments James Pellatt, Head of Projects Delivering into the Occupational Cycle Marc Wilder, Head of Leasing Capturing Value Neil Thompson, Portfolio Director Outlook Toby Courtauld, Chief Executive 2 Our Strategy is Clear Strategy Reading the Cycle is Key - 100% central London, West End focus (80%) TPR % 40 - Asset repositioning off low rents (£41.80 psf) Phase 3 Phase 1 Phase 2 - Flex operational risk through the cycle De-risk Acquisition Execution - Low financial risk through the cycle 30 IPD central London 20 Portfolio characteristics1 10 6% 4% Our locations 0 8% Noho Rest of West End 21% Southwark -10 City 79% 54% Midtown 28% Business mix -20 Office LTV 38% LTV 45% LTV 26%2 Retail -30 2005 2006 2007 2008 2009 2010 2011 2012 2013 Years to 30 Sept 1 As at 30 September 2013 including share of joint ventures 2. 31 December 2013, pro forma for the deferred consideration on 100 Bishopsgate, EC2 and property sales since period end (20 St James’s Street) 3 Reading the Development Cycle Capex & Sales in Development Portfolio Years to 31 March3 200.0 400.0 £m 150.0 121.1 127.1 300.0 100.0 78.0 74.0 64.0 65.8 200.0 50.0 37.1 23.0 25.0 27.0 0.0 100.0 -7.0 -23.2 -50.0 -27.8 -55.0 0.0 -70.0 -100.0 -100.0 -150.0 -158.0 -200.0 -200.0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Capital Commitments (LHS)1 Development Sales IPD central London indexed (RHS)2 1. Completed, committed and near term schemes - includes capex, land value for committed schemes and Dec 13 valuation for uncommitted schemes at proposed commitment date 2. Source: IPD, Indexed to 2003 3. 2014 YTD + forecast capex 4 Outperforming Relative TPR over 5 years (%), years to 30 Sept1 Relative TSR over 5 years (%), years to 30 Sept 170 300 160 GPE GPE IPD central London 250 FTSE 350 Real Estate 150 IPD Universe FTSE all share 140 200 130 120 150 110 100 100 90 50 80 70 0 2008 2009 2010 2011 2012 2013 2008 2009 2010 2011 2012 2013 Source: IPD 5 IMS – January 2014 Highlights Strong growth in capital values in quarter driving NAV uplift – Portfolio valuation1 up 5.8%, capital return2 of 6.3% – EPRA NAV3 per share of 527 pence, up 8.2% Letting ahead of ERV – 29 new lettings (£5.3 million p.a.); market lettings 6.6% > ERV – Vacancy rate lower at 4.0%, reversionary potential of 18.8% Development programme delivering material surpluses – 3 committed schemes (439,400 sq ft), 66% pre-let, expected profit on cost increased to 43.3% – Good progress across 4 near-term schemes (600,700 sq ft), including resolution to grant planning at Rathbone Place, W1 (414,000 sq ft) – Total development programme of 2.3 million sq ft (50% of the existing portfolio) Disciplined capital recycling – Disposals £256.5 million (our share: £155.5 million), average 10.3% premium to book value – Sale of 50% interest in the Hanover Square Estate for £101.0 million - new JV with HKMA – Sale of 20 St James’s Street, SW1 for £54.5 million; net initial yield of 2.1% Excellent financial position – Pro forma4 LTV of 26.3% – Pro forma4 financial firepower of £534.7 million, weighted average interest rate only 3.5% 1. On a like for like basis, including Joint Ventures. 2. Including acquisitions and profits from sales in the quarter. 3 In accordance with EPRA guidance 4. Pro forma for the deferred consideration of £15.8 million on sale of 100 Bishopsgate and sales contracted but not completed at 31 December 2013 6 Reading the Development Cycle Limited Supply Central London Office Potential Completions1, Million sq ft Core Grade A vacancy rates 16 May 13 Sep 13 Completed West End City 4.3% 3.1% GPE projections East End of Oxford Street = 1.2m sq ft/2.1% of total stock 14West End 2.4% 1.7% 6.0 12 10 Change in forecast 8 since May 20132 +2% 4.0 6 +27% -12% +25% 4 2.0 -34% -6% 2 0 0.0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Source: CBRE / GPE 1. Excluding pre-lets 2. Source: GPE 7 Our Development Programme Committed Sq ft1 Near Term – Next 12 months Sq ft1 Pipeline Sq ft1 Start2 Walmar House, W1 60,300 Rathbone Place, W1 414,000 Tasman House, W1 37,800 2014 240 Blackfriars Road, SE1 (GRP) 236,600 48/50 Broadwick St, W1 6,500 84/86 Great Portland St, W1 21,100 2014 12/14 New Fetter Lane, EC4 142,500 St Lawrence House, W1 92,100 Mortimer House, W1 25,000 2015 73/89 Oxford St and 1 Dean St, W1 88,100 78/82 Great Portland St, W1 18,600 2015 52/54 Broadwick St 47,000 2016 Committed & 10/16 Dufours Place, W1 12% 90/92 Great Portland St, W1 8,400 2015 Near Term Kingsland/Carrington House, W1 51,400 2015 12% 148 Old Street, EC1 111,700 2015 Investment Portfolio Oxford House, W1 89,500 2016 Hanover Square, W1 208,000 2016 Pipeline 103/113 Regent Street, W1 65,000 2016+ 27% 35 Portman Square, W1 73,000 2021 40/48 Broadway 82,100 2022 & 1/11 Carteret St, SW1 Jermyn St Estate, SW1 132,500 2022 French Railways House 75,000 2022 & 50 Jermyn St, SW1 Mount Royal, W1 92,100 2022 3 Programme 2.3m Sq Ft, 51% total portfolio, 88% West End Minerva House, SE1 120,000 2022 1. New build area 2. Earliest start date 3. Near term & pipeline 8 Reading the Cycle 54% purchased since May 2009 86% within 800m of a Crossrail station 800m 800m 800m Acquisitions since Aug 2009 9 Opportunity Area East End of Oxford Street - Oxford Street: busiest retail street in Europe - 1.5 miles long: 4.3 million sq ft of retailer accommodation - 200 million visits per year: £5.0 billion annual turnover - Average spend per visit £111.80 - 83% of the UK’s ‘affluent urbanites’ live within Oxford Street catchment - The retail offer deteriorates as you travel east - Oxford Street west more than 2x the footfall of the east Major improvement is coming: - Infrastructure transformation - New Crossrail Station/tickethalls - London Underground station upgrade - Street scape - Improved building stock Source: New West End Company/GVA 10 Opportunity Area Transport: Crossrail - Europe’s largest construction project: cost £14.8bn - Tunnels almost complete - Increasing London’s rail capacity by 10% - Another 1.5m people will be within 45 minutes of central London - New Station at Tottenham Court Road to serve Crossrail & the underground - c£1 billion development - Dedicated ticket hall at Dean Street - Transformational journey times: Journey time from TCR to: Canary Wharf Heathrow Now 21 mins 53 mins Crossrail 12 mins 28 mins 1. On opening 11 Opportunity Area Transport: Crossrail Tottenham Court Road Station1 Million passengers p.a. Tube & Crossrail 108.3 x3.4 31.6 2013 2026 - 2026: 38,000 passengers per hour / 306,000 per day - New Dean Street entrance: 33% of total traffic - Surpassing Oxford Circus in visitor numbers and connectivity - Forms the only interchange between Crossrail 1 & 2 Location is key: Access to transport 1. Source: TfL, ARUP 12 Opportunity Area East End of Oxford Street Rathbone Place Oxford House 73/89 Oxford St Crossrail sites Other schemes - Improved infrastructure and the removal of Crossrail uncertainty a catalyst for investment - Anchor retailers in place - Estimated 320,000 – 430,000 sq ft of new A1 retail development1 St Lawrence House - GPE has one of the largest development opportunities in the vicinity c.600,000 sq ft 1. Source: GVA/New West End Company 13 Our Integrated Team Executive Committee Chief Executive Portfolio Director Investment Director Finance Director Toby Courtauld Neil Thompson Ben Chambers Nick Sanderson Senior Management Head of Projects Head of Leasing Head of Asset Head of Development James Pellatt Marc Wilder Management Andrew White James Mitchell Head of Head of Head of Sustainability Company Secretary Corporate Finance Investment Management Janine Cole Desna Martin Martin Leighton Hugh Morgan Head of Financial Reporting & IR Stephen Burrows Wider GPE Team Dev & PM 10; Asset Management 31; Marketing & Leasing 2; Finance 15; Investment 3; Co Sec & Admin 16 14 Exploiting the Development Cycle Agenda Introduction Toby Courtauld, Chief Executive Buying the Raw Material Ben Chambers, Investment Director Creating the Development Opportunities Andrew White, Head of Development Meeting Occupier Needs Mark Ridley, Chief Executive, Savills UK Navigating the Planning Environment Hugh Bullock, Senior Partner, Gerald Eve Rathbone Place Scheme Design Ken Shuttleworth, Founding Partner, Make Delivering the Developments James Pellatt, Head of Projects Delivering into the Occupational Cycle Marc Wilder, Head of Leasing Capturing Value Neil Thompson, Portfolio Director Outlook Toby Courtauld, Chief Executive 15 Buying the Raw Material - Our Approach Acquisitions - Our Track Record - Generating Value - East End of Oxford Street Design & - Outlook Planning Construction Leasing Capturing Value 16 Buying the Raw Material Our Approach Disciplined approach – Complex properties in attractive locations – Low rents – Short to medium-term income – Beneath replacement cost 35 Portman Sq, W1 Oxford House, W1 – Off-market – Development potential St Lawrence House,
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