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Portfolio Review 8.8%¹ -4.5% Portfolio review This review covers the entire financial year, including the impact of Covid-19 and our responses to it. CGI of 21 Moorfields, EC2 Key 2020 figures At a glance Office Specialist 8.8%¹ 1.1%¹ 8.0%¹ Valuation deficit Valuation surplus Valuation deficit -4.5% 4.5% -3.9% Ungeared total property return Ungeared total property return Ungeared total property return -0.4% 3.5% £4m The portfolio underperformed the The portfolio outperformed the MSCI Quarterly of investment lettings MSCI Quarterly Universe (All Property) benchmark (Central and Inner London Office) 1.2% £39m £11m Like-for-like voids (31 March 2019: 1.5%) of investment lettings of investment lettings and units in administration: 0.1% (31 March 2019: 0.2%) 2.4% 1.3% Like-for-like voids (31 March 2019: 2.4%) Like-for-like voids (31 March 2019: 1.0%) Retail 20.5%¹ 3.9% -9.8% Valuation deficit Like-for-like voids (31 March 2019: 4.0%) The portfolio underperformed the and units in administration: 1.9% MSCI Quarterly benchmark (All Retail) -17.3% (31 March 2019: 0.9%) Ungeared total property return 0.9% 1.2% Same centre sales, taking into account Footfall in our regional retail and outlets was new lettings and occupier changes, were £24m down 1.2% but was ahead of the ShopperTrak up 0.9% (up 0.1% excluding automotive sales) 2 (BRC national benchmark for physical stores of investment lettings UK national benchmark (down 3.7%) down 3.2%; including online, down 1.1%)2 1. On a proportionate basis. 2. Year-on-year for the 48 week period to 1 March 2020, reflecting the period before the impact of Covid-19. 24 Landsec Annual Report 2020 Actions and outcomes Strategic Report Focus for 2019/20 Progress in 2019/20 Focus for 2020/21 — Maintaining like-for-like net rental income — Like-for-like net rental income declined £4m — Balance protecting like-for-like net rental (0.7%) before the effect of bad debt provisions income with the need to support customers relating to next year’s rent facing cash flow difficulties in the wake of Covid-19 — Providing property as a service, harnessing data — Capital allocation, asset management and and technology, to improve customer experiences leasing decisions are underpinned by improved — Continue to reduce occupancy costs without data, research and technology including in our compromising rental income by delivering Retail segment where we analyse and blend further savings in service charge multiple data sources to provide insight into the — Get 24.0 million sq ft of real estate re-occupied attractiveness of brands to our catchment and operating — In our Office segment we are engaging directly — Work with our customers and partners to with our occupiers’ people to better understand develop mutually beneficial solutions to the their needs so that we can optimise our challenges of operating in the wake of Covid-19 environment and ancillary retail and leisure offers — Work with our construction partner at 21 — Researching and trialling ways to build better, — Modern methods of construction (MMC) Moorfields, EC2 to ensure progress is as fast as faster and for less implemented at 105 Sumner Street, SE1 in possible while maintaining best practice health kit-of-parts approach and automated processes and safety on site — Design process embedded in development — Maintain our optionality over speculative process at 25 Lavington Street, SE1 and Red Lion developments by progressing build-to-grade Court, SE1 works and design; tracking market indicators to take decisions about when and how to exercise — Hollow piling trial and Friendly Concrete used our option to progress at Nova East, SW1 — Obtain planning permission for our speculative — Expanding customer offerings of Myo, Fitted — Myo and Fitted fully let at 123 Victoria Street, office schemes in Southwark at 25 Lavington and Landsec Lounges SW1 and being rolled out in earliest available Street, SE1 and Red Lion Court, SE1 space at Dashwood House, EC2 — Progress our master planning and design of — Landsec Lounge in place or under construction residential-led re-purposing at our four at four of our London properties suburban London shopping centres, widening the scope of the programme to include our — Progress on time and on budget at 21 — Prior to the impact of Covid-19 in March 2020, regional retail portfolio Moorfields, EC2, Lucent, W1, Nova East, SW1 21 Moorfields was on budget, with a three-month — Generate £4m of social value across our and 105 Sumner Street, SE1 delay in expected completion to March 2022 community programmes, in support of our due to tenant modifications. Subsequently £25m corporate target by 2025 we have seen a further delay of up to two months with the eventual impact dictated — Improve energy management in support of by productivity which is currently around 50% 2030 energy management corporate but improving commitments — Pre-Covid-19, Lucent, Nova East and 105 Sumner — Deliver a review of the long-term strategic Street were on-site progressing build-to-grade direction for our business, wide in our scope on time and on plan. We are now introducing and bold in our thinking, taking into account greater flexibility by deferring contractual the structural trends disrupting our sector, commitment to the more capital intensive the short-term challenges of Covid-19 and elements of each of these schemes its longer-term consequences — Progress plans for the future development — Planning and vacant possession achieved pipeline of 2.6 million sq ft in the existing on Portland House, SW1 portfolio and seek to grow the pipeline through — Planning submitted for 25 Lavington Street, SE1 acquisitions and partnerships — Continuing to progress design at Red Lion Court, SE1 and master planning for residential development of four inner London retail destinations — Delivery of key strategic MSUs at our major — Polo Ralph Lauren at Braintree Village opened shopping centres November 2019 — Construction underway for Zara at Bluewater, Kent and contractor selected for their letting at St David’s, Cardiff — Generating £4m of social value across our — Over £4.8m of social value generated across community programmes, in support of £25m our community programmes corporate target by 2025 — Improving energy management in support — 21 energy management initiatives approved, of 2030 energy management corporate which will result in a 3.2% reduction in energy commitments consumption across the portfolio against a 2013/14 baseline Landsec Annual Report 2020 25 of excess space at our assets, notably the for the same period last year. Open, collaborative Portfolio review residential and office opportunities offered conversations with our customers are key to continued in key cities by our retail destinations. how we manage our business, and these have been vital in recent weeks as we strive to The like-for-like portfolio balance protecting income with supporting customers facing cash flow issues. Under 10% Office Overview of our occupier base is in sectors which we have We have a high quality office portfolio in one identified as at particular risk from the impact The London office market had continued to see of the greatest cities in the world. Strong of Covid-19 including commodities, serviced strong demand for high-quality space despite demand for quality means our best-in-class offices, construction, fashion and travel. This political uncertainty in the lead up to the office space is virtually full. As a result, we gives us confidence in the strength of our office general election. A preference for new rather achieved 17 new lettings in the year, totalling occupier base and the resilience of the portfolio. than second-hand space led to limited availability £11m, and completed ten rent reviews totalling of new HQ stock. This lack of available supply £23m, 7% ahead of previous rent. It’s too early to predict the long-term impact of high-spec offices, with good transport of Covid-19 on the office market. However, the connections and sustainability credentials, Our focus in the like-for-like portfolio remains way businesses and people use workspaces will led to an increase in rental values. on how we improve our assets to secure rental change. We anticipate a greater emphasis from uplifts and lease extensions. Enhancing customers on the need for healthy buildings The impact of Covid-19 will disrupt the market customer service and meeting future customer with excellent air quality and higher lifting and, at this stage, the extent of any changes to needs sit at the heart of our response and, as capacity. We expect our customers to operate short- or longer-term trends on the use of office part of this, we are investing in amenities and with lower occupation densities and with more space is uncertain. We anticipate that there is introducing Landsec Lounges at a number of flexible working. They may require layout likely to be a greater emphasis on health, air our assets. changes and that requires flexible buildings. quality and the flexibility of both layouts and We know that occupiers and their insurers working practices. We expect that this will only The high occupancy across our three office demand standards of quality, safety and reinforce a ‘flight to quality’ and our portfolio products, HQ, Fitted and Myo, reflects the security of infrastructure that cannot be is well positioned to meet these demands from continued demand for space that offers quality, replicated in the home. occupiers. All of our office customers have been convenience and flexibility. HQ customers will impacted by Covid-19 but the strength of our continue to dominate our portfolio in the short Our offices can respond to change. We developed occupier base gives us confidence in the term, giving us secure, stable income.
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