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Interim Results Presentation Interim Results Presentation Six months ended 30 September 2005 Contents Introduction 4.9% Uplift in 6 Months (5.2% adjusted) 16 Financial Highlights 1 Benchmarking of Performance 17 Business Highlights 2 Assets & Markets Financial Review Portfolio Reshaping & Asset Management A Strong Performance 3 Outline 18 2.7% Like for Like Income Growth 4 St Stephen’s Shopping Centre, Hull - £135m 19 Underlying Profit before Tax up by £30m (42%) 5 Investment in Europe 20 22% Underlying Tax Rate 6 Value Enhancing Disposals 21 Secure & Attractive Risk Profile 7 £806m of Sales - 13% above Valuation 22 Strategy & Operational Review Value Enhancing Disposals 23 Delivering on our Promises 8 Rent reviews 3.6% higher than ERV 25 Strong Record of Value Creation Continues 9 150 lettings generating £8.6m pa of new rent 26 Intensified Portfolio Reshaping 10 Lease Re-gears and Recycling Capital 27 Positioned for Growth with Security 11 Meadowhall Shopping Centre 28 Proactive Asset Management 12 Meadowhall - Sainsbury’s/Allders Reconfiguration 29 Management and Cultural Renewal 13 Portfolio Values, Office Outlook & Developments Investor Friendly Positioning 14 Property Continues to Offer Relative Value Overall 31 Pillar - £1.5bn of Top Quality Real Estate 15 PMA Rental Growth Forecasts 32 Six months ended 30 September 2005 Contents continued £11.6bn Retail Portfolio (BL Share £8.4bn) 33 Summary Retail - Principal Valuation Movements 34 Delivering on our Promises 49 £5.9bn Office Portfolio (BL Share £5.5bn) 35 Offices - Principal Valuation Movements 36 City Office Outlook Positive 37 Developments Adding Value 38 Committed Developments 39 Broadgate Tower & 201 Bishopsgate Going Up 40 City Office Development Pipeline 41 Out of Town Retail & Funds Out of Town Retail at British Land 42 Why we like Out of Town Retail 43 Out of Town Retail Rents more Affordable 44 UK Retail Warehouse Market 45 Migration of High Street Retailers 46 HUT Performance - 19.7% Return Year to Date 47 Portfolio Opportunities 48 Six months ended 30 September 2005 Introduction Agenda Introduction Stephen Hester Financial Review Graham Roberts Strategy & Operational Review Stephen Hester Assets & Markets Tim Roberts / Bob Bowden / Andrew Jones Summary Stephen Hester Six months ended 30 September 2005 Introduction Financial Highlights1 ! NAV2 per share 1,256p - up 11.3% – Valuation up 4.9% (5.2% including Pillar and disposals), under new valuers ! Properties owned and managed up 32% to £18.3bn ! Underlying profit up 42% to £102m, headline pre-tax profit3 up 66% to £777m – Underlying EPS2 up 32% to 15.4p (48% on a restated basis), headline EPS 118.3p – Dividends up 8.3% to 5.2p ! Investment market for property remains strong, underlying conditions moving to favour prime 1 See rest of presentation for definitions of financial measures Six months ended 30 September 2005 2 Adjusted, diluted 3 Proportional consolidation of JVs & Funds 1 Introduction Business Highlights ! Delivering on our promises to renew and work the business hard ! Pillar acquisition integrated. Combination going well ! Over £800m value enhancing disposals, March to date ! Now starting 822,000 sq ft 201 Bishopsgate development ! Like for like rental growth of 2.7% underlines value of BL’s prime space, when yield shift subsides ! Management & culture renewal also going well Six months ended 30 September 2005 2 Financial Review Financial Review Graham Roberts, Finance Director Six months ended 30 September 2005 Financial Highlights A Strong Performance Sept 2005 Sept 2004 Increase Net Rental Income1 £351m £270m 30.0% Underlying Profit before Tax2 £102m £72m 41.7% Profit before Tax1 £777m £468m 66.0% Underlying Earnings per Share2 15.4p 10.4p4 48.0% Dividend per Share 5.2p 4.8p 8.3% Total Return3 12.3% 9.0% March 2005 Increase Net Assets2 £6,595m £5,913m 11.5% NAV per Share2 1,256p 1,128p 11.3% 1 Proportional consolidation of JVs & Funds Six months ended 30 September 2005 2 Adjusted, diluted – see appendix for reconciliation to IFRS NAV, EPS and profit before tax 3 Total return represents the growth in adjusted, diluted net asset value plus prior period dividend per share 4 Restated to exclude prior year tax adjustments 3 Underlying Performance 2.7% Like for Like Income Growth ! Overall gross rental income up 28.0% Sept Sept Gross rental income % 2005 £m 2004 £m ! 2.7% like for like income growth: Properties owned throughout1 Retail + 3.5 150 145 – Retail uplift of 5.1% stripping out asset management voids Offices + 1.7 127 125 Other + 4.7 13 12 – Offices up 1.7% due to lettings + 2.7 290 282 Surrender premiums 7 5 Acquisitions 60 2 Disposals 2 7 Developments 14 3 Accounting basis adjustments2 2 (6) Total + 28.0 375 293 1 Investment properties owned throughout the current and prior period Six months ended 30 September 2005 2 Revised allocation of rental income between first and second half and new approach to rent review recognition 4 Underlying Performance Underlying Profit before Tax up by £30m (42%) Movement in Underlying Profit £m Sept 20052 Sept 20042 Net rental income growth £m £m Net rent and related income 351 270 New lettings (net of lease expiries) 11 Fees and other income 9 4 Rent reviews 4 15 Administrative expenses (40) (24) Effect of purchases and sales4 11 Net financing costs (218) (178) Broadgate refinancing interest saving 7 Underlying profit before tax 102 72 Non recurring exceptional costs1 (8) Gains on asset disposals 37 6 365 day rental apportionment3 6 Net revaluation gains 641 390 Other (1) Amortisation of intangible asset (3) - Increase 30 Profit before tax 777 468 1 Closure of Pillar offices, several small business units, redundancies Six months ended 30 September 2005 2 Proportional consolidation of JVs & Funds 3 Revised allocation of rental income between first and second half 4 Including £10m of guaranteed minimum uplifts principally from Debenhams and Spirit acquired in H2 2004/5 5 Underlying Performance 22% Underlying Tax Rate 1 1 ! Corporation tax reduced by losses arising from Sept 2005 Sept 2004 Broadgate refinancing and capital allowances £m £m Corporation tax 8 15 Deferred tax 14 3 ! Tax charge significantly higher than tax paid of Underlying tax charge 21.6% 22 25.0% 18 £6m due to release of Broadgate refinancing deferred tax asset Corporation tax: - fixed asset disposals 10 1 - prior year items (5) (6) ! Changed basis for calculating underlying EPS to exclude effect of prior year tax items Deferred tax - capital allowances 2 1 – On this basis restated prior period EPS - revaluation gains 133 82 is 10.4p vs 11.7p Total tax charge 20.8% 162 20.5% 96 Tax paid 6 7 Six months ended 30 September 2005 1 Proportional consolidation of JVs & Funds 6 Risk Profile Secure & Attractive Risk Profile ! Prudent financial ratios, especially Key Financial Ratios given our low income risk Sept 20051 March 20051 Average lease length 15.4 yrs 15.9 yrs ! Leverage back within 45-55% target Vacancy rate 3.7%3 3.5% range, despite Pillar LTV – Group 51% 50% LTV – inc. share of JVs & Funds 54% 52% ! Average rental income profile of over Interest cover2 1.6x 1.6x 15 yrs to first break Average interest rate 5.9% 6.0% Weighted average debt maturity 11.8 yrs 13.5 yrs ! Long average debt term of 11.8 yrs Cash and undrawn facilities - Group £1,215m £969m with a spread of maturities 1 Proportional consolidation of JVs & Funds (unless stated as Group) Six months ended 30 September 2005 2 Net rents/net interest 3 The majority of vacancies in shopping centres and retail warehouses are due to asset management initiatives, reducing the underlying vacancy rate to 2.4% 7 Strategy & Operational Review Strategy & Operational Review Stephen Hester, Chief Executive Six months ended 30 September 2005 Strategy & Operational Review Delivering on our Promises ! Intensified Portfolio Reshaping – Capital recycling to further improve risk adjusted returns ! Pro-active Asset Management – Sweating the assets for outperformance ! Management and Culture Renewal – Delivering the capability to outperform ! Investor Friendly Positioning – Helping to clarify and enhance valuation potential And by so doing, produce superior, sustained and secure long-term shareholder returns Six months ended 30 September 2005 8 Delivering on our Promises Strong Record of Value Creation Continues Profits Growth1 Total Shareholder Return2 Total Return3 42% 1 30% 18% 2 2 24% 25% 1 2 20% 2 14% 3 1 16% 1 2 2 15% 1 10% 8% 10% 0% 5% 6% 5 YRS 3 YRS 1 YR Last 6 5 YRS 3 YRS 1 YR Last 6 5 YRS 3 YRS 1 YR Last 6 5 5 MTHS MTHS MTHS 5 4 British Land Major Peers FTSE Real Estate 1 Underlying profits excludes exceptional items, profits on asset disposals and revaluation gains Six months ended 30 September 2005 2 Total shareholder return represents the growth in share price plus dividends per share 3 Total return represents the growth in adjusted, diluted net asset value per share plus dividends per share 4 Average of major peers - Land Securities, Hammerson, Liberty and Slough (some differences in year ends) 9 5 IFRS (previously numbers based on UK GAAP) Number represents British Land’s ranking compared to our major peers Delivering on our Promises Intensified Portfolio Reshaping ! £1.8bn of attractive property acquisitions – already increased in value by 2.6% (5% including Pillar for full 6 months) – over last 12 months, £2.9bn of acquisitions ! £806m of value enhancing disposals completed since March – 12.6% in excess of valuation – of which £414m announced since September – Over previous 6 months to 31 March, £64m of disposals ! More disposals or Fund injections to come And by so doing, improving our risk adjusted returns Six months ended 30 September 2005 10 Delivering on our Promises Positioned for Growth with Security PMA1 Forecast Total Property Returns BL Weighting British Land Portfolio Next 5 Years Sept 2005 ! Protected against downside Retail Warehouses 32% – prime, low voids, long leases fully (inc.
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