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THE BRITISH LAND COMPANY PLC FULL YEAR RESULTS to 31 MARCH 2011 a Year of Continued Outperformance

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THE BRITISH LAND COMPANY PLC FULL YEAR RESULTS to 31 MARCH 2011 a Year of Continued Outperformance Press Release 23 May 2011 THE BRITISH LAND COMPANY PLC FULL YEAR RESULTS TO 31 MARCH 2011 A Year of Continued Outperformance 2010/11 2009/10 change Net Asset Value1 per share 567p 504p +12.5% IFRS net assets £4,930m £4,208m Underlying profit before tax2 £256m £249m +2.8% IFRS profit before tax £830m £1,128m Underlying EPS2 28.5p 28.4p +0.4% Diluted EPS 95.2p 132.6p Dividends per share 26.0p 26.0p - A strong year with continued outperformance: total accounting return 17.7% Underlying PBT2 £256 million: up 9.9% excluding credit provision release in 2009/10 Portfolio valuation up 6.9% driven by strong lettings performance and developments Net Asset Value1 per share up 12.5% at 567 pence Continued outperformance vs. IPD benchmarks +240 bps on capital returns; +180 bps on total returns Full year dividend maintained at 26.0p: taking total accounting return to 17.7% Focus on prime retail and London offices drives strong ERV growth (+2.7%) relative to IPD benchmark (+0.1%) Retail ERV up 0.7% (IPD benchmark down 0.6%); up 0.4% in Q4 (IPD 0.1%) Office ERV up 7.7% (IPD benchmark up 2.1%): growth balanced across City and West End Capturing growing rental values with successful leasing activity adding £14.2 million of annualised new rent Continued demand for well located assets which meet occupiers‟ needs UK Retail occupancy stable at 98.5%: total retail leasing activity adds £5.8 million of new rent 707,000 sq ft of new retail lettings: 1.8% ahead of ERV for the full year; 6.8% ahead in H2 Office occupancy at 97.8% from 92.6%: successful letting of new space and lease extensions 270,000 sq ft of new office lettings at 11.6% ahead of ERV; 180,000 sq ft of lease extensions Significant investment activity: development programme and acquisitions totalling £2.1 billion3 Committed to £1.6 billion3 London development programme: £511 million3 million of acquisitions including 560,000 sq ft Drake Circus Shopping Centre; and £285 million3 capital recycling 891,000 sq ft of City development pre-lets agreed (to UBS and Aon) Annualised estimated rental value of £91 million (net of assets disposed) Financial strength and flexibility preserved through successful refinancing Proportionally consolidated Loan to Value (LTV) maintained at 45% Successful refinancing of £1.1 billion of maturing facilities over last 18 months 1 EPRA (European Public Real Estate Association) basis – see Note 1 to the accounts 2 See Note 1 to the accounts 3 British Land share of investment activity £1.5 billion; committed developments £1.1 billion; acquisitions excluding committed development properties £427 million; and disposals £242 million York House 45 Seymour Street London W1H 7LX T +44 (0)20 7486 4466 F +44 (0)20 7935 5552 W www.britishland.com Registered Office at business address Reg No 621920 England – Established 1856 Year ended 31 March 2011 Chris Gibson-Smith, Chairman said: “At British Land, we are facing the future with confidence. Our office portfolio comprises modern, flexible buildings that meet evolving occupier needs and we own some of the best retail assets in the UK, where consumers want to shop and retailers trade efficiently and profitably. While, as a nation, we have moved from ‟Recession‟ to the „Age of Austerity‟, consumers are still shopping and good businesses are looking to grow. British Land has been well served by the quality, location and sustainability of its portfolio.” Chris Grigg, Chief Executive said: “British Land has had a very active year. We have again outperformed the market and there is real momentum in the business. We have made a significant commitment to London office development and also continued to build on our high quality retail portfolio. Our strong letting performance across our portfolio shows clearly that there is still demand from occupiers for the well-located prime retail and London office assets we provide and we expect this to continue. With our strong asset base, management expertise and financial strength we are well placed to continue our strong performance.” Investor Presentation A presentation of the results will take place at 9.30am today, 23 May 2011, and will be broadcast live via webcast (www.britishland.com) and conference call. The details for the conference call are as follows: UK Toll Free Number: 0800 028 1243 UK Number: +44 (0) 207 806 1950 Passcode: 1238146 A dial in replay will be available later in the day and the details are: Replay number: 0800 358 7735 Passcode: 1238146# For Information Contact Investor Relations Sally Jones, British Land 020 7467 2942 Media Pip Wood, British Land 020 7467 2838 Gordon Simpson, Finsbury Group/ 020 7251 3801 Guy Lamming, Finsbury Group 2 Year ended 31 March 2011 Forward-Looking Statements This document contains certain “forward-looking” statements reflecting, amongst other things, current views on our markets, activities and prospects. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that may or may not occur and which may be beyond British Land‟s ability to control or predict (such as changing political, economic or market circumstances). Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-looking statements. Any forward-looking statements made by or on behalf of British Land speak only as of the date they are made and no representation or warranty is given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared. Except to the extent required by law, British Land does not undertake to update or revise forward-looking statements to reflect any changes in British Land‟s expectations with regard thereto or any changes in information, events, conditions or circumstances on which any such statement is based. Notes to Editors: About British Land British Land is one of Europe‟s largest Real Estate Investment Trusts (REITs) with total assets, owned or managed, of £14.9 billion (British Land share £9.6 billion), as valued at 31 March 2011. Through our property and finance expertise we attract experienced partners to create properties and environments which are home to over 1,000 different organisations and visited by over 250 million people each year. Our property portfolio is focused on prime retail locations and Central London offices which attract high quality occupiers committed to long leases. Our occupancy rate of 97.8% and average lease length of 11.5 years are among the highest of the major UK REITs. Retail assets account for 66% of our portfolio, around 80% of which are located at prime out-of-town sites. Comprising some 27 million sq ft of retail space across 90 retail warehouse properties, 99 superstores, 12 shopping centres and 10 department stores, the retail portfolio is generally modern, flexible and adaptable to a wide range of formats. Active asset management delivers the attractive space to both retailers and consumers. London offices, located in the City and West End, comprise 32% of the portfolio (rising to an estimated 37% on completion of current development). 7 million sq ft of office space includes Broadgate, the premier City office campus (50% share) and Regent‟s Place in the West End. We are also investing £1.1 billion to create Central London‟s largest committed office development programme which will deliver 2.2 million sq ft of high quality space by 2014, including a 700,000 sq ft building at 5 Broadgate, the 610,000 sq ft Leadenhall Building in London‟s insurance district and the 500,000 sq ft NEQ building at Regent‟s Place. Our size and substance demands a responsible approach to business and we focus on five areas which matter most to us and our key stakeholders: managing buildings efficiently; developing sustainable buildings; enhancing biodiversity, exceeding customers‟ expectations and focusing on local communities. We believe leadership on issues such as sustainability helps drive our performance and is core to our corporate aim of building the best REIT in Europe. Further details can be found on the British Land website at www.britishland.com 3 Year ended 31 March 2011 CHAIRMAN’S LETTER At British Land, we are facing the future with confidence. Our London office portfolio comprises modern, flexible buildings that meet evolving occupier needs and we own some of the best retail assets in the UK, where consumers want to shop and retailers trade efficiently and profitably. While, as a nation, we have moved from ‟Recession‟ to the „Age of Austerity‟, consumers are still shopping and good businesses are looking to grow. British Land has been well served by the quality, location and sustainability of our portfolio. Concentrated leasing activity across our portfolio, a decisive and significant commitment to Central London office development, and a series of retail acquisitions, all contributed to a strong performance over an active year as we delivered improvements throughout our business. We continued to see a good recovery in the value of our assets and achieved rental growth with continued demand for space from key retailers and office occupiers. We reported very pleasing results for the year to 31 March 2011. Underlying pre-tax profits at £256 million were 9.9% up excluding a credit provision release in 2009. The value of our property portfolio increased by 6.9% to £9.6 billion with NAV per share up by 12.5% to 567 pence. The Board is proposing a fourth quarter dividend of 6.5 pence, bringing the total dividend per share for the full year to 26 pence, and representing a 91% payout in respect of underlying earnings.
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