Land Securities : Changes in segmental financial information

Changes in financial reporting

To support our new strategy, we are changing the way we report financial information, both internally and externally. This new structure better reflects the way in which the business is now being managed. We'll continue to report externally on the total Combined Portfolio, as we did for the 31 March 2020 year end. However, instead of analysing the Combined Portfolio between our Office, Retail and Specialist assets, it will now be analysed between four segments: Central London, Regional retail, Urban opportunities and Subscale sectors.

The Central London segment includes all assets geographically located within central London, consisting of offices, retail and some assets previously included within the Specialist segment, such as Piccadilly Lights. The Retail and Specialist assets outside central London have been divided between three of the new segments, depending on their nature and the opportunity they represent. Regional retail includes all outlets, regional shopping centres and shops outside London. The Urban opportunities segment includes those assets where we see the most potential for mixed use redevelopment. Subscale sectors comprises those sectors where we have neither scale nor significant competitive advantage and includes our leisure assets, hotels and retail parks,

Segmental information

The Group's segmental information, as reported in its annual and half-yearly financial statements, is now presented in a format which reflects these changes. The Group's three previous segments, Office, Retail and Specialist, have been divided into the four new segments: Central London, Regional retail, Urban opportunities and Subscale sectors. The net rental income for each segment remains the lowest level to which the profit arising from the ongoing operations of the Group is analysed between its segments.

The Group's segmental information as presented in its Annual Report for the year ended 31 March 2020 and its half-yearly announcement for the six months ended 30 September 2019 is shown below, along with the revised presentation of our segmental information. This is followed by a reconciliation of our previously presented segments to the new segments in this revised format.

Previously reported segmental information

Revenue profit			For the year ended				For the six months ended
				31 March 2020				30 September 2019
	Office	Retail	Specialist	Total		Office	Retail	Specialist	Total
	£m	£m	£m	£m		£m	£m	£m	£m
Rental income	261	310	98	669		129	156	49	334
Finance lease interest	9	-	-	9		4	-	-	4
Gross rental income (before rents payable)	270	310	98	678		133	156	49	338
Rents payable	(5)	(10)	-	(15)		(1)	(5)	-	(6)
Gross rental income (after rents payable)	265	300	98	663		132	151	49	332
Service charge income	46	52	-	98		24	26	-	50
Service charge expense	(45)	(55)	(2)	(102)		(23)	(28)	(1)	(52)
Net service charge expense	1	(3)	(2)	(4)		1	(2)	(1)	(2)
Other property related income	16	15	2	33		7	8	-	15
Direct property expenditure	(21)	(50)	(15)	(86)		(9)	(21)	(6)	(36)
Provisions related to 2020/21 rent	-	(19)	(4)	(23)		-	-	-	-

Segment net rental income	261	243	79	583	131	136	42	309
Other income				2				1
Indirect expenses				(72)				(33)
Depreciation				(4)				(3)
Revenue profit before interest				509				274

Finance income	17		7
Finance expense	(96)		(49)
Joint venture net finance expense	(16)		(7)
Revenue profit	414		225

Revised segmental information

Revenue profit				For the year ended				For the six months ended
				31 March 2020					30 September 2019
	Central	Regional	Urban	Subscale	Total		Central	Regional	Urban	Subscale	Total
	London	retail	opportunities	sectors		London	retail	opportunities	sectors
	£m	£m	£m	£m	£m		£m	£m	£m	£m	£m
Rental income	324	201	29	115	669		161	100	14	59	334
Finance lease interest	9	-	-	-	9		4	-	-	-	4
Gross rental income (before rents payable)	333	201	29	115	678		165	100	14	59	338
Rents payable	(6)	(8)	-	(1)	(15)		(2)	(4)	-	-	(6)
Gross rental income (after rents payable)	327	193	29	114	663		163	96	14	59	332
Service charge income	50	43	5	-	98		25	22	3	-	50
Service charge expense	(49)	(46)	(5)	(2)	(102)		(25)	(23)	(3)	(1)	(52)
Net service charge expense	1	(3)	-	(2)	(4)		-	(1)	-	(1)	(2)
Other property related income	18	11	2	2	33		7	6	1	1	15
Direct property expenditure	(32)	(37)	(7)	(10)	(86)		(14)	(16)	(3)	(3)	(36)
Provisions related to 2020/21 rent	(4)	(11)	(2)	(6)	(23)		-	-	-	-	-
Segment net rental income	310	153	22	98	583		156	85	12	56	309
Other income					2						1
Indirect expenses					(72)						(33)
Depreciation					(4)						(3)
Revenue profit before interest					509						274
Finance income					17						7
Finance expense					(96)						(49)
Joint venture net finance expense					(16)						(7)
Revenue profit					414						225

Reconciliation of net rental income

Year ended 31 March 2020				Segment reporting adjustments
	As reported						New Segment
		Office to	Retail to	Retail to Urban	Retail to	Specialist to	Specialist to		Central
	Office	Regional retail	Central London	opportunities	Subscale sectors Urban opportunities	Central London		London
	£m	£m	£m	£m	£m	£m	£m		£m
Rental income	261	(1)	43	-	-	-	21		324
Finance lease interest	9	-	-	-	-	-	-		9
Gross rental income (before rents payable)	270	(1)	43	-	-	-	21		333
Rents payable	(5)	-	(1)	-	-	-	-		(6)
Gross rental income (after rents payable)	265	(1)	42	-	-	-	21		327
Service charge income	46	(1)	5	-	-	-	-		50
Service charge expense	(45)	1	(5)	-	-	-	-		(49)
Net service charge expense	1	-	-	-	-	-	-		1
Other property related income	16	-	2	-	-	-	-		18
Direct property expenditure	(21)	-	(4)	-	-	-	(7)		(32)
Provisions related to 2020/21 rent	-	-	(4)	-	-	-	-		(4)
Segment net rental income	261	(1)	36	-	-	-	14		310

Year ended 31 March 2020					Segment reporting adjustments
	As reported						New Segment
			Office to	Retail to	Retail to Urban	Retail to	Specialist to	Specialist to		Regional
	Retail	Regional retail	Central London	opportunities	Subscale sectors Urban opportunities	Central London		retail
	£m	£m	£m	£m	£m	£m	£m		£m
Rental income	310		1	(43)	(27)	(40)	-	-		201
Finance lease interest	-		-	-	-	-	-	-		-
Gross rental income (before rents payable)	310		1	(43)	(27)	(40)	-	-		201
Rents payable	(10)		-	1	-	1	-	-		(8)
Gross rental income (after rents payable)	300		1	(42)	(27)	(39)	-	-		193
Service charge income	52		1	(5)	(5)	-	-	-		43
Service charge expense	(55)		(1)	5	5	-	-	-		(46)
Net service charge expense	(3)		-	-	-	-	-	-		(3)
Other property related income	15		-	(2)	(2)	-	-	-		11
Direct property expenditure	(50)		-	4	7	2	-	-		(37)
Provisions related to 2020/21 rent	(19)		-	4	2	2	-	-		(11)
Segment net rental income	243		1	(36)	(20)	(35)	-	-		153
			Office to	Retail to	Retail to Urban	Retail to	Specialist to	Specialist to		Urban
	N/A	Regional retail	Central London	opportunities	Subscale sectors Urban opportunities	Central London		opportunities
			£m	£m	£m	£m	£m	£m		£m
Rental income			-	-	27	-	2	-		29
Finance lease interest			-	-	-	-	-	-		-
Gross rental income (before rents payable)			-	-	27	-	2	-		29
Rents payable			-	-	-	-	-	-		-
Gross rental income (after rents payable)			-	-	27	-	2	-		29
Service charge income			-	-	5	-	-	-		5
Service charge expense			-	-	(5)	-	-	-		(5)
Net service charge expense			-	-	-	-	-	-		-
Other property related income			-	-	2	-	-	-		2
Direct property expenditure			-	-	(7)	-	-	-		(7)
Provisions related to 2020/21 rent			-	-	(2)	-	-	-		(2)
Segment net rental income			-	-	20	-	2	-		22
			Office to	Retail to	Retail to Urban	Retail to	Specialist to	Specialist to		Subscale
	Specialist	Regional retail	Central London	opportunities	Subscale sectors Urban opportunities	Central London		sectors
			£m	£m	£m	£m	£m	£m		£m
Rental income	98		-	-	-	40	(2)	(21)		115
Finance lease interest	-		-	-	-	-	-	-		-
Gross rental income (before rents payable)	98		-	-	-	40	(2)	(21)		115
Rents payable	-		-	-	-	(1)	-	-		(1)
Gross rental income (after rents payable)	98		-	-	-	39	(2)	(21)		114
Service charge income	-		-	-	-	-	-	-		-
Service charge expense	(2)		-	-	-	-	-	-		(2)
Net service charge expense	(2)		-	-	-	-	-	-		(2)
Other property related income	2		-	-	-	-	-	-		2
Direct property expenditure	(15)		-	-	-	(2)	-	7		(10)
Provisions related to 2020/21 rent	(4)		-	-	-	(2)	-	-		(6)
Segment net rental income	79		-	-	-	35	(2)	(14)		98

Six months ended 30 September 2019					Segment reporting adjustments
	As reported						New Segment
			Office to	Retail to	Retail to Urban	Retail to	Specialist to	Specialist to		Central
	Office	Regional retail	Central London	opportunities	Subscale sectors	Urban opportunities	Central London		London
	£m	£m	£m	£m	£m	£m	£m		£m
Rental income	129		-	22	-	-	-	10		161
Finance lease interest	4		-	-	-	-	-	-		4
Gross rental income (before rents payable)	133		-	22	-	-	-	10		165
Rents payable	(1)		-	(1)	-	-	-	-		(2)
Gross rental income (after rents payable)	132		-	21	-	-	-	10		163
Service charge income	24		-	1	-	-	-	-		25
Service charge expense	(23)		-	(2)	-	-	-	-		(25)
Net service charge expense	1		-	(1)	-	-	-	-		-
Other property related income	7		-	-	-	-	-	-		7
Direct property expenditure	(9)		-	(2)	-	-	-	(3)		(14)
Segment net rental income	131		-	18	-	-	-	7		156
			Office to	Retail to	Retail to Urban	Retail to	Specialist to	Specialist to		Regional
	Retail	Regional retail	Central London	opportunities	Subscale sectors	Urban opportunities	Central London		retail
	£m	£m	£m	£m	£m	£m	£m		£m
Rental income	156		-	(22)	(13)	(21)	-	-		100
Finance lease interest	-		-	-	-	-	-	-		-
Gross rental income (before rents payable)	156		-	(22)	(13)	(21)	-	-		100
Rents payable	(5)		-	1	-	-	-	-		(4)
Gross rental income (after rents payable)	151		-	(21)	(13)	(21)	-	-		96
Service charge income	26		-	(1)	(3)	-	-	-		22
Service charge expense	(28)		-	2	3	-	-	-		(23)
Net service charge expense	(2)		-	1	-	-	-	-		(1)
Other property related income	8		-	-	(1)	(1)	-	-		6
Direct property expenditure	(21)		-	2	3	-	-	-		(16)
Segment net rental income	136		-	(18)	(11)	(22)	-	-		85
			Office to	Retail to	Retail to Urban	Retail to	Specialist to	Specialist to		Urban
	N/A	Regional retail	Central London	opportunities	Subscale sectors	Urban opportunities	Central London		opportunities
			£m	£m	£m	£m	£m	£m		£m
Rental income			-	-	13	-	1	-		14
Finance lease interest			-	-	-	-	-	-		-
Gross rental income (before rents payable)			-	-	13	-	1	-		14
Rents payable			-	-	-	-	-	-		-
Gross rental income (after rents payable)			-	-	13	-	1	-		14
Service charge income			-	-	3	-	-	-		3
Service charge expense			-	-	(3)	-	-	-		(3)
Net service charge expense			-	-	-	-	-	-		-
Other property related income			-	-	1	-	-	-		1
Direct property expenditure			-	-	(3)	-	-	-		(3)
Segment net rental income			-	-	11	-	1	-		12

Six months ended 30 September 2019				Segment reporting adjustments
	As reported						New Segment
		Office to	Retail to	Retail to Urban	Retail to	Specialist to	Specialist to		Subscale
	Specialist	Regional retail	Central London	opportunities	Subscale sectors	Urban opportunities	Central London		sectors
	£m	£m	£m	£m	£m	£m	£m		£m
Rental income	49	-	-	-	21	(1)	(10)		59
Finance lease interest	-	-	-	-	-	-	-		-
Gross rental income (before rents payable)	49	-	-	-	21	(1)	(10)		59
Rents payable	-	-	-	-	-	-	-		-
Gross rental income (after rents payable)	49	-	-	-	21	(1)	(10)		59
Service charge income	-	-	-	-	-	-	-		-
Service charge expense	(1)	-	-	-	-	-	-		(1)
Net service charge expense	(1)	-	-	-	-	-	-		(1)
Other property related income	-	-	-	-	1	-	-		1
Direct property expenditure	(6)	-	-	-	-	-	3		(3)
Segment net rental income	42	-	-	-	22	(1)	(7)		56

Combined Portfolio analysis

Consistent with the changes in the presentation of the Group's segmental information, the presentation of the Combined Portfolio analysis has also been revised to reflect the new way in which the portfolio is now being managed. The revised Combined Portfolio analysis at 31 March 2020 and 30 September 2019 is presented below, along with a reconciliation showing the way in which the market value of our Combined Portfolio has been allocated into the new segments.

Revised Combined Portfolio analysis - 31 March 2020

	Market value(1)		Valuation	Rental income(1)	Net estimated	Gross estimated	Net initial yield(1)	Equivalent	Voids (by ERV)(1)
		movement(1)	rental value(1)	rental value(1)	yield(1)
	31 March 2020	Surplus/(deficit)	Surplus/(deficit)	31 March 2020	31 March 2020	31 March 2020	31 March 2020	31 March 2020	31 March 2020
	£m	£m	%	£m	£m	£m	%	%	%
Central London
Offices	5,994	104	1.9%	257	298	301	4.3%	4.6%	1.1%
London retail	874	(138)	-13.8%	42	41	42	4.5%	4.3%	1.9%
Other central London	420	7	1.7%	22	21	21	3.4%	4.4%	0.5%
Total Central London	7,288	(27)	-0.4%	321	360	364	4.3%	4.5%	1.1%
Regional retail
Regional shopping centres and shops	1,510	(563)	-27.4%	125	110	118	6.4%	6.2%	4.8%
Outlets	881	(100)	-10.2%	62	63	63	5.6%	5.9%	4.4%
Total Regional retail	2,391	(663)	-21.8%	187	173	181	6.1%	6.1%	4.7%
Urban opportunities	469	(108)	-18.8%	29	29	29	5.0%	5.2%	4.8%
Subscale sectors
Leisure	615	(109)	-14.8%	45	43	43	5.8%	6.4%	2.2%
Hotels	469	(30)	-6.0%	28	30	30	2.3%	5.2%	-
Retail parks	444	(147)	-25.5%	38	36	36	7.5%	7.4%	3.3%
Total Subscale sectors	1,528	(286)	-15.7%	111	109	109	5.2%	6.3%	2.0%
Like-for-like portfolio	11,676	(1,084)	-8.8%	648	671	683	4.8%	5.1%	2.4%
Proposed developments	218	(38)	-14.7%	12	-	-	-	n/a	n/a
Development programme	558	19	3.5%	-	68	70	-	4.3%	n/a
Completed developments	169	(63)	-28.1%	14	11	12	6.1%	6.0%	n/a
Acquisitions	160	(13)	-9.3%	2	4	4	2.2%	4.8%	n/a
Sales	-	-	-	2	-	-	-	n/a	n/a
Combined Portfolio	12,781	(1,179)	-8.8%	678	754	769	4.5%	5.1%	n/a
Properties treated as finance leases				(9)
Combined Portfolio	12,781	(1,179)	-8.8%	669

1. Please refer to the Glossary in the Group's 2020 Annual Report for definitions.

Total portfolio analysis

	Market value(1)		Valuation	Rental income(1)	Net estimated	Gross estimated	Net initial yield(1)
		movement(1)	rental value(1)	rental value(1)
	31 March 2020	Surplus/(deficit)	Surplus/(deficit)	31 March 2020	31 March 2020	31 March 2020	31 March 2020
	£m	£m	%	£m	£m	£m	%
Central London
Offices	6,810	71	1.1%	269	362	368	3.8%
London retail	928	(132)	-12.6%	43	45	46	4.3%
Other central London	437	6	1.3%	22	21	21	3.4%
Total Central London	8,175	(55)	-0.7%	334	428	435	3.8%
Regional retail
Regional shopping centres and shops	1,679	(626)	-27.4%	139	122	130	6.4%
Outlets	881	(100)	-10.2%	62	63	63	5.6%
Total Regional retail	2,560	(726)	-22.3%	201	185	193	6.1%
Urban opportunities	484	(112)	-18.9%	29	30	30	5.0%
Subscale sectors
Leisure	649	(109)	-14.8%	46	45	45	5.8%
Hotels	469	(30)	-6.0%	28	30	30	2.3%
Retail parks	444	(147)	-25.5%	40	36	36	7.5%

Total Subscale sectors	1,562	(286)	-15.7%	114	111	111	5.2%
Combined Portfolio	12,781	(1,179)	-8.8%	678	754	769	4.5%
Properties treated as finance leases				(9)
Combined Portfolio	12,781	(1,179)	-8.8%	669
Represented by:
Investment portfolio	11,802	(998)	-8.1%	610	688	702	4.6%
Share of joint ventures	979	(181)	-16.1%	59	66	67	4.4%
Combined Portfolio	12,781	(1,179)	-8.8%	669	754	769	4.5%

1. Please refer to the Glossary in the Group's 2020 Annual Report for definitions.

Revised Combined Portfolio analysis - 30 September 2019

						Annualised		Net	Gross
	Market		Valuation	Rental	rental	Annualised	estimated	estimated	Net initial	Equivalent	Voids
	value(1)		movement(1)	income(1)	income(1)	net rent(1)	rental value(1)	rental value(1)	yield(1)	yield(1)	(by ERV)(1)
	30				30	30	30	30	30	30	30	30
	September	Surplus/	Surplus/	September	September	September	September	September	September	September	September
	2019	(deficit)	(deficit)	2019	2019	2019	2019	2019	2019	2019	2019
	£m	£m	%		£m	£m	£m	£m	£m	%	%	%
Central London
Offices	5,907	19	0.3%		126	255	274	290	294	4.3%	4.6%	0.5%
London retail	976	(35)	-3.5%		21	41	41	43	43	4.0%	4.1%	1.6%
Other central London	425	1	0.3%		10	13	13	20	20	3.3%	4.3%	1.1%
Total Central London	7,308	(15)	-0.2%		157	309	328	353	357	4.2%	4.5%	0.7%
Regional retail
Regional shopping centres and shops	1,881	(190)	-9.3%		62	120	114	119	126	5.3%	5.5%	5.8%
Outlets	982	6	0.6%		31	59	60	62	62	5.0%	5.4%	2.2%
Total Regional retail	2,863	(184)	-6.1%		93	179	174	181	188	5.2%	5.5%	4.6%
Urban opportunities	541	(33)	-5.8%		14	28	28	29	30	4.6%	4.7%	3.7%
Subscale sectors
Leisure	686	(36)	-5.2%		24	45	43	43	44	5.6%	6.0%	2.8%
Hotels	497	-	-		15	29	28	30	30	5.3%	5.3%	-
Retail parks	523	(64)	-11.1%		19	39	40	38	38	6.6%	6.7%	2.9%
Total Subscale sectors	1,706	(100)	-5.6%		58	113	111	111	112	5.8%	6.0%	2.1%
Like-for-like portfolio	12,418	(332)	-2.7%		322	629	641	674	687	4.7%	4.9%	2.1%
Proposed developments	247	(22)	-8.1%		6	12	13	21	21	4.6%	n/a	n/a
Development programme	450	16	3.8%		-	-	-	58	60	-	4.3%	n/a
Completed developments	212	(22)	-9.7%		7	12	11	12	13	4.7%	5.2%	n/a
Acquisitions	115	(2)	-1.7%		1	1	1	1	1	0.7%	4.6%	n/a
Combined Portfolio	13,442	(362)	-2.7%		336	654	666	766	782	4.5%	4.9%	n/a
Non-current asset held for sale	n/a	(6)	-12.5%		2
Properties treated as finance leases					(4)
Combined Portfolio	13,442	(368)	-2.8%		334

1. Please refer to the Glossary in the Group's 2020 Annual Report for definitions.

Total portfolio analysis

					Annualised		Net	Gross
	Market		Valuation	Rental	rental	Annualised	estimated	estimated	Net initial
	value(1)		movement(1)	income(1)	income(1)	net rent(1)	rental value(1)	rental value(1)	yield(1)
	30			30	30	30	30	30	30
	September	Surplus/	Surplus/	September	September	September	September	September	September
	2019	(deficit)	(deficit)	2019	2019	2019	2019	2019	2019
	£m	£m	%	£m	£m	£m	£m	£m	%
Central London
Offices	6,658	2	-	133	268	286	364	370	4.0%
London retail	1,033	(25)	-2.3%	20	41	42	48	48	4.1%
Other central London	428	1	0.4%	10	13	13	20	20	3.2%
Total Central London	8,119	(22)	-0.5%	163	322	341	432	438	4.0%
Regional retail
Regional shopping centres and shops	2,094	(213)	-9.3%	70	132	126	131	139	5.2%
Outlets	982	6	0.6%	31	59	60	62	63	5.0%
Total Regional retail	3,076	(207)	-13.2%	101	191	186	193	202	5.1%
Urban opportunities	541	(33)	-5.8%	14	28	28	30	30	4.6%
Subscale sectors
Leisure	686	(36)	-4.9%	24	45	43	43	44	5.6%
Hotels	497	-	-	15	29	28	30	30	5.3%
Retail parks	523	(64)	-11.1%	19	39	40	38	38	6.7%

Total Subscale sectors	1,706	(100)	-5.6%	58	113	111	111	112	5.9%
Combined Portfolio	13,442	(362)	-4.1%	336	654	666	766	782	4.5%
Non-current asset held for sale	n/a	(6)	-12.5%	2
Properties treated as finance leases			-2.8%	(4)
Combined Portfolio	13,442	(368)	-4.1%	334
Represented by:
Investment portfolio	12,357	(302)	-2.5%	304	600	618	699	714	4.5%
Share of joint ventures	1,085	(66)	-5.9%	30	54	48	67	68	3.8%
Combined Portfolio	13,442	(368)	-4.1%	334	654	666	766	782	4.5%

1. Please refer to the Glossary in the Group's 2020 Annual Report for definitions.

Combined Portfolio market value reconciliation

As at 31 March 2020					Segment reporting adjustments					New
Total portfolio analysis	As reported							Segment
			Office to	Retail to		Retail to	Specialist to		Specialist to
			Retail to Urban	Specialist to	Urban	Transfer between
	Office	Regional retail	Central London	opportunities	Subscale sectors	Central London	Regional retail	opportunities	categories		Central London
	£m	£m	£m	£m	£m	£m	£m	£m	£m		£m
West end	3,264		-	-	-	-	-	-	-	-
City	1,668		-	-	-	-	-	-	-	-
Mid-town	1,423		-	-	-	-	-	-	-	-
Southwark and other	471		(16)	-	-	-	-	-	-	-
Total Office	6,826		(16)	-	-	-	-	-	-	-		6,810
London retail			-	928	-	-	-	-	-	-		928
Other Central London			-	-	-	-	437	-	-	-		437
Total	6,826		(16)	928	-	-	437	-	-	-		8,175
			Office to	Retail to		Retail to			Specialist to
			Retail to Urban	Specialist to	Specialist to	Urban	Transfer between
	Retail	Regional retail	Central London	opportunities	Subscale sectors	Central London	Regional retail	opportunities	categories		Regional retail
	£m	£m	£m	£m	£m	£m	£m	£m	£m		£m
London retail	1,370		-	(928)	(442)	-	-	-	-	-		-
Regional shopping centres and shops	1,663		16	-	-	-	-	-	-	-		1,679
Outlets	871		-	-	-	-	-	10	-	-		881
Retail parks	444		-	-	-	(444)	-	-	-	-		-
Total	4,348		16	(928)	(442)	(444)	-	10	-	-		2,560
			Office to	Retail to		Retail to			Specialist to
			Retail to Urban	Specialist to	Specialist to	Urban	Transfer between		Urban
	N/A	Regional retail	Central London	opportunities	Subscale sectors	Central London	Regional retail	opportunities	categories		opportunities
			£m	£m	£m	£m	£m	£m	£m	£m		£m
Urban opportunities			-	-	442	-	-	-	42	-		484
Total			-	-	442	-	-	-	42	-		484
			Office to	Retail to		Retail to			Specialist to
			Retail to Urban	Specialist to	Specialist to	Urban	Transfer between		Subscale
	Specialist	Regional retail	Central London	opportunities	Subscale sectors	Central London	Regional retail	opportunities	categories		sectors
	£m	£m	£m	£m	£m	£m	£m	£m	£m		£m
Leisure and hotels	1,188		-	-	-	-	(38)	-	(32)	(1,118)		-
Leisure			-	-	-	-	-	-	-	649		649
Hotels			-	-	-	-	-	-	-	469		469
Retail parks			-	-	-	444	-	-	-	-		444
Other	419		-	-	-	-	(399)	(10)	(10)	-		-
Total	1,607		-	-	-	444	(437)	(10)	(42)	-		1,562

As at 30 September 2019											New
Total portfolio analysis	As reported			Segment reporting adjustments				Segment
					Retail to
			Office to	Retail to	Urban	Retail to	Specialist to	Specialist to	Transfer between
	Office	Regional retail	Central London	opportunities	Subscale sectors	Central London	Urban opportunities	categories		Central London
	£m	£m	£m	£m	£m	£m	£m	£m		£m
West end	3,249		-	-	-	-	-	-	-
City	1,565		-	-	-	-	-	-	-
Mid-town	1,409		-	-	-	-	-	-	-
Southwark and other	451		(16)	-	-	-	-	-	-
Total Office	6,674		(16)	-	-	-	-	-	-		6,658
London retail			-	1,033	-	-	-	-	-		1,033
Other Central London			-	-	-	-	428	-	-		428
Total	6,674		(16)	1,033	-	-	428	-	-		8,119
					Retail to
			Office to	Retail to	Urban	Retail to	Specialist to	Specialist to	Transfer between
	Retail	Regional retail	Central London	opportunities	Subscale sectors	Central London	Urban opportunities	categories		Regional retail
	£m	£m	£m	£m	£m	£m	£m	£m		£m
London retail	1,542		-	(1,033)	(509)	-	-	-	-		-
Regional shopping centres and shops	2,078		16	-	-	-	-	-	-		2,094
Outlets	982		-	-	-	-	-	-	-		982
Retail parks	523		-	-	-	(523)	-	-	-		-
Total	5,125		16	(1,033)	(509)	(523)	-	-	-		3,076
			Office to	Retail to	Retail to	Retail to	Specialist to	Specialist to
			Urban	Transfer between		Urban
	N/A	Regional retail	Central London	opportunities	Subscale sectors	Central London	Urban opportunities	categories		opportunities
			£m	£m	£m	£m	£m	£m	£m		£m
Urban opportunities			-	-	509	-	-	32	-		541
Total			-	-	509	-	-	32	-		541
			Office to	Retail to	Retail to	Retail to	Specialist to	Specialist to
			Urban	Transfer between		Subscale
	Specialist	Regional retail	Central London	opportunities	Subscale sectors	Central London	Urban opportunities	categories		sectors
	£m	£m	£m	£m	£m	£m	£m	£m		£m
Leisure and hotels	1,254		-	-	-	-	(39)	(32)	(1,183)		-
Leisure			-	-	-	-	-	-	686		686
Hotels			-	-	-	-	-	-	497		497
Retail parks			-	-	-	523	-	-	-		523
Other	389		-	-	-	-	(389)	-	-		-
Total	1,643		-	-	-	523	(428)	(32)	-		1,706