LAND SECURITIES GROU

LAND
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Land Securities : Changes in segmental financial information

10/19/2020 | 10:20am

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

Disclaimer

Land Securities Group plc published this content on 19 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 October 2020 14:19:03 UTC

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