Land Securities : Download Capital Markets Day 2020 - Presentation

Note: Photographic content has been commissioned post-impact of Covid-19

Positioning Landsec for growth

Landsec - Strategy review 2020	4

Overview	Mark Allan
Our strategic priorities	Mark Allan
	Marcus Geddes
	Colette O'Shea
	David Heaford
Culture, capability and organisation	Mark Allan
Financial implications	Martin Greenslade
Summary	Mark Allan

Landsec - Strategy review 2020

5

Six key findings that inform our strategy

Our strategic review identified six conclusions which shaped the development of our strategy

London portfolio

Very high-quality London portfolio

Resilient and liquid

Strong foundation for new growth opportunities

Talent	Balance sheet
Significant capability	We have a strong
and expertise	balance sheet
in the business	With an uncertain
Clear opportunity	outlook due to Covid-19
to leverage this, through	and Brexit we cannot
developing the right	afford to be complacent
culture

Landsec - Strategy review 2020

6

Six key findings that inform our strategy

Our strategic review identified six conclusions which shaped the development of our strategy

Retail

Not all retail is the same

Structural challenges are significant, but limited primarily to our regional shopping centres (only 13% of our portfolio)

We need to be realistic in our outlook and proactive in our decision making

Balance sheet strength gives us the ability to withstand short-term rental pressures

Portfolio mix

Some elements of the portfolio are subscale with little or no competitive advantage

Structural growth areas under-represented

Covid-19

Long-term implications of Covid-19 are unclear and our strategy will adapt as the picture becomes clearer

We are managing near-term challenges proactively and focused on positioning the business for the undoubted post-pandemic opportunity

Landsec - Strategy review 2020

Our approach to strategy

Combining the best of Landsec with fresh thinking

Operational risk = opportunity

Customers are the top priority

Culture is as important as strategy

Supported by long-term macro trends

A clear, authentic purpose

Sustainable competitive advantage

7

Positioning Landsec for growth

Landsec - Strategy review 2020

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Six 'Global Forces of Change' will impact our business over

the next 10+ years

Macro trends shaping our future markets, customers and competitors

Rapid urbanisation		Demographic and		Technologically		Climate change and		Borderless		Shifts in global
	social change		advanced living		resource scarcity		access		economic power
One in three	A global population		The digital	Growing energy,	The liberalisation	Political unrest,
people will live in	boom, paired with		landscape will	water and food	of global economic	populism, trade
cities of at least	people living		continue to disrupt	demands, alongside	policy and the	wars and mounting
500,000 habitants	longer and having		how we live, work,	rising weather and	accessibility of air	recessions are
by the year 2030	fewer children, will		communicate,	health events show	travel has opened	reshaping the map
(source: UN)	drive significant		shop and beyond	the global need to	borders, supply	of economic power
	demographic shifts				reverse	chains and trade	and driving new
						environmental	patterns	culture clashes
						degradation

Covid-19 impact

Landsec - Strategy review 2020

We have a clear, authentic purpose

9

Our purpose articulates what we want to achieve, how we will do it and the benefits this will bring to our stakeholders

Sustainable places. Connecting communities. Realising potential.

Our purpose is…

To create places that make a lasting positive contribution to our communities and our planet.

To bring people together, forming connections with each other and the spaces we create.

To provide our customers, partners and people with a platform to realise their full potential.

Landsec - Strategy review 2020

Landsec's six key areas of competitive advantage

The quality of	Our track record,
our portfolio	reputation and

relationships

Our development	Our ESG
leadership
expertise

10

Our scale

Our people

Landsec - Strategy review 2020

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Four strategic priorities

Our strategy will comprise four priority areas as we look to reshape the portfolio

to position Landsec for growth

Our central

London business

• London will remain a gateway city
• High quality, best-in-class portfolio
• Portfolio should provide resilience in the down- cycle
• New opportunities will emerge post-Covid
• We will align the business to growth sectors and geographies
• Creating value through development and a greater range of propositions
• Targeted recycling
  can fund long-term growth

Our retail business

(shopping centres and outlets)

• Structural shifts are putting retail rents under pressure but not all parts of the sector affected in the same way
• Understanding where sustainable rent levels currently sit is fundamental to our approach
• We will apply lessons learned from the outlets model to shopping centres
• We will re-evaluate the type and volume of space at our centres
• New leasing models will be based on alignment and affordability - a customer-centric approach is key

Capital from subscale sectors

• Our portfolios of subscale sectors have been earmarked for disposal in the medium-term
• Lack of scale or competitive advantage are reasons for exit
• We will reinvest proceeds into higher growth areas

Through urban opportunities

• Urban mixed-use is a growth area for Landsec
• Our analysis of megatrends shows there is structural support for this area
• We have attractive existing opportunities, but will also use a number of approaches to expand and accelerate progress
• We have a proven skillset
• We will consider urban regeneration opportunities in large regional centres over time

Landsec - Strategy review 2020

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How do we think about risk and return?

Positioning the business for growth with an appropriate level of risk

TotalGenerating

return"alpha"

Leverage	The
cycle

We intend to focus on total return through the cycle and position the business to deliver above market returns

Income is a key part of the property return, but should not be the key driver

A greater focus on value creation

Taking on more risk but doing so in a managed, proactive way

Our tolerance for financial leverage will be guided by the level of operating risk in the business and our view of the cycle

We operate in a cyclical market

Understanding and responding to the cycle is a key part of generating and protecting alpha

Landsec - Strategy review 2020

Our central London portfolio

High-quality portfolio	83% office sector
in central London	weighting

Like-for-like office	High liquidity
WAULT 8.1 years1	in core markets

1 As at 31 March 2020

1 2 3 4 14

Other5%

Retail 11%

£8.2bn

portfolio 83% Office

Southwark and other

11%

Mid-town	21%
	5.6m sq ft	50%	West End

office

City18%

Landsec - Strategy review 2020

Strong defensive characteristics

High-quality customers

Stable and secure income

Low capex requirements

1 2 3 4

Central London portfolio

Growth potential

Bubble size reflects total asset value

Income quality

City	Victoria	Southwark and other
	West End	Mid-town

Landsec - Strategy review 2020

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Delivering growth

Myo, 123 Victoria Street, SW1

Targeted submarket and sector exposure

Judicious development across a diverse pipeline

Customer-led products responding to changing needs

CGI of Portland House, SW1		Southwark

CGI of Lavington Street, SE1

Landsec - Strategy review 2020

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London will continue to be a magnet for global capital, talent and tourism

Top 15 global business districts

(as per EY and Urban Land Institute index score)

59

58

55

London

Other Europe

Non-Europe

52

52

49

46

46

46

46

43

43

40

40

38

London

New York

Tokyo

Paris

London

New York

Beijing

Seoul

Singapore

Chicago

Toronto

San

Hong Kong

Sydney

Amsterdam

The City

Midtown

Marunounchi

La

Canary

Financial

CBD

Gangnam

Downtown

The Loop

Financial

Francisco

Central

CBD

Defense

Wharf

District

Core

District

Financial

District

District

Points movement since 2017

-2.5	-1.2	2.7	1.5	1.9	0.4	4.7	n/a	-0.1	-0.8	n/a	n/a	3.7	n/a	1.5

Source: "The Attractiveness of Global Business District (GBD)" Report Ernst & Young / Urban Land Institute (May 2020)

Note: (1) 84% of respondents consider this factor the most important in determining the attractiveness of GBD; n = 349; (2) City of London and Canary Wharf ranked 1st and 2nd respectively

Landsec - Strategy review 2020

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Investment volumes

Covid constrained, but set for strong end to the year

£bn 20

15

10

5

0

2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
															YTD
				Q1		Q2		Q3		Q4	10-year average

Source: CBRE Research

Landsec - Strategy review 2020

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Five occupier themes

Tech remains	Deferred	Strong pre-let	Grey space	Hybrid of
active	decision-	momentum	pushing up	physical
	making		vacancy rate	and digital
1	2	3	4	5

Landsec - Strategy review 2020

Partnering with customers

• Creating Covid secure workplaces
• Qualitative and quantitative research from existing and prospective customers
• • 82% maintaining or increasing space
  • 81% believe office-based work boosts productivity
• Supporting the ground floor to survive and evolve

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80 Victoria Street, SW1

Landsec - Strategy review 2020

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Office customer proposition

We form partnerships	We offer great experiences	We create healthy and
with customers	for clients and employees	sustainable spaces

Landsec - Strategy review 2020

Blank Canvas

Self contained offices completed to a Cat A or Shell condition with traditional pricing

Leases of 10+ years Typically 100+ headcount

Customised

Self contained offices fitted and managed by Landsec 'on-demand' fitout delivery

Leases of 5-10 years Typically 50-150+ headcount

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Myo

Private serviced offices with communal facilities and dedicated on-site team

Leases of 1-5 years Typically 10-100+ headcount

Landsec - Strategy review 2020

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Proposition backed up by customer-led products

Level	Area (sq ft)	Product	Availability
17			LET
16	9,006	Blank Canvas	Q4 2020
15	9,005	Blank Canvas	Q1 2021
14	9,007	Blank Canvas	Q1 2021
13			LET
12	8,871	Blank Canvas	Q1 2021
11	8,872	Blank Canvas	Q3 2021
10	8,871	Blank Canvas	Q3 2021
09	Available from	MYO	Q4 2021
08
10+ desks	MYO	Q1 2021
07	and flexible	MYO	Q1 2021
meeting rooms
06		MYO	Q1 2021
05			LET
04	8,867	Blank Canvas	Q3 2021

03	8,868	Blank Canvas	Q4 2020
02	8,868	Customised	Q4 2020
01	8,869	Blank Canvas	Q2 2021
G		Business lounge and café
	The Ivy City Garden
			Dashwood House, EC2
B		Basement shower and
	cycle facilities

Landsec - Strategy review 2020

Maintain resilience, recycle for growth

• Between 2010 and 2017 sold £3.5bn London assets
• Delivered 3m sq ft in a £1.7bn speculative office pipeline
• £0.5bn into 20+ acquisitions
• Actively tracking stock across diverse geographies

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20 Fenchurch Street, EC3

Landsec - Strategy review 2020

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Optionality in our development programme

CGI of 21 Moorfields, EC2

• 2m sq ft on site or near-term
• All speculative schemes have optionality and flexibility over delivery
• Site assembly, design, planning and ground works continue
• Build out prioritised on risk adjusted returns

CGI of Lucent, W1

CGI of N2, SW1

CGI of 21 Moorfields, EC2		CGI of The Forge, SE1

Landsec - Strategy review 2020

Optimising for growth

• Both London and our portfolio provide a resilient platform for growth
• Increased churn and development optionality
• Customer-ledproposition promoting healthy and sustainable spaces underpinned by choice and flexibility

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80 Victoria Street, SW1

123 Victoria Street, SW1

CGI of Portland House, SW1		Dashwood House, EC2

Landsec - Strategy review 2020

Reimagine our retail business

• introduction
• £4.3bn of retail assets with different characteristics
• • Central London retail is heavily linked to the London economy
  • Suburban London retail is supported by regeneration potential
  • Outlets are the strongest performing retail segment
  • Shopping centres seeing greatest structural challenges
  • Retail parks are subscale
• Reimagining retail focuses on outlets and shopping centres
• Sustainable rents in shopping centres likely to be 20-25% below March 2020 ERVs
• We have considered the significant impact of Covid-19 and are responding accordingly

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Retail parks		10%	Central London
		22%		retail
		£4.3bn		Suburban
		of retail		London
		10%	retail
		assets
Shopping
centres	38%	20%		Outlets

Landsec - Strategy review 2020

We need to reimagine our portfolio and our relationships with customers

• Online choice has fundamentally changed the role of bricks and mortar
• Covid-19accelerated what might have taken 5 years into 5 months
• Met over 30 retail, leisure and F&B operators to understand what they want and need

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Offers more than 12m products - including Amazon marketplace, the figure increases to 350m

UK shopping centres typically carry 250,000 products

Landsec - Strategy review 2020

Reimagine portfolio

Subscale sectors	Central London
	portfolio

Retail parks Central London

10%retail

22%

Shopping

1 2 3 4 30

Outlets

37%

	£4.3bn	10%	Suburban	Urban
Shopping	portfolio	London
opportunities
centres	38%		retail

20%

Outlets

March 2020 segmentation

of retail assets

centres£2.4bn

63%

Today's segmentation

aligned to strategic priorities

Landsec - Strategy review 2020

Reimagine portfolio is made up of some of the most attractive retail in the UK

• Focus on regional shopping centres and outlets
• August BRC national benchmark footfall down 42% year-on-year
• Landsec shopping centres down 34%
• Landsec outlets down 31%

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Growth potential

Bubble size reflects total asset value

Income quality

Regional retail

Outlets

Landsec - Strategy review 2020

Reimagine portfolio - we have five objectives

Determine	Elevate the	Create	Maximise
sustainable	consumer	operational	our vibrant
rents	experience	excellence and	outlets
		new leasing
		models
1	2	3	4

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Repurpose space to reduce the retail footprint and enhance the mix

5

Landsec - Strategy review 2020

Changing the conversations with our customers

Three themes emerged from research

• Role for the physical store, but it needs to work much harder in the omni channel world
• Strong willingness to collaborate to find solutions
• No one solution to fit all needs

1 2 3 4

Clarks Village, Street

Landsec - Strategy review 2020

Determine sustainable rents

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• Sustainable rents could be 20-25% below March ERVs
• This moves occupancy costs for our shopping centres
  to around 14%
• Realistic base to make investment decisions

	Store level sales
	projections
Commercial
balance
Actual/	Determine
sustainable
estimated
operating costs	rents

ERVs

Target OCR

Actual/ estimated retailer operating profit margin

Recent deals

Online spending projections

Landsec - Strategy review 2020

Elevate the consumer experience

Creating the pull and push

The "pull"

The mix needs to

• Be relevant and supported by catchment demographics
• Be made up of sectors growing, not declining
• Be curated as part of enhancing the consumer experience
• Bring back convenience retail

Shopping centres need to be segmented to suit the consumer

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Westgate Oxford

Landsec - Strategy review 2020

Elevate the consumer experience

Creating the pull and push

The "pull"

The journey through a shopping centre needs to be frictionless

• Physical changes to aid the customer journey and increase efficiency
• Quality environment and facilities
• Easy parking
• Brilliant basics

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Gunwharf Quays, Portsmouth

Landsec - Strategy review 2020

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Elevate the consumer experience

Creating the pull and push

The "push"

• Marketing based on large imaginative concepts involving collaboration across the centre
• Campaigns rolled out across centres
• Synergies between our marketing spend and that of our customers
• Collaboration and digital marketing to amplify our consumer reach

Landsec - Strategy review 2020

Operational excellence

Service charge

• Reduced our annual costs by 3% this year, targeting a further 3% reduction by April 2021
• In response to Covid-19 reduced this year's costs by a further 10%

New leasing models

• No "one size fits all" solution
• Need greater flexibility on all sides
• Customer segmentation to identify which

model works for which retailer
Bluewater, Kent

1 2 3 4 38

Landsec - Strategy review 2020

Maximise our vibrant outlets

• Our outlets have performed well
• Sales tracking at 91% of last years' levels
• Continue to offer income stability
• Relatively shielded from online competition
• Often most profitable channel for retailers
• £14m planned enhancement works across our assets
• Works include white boxes, new facades and improved landscaping and wayfinding

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Gunwharf Quays, Portsmouth

Landsec - Strategy review 2020

Repurposing space

• Looking at opportunities to reduce the amount of retail space
• Introducing new uses to reinforce the ecosystem
• Published a report 'Reimagining empty retail space'
• Actively looking at opportunities
  in Oxford, Leeds, Cardiff, Bluewater and Glasgow

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Working with local authorities		Repurposing space

Masterplan zones, Bluewater, Kent		Space as a service

Landsec - Strategy review 2020

Our "reimagine" portfolio will look and feel different

• Sustainable rents will give us a realistic basis for decision making
• A more collaborative approach to enhancing the consumer experience
• Customer segmentation as a foundation for a more flexible approach to leases
• Making the most of our vibrant outlets
• Repurposing a proportion of the portfolio

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Gunwharf Quays, Portsmouth

Trinity Leeds

St David's, Cardiff

Junction 32, Castleford

White Rose, Leeds

Bluewater, Kent		Westgate Oxford

Landsec - Strategy review 2020

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We will realise proceeds from the disposal of subscale sectors

Our strategy review identified three segments of the portfolio as subscale

Xscape, Milton KeynesNovotel, HammersmithThe Bishop Centre, Taplow

Leisure	Hotels	Retail parks
18 assets	23 assets	10 assets
£649m value, 6.4% NEY	£469m value, 5.2% NEY	£444m value, 7.4% NEY
10.6 years WAULT	11.2 years WAULT1	5.6 years WAULT
Predominantly out of town	21 hotels let to Accor with	Exposure to this sector has
leisure parks anchored by	rental income turnover based	been reduced significantly in
a cinema		recent years

1 We own 21 Accor hotels in the UK. They are leased to Accor until 2091 with a break clause in 2031 and 12 yearly thereafter.

Landsec - Strategy review 2020

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Our growth opportunities are underpinned by global trends

Macro trends shaping our future markets, customers and competitors

Rapid urbanisation		Demographic and		Technologically
	social change		advanced living

Landsec - Strategy review 2020

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Our growth opportunities are underpinned by global trends

Macro trends shaping our future markets, customers and competitors

Rapid urbanisation		Demographic and			Technologically
	social change			advanced living

Climate change and		Borderless		Shifts in global
resource scarcity		access		economic power

Landsec - Strategy review 2020

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Urban opportunities

Principal considerations

Cities need to continue to evolve

1

Co-ordination of local ecosystems is key

Mixed-use	Residential	Growth	Lasting sense
focus		potential	of place

2

3

4

5

Local demand	Likely to play	London and	We are experts
will drive mix of	a significant	regional cities	in large scale,
asset classes	part - housing	offer growth	complex
	shortage	opportunities	regeneration
	across the UK

Landsec - Strategy review 2020

New investment

• Short-termcapital investment recycled from elsewhere in the portfolio
• Targeting
• • Near-termreturns
  • Mixed-usepotential
  • London and regional cities
• Variety of potential investment methods
• • Acquisition
  • JVs
  • Larger scale partnerships
  • Forward funding
• Up to 25% of the Landsec portfolio in the next 5 years

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O2 shopping centre, Finchley Road

W12 shopping centre, Shepherd's Bush

Lewisham shopping centre, SE13

Landsec - Strategy review 2020

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Experts in large-scale transformation

Post-investment Victoria

Landsec - Strategy review 2020

Experts in large scale transformation - Nova

• Delivered mixed-use regeneration of a 5-acre site in Victoria
• 700,000 sq ft across office, residential, convenience retail and leisure
• Latest of a long line of complex developments successfully delivered

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Nova, SW1

Landsec - Strategy review 2020

Urban opportunities in our existing portfolio

• Over 50 acres of land with 1.6m sq ft of existing use space
• Potential to densify by a 5 times multiple, up to 8m sq ft
• Includes up to c.7,000 new homes
• Vibrant local communities
• Well connected to existing transport an infrastructure

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We have substantial medium-term opportunities in the portfolio and are actively pursuing acquisition opportunities delivering near-term returns

Landsec - Strategy review 2020

Landsec's strategy - what does it mean for our organisation and culture?

Building on the strengths

56

Hallmarks of our desired culture

of our people

• The expertise and capability of Landsec's people is one of its greatest assets
• Will augment skills over time
• The right organisation and culture will help us maximise our capabilities

Lean andagile

Greater levels of empowerment and accountability within clear strategic framework

Long-term perspective

Truly customer-centric

Striving for continuous improvement

Data-led insight and decision making

Strong strategic partnerships

Landsec - Strategy review 2020

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Five key performance drivers which apply across all aspects of the business

Central to how we deliver our plan and sustain competitive advantage

Development expertise

Capital discipline

Customer centricity

Data- driven decisions

ESG leadership

• Our expertise lends itself to large, complex, long-term projects that can focus on the needs of multiple customer segments
• Leading our sector in applying DfMA, MMC and sustainable development practises can help lower our carbon impact and differentiate our end-product with customers, eventually leading to increased returns
• Repositioning the portfolio for growth, investing in sectors and assets that can deliver through the cycle to drive a NAV / NAV premium valuation
• Combination of attractively priced partner capital and fee income could enhance returns on longer-term projects
• Build deep understanding of evolving customer needs to ensure we design market-leading propositions
• Measure and track all facets of the customer experience across our portfolios to enable proactive interventions and validate the impact of our actions on key customer metrics e.g. churn and retention
• Enable clear articulation of who our customers are and how we can deliver value to them
• Build data as a strategic asset for the long-term, blending proprietary and public data to enable focused, strategic decision making
• Set the foundations, then benefit from our transition to being a 'modern digital business'
• Create increased/additional value and income through new propositions and routes to market
• Leading the industry in pursuit of our science-based environmental targets
• Take a more pro-active approach to our social and environmental impact to turn a cost of doing business into triple-bottom line investments which also help drive positive employee and stakeholder engagement
• To ensure the business remains relevant and delivers value in the long-term

Landsec - Strategy review 2020

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Reminder of our approach to risk and return

Positioning the business for growth with an appropriate level of risk

Total

return

We intend to focus on total return through the cycle and position the business to deliver above market returns

Income is a key part of the property return, but should not be the key driver

Generating

"alpha"

A greater focus on value creation

Taking on more risk but doing so in a managed, proactive way

Leverage

Our tolerance for financial leverage will be guided by the level of operating risk in the business and our view of the cycle

The

cycle

We operate in a cyclical market

Understanding and responding to the cycle is a key part of generating and protecting alpha

Landsec - Strategy review 2020

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Broad shape of our capital management over the next six years

Estimated investment/divestment FY21 - FY26

Investment

2020

2021

2022

2023

2024

2025

2026

Divestment

• As we implement our strategy, capital rotation will increase, starting with an initial phase of disinvestment
• Later years will see net investment primarily in our central London and Urban opportunities portfolios
• c. £4bn of capital recycling over next six years
• Net debt is expected to be broadly stable overall - investment and capex will be funded through disposals over time

Landsec - Strategy review 2020

Implications for leverage

• Our strategy is set against a backdrop of increasing operational gearing from changes in leasing structures and reducing lease lengths
• Our aim is to rotate more rapidly out of low growth, low risk assets into those with higher total return
• This approach will increase our operational gearing. As a result, we expect financial leverage to be slightly lower
• We expect the normal range for our financial leverage to be an LTV of 25% to 40%, with +/- 5pp at the top and bottom of the range depending on the cycle and our operating leverage

61

Previous guidance on LTV range

Normal gearing range of 35-45%

+/- 10pp at the extremes of the cycle

New guidance on LTV range

Normal gearing range of 25-40% +/- 5pp at the extremes of the cycle

Landsec - Strategy review 2020	62

Boosting total returns and delivering a sustainable dividend

Short-term impact of Covid-19 and capital recycling followed by recovery

• Asset recycling and positioning the business towards growth sectors will boost total returns over time
• In the short-term, earnings impacted by Covid- 19 and disposals
• Subsequent earnings increase driven by post-Covid recovery and asset mix
• Dividend reinstated post interims at a level which reflects current underlying earnings
• Dividend will be c.1.2x - 1.3x covered by underlying earnings

CGI of The Forge, SE1

Landsec - Strategy review 2020

Summary

• Our focus is on total return with a greater emphasis on generating alpha through higher operating leverage
• Financial leverage will be lower to compensate
• Short-termearnings will be impacted by Covid-19 and disposals
• Overall impact of the revised strategy will be a shift to lower yielding assets but with higher growth potential

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New Ludgate, EC4

Landsec - Strategy review 2020

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What could the portfolio look like in 2026?

A more focused portfolio with greater growth potential

March 2020	March 2026

Central London		Regional retail		Subscale sectors		Urban opportunities

Landsec - Strategy review 2020

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Our strategy

Repositioning Landsec for growth

	Our competitive advantage	Our purpose		Global forces of change
			Strategic priorities
	1		2		3		4
	Our central London		Our retail business		Capital from		Through
	business		(shopping centres and outlets)		subscale sectors		urban opportunities

Key performance drivers

Development expertise		Capital discipline		Customer centricity		Data driven decisions		ESG leadership

What it means for…

…Shareholders

Total returns, delivered through the cycle

A focus on creating 'alpha'

Higher operational leverage, offset by lower financial leverage

…Other stakeholders

A continued commitment to becoming net zero carbon by 2030

A partnership-based approach

The creation of vibrant communities with a lasting sense of place

…Our culture and organisation

Outward-facing and customer-led

Lean, agile, nimble, empowered and supportive Driven to be customer-centric and data-led

Landsec - Strategy review 2020

Competitive advantage

Best-in-class

London portfolio

Positioning
Landsec	Strong track record

for growth

Urban regeneration potential

Realistic reimagining for shopping centres

67

Improved total returns and significant value

for all stakeholders

Landsec - Strategy review 2020

Expectations over the next 12 months

• Reinstated dividend
• Capital recycling in central London portfolio to realise significant value creation
• Balanced progress on central London developments
• Increasing range of office propositions
• Clear progress towards a new retail operating model
• Planning progress across our urban opportunities portfolio and potential growth in that portfolio
• Steps to put in place the right culture and organisation to support the strategy

Note: Photographic content has been commissioned post-impact of Covid-19