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Final Results - Part 2

21st May 2012 07:00

RNS Number : 7093D

British Land Co PLC

21 May 2012

Consolidated Income Statement for the year ended 31 March 2012

			2012			2011

			Underlying	Capital		Underlying	Capital
			pre tax*	and other	Total	pre tax*	and other	Total
		Note	£m	£m	£m	£m	£m	£m



Gross rental and related income		3	332		332	298		298

Net rental and related income		3	286		286	255		255

Fees and other income		4	16		16	15		15

Amortisation of intangible assets							(10)	(10)

Joint ventures and funds (see also below)			113	69	182	117	264	381

Administrative expenses			(69)		(69)	(61)		(61)

Net valuation movement (includes result on disposals)		5		143	143		321	321

Net financing costs

- financing income		6	24	2	26	29	3	32
- financing charges		6	(101)	(4)	(105)	(99)	(4)	(103)

			(77)	(2)	(79)	(70)	(1)	(71)


Profit on ordinary activities before taxation			269	210	479	256	574	830

Taxation

- current tax expense		7		(2)	(2)		(2)	(2)
- deferred tax income		7		3	3		12	12

				1	1		10	10

Profit for the year after taxation attributable to shareholders of the Company					480			840


Earnings per share:	basic	2			54.1p			95.7p
	diluted	2			53.8p			95.2p





Share of results of joint ventures and funds
Underlying profit before taxation			113		113	117		117
Net valuation movement (includes result on disposals)				72	72		270	270
Non-recurring items				(3)	(3)
Current tax expense				(1)	(1)		(3)	(3)
Deferred tax income (expense)				1	1		(3)	(3)
		9	113	69	182	117	264	381


All results derive from continuing operations.

*As defined in note 2

Consolidated Balance Sheet
as at 31 March 2012
		2012	2011
	Note	£m	£m
Assets
Non-current assets
Investment and development properties	8	5,346	4,752
Owner-occupied property	8	41	38
		5,387	4,790

Other non-current assets
Investments in joint ventures and funds	9	2,191	2,066
Other investments	10	28	51
		7,606	6,907

Current assets
Trading properties	8	47
Debtors	11	168	90
Liquid investments	14	200	203
Cash and short-term deposits	14	137	60
		552	353

Total assets		8,158	7,260

Liabilities
Current liabilities
Short-term borrowings and overdrafts	14	(49)	(319)
Creditors	12	(376)	(333)
		(425)	(652)

Non-current liabilities
Debentures and loans	14	(2,572)	(1,620)
Other non-current liabilities	13	(25)	(23)
Deferred tax liabilities	7	(32)	(35)
		(2,629)	(1,678)

Total liabilities		(3,054)	(2,330)

Net assets		5,104	4,930

Equity
Share capital		225	224
Share premium		1,237	1,237
Other reserves		(164)	(68)
Retained earnings		3,806	3,537

Total equity attributable to shareholders
of the Company		5,104	4,930


EPRA NAV per share*	2	595p	567p



* As defined in note 2

Consolidated Statement of Comprehensive Income
for the year ended 31 March 2012



	2012	2011
	£m	£m


Profit for the year after taxation	480	840

Other comprehensive income:
(Losses) gains on cash flow hedges
- Group	(65)	(13)
- Joint ventures and funds	(50)	18
	(115)	5

Transferred to the income statement (cash flow hedges)
- foreign currency derivatives		6
- interest rate derivatives	18	14

	18	20

Exchange differences on translation of foreign operations
- hedging and translation	9
- other	(8)

Net actuarial loss on pension scheme	(3)	(2)

Other comprehensive (loss) income for the year	(99)	23


Total comprehensive income for the year attributable to shareholders of the company	381	863

Consolidated Statement of Cash Flows
for the year ended 31 March 2012
		2012	2011
	Note	£m	£m


Rental income received from tenants		271	227
Fees and other income received		21	21
Operating expenses paid to suppliers and employees		(81)	(66)
Cash generated from operations		211	182


Interest paid		(89)	(96)
Interest received		17	19
UK corporation tax received		3
Distributions and other receivables from joint ventures and funds		64	105
Net cash inflow from operating activities		206	210


Cash flows from investing activities
Development and other capital expenditure		(106)	(62)
Purchase of investment properties		(382)	(379)
Sale of investment properties		59	68
Purchase of investments		(22)
Deferred consideration received		12	22
Loans repaid by Broadgate joint venture			220
Investment in and loans to joint ventures and funds		(110)	(123)
Capital distributions received from joint ventures and funds			12
Indirect taxes received in respect of investing activities		2	2
Net cash outflow from investing activities		(547)	(240)


Cash flows from financing activities
Dividends paid	15	(212)	(139)
Movement in other financial liabilities		(4)	(14)
Increase in bank and other borrowings	14	634	171
Net cash inflow from financing activities		418	18


Net increase (decrease) in cash and cash equivalents		77	(12)
Cash and cash equivalents at 1 April		60	72
Cash and cash equivalents at 31 March		137	60


Cash and cash equivalents consists of:
Cash and short-term deposits	14	137	60

Consolidated Statement of Changes in Equity for the year ended 31 March 2012

			Hedging and
	Share	Share	translation	Revaluation	Retained
	capital*	premium	reserve*	reserve*	earnings	Total
	£m	£m	£m	£m	£m	£m
Balance at 1 April 2011	224	1,237	(34)	(34)	3,537	4,930
Profit for the year after taxation					480	480
Joint ventures and funds revaluations				(50)		(50)
Losses on cash flow hedges			(65)			(65)
Reclassification of losses on cash flow
- interest rate derivatives			18			18
Exchange differences on translation of foreign operations			9	(8)		1
Net actuarial loss on pension schemes					(3)	(3)
Other comprehensive loss			(38)	(58)	(3)	(99)
Total comprehensive (loss) income for the year			(38)	(58)	477	381
Share issues	1					1
Adjustment for share and share option awards					5	5
Dividends payable in year (26.0p per share)					(231)	(231)
Adjustment for scrip dividend element					18	18
Balance at 31 March 2012	225	1,237	(72)	(92)	3,806	5,104


Balance at 1 April 2010	220	1,241	(38)	(52)	2,837	4,208
Profit for the year after taxation					840	840
Joint ventures and funds revaluations				18		18
De-designation of cash flow hedges			(3)		3
Losses on cash flow hedges			(13)			(13)
Reclassification of losses on cash flow
- foreign currency derivatives			6			6
- interest rate derivatives			14			14
Net actuarial loss on pension schemes					(2)	(2)
Other comprehensive income			4	18	1	23
Total comprehensive income for the year			4	18	841	863
Share issues	4	(4)
Adjustment for share and share option awards					6	6
Dividends payable in year (26.0p per share)					(228)	(228)
Adjustment for scrip dividend element					81	81
Balance at 31 March 2011	224	1,237	(34)	(34)	3,537	4,930
* refer to note 17

Notes to the accounts for the year ended 31 March 2012

1. Basis of preparation

The financial information set out above does not constitute the Company's statutory accounts for the years ended 31 March 2012 or 2011, but is derived from those accounts. Statutory accounts for 2011 have been delivered to the Registrar of Companies and those for 2012 will be delivered following the Company's annual general meeting. The auditor has reported on those accounts; their reports were unqualified, did not draw attention to any matters by way of emphasis and did not contain statements under s498(2) or (3) of Companies Act 2006 or equivalent preceding legislation.





The financial statements for the year ended 31 March 2012 have been prepared on the historical cost basis, except for the revaluation of properties, investments and derivatives. The financial statements have also been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union and therefore comply with Article 4 of the EU IAS Regulation.




While the financial information included in this preliminary announcement has been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRSs), this announcement does not itself contain sufficient information to comply with IFRSs. The Company expects to publish full financial statements that comply with IFRSs in June 2012.





The accounting policies used are consistent with those contained in the Group's last annual report and accounts for the year ended 31 March 2011, with the exception of the following which have had no effect on the financial statements: IAS 24 (revised 2009) - Related Party Disclosures; Amendment to IFRS 2 - Share Based Payments; Amendment to IFRS 7 - Financial Instruments Disclosures. Standards and interpretations not effective for the current accounting period were: IFRS 9 - Financial Instruments; IFRS 10 - Consolidated Financial Statements; IFRS 11 - Joint Arrangements; IFRS 12 - Disclosure of Interests in Other Entities; IFRS 13 - Fair Value Measurement. IAS 1 (amended) - Presentation of Items of Other Comprehensive Income; IAS 12 (amended) - Deferred Tax: recovery of assets; IAS 19 (revised) - Employee Benefits; IAS 27 (revised) - underlying Separate Financial Statements; IAS 28 (revised) - Investments in Associates and Joint Ventures.









The Directors do not expect that the adoption of the standards listed above will have a material impact on the financial statements of the Group in future periods except as follows: IFRS 9 will impact both the measurement and disclosures of financial instruments; IFRS 12 will impact the disclosure of interests the Group has in other entities; IFRS 13 will impact the disclosure of fair value measurements; IAS 19 (revised) will impact the measurement of the various components representing movements in the defined benefit pension obligation.


The financial statements have been prepared on the going concern basis as stated in the directors' responsibility statement.

2. Performance measures


	2012			2011
Earnings per share (diluted)	Earnings	Pence per share		Earnings		Penceper share
	£m	Pence per share		£m		Penceper share

Underlying pre tax profit - income statement	269			256
Tax charge relating to underlying profit	(4)			(5)

Underlying earnings per share	265	29.7	p	251		28.5	p

Mark to market on liquid investments (held for trading assets)	(3)			8
Non-recurring items*	(3)			(4)

EPRA earnings per share	259	29.0	p	255		28.9	p

Profit for the year after taxation	480	53.8	p	840		95.2	p

*Non-recurring items for the year ended 31 March 2012 of £3m relate to the debt break costs in HUT and for the year ended 31 March 2011 £4m relate to fair value adjustments on the buy back of Group debentures.



The European Public Real Estate Association (EPRA) issued Best Practices Recommendations most recently in October 2010, which gives guidelines for performance measures. The EPRA earnings measure excludes investment property revaluations and gains or losses on disposals, intangible asset movements and their related taxation. A summary of the EPRA Performance Measures is provided in table B within the Supplementary Disclosures.





Underlying earnings consists of the EPRA earnings measure, with additional company adjustments. Adjustments include mark to market adjustments on held for trading assets, fair value adjustments on the buy back of debentures and debt break costs.


The weighted average number of shares in issue for the year was: basic: 887m (2011: 878m); diluted for the effect of share options: 892m (2011: 882m). Basic undiluted earnings per share for the year was 54.1p (2011: 95.7p). Earnings per share shown in the table above are diluted.




				31 March		31 March
Net asset value (NAV) (diluted)				2012		2011
				£m		£m

Balance sheet net assets				5,104		4,930

Deferred tax arising on revaluation movements				31		37
Mark to market on effective cash flow hedges and related debt adjustments				189		89
Dilution effect of share options				57		45

EPRA NAV				5,381		5,101

EPRA NAV per share				595	p	567	p


The EPRA NAV per share excludes the mark to market on effective cash flow hedges and related debt adjustments, deferred taxation on revaluations and is calculated on a fully diluted basis.


At 31 March 2012, the number of shares in issue was: basic: 888m (2011: 885m); diluted for the effect of share options: 904m (2011: 899m).


Total accounting return per share for the year ended 31 March 2012 of 9.5% includes dividends paid of 26p (see note 15) in addition to the increase in EPRA NAV of 28p. Total accounting return per share for the year ended 31 March 2011 was 17.7%.

3. Gross and net rental and related income
	2012	2011
	£m	£m

Rent receivable	259	227
Spreading of tenant incentives and guaranteed rent increases	41	32
Surrender premia		3

Gross rental income	300	262

Service charge income	32	36

Gross rental and related income	332	298

Service charge expense	(32)	(36)
Property operating expenses	(14)	(7)

Net rental and related income	286	255

The cash element of net rental income recognised during the year ended 31 March 2012 from properties which were not subject to a security interest was £126m (2011: £81m). Property operating expenses relating to investment properties that did not generate any rental income were £1m (2011: £1m). Contingent rents of £1m (2011: £1m) were recognised in the year.





4. Fees and other income
	2012	2011
	£m	£m

Management fees (from joint ventures and funds)	12	11
Other fees and commission	4	4

	16	15


5. Net revaluation gains on property and investments
	2012	2011
	£m	£m
Consolidated income statement
Revaluation of properties	143	297
Result on property disposals	3	20
Revaluation of investments	(3)	8
Other revaluations movements		(4)

	143	321
Share of valuation movement of joint ventures and funds	72	270

Net revaluation gains on property and investments	215	591

6. Net financing costs
	2012	2011
	£m	£m
Interest payable on:
Bank loans and overdrafts	27	8
Other loans	76	86
Obligations under finance leases	1

	104	94
Development interest capitalised	(8)	(5)

	96	89
Interest receivable on:
Deposits, securities and liquid investments	(17)	(15)
Loans to joint ventures		(2)

	(17)	(17)

Other finance (income) costs:

Expected return on pension scheme assets	(7)	(7)
Interest on pension scheme liabilities	5	5
Valuation movements on translation of foreign currency debt		(5)
Hedging reserve recycling		5

Net financing expenses - underlying	77	70

Capital and other
Valuation movements on fair value debt	66	(3)
Valuation movements on fair value derivatives	(68)	3
Fair value adjustment on buy back of group debentures		4
Fair value movement on non-hedge accounted derivatives	4	(3)

Net financing costs - capital	2	1

Net financing costs	79	71

Total financing income	(26)	(32)
Total financing charges	105	103

Net financing costs	79	71


Interest on development expenditure is capitalised at a rate of 4.48% (2011: 5.20%).

7. Taxation
				2012	2011
				£m	£m
Tax expense (income)

Current tax:		UK corporation tax: 26% (2011: 28%)		2	1
		Foreign tax			1

				2	2

Total current tax expense				2	2
Deferred tax on revaluations				(3)	(12)

Group total taxation (net)				(1)	(10)

Attributable to joint ventures and funds					6

Total taxation				(1)	(4)

Tax reconciliation
Profit on ordinary activities before taxation				479	830
Less: profit attributable to joint ventures and funds				(182)	(381)

Group profit on ordinary activities before taxation				297	449

Tax on profit on ordinary activities at UK corporation tax rate of 26% (2011: 28%)				77	126


Effects of:
	REIT exempt income and gains			(70)	(121)
	Tax losses and other timing differences			(8)	(15)

Group total taxation				(1)	(10)

Tax expense attributable to underlying profits for the year ended 31 March 2012 was £4m (2011: £5m). The underlying tax rate for the year ended 31 March 2012 was 1.5% (31 March 2011: 2.0%)


Corporation tax payable at 31 March 2012 was £32m (2011: £30m) as shown in note 12. Deferred tax is calculated on temporary differences under the liability method using a tax rate of 24% (2011: 26%). The movement on deferred tax is as shown below:



Deferred taxation

			1 April	Credited	31 March
			2011	to income	2012
			£m	£m	£m

Property and investment revaluations			31	(3)	28
Other timing differences			4		4

			35	(3)	32


Under the REIT regime development properties which are sold within three years of completion do not benefit from tax exemption. At 31 March 2012 the value of such properties is £763m (2011: £695m) and if these properties were to be sold and tax exemption was not available the tax arising would be £30m (2011: £21m).



The deferred tax charge for the year ended 31 March 2012 includes a credit of £3m to reflect reduced deferred tax liabilities arising from the forthcoming reduction in the UK corporation tax rate to 24% (effective from 1 April 2012)

8. Property

		Investment &	Trading	Owner-
		Development	Properties	occupied	Total
		£m	£m	£m	£m

Carrying value at 1 April 2011		4,752		38	4,790


Additions:	property purchases	394			394
	development expenditure	113			113
	capitalised interest	5			5
	capital expenditure on asset management initiatives	10			10

		522			522

Depreciation				(1)	(1)

Disposals		(61)			(61)

Reclassification		(47)	47

Revaluations included in income statement		139		4	143

Movement in tenant incentives and contracted rent uplift balances		41			41


Carrying value at 31 March 2012		5,346	47	41	5,434

Head lease liabilities (note 13)					(20)

Total Group property portfolio valuation at 31 March 2012					5,414


The Group valuation of properties of £5,414m (2011: £4,783m) comprises freeholds of £4,034m (2011: £3,724m); virtual freeholds of £107m (2011: £162m); long leaseholds of £1,273m (2011: £897m) and short leaseholds of £nil (2011: £nil). The historical cost of properties was £4,264m (2011: £3,816m).



At 31 March 2012 £47m of investment properties were reclassified to trading properties as it was determined that the Group's intention was to redevelop and sell these properties.


The Group's property portfolio was valued by external valuers on the basis of Fair Value, in accordance with the RICS Valuation - Professional Standards 2012, eighth edition, published by The Royal Institution of Chartered Surveyors. Knight Frank LLP valued properties to an aggregate value of £5,133m (2011: £4,729m); other valuers £281m (2011: £54m). Valuers of joint venture and fund properties are detailed in note 9.





Properties valued at £1,827m (2011: £2,850m) were subject to a security interest and other properties of non-recourse companies amounted to £49m (2011: £nil).


Included within the property valuation is £86m (2011: £76m) in respect of accrued contracted rental uplift income, against which the Group holds a provision of £5m (2011: £5m). The balance arises through the IFRS treatment of leases containing such arrangements, which requires the recognition of rental income on a straight line basis over the lease term, with the difference between this and the cash receipt changing the carrying value of the property against which revaluations are measured.





Cumulative interest capitalised against investment properties amounts to £78m (2011: £73m).

Included in investment properties are £444m of properties which are in the course of development (2011: £149m).

9. Joint ventures and funds

British Land's summary share of the results of joint ventures and funds
			2012	2011
			£m	£m

Gross rental income			272	279
Service charge income			26	28

Gross rental and related income			298	307

Net rental and related income			260	263
Other income and expenditure			(6)	(4)
Net financing costs			(141)	(142)

Underlying profit before taxation			113	117

Net valuation movement (includes profits and losses on disposals)			72	270
Non-recurring items			(3)

Profit on ordinary activities before taxation			182	387

Current tax expense			(1)	(3)
Deferred tax income (expense)			1	(3)

Profit on ordinary activities after taxation			182	381



Summary movement for the year of the investments in joint ventures and funds

		Equity	Loans	Total
		£m	£m	£m

At 1 April 2011		1,907	159	2,066
Additions		51	49	100
Disposals			(9)	(9)
Share of profit after taxation		181		181
Distributions and dividends:	capital	(18)		(18)
	revenue	(70)		(70)
Hedging and exchange movements		(59)		(59)

At 31 March 2012		1,992	199	2,191

PREF, a fund owning a portfolio of retail property in Europe (in which British Land has a net investment of £96m), had a €173m syndicated bank loan of which €61m was refinanced in December 2011 with a new term loan in respect of assets in Spain. The remaining balance was repaid in full from a €100m loan provided by the unit holders and the utilisation of existing cash resources. A market uncertainty clause is included in the valuation report of the Portuguese properties within PREF, due to a lack of transactional evidence and uncertainty over the economic situation in that market.






At 31 March 2012 the investment in joint ventures included within the total investment in joint ventures and funds was £1,690m (2011: £1,573m).


Distributions in the year include the receipt of £14m from HUT, £1m from PREF, £1m from HIF, £19m from Public House, £9m from Tesco joint ventures, £7m from Sainsbury joint ventures, £17m from Meadowhall and £5m from Broadgate.


At 31 March 2012 the valuation of the Group's share of joint ventures and funds properties is £4,923m (2011: £4,789m); external net debt is £2,576m (2011: £2,697m) and the mark to market adjustment for external debt is £5m liability (2011: £104m asset).


The Joint Venture and Funds portfolios were valued by external valuers on the basis of Fair Value in accordance with the RICS Valuation - Professional Standards 2012, eighth edition, published by The Royal Institution of Chartered Surveyors. CB Richard Ellis Ltd valued properties to an aggregate value of £2,346m (2011: £2,357m), Knight Frank LLP an aggregate value of £2,577m (2011: £2,432m).

9. Joint ventures and funds (continued): joint ventures' summary financial statements

A detailed breakdown of the 100% results of specific joint ventures and funds is set out on the two following pages. The total column represents the Group's share of all joint ventures and funds. All disclosures have been restated to British Land accounting policies under IFRS eliminating performance and management fees and upstream transactions due to the Group.




	Bluebutton		MSC Property		BL Sainsbury		Tesco Joint	The Scottish	Leadenhall
	Properties		Intermediate		Superstores		Ventures*	Retail Property	JV
	Ltd		Holdings Ltd		Ltd			Limited Partnership

	Blackstone		LSP Green Park					Land Securities	Oxford
Partners	Group LP funds		Property Trust		J Sainsbury plc		Tesco plc	Group PLC	Properties

Property sector	City Offices		Shopping Centres		Superstores		Superstores	Shopping Centres	City Offices
	Broadgate		Meadowhall				Retail Parks	(Bon Accord)	Leadenhall
							Shopping Centres
Group share	50%		50%		50%		50%	50%	50%

Date established	November 2009		February 2009		March 2008		November 1996	March 2004	Dec 2010

Accounting period	Year ended		Year ended		Year ended		Year ended	Year ended	Year ended
	31 March		31 March		31 March		31 March	31 March	31 March
	2012		2012		2012		2012	2012	2012
Summarised income statements	£m		£m		£m		£m	£m	£m


Gross rental and related income	200		76		66		103	18

Net rental and related income	161		72		66		101	13
Other income and expenditure	(1)		(10)		(1)		(1)	(1)
Net interest payable	(97)		(43)		(32)		(60)	(7)

Underlying profit before taxation	63		19		33		40	5
Surplus (deficit) on revaluation	126		54		(1)		15	(6)	20
Disposal of fixed assets
Non-recurring items	(4)		1				1

Profit (loss) on ordinary activities before taxation	185		74		32		56	(1)	20
Current tax							(1)
Deferred tax

Profit (loss) on ordinary activities after taxation	185		74		32		55	(1)	20


Summarised balance sheets	£m		£m		£m		£m	£m	£m

Investment properties	2,900		1,502		1,276		1,866	214	176
Current assets	34		3				4	2	33
Upstream loans to joint venture shareholders
Cash and deposits	97		25		23		41	4	2
Gross assets	3,031		1,530		1,299		1,911	220	211

Current liabilities	(166)		(42)		(36)		(175)	(10)	(11)
Bank debt falling due within one year
Bank debt falling due after one year							(1,042)
Securitised debt	(1,853)		(787)		(632)			(119)
Convertible loan notes
Other non-current liabilities	(31)		(48)
Obligations under finance leases			(5)					(12)
Deferred tax
Gross liabilities	(2,050)		(882)		(668)		(1,217)	(141)	(11)

Net external assets	981		648		631		694	79	200

Represented by:
Shareholder loans	30		26		33		191	14	175
Ordinary shareholders' funds / Partners' capital	951		622		598		503	65	25
Total investment	981		648		631		694	79	200

Capital commitments	10							1

\* Tesco joint ventures include BLT Holdings (2010) Limited (parent of BLT Properties Ltd), the Tesco British Land Property Partnership, Tesco BL Holdings Limited, Shopping Centres Limited and the Tesco Aqua Limited Partnership.






9. Joint ventures and funds (continued): joint ventures' and funds' summary financial statements

A detailed breakdown of the 100% results of specific joint ventures and funds is set out on the current and previous page. The total column represents the Group's share of all joint ventures and funds. All disclosures have been restated to British Land accounting policies under IFRS eliminating performance and management fees and upstream transactions due to the Group.



							JV & Fund	JV & Fund
		Hercules		Pillar Retail	Other		TOTAL	TOTAL
		Unit		Europark	joint ventures		Group share	Group share
		Trust		Fund*	and funds	+*	2012	2011


Partners

Property sector		Retail		Retail
		Parks		Parks

Group share		41.24%		65.30%

Date established		Sep 2000		Mar 2004

Accounting period		Year ended		Year ended
		31 March		31 March
		2012		2012
Summarised income statements		£m		£m	£m		£m	£m


Gross rental and related income		91		36	5		298	307

Net rental and related income		84		24	3		260	263
Other income and expenditure		(3)		(3)	4		(6)	(4)
Net interest payable		(42)		(9)	2		(141)	(142)

Underlying profit before taxation		39		12	9		113	117
Surplus (deficit) on revaluation		(25)		(16)	(12)		71	268
Disposal of fixed assets		1			1		1	2
Non-recurring items		(8)			1		(3)

Profit (loss) on ordinary activities before taxation		7		(4)	(1)		182	387
Current tax				(1)			(1)	(3)
Deferred tax				1			1	(3)

Profit (loss) on ordinary activities after taxation		7		(4)	(1)		182	381


Summarised balance sheets

Investment properties		1,568		288	129		4,931	4,797
Current assets		34		13	6		67	114
Upstream loans to joint venture shareholders					14		14	30
Cash and deposits		66		17	12		146	169
Gross assets		1,668		318	161		5,158	5,110

Current liabilities		(50)		(27)	(44)		(303)	(222)
Bank debt falling due within one year				(91)	(4)		(63)	(224)
Bank debt falling due after one year		(300)		(50)	(25)		(702)	(520)
Securitised debt		(351)			(2)		(1,842)	(1,973)
Convertible loan notes								(75)
Other non-current liabilities					(5)		(45)	(16)
Obligations under finance leases							(9)	(8)
Deferred tax				(3)	(1)		(3)	(6)
Gross liabilities		(701)		(171)	(81)		(2,967)	(3,044)

Net external assets		967		147	80		2,191	2,066

Represented by:
Shareholder loans					31		266	226
Ordinary shareholders' funds / Partners' capital		967		147	49		1,925	1,840
Total investment		967		147	80		2,191	2,066

Capital commitments		2			19		25	24

+Although the Group's ownership share is 65.30%, it does not exercise control over significant decisions. The Group therefore equity accounts for its interest in Pillar Retail Europark Fund (PREF).


+*Included in the column headed 'Other joint ventures and funds' are contributions from the following: Fareham Property Partnership, the BL Goodman Limited Partnership, the Public House Company Limited, BL Gazeley Limited, BL Canada Quays Limited, Eurofund Investments Zaragoza S.L., Hercules Income Fund (HIF), the City of London Office Unit Trust (CLOUT), Auchinlea Partnership and Group adjustments. Amounts are included in this column at the relevant percentage for the Group's interest.




The borrowings of joint ventures and funds and their subsidiaries are non-recourse to the Group. All joint ventures are incorporated in the United Kingdom, with the exception of Bluebutton Properties Limited, Leadenhall Holding Co (Jersey) Limited and The Scottish Retail Property Limited Partnership which are domiciled in Jersey and Eurofund Investments Zaragoza S.L. which is domiciled in Spain. Of the funds, Hercules Unit Trust (HUT) and Hercules Income Fund (HIF) are domiciled in Jersey and PREF in Luxembourg.

9. Joint ventures and funds (continued)

Operating cash flows of joint ventures and funds (Group share)
	2012	2011
	£m	£m

Rental income received from tenants	277	280
Fees and other income received		3
Operating expenses paid to suppliers and employees	(28)	(30)

Cash generated from operations	249	253

Interest paid	(144)	(147)
UK corporation tax paid	(8)	(5)

Cash inflow from operating activities	97	101

Cash inflow from operating activities deployed as:

Surplus cash retained within (distributed by) joint ventures and funds	33	(4)

Total distributed to British Land	64	105

	97	101


10. Other non current assets
		Other
		investments
		£m

At 1 April 2011		51
Additions		22
Disposals		(44)
Depreciation		(1)

At 31 March 2012		28

At 31 March 2011 the investment in the HUT convertible bond was £43m, this was repaid during the year ended 31 March 2012.



11. Debtors
	2012	2011
	£m	£m

Trade and other debtors+	86	77
Prepayments and accrued income	9	2
Interest rate derivatives*	73	11

	168	90

+ Included within this balance is deferred consideration of £4m (2011: £10m) arising on the sale of investment properties for which the timing of the receipt is contingent and therefore may fall due after one year.

* Includes contracted cash flow with a maturity greater than one year at fair value.

Trade and other debtors are shown after deducting a provision for bad and doubtful debts of £10m (2011: £7m). The charge to the income statement was £1m (2011: £nil).


The Directors consider that the carrying amount of trade and other debtors approximates their fair value. There is no concentration of credit risk with respect to trade debtors as the Group has a large number of customers, who are paying their rent in advance.

12. Creditors
	2012	2011
	£m	£m

Trade creditors	88	78
Amounts owed to joint ventures	15	55
Corporation tax	32	30
Other taxation and social security	18	16
Accruals and deferred income	131	105
Interest rate derivatives*	92	49

	376	333

* Includes contracted cash flow with a maturity greater than one year at fair value.

Trade creditors are interest-free and have settlement dates within one year. The Directors consider that the carrying amount of trade and other creditors approximates their fair value.




13. Other non-current liabilities
	2012	2011
	£m	£m

Trade and other creditors	5	11
Head leases	20	7
Non-controlling interest		5

	25	23

14. Net debt
				2012	2011
			Footnote	£m	£m
Secured on the assets of the Group
9.125% First Mortgage Debenture Stock 2020			1	37	38
6.125% First Mortgage Debenture Stock 2014			1	46	45
10.3125% First Mortgage Debenture Stock 2011			1		32
5.264% First Mortgage Debenture Bonds 2035				341	328
5.0055% First Mortgage Amortising Debentures 2035				102	103
5.357% First Mortgage Debenture Bonds 2028				322	296
6.75% First Mortgage Debenture Bonds 2020				179	170
Floating Rate Secured Loan Notes 2035					256
Loan notes				5	5

				1,032	1,273
Unsecured

5.50% Senior Notes 2027				98	98
6.30% Senior US Dollar Notes 2015			2	96	96
3.895% Senior US Dollar Notes 2018			3	26
4.635% Senior US Dollar Notes 2021			3	145
4.766% Senior US Dollar Notes 2023			3	89
5.003% Senior US Dollar Notes 2026			3	57
Bank loans and overdrafts				1,078	472

				1,589	666
Gross debt			4	2,621	1,939

Interest rate derivatives: liabilities (see note 12)				92	49
Interest rate derivatives: assets (see note 11)				(73)	(11)

				2,640	1,977
Liquid investments

4.405% Medium Term Note 2015				(100)	(100)
4.395% Medium Term Note 2015				(100)	(103)
				(200)	(203)

Cash and short-term deposits			5	(137)	(60)

Net debt				2,303	1,714


				2012	2011
1	These borrowings are obligations of ring-fenced, special purpose companies, with no recourse to other companies or assets in the Group:			£m	£m

	BLD Property Holdings Ltd			83	115
2	Principal and interest on this borrowing was fully hedged into Sterling at the time of issue.
3	Principal and interest on this borrowing was fully hedged into Sterling at a floating rate at the time of issue.
4	The principal amount of gross debt at 31 March 2012 was £2,562m (2011: £1,937m). Included in this, the principal amount of secured borrowings and other borrowings of non-recourse companies was £982m (2011: £1,269m).

5	Cash and deposits not subject to a security interest amount to £132m (2011: £55m).


Maturity analysis of net debt				2012	2011
				£m	£m

Repayable:		within one year and on demand		49	319
between:		one and two years		405	46
		two and five years		776	543
		five and ten years		422	216
		ten and fifteen years		260	6
		fifteen and twenty years		332	431
		twenty and twenty five years		377	378
				2,572	1,620
Gross debt				2,621	1,939
Interest rate derivatives				19	38
Liquid Investments				(200)	(203)
Cash and short-term deposits				(137)	(60)

Net debt				2,303	1,714

14. Net debt (continued)

The two financial covenants applicable to the Group unsecured debt are:
Net Borrowings not to exceed 175% of Adjusted Capital and Reserves.
At 31 March 2012 the ratio is 44%
i. Net Borrowings are £2,470m, being the principal amount of gross debt of £2,562m plus amounts owed to joint ventures of £15m plus TPP Investments Ltd of £30m (see note 16), less the cash and short-term deposits of £137m; and

ii. Adjusted Capital and Reserves are £5,662m, being share capital and reserves of £5,104m (see Consolidated Statement of Changes in Equity), adjusted for £31m of deferred tax (see note 2), £338m exceptional refinancing charges (see below) and £189m mark to market on interest rate swaps (see note 2).



Net Unsecured Borrowings not to exceed 70% of Unencumbered Assets.
At 31 March 2012 the ratio is 34%
i. Net Unsecured Borrowings are £1,463m, being the principal amount of gross debt of £2,562m plus amounts owed to joint ventures of £15m less cash and deposits not subject to a security interest of £132m less the principal amount of secured and non-recourse borrowings of £982m; and


ii. Unencumbered Assets are £4,267m being properties of £5,414m (see note 8) plus investments in joint ventures and funds of £2,191m (see note 9) and other investments of £228m (see balance sheet: liquid investments of £200m and other investments of £28m) less investments in joint ventures of £1,690m (see note 9) and encumbered assets of £1,876m (see note 8).



In calculating Adjusted Capital and Reserves for the purpose of the unsecured debt financial covenants, there is an adjustment of £338m to reflect the cumulative net amortised exceptional items relating to the refinancings in the years ended 31 March 2005, 2006 and 2007.





Interest rate profile - including effect of derivatives
			2012	2011
			£m	£m

Fixed rate			1,976	1,240
Variable rate (net of cash)			327	474

Net debt			2,303	1,714



Reconciliation of movement in Group Net Debt to Cash Flow Statement

	2011	Cash flow	Non cash	2012
	£m	£m	£m	£m

Per Cash Flow Statement:
Cash and short-term deposits	(60)	(77)		(137)
Cash and cash equivalents	(60)	(77)		(137)

Term debt (excluding overdrafts)	1,939	634	48	2,621
Fair value of interest rate derivatives	38		(19)	19
Liquid investments	(203)		3	(200)

Net debt	1,714	557	32	2,303


The Group Loan to Value (LTV) ratio at 31 March 2012 is 29.1%, being principal value of gross debt of £2,562m less cash, short-term deposits and liquid investments of £337m, divided by total Group property of £5,414m (see note 8) plus investments in joint ventures and funds of £2,191m (balance sheet) and other investments of £28m (see note 10).

14. Net debt (continued)


Maturity of committed undrawn borrowing facilities

					2012		2011
					£m		£m
Maturity date:

over five years							75
four and five years					825
three and four years							586
Total facilities available for more than three years					825		661

two and three years					280		821
one and two years					100		35
within one year					35		820

Total					1,240		2,337

The above facilities are available to be drawn for Group purposes.


Comparison of market values and book values at 31 March 2012

			Market		Book
			Value		Value		Difference
			£m		£m		£m

Debentures and unsecured bonds			1,540		1,538		2
Bank debt and other floating rate debt			1,089		1,083		6
Liquid investments			(200)		(200)
Cash and short-term deposits			(137)		(137)

			2,292		2,284		8

Other financial (assets) liabilities:
interest rate derivative assets			(73)		(73)
interest rate derivative liabilities			92		92

			19		19

Total			2,311		2,303		8

Short-term debtors and creditors have been excluded from the disclosures.

The fair values of debt and debentures have been established by obtaining quoted market prices from brokers. The bank debt and loan notes have been valued assuming they could be renegotiated at contracted margins. The derivatives have been valued by calculating the present value of expected future cash flows, using appropriate market discount rates, by an independent treasury advisor.











15. Dividend

The fourth quarter dividend of 6.6 pence per share, totalling £59m (2011: 6.5 pence per share, totalling £58m) was approved by the Board on 20 May 2012 and is payable on 10 August 2012 to shareholders on the register at the close of business on 6 July 2012.



The Board will announce the availability of the Scrip Dividend Alternative via the Regulatory News Service and on its website (www.britishland.com), no later than 48 hours before the ex-dividend date of 4 July 2012. The Board expects to announce the split between PID and non-PID income at that time. Any Scrip Dividend Alternative will not be enhanced. PID dividends are paid, as required by REIT legislation, after deduction of withholding tax at the basic rate (currently 20%), where appropriate. Certain classes of shareholders may be able to elect to receive dividends gross. Please refer to our website (www.britishland.com) for details.









PaymentDate	Dividend	PID		Non PID		Pence per share	2012£m	2011£m

Current year dividends
10.08.2012	2012 4th interim					6.60
9.05.2012	2012 3rd interim	6.50				6.50
17.02.2012	2012 2nd interim	6.50				6.50	58
11.11.2011	2012 1st interim	6.50				6.50	58
						26.10
Prior year dividends
12.08.2011	2011 4th interim	6.50				6.50	58
13.05.2011	2011 3rd interim	6.50				6.50	57
18.02.2011	2011 2nd interim	6.50				6.50		58
12.11.2010	2011 1st interim			6.50		6.50		57
						26.00

13.08.2010	2010 4th interim			6.50		6.50		57
14.05.2010	2010 3rd interim			6.50		6.50		56

Dividends in Consolidated Statement of Changes in Equity							231	228
Dividends settled in shares							(18)	(81)
Dividends settled in cash							213	147
Timing difference relating to payment of withholding tax							(1)	(8)
Dividends in Cash Flow Statement							212	139


16. Contingent liabilities

TPP Investments Limited, a wholly owned ring-fenced special purpose subsidiary, is a partner in The Tesco British Land Property Partnership and, in that capacity, has entered into a secured bank loan under which its liability is limited to £30m (2011: £30m) and recourse is only to the partnership assets.

17. Share capital and reserves

						2012		2011
Number of ordinary shares in issue at 1 April					897,042,298		879,427,102

Share issues					3,157,340		17,615,196

Number of ordinary shares in issue at 31 March					900,199,638		897,042,298


At 31 March 2012, the authorised share capital is 1,440,000,000 25p ordinary shares (2011: 1,440,000,000).

At 31 March 2012, of the issued 25p ordinary shares, 1,370,161 shares were held in the ESOP Trust (2011: 1,551,420), 11,266,245 shares were held as treasury shares (2011: 11,266,245) and 887,563,232 shares were in free issue (2011: 884,224,633). No treasury shares were acquired by the ESOP during the year. All issued shares are fully paid.



Hedging and translation reserve

The hedging and translation reserve comprises the effective portion of the cumulative net change in the fair value of cash flow and foreign currency hedging instruments, as well as all foreign exchange differences arising from the translation of the financial statements of foreign operations. The foreign exchange difference also include the translation of the liabilities that hedge the Company's net investment in a foreign subsidiary.




Revaluation reserve

The revaluation reserve relates to owner occupied properties and derivatives on investments in joint ventures and funds.


18. Segment information

The Group allocates resources to investment and asset management according to the sectors it expects to perform over the medium term. Its two principal sectors are currently offices and retail. The relevant revenue, net rental income, assets and capital expenditure, being the measure of profit or loss and total assets used by the management of the business, are set out below:



	Offices		Retail		Other / unallocated		Total
	2012	2011	2012	2011	2012	2011	2012	2011
	£m	£m	£m	£m	£m	£m	£m	£m
Revenue	101	98	208	193	39	22	348	313
Net rental income	77	76	175	161	34	18	286	255
Segment assets	2,615	2,175	4,534	4,460	1,009	625	8,158	7,260
Capital expenditure	148	72	27	342	347	21	522	435

Revenue is derived from the rental of buildings, fund management and performance fees and investments. Corporate costs, including administrative, interest expenses and tax, are not allocated to the segments shown, therefore a sectoral profit or loss is not disclosed. Segment assets include the Group's investment in joint ventures and funds. Included within other/unallocated segment assets are other investments, debtors and cash. No customer exceeds 10% of the Group's revenues.






Segment assets include the Group's investment in joint ventures and funds of £2,191m (2011: £2,066m), property assets of £5,387m (2011: £4,790m), other investments of £28m (2011: £51m), trading properties of £47m (2011: £nil), debtors of £168m (2011: £90m), liquid investments of £200m (2011: £203m) and cash of £137m (2011: £60m).

Supplementary Disclosures


Table A: SUMMARY INCOME STATEMENT AND BALANCE SHEET

Summary income statement based on proportional consolidation for the year ended 31 March 2012

The following pro forma information is unaudited and does not form part of the consolidated primary statements or the notes thereto. It presents the results of the Group, with its share of the results of joint ventures and funds included on a line by line, i.e. proportional basis. The underlying profit before taxation and total profit after taxation are the same as presented in the consolidated income statement.




	Year ended 31 March 2012				Year ended 31 March 2011
	Group	JVs &	Prop		Group	JVs &	Prop
		funds	Consol			funds	Consol
	£m	£m	£m		£m	£m	£m

Gross rental income	300	272	572		262	279	541

Property operating expenses	(14)	(12)	(26)		(7)	(16)	(23)

Net rental income	286	260	546		255	263	518

Administrative expenses	(69)	(7)	(76)		(61)	(7)	(68)

Fees & other income	16	1	17		15	3	18

Underlying profit before interest and taxation	233	254	487		209	259	468

Net interest	(77)	(141)	(218)		(70)	(142)	(212)

Underlying profit before taxation	156	113	269		139	117	256

Underlying earnings per share - diluted basis			29.7	p			28.5	p

The underlying earnings per share is calculated on underlying profit before taxation of £269m, tax attributable to underlying profits of £4m and 892m shares on a diluted basis, for the year ended 31 March 2012.



Quarterly summary

	Q4	Q3	Q2		Q1
	3 months ended					Year ended
	31 Mar	31 Dec	30 Sep		30 Jun	31 Mar	31 Mar
	2012	2011	2011		2011	2012	2011
	£m	£m	£m		£m	£m	£m



Gross rental income	144	145	145		138	572	541

Property operating expenses	(6)	(6)	(8)		(6)	(26)	(23)

Net rental income	138	139	137		132	546	518

Administrative expenses	(19)	(19)	(19)		(19)	(76)	(68)

Fees and other income	6	3	4		4	17	18

Underlying profit before interest and taxation	125	123	122		117	487	468

Net interest	(56)	(55)	(55)		(52)	(218)	(212)

Underlying profit before taxation	69	68	67		65	269	256

Underlying tax	(1)	(1)	(1)		(1)	(4)	(5)

Underlying profit after taxation	68	67	66		64	265	251



Valuation movement	9	4	67		135	215	591

Other capital & tax (net)*	(3)	9	(5)		12	13	(1)

Capital and other	6	13	62		147	228	590

Total return	74	80	128		211	493	841

*includes other comprehensive income, movement in dilution of share options and the movement in items excluded for EPRA NAV.


Summary balance sheet based on proportional consolidation as at 31 March 2012
The following pro forma information is unaudited and does not form part of the consolidated primary statements or the notes thereto. It presents the composition of the EPRA net assets of the Group, with its share of the net assets of the joint venture and fund assets and liabilities included on a line by line, i.e. proportional basis and assuming full dilution.



	Group	Share of joint ventures & funds	Share options	Deferred tax	Mark to market of interest rate swaps	Head Leases	EPRA Net assets 2012	EPRA Net assets 2011
	£m	£m	£m	£m	£m	£m	£m	£m

Retail properties	2,949	3,380				(11)	6,318	6,295

Office properties	2,023	1,545				(6)	3,562	3,077

Other properties	462	6				(11)	457	200



Total properties	5,434	4,931				(28)	10,337	9,572

Investments in joint	2,191	(2,191)
ventures and funds

Other investments	28						28	51

Other net (liabilities) assets	(246)	(164)	57	31		28	(294)	(205)

Net debt	(2,303)	(2,576)			189		(4,690)	(4,317)

Net assets	5,104		57	31	189		5,381	5,101

EPRA NAV per share (note 2)							595p	567p






EPRA Net Assets Movement
					Year ended		Year ended
					31 March 2012		31 March 2011
					£m	Pence per share	£m	Pence per share

Opening EPRA NAV					5,101	567p	4,407	504p

Income return					265	29p	251	29p

Capital return					228	25p	590	60p

Dividend paid					(213)	-26p	(147)	-26p

Closing EPRA NAV					5,381	595p	5,101	567p

Table B: EPRA Performance Measures


EPRA Performance measures summary table
		2012			2011
	£m	Pence per share		£m	Pence per share

EPRA Earnings	259	29.0	p	255	28.9	p

EPRA NAV	5,381	595	p	5,101	567	p

EPRA NNNAV	5,148	569	p	5,117	569	p

EPRA Net Initial Yield		5.2	%		5.2	%

EPRA 'topped-up' Net Initial Yield		5.8	%		5.8	%

EPRA Vacancy Rate		2.4	%		2.7	%



Calculation of EPRA earnings and EPRA earnings per share				2012	2011
				£m	£m

Profit for the year after taxation				480	840
Exclude
Group - deferred tax				(3)	(12)
Joint ventures and funds - non-underlying current tax				(1)
Joint ventures and funds - deferred tax				(1)	3
Group - net valuation movement (including result on disposals)				(146)	(313)
Joint ventures and funds - net valuation movement (including result on disposals)				(72)	(270)
Amortisation of intangible assets					10
Fair value movement on non-hedge accounted derivatives				2	(3)

EPRA earnings				259	255

Mark to market on liquid investments (held for trading assets)				3	(8)
Non-recurring items				3	4

Underlying earnings				265	251


				2012	2011
				Number	Number
				million	million

Weighted average number of shares				899	890

Adjustment for Treasury shares				(11)	(11)

Adjustment for ESOP shares				(1)	(1)

Weighted average number of shares (basic)				887	878

Dilutive effect of share options				2	1

Dilutive effect of ESOP shares				3	3

Weighted average number of shares (diluted)				892	882


				2012	2011
				Pence	Pence

Earnings per share (basic)				54.1	95.7

Earnings per share (diluted)				53.8	95.2


Underlying earnings per share (diluted)				29.7	28.5

EPRA earnings per share				29.0	28.9

Net assets per share		2012				2011
	£m	Pence per share			£m	Pence per share

Balance sheet net assets	5,104				4,930

Deferred tax arising on revaluation movements	31				37
Mark to market on effective cash flow hedges and related debt adjustments	189				89
Dilution effect of share options	57				45

EPRA NAV	5,381	595	p		5,101	567	p

Deferred tax arising on revaluation movements	(31)				(37)
Mark to market on effective cash flow hedges and related debt adjustments	(189)				(89)
Mark to market on debt	(13)				142

EPRA NNNAV	5,148	569	p		5,117	569	p

EPRA NNNAV is the EPRA NAV adjusted to reflect the fair value of the debt and derivatives and to include the deferred taxation on revaluations.


EPRA Net Initial Yield and 'topped-up' Net Initial Yield
		2012			2011
		£m			£m
Investment property - wholly owned		5,414			4,783
Investment property - share of joint ventures and funds		4,923			4,789
Less developments		(835)			(407)

Completed property portfolio		9,502			9,165
Allowance for estimated purchasers' costs		521			499

Gross up completed property portfolio valuation		10,023			9,664

Annualised cash passing rental income		531			512
Property outgoings		(8)			(8)

Annualised net rents		523			504

Rent expiration of rent free periods and fixed uplifts*		57			60

'Topped-up' net annualised rent		580			564
EPRA Net Initial Yield		5.2		%	5.2	%
EPRA 'topped-up' Net Initial Yield		5.8		%	5.8	%

Including fixed/minimum uplifts received in lieu of rental growth		27			21

Total 'topped-up' net rents		607			585
Overall 'topped-up' Net Initial Yield		6.1		%	6.1	%

'Topped-up' net annualised rent		580			564
ERV vacant space		14			15
Reversions		(18)			(21)
Total ERV		576			558
Net Reversionary Yield		5.7		%	5.8	%
* The period over which rent free periods expire is 3 years (2011: 3 years).


EPRA Vacancy Rate
		2012			2011
		£m			£m
Annualised potential rental value of vacant premises		14			15
Annualised potential rental value for the completed property portfolio		576			558
EPRA Vacancy Rate		2.4	%		2.7	%

Table C: SEGMENT INFORMATION

Operating segments
The Group allocates resources to investment and asset management according to the sectors it expects to perform over the medium term. Its two principal sectors are currently offices and retail. Other assets within the other/unallocated segment include other investments, debtors and cash. The relevant revenue, net rental income, assets and capital expenditure, being the measure of profit or loss and total assets used by the management of the business, are set out below:





		Offices		Retail		Other / unallocated		Total
	2012	2011	2012	2011	2012	2011	2012	2011
	£m	£m	£m	£m	£m	£m	£m	£m


Revenue
British Land Group	101	98	208	193	39	22	348	313
Share of joint ventures and funds	100	107	197	199		3	297	309
Total	201	205	405	392	39	25	645	622

Net rental income
British Land Group	77	76	175	161	34	18	286	255
Share of joint ventures and funds	80	84	180	179			260	263
Total	157	160	355	340	34	18	546	518

Property assets (includes head lease liabilities)
British Land Group	2,017	1,660	2,946	2,935	451	188	5,414	4,783
Share of joint ventures and funds	1,545	1,417	3,372	3,360	6	12	4,923	4,789
Total	3,562	3,077	6,318	6,295	457	200	10,337	9,572

Other assets
British Land Group					533	404	533	404
Share of joint ventures and funds	83	98	137	187	8	28	228	313
Total	83	98	137	187	541	432	761	717

Capital expenditure
British Land Group	148	72	27	342	347	21	522	435
Share of joint ventures and funds	113	62	83	56			196	118
Total	261	134	110	398	347	21	718	553



Calculation of gross rental income
			Q4	Q3	Q2	Q1
			3 months ended				Year ended
			31 Mar	31 Dec	30 Sep	30 Jun	31 Mar	31 Mar
			2012	2011	2011	2011	2012	2011
			£m	£m	£m	£m	£m	£m


Rent receivable			135	135	135	128	533	505
Spreading of tenant incentives and guaranteed rent increases			9	10	9	10	38	32
Surrender premia					1		1	4

Gross rental income			144	145	145	138	572	541




					Year ended		Year ended
					31 March 2012		31 March 2011


Total accounting return						9.5%		17.7%

This information is provided by RNS

The company news service from the London Stock Exchange

END

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