Portfolio statistics

Rental income

			At 31 March 2008
			Wholly owned				Share of joint ventures
			Rent roll £m	Reversionary potential £m	Rental values £m		Rent roll £m	Reversionary potential £m	Rental values £m	Total rental values £m
London	North of Oxford Street	Office	15.4	4.0	19.4		6.4	2.5	8.9	28.3
		Retail	3.6	0.6	4.2		4.2	1.1	5.3	9.5
	Rest of West End	Office	8.3	5.7	14.0		8.2	2.8	11.0	25.0
		Retail	4.3	0.8	5.1		5.4	0.8	6.2	11.3
	Total West End		31.6	11.1	42.7		24.2	7.2	31.4	74.1
	City and Southwark	Office	12.5	4.3	16.8		1.2	0.7	1.9	18.7
		Retail	0.6	0.6	1.2		0.1	–	0.1	1.3
	Total City and Southwark		13.1	4.9	18.0		1.3	0.7	2.0	20.0
Total let portfolio			44.7	16.0	60.7		25.5	7.9	33.4	94.1
Voids					2.3				0.7	3.0
Premises under refurbishment					10.2				1.5	11.7
Total portfolio					73.2				35.6	108.8

Rent roll security‚ lease lengths and voids

			At 31 March 2008
			Wholly owned				Joint ventures
			Rent roll secure for five years %	Weighted average lease length Years	Voids %		Rent roll secure for five years %	Weighted average lease length Years	Voids %
London	North of Oxford Street	Office	63.9	9.0	2.1		56.3	5.7	2.6
		Retail	64.0	7.7	3.3		72.4	10.3	1.9
	Rest of West End	Office	22.4	3.2	–		51.8	5.4	2.3
		Retail	54.2	10.4	16.3		89.0	12.9	0.8
	Total West End		51.8	7.5	3.5		65.0	8.1	1.9
	City and Southwark	Office	13.9	3.3	4.3		14.9	2.6	4.5
		Retail	14.4	7.6	–		75.9	12.4	–
	Total City and Southwark		14.0	3.5	4.3		20.2	3.4	4.2
Total let portfolio			40.8	6.4	3.7		62.7	7.8	2.2

Rental values and yields

			At 31 March 2008
			Wholly owned			Joint ventures			Wholly owned			Joint ventures
			Average rent £psf	Average ERV £psf		Average rent £psf	Average ERV %		Initial yield %	True equivalent yield %		Initial yield %	True equivalent yield %
London	North of Oxford Street	Office	41	55		31	44		1.8	5.8		3.1	5.7
		Retail	39	37		55	67		3.7	5.2		4.6	5.1
	Rest of West End	Office	40	68		36	49		3.4	5.1		4.1	5.9
		Retail	64	74		53	61		3.6	4.8		4.1	5.0
	Total West End		43	56		40	50		2.7	5.4		3.9	5.5
	City and Southwark	Office	28	37		24	29		4.9	6.2		3.4	6.9
		Retail	13	27		42	20		2.8	6.0		5.9	6.7
	Total City and Southwark		27	37		25	28		4.8	6.2		3.6	6.9
Total let portfolio			36	49		39	47		3.2	5.6		3.9	5.6

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