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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
Graph
Graph

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