Full Year Results Presentation
Portfolio net yields¹,2
As at 31 March 2021
EPRA
EPRA topped
net initial
up net initial
yield
yield
Overall
topped up
net initial
Net
equivalent
Net
Net
ERV
yield
%
yield
equivalent
yield
movement
reversionary
Growth
yield
%
%
4
%
bps
West End
3.7
4.4
4.4
4.5
13
5.3
2.0
City
3.0
3.8
3.8
4.4
2
5.0
(1.6)
Offices
3.4
4.1
4.1
4.5
9
5.1
0.7
Retail Parks
7.8
8.1
8.2
7.5
45
7.4
(15.2)
Shopping Centre
6.8
7.1
7.3
7.6
143
7.0
(20.3)
Superstore
5.9
7.3
7.3
5.7
(31)
5.9
0.2
Department Store
(0.4)
(0.4)
(0.4)
9.4
(23)
15.1
(23.5)
High Street
4.8
5.0
5.0
6.0
42
6.5
(17.1)
Leisure & Other
6.3
6.4
7.0
6.9
90
5.5
(10.3)
Retail
7.1
7.5
7.6
7.4
81
7.1
(16.8)
Total
4.6
5.2
5.3
5.4
33
5.9
(7.6)
On a proportionally consolidated basis including the group's share of joint ventures and funds
Canada Water is now excluded from the standing investment analysis as it is valued as a development asset on a residualised basis
1 Including notional purchaser's costs
2 Excluding committed developments, assets held for development and residential assets
3 Including rent contracted from expiry of rent-free periods and fixed uplifts not in lieu of rental growth
4 Including fixed/minimum uplifts (excluded from EPRA definition)
5 As calculated by MSCI
77View entire presentation