Smart Approach in Retail Resilience
Portfolio net yields¹,2
As at 30 September 2020
EPRA
EPRA topped
net initial
yield
up net initial
yield
3
%
%
Overall
topped up
Net
net initial
yield
%
equivalent
yield
%
Net
equivalent
Net
reversionary
yield
movement
yield
%
ERV
Growth
%
5
bps
West End
3.5
4.1
4.2
4.4
11
5.0
2.2
City
2.9
3.8
3.8
4.5
3
5.2
(1.7)
Offices
3.3
4.0
4.0
4.4
8
5.1
0.7
Retail Parks
7.6
7.8
7.9
7.3
26
7.2
(11.6)
Shopping Centre
6.4
6.5
6.7
6.8
41
6.8
(11.9)
Superstore
7.9
7.9
7.9
5.8
(12)
6.0
0.2
Department Store
8.3
8.3
8.3
9.4
(4)
12.1
(7.2)
High Street
4.3
4.5
4.5
5.7
27
6.1
(9.2)
Leisure & Other
5.7
5.8
6.4
6.3
57
5.5
(1.2)
Retail
6.9
7.0
7.2
6.9
33
6.9
(10.9)
Canada Water
3.3
3.2
3.2
4.0
3
4.0
(3.9)
Total
4.5
5.0
5.1
5.3
17
5.7
(4.9)
On a proportionally consolidated basis including the group's share of joint ventures and funds
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
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