3rd Quarter Results

RNS Number : 2269B

British Land Co PLC

15 February 2011

THE BRITISH LAND COMPANY PLC

THIRD QUARTER RESULTS TO 31 DECEMBER 2010

Letting activity, developments and strong investor demand for prime assets drive income, valuation and NAV growth

Continued outperformance driven by good income and capital growth

· Q3 underlying PBT² up 10% at £64 million

· Q3 portfolio valuation £9.3 billion: up 2.3% in the quarter: +13.1% over 12 months

· Net Asset Value¹ per share at 548 pence: up 4.4% in the quarter; +25% over 12 months

· Continued capital outperformance versus IPD: +100 bps in Q3, +480bps over 12 months

· Third quarter dividend maintained at 6.5 pence; takes total accounting return to shareholders to 5.6%; 31.1% over 12 months

Further improvement in retail rental performance

· Retail ERV up 0.4% (IPD benchmark down 0.1%) building further on growth in Q2

· 170,000 sq ft of new lettings and lease renewals agreed at an average of 7.3% ahead of ERV

· Over 730,000 sq ft of rent reviews capturing rental income growth of 12.8%

Continued growth in London office rental values: establishing higher rental levels

· Office ERV up 1.4% (IPD benchmark up 0.4%); building further on growth in Q2 and Q1

· Lettings agreed at 7.7% ahead of ERV continuing to establish higher rental levels

Increased investment activity: development programme and acquisitions totalling £1.9³ billion in the year to date

· Completion of joint venture with Oxford Properties to develop 610,000 sq ft Leadenhall Building

· Agreed purchase and re-development of Marble Arch House

· £330 million of acquisitions since September (£400 million YTD) including the 570,000 sq ft Drake Circus Shopping Centre

Good progress on largest committed central London office development programme

· Building works underway at the Leadenhall Building, NEQ and Baker Street

· Detailed planning application submitted for 700,000 sq ft development at 5 Broadgate

· Detailed planning consent obtained for major refurbishment at 199 Bishopsgate

· Marble Arch House on schedule to start on site mid-year

	Q3 2010/11	Q3 2009/10	change
Net Asset Value¹ per share	548p	438p	+25%
IFRS net assets	£4,710m	£3,645m
Underlying profit before tax²	£64m	£58m	+10%
IFRS profit before tax	£263m	£611m
Underlying diluted EPS²	7.0p	6.6p	+6%
Basic EPS	29.6p	72.4p
Dividends per share	6.5p	6.5p	-

¹ EPRA (European Public Real Estate Association) basis - see Note 1 to the accounts

² see Note 1 to the accounts

³ British Land share £1.4 billion

Chris Grigg, Chief Executive said: "This is a strong financial performance from British Land which reflects the good progress we have made right across the business during what has been a busy quarter. We continued to outperform the IPD benchmark and delivered good growth in income, valuation and NAV. Looking forward, while the UK recovery is likely to be muted, British Land is well placed to benefit from occupier and investor demand for high quality space in retail and central London offices coupled with an increase in acquisition opportunities at more realistic prices."

Investor Conference Call

British Land will host a conference call at 9.30am today, 15 February 2011. The details for the conference call are as follows:

UK Toll Free number: 0800 028 1243

UK number: +44 207 806 1950

Passcode: 5014997

A dial in replay will be available until 1 March 2011

Replay number: 0800 358 7735

Passcode: 5014997#

A podcast and transcript will be available on the group's website www.britishland.com from 16 February, 2011

Investor Relations

Sally Jones, British Land 020 7467 2942

Media

Pip Wood, British Land 020 7467 2838

Gordon Simpson, Finsbury Group/ 020 7251 3801

Guy Lamming, Finsbury Group

Forward-Looking Statements

This report contains certain "forward-looking" statements reflecting current views on our markets, activities and prospects. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-looking statements. Any forward-looking statements made by or on behalf of British Land speak only as of the date they are made and no representation or warranty is given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared. British Land does not undertake to update forward-looking statements to reflect any changes in British Land's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

Notes to Editors:

British Land is one of the UK's largest Real Estate Investment Trusts with total assets, owned or under management, valued at £14.5 billion (British Land share £9.3 billion), as at 31 December 2010. Our property portfolio is focused on high quality retail locations and central London offices which we believe are well placed to benefit from growing customer demand. We have among the highest occupancy rates and average lease lengths of the major UK REITs at 98.1% and 12.1 years respectively.

Retail assets account for 66% of our portfolio, around 80% of which are located at prime out-of-town sites. Our portfolio comprises over 26 million sq ft of retail space across 89 retail warehouse properties, 99 superstores, 11 shopping centres and 10 department stores. Our portfolio benefits from flexible planning consents making the portfolio adaptable to a wide range of formats. This allows us to actively manage our portfolio and deliver the most attractive space to both retailers and consumers.

Central London offices currently comprise 32% of the portfolio. Our portfolio comprises 6 million sq ft of office space and includes a 50% share in Broadgate, the premier office campus in the City and Regent's Place, an office estate in the West End. During 2010, we committed to a significant development programme in central London which, on the basis of current estimates of values at completion, increases the weighting of offices in the group's portfolio from 32% to nearly 40%. These developments, which will deliver 2.2 million sq ft of high quality space in the City and West End by 2014, include: a new 700,000 sq ft building for UBS at Broadgate; the 610,000 sq ft Leadenhall Building in London's insurance district; and the 500,000 sq ft NEQ building, which will complete the Regent's Place estate in the West End. The aggregate development cost, including land and interest is expected to be £1.5 billion, of which British Land's share is £1.0 billion.

Further details can be found on the British Land website at www.britishland.com

CHIEF EXECUTIVE'S REVIEW

It was a busy quarter for British Land and we made excellent progress across all areas of our business - asset management, development and investment - in line with our objective of delivering superior total shareholder returns. Our capital returns over the last 12 months are now significantly ahead of the IPD benchmark at +13.3% compared to +8.5% for IPD. The strength of our income, valuation and NAV performance reflect:

· Our sector focus - high quality retail and prime central London offices - where occupier trends have improved and investor demand remains strong. ERVs across our portfolio rose by 0.5% on the prior quarter bringing the increase for the year to date to 1.8%, ahead of the IPD benchmark at +0.1% for the quarter and -0.1% for the year to date;

· Our income focus - best in class income profile with long leases (average 12.1 years) and high occupancy (98.1%) in locations and formats with strong occupier appeal;

· Successful asset management - with lettings ahead of ERVs in both retail and offices;

· Higher development valuations - the valuation of our office developments rose by 11.9% reflecting continued strong growth in central London office rents.

We continued to build our future income stream with an additional £330 million of capital committed to acquisitions since the beginning of the quarter, which included the purchase of Drake Circus shopping centre in Plymouth. We also concluded our agreement to develop the Leadenhall Building in a joint venture with Oxford Properties. So far in 2010/11, we have committed to £1.9 billion (BL share £1.4 billion) of development projects and acquisitions with further prospective deals under review.

Financial Overview

· Portfolio valuation up 2.3% to £9.3 billion - continued trend of outperformance reflecting asset allocation and focus on prime properties. The uplift in the office portfolio valuation was driven by continued investor confidence in central London with yield compression and ERV growth in standing investments and developments, notably the Leadenhall Building. The retail portfolio valuation growth reflected continued investor appetite for high quality retail with Meadowhall also benefiting from rental performance, and the Oasis food court redevelopment.

· NAV per share up 4.4% with 12 month increase of 25%. Net Asset Value per share increased to 548 pence, which compares with 438 pence at 31 December 2009 and 525 pence at September 2010.

· Underlying profits growth (+10%). Underlying pre-tax profits at £64 million were 10% ahead of the comparable quarter last year, benefiting from the successful letting of newly developed space over the last year. Underlying pre-tax profits for the 9 months at £191 million are now significantly ahead of prior year, excluding the 2009 provision release.

· Dividend maintained at 6.5 pence for the quarter, as previously indicated, taking total accounting returns to shareholders in the form of capital growth and dividends to 5.6% for the quarter and 31.1% for the last 12 months.

Asset Management Highlights

· Improving retail rental performance with ERVs ahead by 0.4% up from +0.1% in the second quarter. This compares with declines of 0.1% for the IPD benchmark in both quarters. We agreed a total of 170,000 sq ft of new lettings and renewals at an average of 7.3% ahead of ERV. This included 20,000 sq ft of new lettings at Meadowhall and 50,000 sq ft of space let at Rotherham to Asda Living and Currys/PC World. Occupancy across our retail portfolio was maintained at 98.8%.

· Further growth in London office rental values with ERVs up 1.4%; lettings establish higher rental levels. This brings the increase for the 12 months to date to 9.6% reflecting strong occupier demand coupled with limited availability of modern prime space in central London locations. During the quarter, lettings were agreed at an average of 7.7% ahead of ERV which continued to establish higher benchmark rents. Overall occupancy in the office portfolio increased to 97.1%.

Investment Highlights

· Significant increase in investment activity: £1.9 billion of developments and acquisitions year to date. As expected, investment activity has increased in recent months. We are seeing a greater number of attractive opportunities coming on to the market, particularly good secondary property and assets which require combinations of development, re-financing and restructuring. Following major development commitments earlier in the year, key deals since the beginning of the quarter totalling £330 million (£400 million YTD) have included:

- £240 million purchase of Drake Circus Shopping Centre in Plymouth, a net initial yield of 6%. It is the dominant shopping location for Devon and Cornwall with further asset management potential;

- £59 million commitment to purchase and re-develop an 86,000 sq ft building on the site of Marble Arch House, just North of Oxford St and within the Portman Village;

- Agreement to purchase a 20 acre retail development site in Luton;

- £30 million agreement (announced today) to purchase Green Lanes Shopping Centre in Barnstaple, a locally dominant retail destination, representing a net initial yield of over 8%;

- Sale of a Sainsbury's superstore at Macclesfield for £36 million representing a net initial yield of 4.4%.

· Development programme on schedule with construction underway at three of our six major sites. Our developments at Leadenhall Street and Regent's Place are already generating strong interest from a broad range of occupiers from across the insurance, financial, professional and corporate business sectors. Key milestones since the beginning of the quarter included:

- Completion of our joint venture agreement with Oxford Properties to develop the 610,000 sq ft Leadenhall Building. Piling and basement works started in early January and we are on schedule to start construction mid-year;

- Completion of demolition works at NEQ, Regent's Place, with piling and basement works commenced on site and completion on track for Q2 2013;

- Securing vacant possession, placing the building contract and starting on site at our 158,000 sq ft office-led development on Baker Street;

- Submitting the planning application for the 700,000 sq ft building for UBS at Broadgate. The planning process is well advanced and we expect to start on site later this year;

- Receipt of detailed planning consent for the major refurbishment of 199 Bishopsgate.

Financing

· Balance sheet strength to fund significant investment programme. We remain in a strong position to take advantage of the increase in investment opportunities while at the same time pursuing our development programme. Our loan to value ratio remains comfortable at 23% on a group basis and 45% including our share of debt in joint ventures and funds. The strength and quality of our properties and their rental income continue to underpin our ability to finance our expansion on competitive terms. In the quarter, we refinanced a maturing £185 million debt facility for a joint venture with Tesco on a seven year term at a finance rate lower than the maturing facility.

Outlook

Looking forward, the pace of the recovery in the UK economy seems likely to be muted with uncertainty around the near-term impact of the government's austerity programme and continued pressure on the consumer. However, we have focused our business on those sectors of the property market where we believe the underlying demand dynamics - high quality retail and central London offices - are expected to remain positive.

As anticipated, we are starting to see property coming to market at more realistic prices than was the case for most of calendar year 2010. We have made a number of attractive investments in the quarter with further deals under review and we remain confident that British Land is well placed to take advantage of these opportunities.

Chris Grigg

Chief Executive

BUSINESS REVIEW

PORTFOLIO OVERVIEW

The quality of the Group's income stream continues to be underpinned by high occupancy rates, long leases and low levels of contracted rent subject to expiry over the short to medium term. The occupancy rate for the total portfolio at 31 December 2010 remained high at 98.1%, with the average lease length to first break at 12.1 years and only 7.7% of contracted rent subject to break and expiry over the next 3 years.

High occupancy & long leases At 31 Dec 2010	Retail	Offices	Total
Occupancy rate (%)¹	98.8	97.1	98.1
Average lease length (years to first break)	13.1	9.4	12.1
% of contracted rent subject to lease break or expiry over the next 3 years	7.0	9.1	7.7

Data includes Group's share of properties in Funds & Joint Ventures

¹underlying occupancy including accommodation under offer or subject to asset management

PORTFOLIO VALUATION

The value of the portfolio increased by 2.3% to £9.3 billion in the three months ended 31 December 2010, bringing the increase for the 9 months of the year to date to 5.1%.

Valuation by sector	Group	Funds & JVs¹	Total	Portfolio	Change²
At 31 Dec 2010	£m	£m	£m	%	9 mths %	3 mths %
Retail:
Retail warehouses	1,725	1,057	2,782	30.0	2.4	1.2
Superstores	136	1,187	1,323	14.3	5.0	1.5
Shopping centres	449	1,080	1,529	16.5	6.5	4.1
Department stores³	445	-	445	4.8	1.8	2.2
All retail	2,755	3,324	6,079	65.6	3.9	2.1
Offices⁴:
City	450	1,371	1,821	19.6	6.6	2.8
West End	1,115	-	1,115	12.0	9.4	3.2
Provincial	35	8	43	0.5	25.1	4.7
All Offices	1,600	1,379	2,979	32.1	7.8	3.0
Other	204	12	216	2.3	1.6	0.9
Total	4,559	4,715	9,274	100.0	5.1	2.3

¹ Group's share of properties in Funds & Joint Ventures

² valuation movement during the period (after taking account of capital expenditure) of properties held at the balance

sheet date, including developments (classified by end use), purchases and sales

³ includes High Street: total value £20 million (0.2% of portfolio), 2.4% increase for the 3 months (9 months:+0.9%)

⁴ includes committed and prospective developments: total value £272 million (2.9% of portfolio), 11.9% increase for the

3 months (9 months: +15.5%)

The main contributors to the valuation increase were:

· Letting activity in both retail and offices;

· A 11.9% uplift in development property valuations driven by the growth in ERVs in the committed development pipeline and our joint venture agreement with Oxford Properties to develop the Leadenhall Building;

· Yield compression in shopping centres, notably Meadowhall, reflecting both recent market investment activity and on-going asset management initiatives.

The portfolio capital return (as measured by IPD) for the third quarter was 2.4%, contributing to a capital return of 5.1% for the 9 months to 31 December 2010. This compared to the IPD Benchmark capital return of 1.4% and 4.0% for the same periods.

ERV growth for the total portfolio was up 0.5% in the third quarter, ahead of the IPD Benchmark which was up 0.1%. As a result, rental values across the portfolio have risen 1.8% since 31 March 2010, compared with the IPD Benchmark of -0.1% over the same period. In retail, there was further evidence of improving trends in rental values across our prime portfolio with ERV growth of 0.4% in the quarter. ERV growth in offices up 1.4% continued to outperform driven by recent lettings which have benefited from the cyclical recovery in central London now well underway.

Portfolio yields & ERV Growth (excluding developments)	Gross top-up initial yield %¹	Net equivalent yield %^2,3	Net equivalent yield compression bps^2,3		ERV Growth %^3,4
Portfolio yields & ERV Growth (excluding developments)	Gross top-up initial yield %¹	Net equivalent yield %^2,3	9 mths	3 mths	9 mths	3 mths
Retail:
Retail warehouses	6.2	5.9	(12)	(7)	0.4	0.3
Superstores	5.3	5.1	(18)	(7)	0.3	0.2
Shopping centres	6.4	5.9	(45)	(26)	0.2	0.9
Department store⁵	6.8	6.7	(46)	(12)	-	-
All retail	6.1	5.8	(20)	(12)	0.3	0.4
Offices:
City	6.9	5.9	(16)	(5)	5.9	1.9
West End	6.3	5.6	(15)	(8)	5.3	0.6
Offices	6.7	5.8	(16)	(6)	5.7	1.4
Other	9.5	9.3	(12)	(17)	(7.9)	(7.9)
Total	6.4	5.8	(21)	(10)	1.8	0.5

Data includes Group's share of properties in Funds & Joint Ventures

¹yield to British Land (without notional purchaser's costs), adding back rent frees and contracted rental uplifts

² after notional purchaser's costs

³excludes Europe

⁴ like for like (as calculated by IPD)

⁵ includes High Street

The EPRA net initial yield for the portfolio at 31 December 2010 was 5.2% and the EPRA topped up net initial yield was 5.9%. Further information is provided in the supplementary information.

RETAIL

Asset Management

Within the existing portfolio, we agreed new lettings and lease renewals covering nearly 170,000 sq ft with an average lease length of 9 years to first break at an average of 7.3% ahead of ERV. Of these, 70% were long-term deals. Across the retail portfolio, letting activity included:

· Meadowhall, where we agreed 15 long-term lettings including Sugacane, Fashion Rocks, Hugh Rice, Café Rouge, and Thomas Sabo. Occupier demand for the proposed refurbishment of the Oasis Food Court has been strong;

· Parkgate Rotherham, new leases were signed for a 30,000 sq ft Currys/PC World store and a 20,000 sq ft Asda Living store;

· Bon Accord in Aberdeen, lettings included: the Disney Store, Modelzone, and Bravissimo.

Rent reviews totalling 734,000 sq ft were settled in the quarter capturing an increase in rental income of 12.8%. The superstore portfolio accounted for more than 70% of the uplift with rent reviews settled at 13.5% above the previous passing rent.

Investment Activity

Investment activity has increased since the beginning of the quarter with key deals including:

· The acquisition of Drake Circus Shopping Centre in Plymouth, for £240 million reflecting a net initial yield of 6.0% with significant potential for income growth through asset management initiatives. The 570,000 sq ft centre, which was opened in 2006, comprises 70 units in modern retail formats and is anchored by Primark, Marks & Spencer and Next with other key occupiers including established retailers such as Top Shop, New Look, Boots and H&M as well as newer fast growing retail brands such as Cult/Superdry and Republic. Located in the middle of Plymouth, it is the West Country's most popular shopping destination with an extensive catchment covering both Devon and Cornwall, and an annual footfall of nearly 19 million people;

· Agreement to purchase a majority share in Power Court, a 20 acre development site close to Luton town centre;

· Agreement to acquire Green Lanes Shopping Centre in Barnstaple, north Devon, (announced today) for £30 million, representing a net initial yield of over 8%. Green Lanes is one of north Devon's principal shopping locations, providing 131,000 sq ft of retail space and attracting nearly 5.5 million visitors to the scheme each year. It is virtually fully let (99% occupancy) and has 42 retail units. The centre is anchored by Bhs and Wilkinson with other key tenants including Top Shop/Top Man, Peacocks, New Look, Mothercare, Monsoon, M&Co and La Senza. Zone A rents range from £50 to £80 per square foot;

· The sale of a Sainsbury's superstore in Macclesfield for £36 million, representing a net initial yield of 4.4%. The store, which was acquired by British Land in January last year for £32 million, is leased to Sainsbury's for 28.5 years with annual RPI linked increases (subject to a range of 2-4% per annum).

Development

During the quarter, we continued to progress a number of retail development plans.

Plans are well under way to create a new 45,000 sq ft leisure destination at the Glasgow Fort Shopping Park and we are now close to concluding negotiations with a major cinema operator. In addition, discussions are at an advanced stage with a number of leading restaurant brands.

In spring 2011, we expect to accelerate development at Puerto Venecia, Zaragoza, alongside our connected retail park.

Retail developments	Sq ft '000	PC	Current Value £m	Cost to complete £m	Notional interest¹ £m	ERV² £m	Pre-let £m
Committed:
Puerto Venecia, Zaragoza³	1,360	2012	32	74	10	8	3
Four superstore extensions⁴	61	2010/12	-	9	-	1	1
Total committed	1,421		32	83	10	9	4
Prospective:
Whiteley Village, Fareham⁵	278	Detailed planning consent
Glasgow Fort Shopping Park⁶	175	Detailed planning consent
Glasgow Fort Shopping Park (leisure)⁶	45	Detailed planning consent
Fort Kinnaird, Edinburgh⁷	110	Detailed planning consent
Surrey Quays Shopping Centre⁹	101	Planning pending
Broughton Park, Chester⁶	58	Planning pending
Deepdale Shopping Park, Preston⁸	45	Planning pending
Tesco superstore extension⁹	22	Planning pending
Kingston Centre, Milton Keynes⁹	21	Detailed planning consent
Total prospective	855
Total committed/prospective	2,276

Data includes Group's share of properties in Funds & Joint Ventures (except area which is shown at 100%)

¹ from 1 January 2011 to Practical Completion based on a notional cost of finance of 6%

²estimated headline rental value (excluding tenant incentives)

³ joint venture with Eurofund Investments Zaragoza (BL Share 50%)

⁴ Banbury, Cardiff, Preston and Rugby - joint venture with Sainsbury's (BL Share 50%)

⁵ joint venture with Universities Superannuation Scheme (BL Share 50%)

⁶ Hercules Unit Trust (BL Share 39%)

⁷joint venture between Hercules Unit Trust and The Crown Estate (BL Share 19%)

⁸joint venture between Hercules Unit Trust and LaSalle Investment Management (BL Share 19%)

⁹ joint venture with Tesco (BL Share 50%)

OFFICES

Asset Management

With the portfolio now over 97% let, the focus during the quarter was on setting benchmark rents in our remaining space with lettings during the quarter agreed at an average of 7.7% ahead of ERV. At The Broadgate Tower, the Brazilian bank, Banco Itau, took 12,300 sq ft for a term of 10.5 years at a headline rent of £52.50 psf, 11.1% ahead of ERV, contributing to a 4.7% increase in ERV for the whole Tower in Q3.

At 39 Victoria Street, we accepted a surrender of the Bank of America lease in return for a premium payment. We are working up our extension and refurbishment options in anticipation of obtaining vacant possession in mid-2012. We also extended our lease with the Royal Bank of Scotland at 199 Bishopsgate and will secure vacant possession in March 2011 ready for a comprehensive refurbishment. Planning consent has now been received.

Development

We continued to make progress on the £1.5 billion central London office development programme (British Land's share £1.0 billion), and further added to this pipeline with the agreement to purchase and re-develop Marble Arch House in the West End. The programme now comprises 2.2 million sq ft of prime City and West End accommodation to be delivered between 2012 and 2014, and continues to represent the largest commitment to office development in central London at a time when demand/supply imbalances are expected to generate strong growth in rental values.

Office developments	Sq ft '000	PC		Current Value £m	Cost to complete £m	Notional interest¹ £m	ERV² £m	Pre-let £m	Sales³ £m
Committed:
5 Broadgate, EC2⁴	700	Q3 2014		62	167	31	19.1	19.1	-
The Leadenhall Building, EC3⁵	610	Q3 2014		48	165	28	18.4	-	-
NEQ, Regent's Place, NW1⁶	500	Q2 2013		52	220	22	18.4	-	87
199 Bishopsgate, EC2⁴	142	Q4 2012		21	17	4	3.5	-	-
Baker Street, W1⁷	158	Q1 2013		47	64	9	7.7	-	17
Marble Arch House, W1⁸	86	Q2 2013		-	55	4	3.6	-	13
Total committed	2,196			230	688	98	70.7	19.1	117

Prospective:
6-9 Eldon Street, EC2	33		Pre submission
Colmore Row, Birmingham	280		Detailed planning consent
Meadowhall Metropolitan	2,200		Outline planning consent
New Century Park⁹	1,000		Outline planning consent

Data includes Group's share of properties in Funds & Joint Ventures (except area which is shown at 100%)

¹ from 1 January 2011 to Practical Completion based on a notional cost of finance of 6%

²estimated headline rental value net of rent payable under head leases (excluding tenant incentives)

³parts of development expected to be sold, no rent allocated

⁴ joint venture with Blackstone Group (BL Share 50%) - 5 Broadgate subject to planning

⁵ joint venture with Oxford Properties (BL Share 50%)

⁶ includes 120,000 sq ft of residential

⁷ includes 25,000 sq ft of residential and retail at 95-99 Baker Street (pre-sold)

⁸agreement to purchase and re-develop site for £18m (included within the total cost to complete of £59 million) on receipt of vacant possession - includes 10,000 sq ft of residential

⁹joint venture with Goodman Real Estate (UK) Ltd (BL share: 50%)

Major development activities included:

· Completion of our joint venture with Oxford Properties to develop the 610,000 sq ft Leadenhall Building at 122 Leadenhall Street. We contributed the site at an effective land value of £90 million. Detailed planning consent is in place and piling and basement works are already underway, with practical completion scheduled for mid 2014;

· Submission of detailed planning application for the development of 5 Broadgate, a new 700,000 sq ft building providing world class office space for UBS. UBS will occupy the entire building on an average lease of 18.2 years to first break at an initial rent of £54.50 per sq ft with annual increases in line with RPI (subject to a range of 0-4% per annum);

· Commitment to a major refurbishment of 199 Bishopsgate, a 142,000 sq ft building opposite the recently completed 201 Bishopsgate and The Broadgate Tower. Detailed planning consent was received in February 2011, with the refurbishment scheduled for completion towards the end of 2012;

· £59 million commitment to purchase and re-develop Marble Arch House, W1. On receipt of vacant possession, we will pay £18 million for the development site which is located on the corner of Seymour Street and Edgware Road, situated within Portman Village and just a short walk from Oxford Street and Hyde Park. On completion, the new building will comprise 60,000 sq ft of Grade A offices together with 26,000 sq ft of retail and private residential accommodation. Demolition and ground works are expected to start later this year, to allow for delivery of the building in mid-2013;

· Work is now well underway on the 500,000 sq ft mixed use development at NEQ, Regent's Place, NW1, which will complete the last phase of our office estate near Regent's Park in the West End;

· On Baker St, we secured vacant possession, successfully re-geared the head lease with the Portman Estate, placed the building contract and started on site at the 158,000 sq ft office-led development.

FINANCIAL REVIEW

Income Statement (data presented on a proportionally consolidated basis - Table A)

Underlying profit before tax for the three months ended 31 December 2010 was £64 million, representing an increase of 10.3% compared to the prior year period.

3 months to 31 Dec	2010			2009
	Group	Funds & JVs	Prop Consol	Group	Funds & JVs	Prop Consol
	£m	£m	£m	£m	£m	£m
Gross rental income	66	70	136	74	60	134
Property outgoings	(1)	(3)	(4)	(3)	(3)	(6)
Net rental income	65	67	132	71	57	128
Other income	3		3	1		1
Funds & JVs underlying profit	30			20
Administrative expenses	(15)	(1)	(16)	(12)	(5)	(17)
Profit before interest and tax			119			112
Net financing costs	(19)	(36)	(55)	(22)	(32)	(54)
Funds & JVs underlying profit		30			20
Group underlying profit	64		64	58		58

Gross rental income increased 1.5% to £136 million as income from lettings, rent reviews, and acquisitions throughout the last 12 months offset the effect of disposals made during 2009. Property outgoings decreased by £2 million as a consequence of the increase in the portfolio's occupancy rate. As a result, net rental income increased by £4 million (or 3.1%) to £132 million for the third quarter of 2010.

On a like-for-like basis, annualised gross rental income at 31 December 2010 was 1.4% higher than as at 31 March 2010. Retail increased by 1.5% while offices grew by 0.9% on a like-for-like basis.

Net financing costs in the quarter included interest capitalised on developments of £1 million (9 months to 31 December 2010: £3 million). For the full year ended 31 March 2011 interest capitalised on developments is expected to be around £4 million.

Underlying profit before tax for the 9 months ended 31 December 2010 was £191 million compared with £187 million for the previous year which included the release of £16 million of credit risk provisions. Excluding this item, underlying profit increased by 11.7%.

Underlying earnings per share for the third quarter were 7.0 pence (third quarter 2009: 6.6 pence), giving 21.2 pence for the 9 months to 31 December 2010 (9 months ended 31 December 2009: 21.3 pence).

Balance Sheet

EPRA net asset value per share at 31 December 2010 was 548 pence representing an increase of 8.7% since 31 March 2010 and 4.4% since 30 September 2010. This contributed to a total return of 12.6% for the 9 months ended 31 December 2010.

	As at 31 December 2010			As at 31 March 2010
	Group	Funds & JVs	Prop Consol	Group	Funds & JVs	Prop Consol
	£m	£m	£m	£m	£m	£m
Properties at valuation	4,559	4,715	9,274	4,152	4,387	8,539
Investment in Funds & JVs	1,934			1,594
Other non-current assets	51		51	271	(105)	166
	6,544	4,715	9,325	6,017	4,282	8,705
Other net current liabilities	(205)	8	(197)	(189)	(24)	(213)
Net debt	(1,577)	(2,773)	(4,350)	(1,550)	(2,660)	(4,210)
Other non-current liabilities	(52)	(16)	(68)	(70)	(4)	(74)
Funds & JVs net assets		1,934			1,594
IFRS net assets	4,710		4,710	4,208		4,208
EPRA adjustments¹	202		202	199		199
EPRA net assets¹	4,912		4,912	4,407		4,407
EPRA NAV per share	548p		548p	504p		504p

¹ EPRA net assets (which exclude the mark to market on effective cash flow hedges and related debt adjustments, as well as

deferred taxation on revaluations) at 31 December 2010 was £4.9 billion, compared with £4.4 billion at 31 March 2010

Property and other investments at the end of the third quarter were £9.3 billion, up from £8.7 billion in March largely due to a net valuation movement (including profits and losses on disposals) of £418 million recognised in the 9 months ended 31 December 2010 and purchases, principally Drake Circus. Net debt at 31 December 2010 was £4.4 billion (31 March 2010: £4.2 billion). During the quarter, net debt increased by £181 million.

Financing statistics	Group	Group and share of Funds & Joint Ventures
Net debt	£1,577m	£4,350m³
Weighted average debt maturity	11.5 years	10.6 years
Weighted average interest rate	5.1%	5.1%
Interest cover¹	2.9x	2.2x
Loan to value²	23%	45%

¹Underlying profit before interest and tax / net interest

² debt to property and investments

³ net debt (EPRA basis) £4,223 million. Net debt (EPRA basis) differs from IFRS net debt by excluding the mark to market on

effective cash flow hedges and related debt instruments

During the quarter, BLT Properties Limited, a joint venture between British Land and Tesco, completed the refinancing of its portfolio of 8 superstores and one retail park and agreed to extend the joint venture for a further 10 years. The new £185 million 7 year loan facility provided by BayernLB, London branch, was used to repay BLT's existing bank loan.

The loan to value (LTV) ratio was unchanged at 45% (including the Group's share of funds and joint ventures) compared with the previous quarter but down from 47% at 31 March 2010. Interest cover for the 9 months to 31 December 2010 has increased from 2.0 times to 2.2 times, compared with the prior year period due to the formation of the Broadgate Joint Venture in 2009.

The Group LTV ratio was 23% (31 March 2010: 25%) and interest cover for the 9 months to 31 December 2010 was 2.9 times (9 months to 31 December 2009: 2.2 times). The Group average debt maturity was 11.5 years. The Group also retains £2.6 billion of committed undrawn facilities, of which £0.9 billion have a maturity of more than 3 years, and £255 million of cash, short-term deposits and liquid investments.

Cash Flow

Net cash inflow from operating activities for the quarter was £69 million including receipts from funds and joint ventures of £23 million.

Investing activity absorbed a net £247 million, of which £262 million was spent on income earning investments and £17 million on development expenditure partially offset by disposals. Acquisitions included the purchase of Drake Circus for £240 million. Development expenditure has reduced compared to the equivalent period in the prior year due to the completion of 10 and 20 Triton Square and Ropemaker in 2009.

As at 31 December 2010, the portfolio benefited from an annual £62 million of contracted growth to come in cash rents from the expiry of rent free periods and from guaranteed fixed and minimum rental uplifts over the next five years.

Dividends

The 2011 second quarter dividend of 6.5 pence per share, totalling £58 million, is payable on 18 February 2011.

The third quarter dividend of 6.5 pence per share, totalling £58 million, is payable on 13 May 2011 to shareholders on the register at close of business on 1 April 2011.

Having regard to share price volatility the Board will announce the availability of the Scrip Alternative via the Regulatory News Service and on the group's website (www.britishland.com), no later than 48 hours before the ex-dividend date of 30 March 2011. The Board expects to announce the split between PID and non-PID income at that time. The Scrip Alternative will not be enhanced.

SUPPLEMENTARY INFORMATION

Data includes Group's share of properties in Funds & Joint Ventures

Portfolio Yield Profile

Excluding developments	EPRA net initial yield %^1,2	Gross initial yield %³	Gross top-up initial yield %^3,4	Gross reversionary yield %³	Net equivalent yield %¹
Retail:
Retail warehouses	5.6	6.1	6.2	6.6	5.9
Superstores	5.0	5.3	5.3	5.4	5.1
Shopping centres	5.5	6.1	6.4	6.9	5.9
Department stores⁵	5.6	6.0	6.8	6.9	6.7
All retail	5.5	5.9	6.1	6.4	5.8
Offices:
City	4.9	5.2	6.9	5.9	5.9
West End	4.1	4.3	6.3	6.3	5.6
Offices	4.6	4.8	6.7	6.0	5.8
Other	8.2	8.7	9.5	10.1	9.3
Total	5.2	5.7	6.4	6.4	5.8

¹ after notional purchaser's costs - excludes Europe

² EPRA topped up net initial yield is 5.9%

³ excluding notional purchaser's costs (i.e. yield to British Land)

⁴ adding back rent frees and contracted rental uplifts

⁵ includes High Street

Annualised Gross Rental Income and Annualised Rent

Excluding developments	Annualised gross rental income (accounting basis)¹			Annualised rent (cash flow basis)²
Excluding developments	Group £m	Funds & JVs £m	Total £m	Group £m	Funds & JVs £m	Total £m
Retail:
Retail warehouses	103	63	166	105	60	165
Superstores	8	63	71	8	63	71
Shopping centres	31	60	91	31	62	93
Department stores³	33	-	33	27	-	27
All retail	175	186	361	171	185	356
Offices:
City	23	81	104	5	82	87
West End	56	-	56	44	-	44
Offices	79	81	160	49	82	131
Other	19	-	19	16	1	17
Total	273	267	540	236	268	504

¹ gross rental income will differ from annualised rents due to accounting adjustments for fixed & minimum contracted rental uplifts and lease incentives

² gross rents plus, where rent reviews are outstanding, any increases to ERV (as determined by the Group's external valuers), less any grounds rents payable under head leases

³ includes High Street

Future Income Profile

	Retail	Offices	Other	Total
	£m	£m	£m	£m
Annualised rents (cash flow basis)	356	131	17	504
Contracted from fixed uplifts and expiry of rent free periods¹	12	49	1	62
Rent reviews & lease renewals^1,2	12	(23)	-	(11)
Letting of current vacant space	6	6	1	13
Reversionary income	386	163	19	568

Committed developments at ERV³	9	71	-	80

¹ within 5 years

² includes future portfolio voids on lease break or expiry (as determined by the Group's external valuers)

³ of which £23 million pre-let

Average Rent, Lease Lengths and Occupancy Rate

Excluding developments & Europe	Average rent		Average lease length		Occupancy rate
Excluding developments & Europe	Contracted £psf	ERV £psf	To expiry yrs	To first break, yrs	Underlying %¹	Basic %
Retail:
Retail warehouses	23	24	11.7	10.7	99.0	98.8
Superstores	21	21	17.1	17.1	100.0	100.0
Shopping centres	28	30	10.9	10.2	97.6	96.2
Department stores²	11	13	29.2	26.0	99.1	99.1
All retail	22	23	14.0	13.1	98.8	98.3
Offices:
City	46	42	12.0	10.0	96.2	96.2
West End	42	42	11.4	8.4	98.5	97.6
Offices	45	42	11.9	9.4	97.1	96.7
Other	17	20	20.4	20.1	92.8	92.8
Total	30	30	13.5	12.1	98.1	97.7

¹ including accommodation under offer or subject to asset management

² includes High Street

Rent Subject to Lease Break or Expiry

12 months to 31 Dec	2011	2012	2013	2014	2015	2011-13	2011-15
Excluding developments & Europe	£m	£m	£m	£m	£m	£m	£m
Retail:
Retail warehouses	3	3	4	6	6	10	22
Superstores	-	-	-	-	-	-	-
Shopping centres	4	3	6	3	4	13	20
Department stores¹	-	1	-	-	-	1	1
All retail	7	7	10	9	10	24	43
Offices:
City	1	-	3	9	11	4	24
West End	1	9	2	2	3	12	17
Offices	2	9	5	11	14	16	41
Other	1	-	1	-	-	2	2
Total	10	16	16	20	24	42	86
% of contracted rent	1.8	2.9	3.0	3.6	4.4	7.7	15.7

¹ includes High Street

Top 10 Properties by British Land Share of value

Excluding developments	Sq ft	BL Share	Rent	Occupancy	Lease length
	'000	%	£m pa¹	rate %²	yrs
Broadgate	3,866	50	172	96.4	8.4
Meadowhall Shopping Centre	1,387	50	78	98.4	10.8
Regent's Place	1,210	100	49	98.2	9.1
Ropemaker Place	594	100	26	95.0	16.7
Drake Circus Shopping Centre	570	100	15	99.7	8.4
Teesside Shopping Park	458	100	14	100.0	10.0
Debenhams, Oxford Street	367	100	10	100.0	28.2
York House, Seymour Street	101	100	5	100.0	6.8
Glasgow Fort Shopping Park	393	39	16	98.9	7.9
St Stephen's Shopping Centre	410	100	8	98.9	9.9

¹ annualised contracted rent including 100% of Funds & Joint Ventures

² includes accommodation under offer or subject to asset management

Top Retail and Office Occupiers

Retail	% of total rent	Office	% of total rent

Tesco	7	UBS	4
Sainsbury's	6	HM Government	2
Debenhams	4	Bank of Tokyo-Mitsubishi	2
B&Q	2	Macquarie Group	2
Homebase	2	Herbert Smith	2
Next	2	RBS	1
Boots	1	JP Morgan	1
Asda	1	Aegis Group	1
Marks & Spencer	1	Reed Smith	1
Currys	1	Gazprom	1

Consolidated Income Statement for the nine month period ended 31 December 2010

Year ended 31 March 2010													Nine months ended 31 December 2010							Nine months ended 31 December 2009

Audited													Unaudited							Unaudited

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



394					394		Gross rental and related income			2			221						221	327			327

337					337		Net rental and related income			2			187						187	279			279

13					13		Fees and other income			2			10						10	7			7

		(15)			(15)		Amortisation of intangible assets									(10)			(10)		(11)		(11)

81		398			479		Funds and joint ventures (see also below)						90			220			310	52	189		241

(55)					(55)		Administrative expenses						(43)						(43)	(41)			(41)

		496			496		Net valuation movement (includes profits & losses on disposals)			2						194			194		133		133

							Net financing costs

30					30		- financing income						20						20	20			20
(157)					(157)		- financing charges						(73)			(4)			(77)	(130)			(130)

(127)					(127)								(53)			(4)			(57)	(110)			(110)


249		879			1,128		Profit on ordinary activities before taxation						191			400			591	187	311		498

							Taxation

		24			24		- current tax (expense) income			2						(2)			(2)		22		22
		(12)			(12)		- deferred tax income (expense)			2						11			11		(9)		(9)

		12			12					2						9			9		13		13

					1,140		Profit for the period after taxation attributable to shareholders of the Company												600				511

					133.0p		Earnings per share: basic			1									68.6p				59.8p
					132.6p		diluted			1									68.3p				59.6p



							Share of results of funds and joint ventures
81					81		Underlying profit before taxation						90						90	52			52
		412			412		Net valuation movement (includes profits & losses on disposals)									224			224		202		202
		(9)			(9)		Non-recurring items														(9)		(9)
		(5)			(5)		Current tax expense									(3)			(3)		(4)		(4)
							Deferred tax expense									(1)			(1)
81		398			479					4			90			220			310	52	189		241

*As defined in note 1

Consolidated Income Statement for the three month period ended 31 December 2010

Year ended 31 March 2010													Three months ended 31 December 2010							Three months ended 31 December 2009

Audited													Unaudited							Unaudited

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



394				394		Gross rental and related income						2	79						79	87				87

337				337		Net rental and related income						2	65						65	71				71

13				13		Fees and other income						2	3						3	1				1

	(15)			(15)		Amortisation of intangible assets											(2)		(2)			(4)		(4)

81	398			479		Funds and joint ventures (see also below)							30				110		140	20		236		256

(55)				(55)		Administrative expenses							(15)						(15)	(12)				(12)

	496			496		Net valuation movement (includes profits & losses on disposals)						2					92		92			321		321

						Net financing costs

30				30		- financing income							11						11	2				2
(157)				(157)		- financing charges							(30)				(1)		(31)	(24)				(24)

(127)				(127)									(19)				(1)		(20)	(22)				(22)


249	879			1,128		Profit on ordinary activities before taxation							64				199		263	58		553		611

						Taxation

	24			24		- current tax (expense) income						2					(1)		(1)			19		19
	(12)			(12)		- deferred tax expense						2					(1)		(1)			(7)		(7)

	12			12								2					(2)		(2)			12		12

				1,140		Profit for the period after taxation attributable to shareholders of the Company													261					623

				133.0p		Earnings per share: basic						1							29.6p					72.4p
				132.6p		diluted						1							29.5p					72.2p



						Share of results of funds and joint ventures
81				81		Underlying profit before taxation							30						30	20				20
	412			412		Net valuation movement (includes profits & losses on disposals)											110		110			246		246
	(9)			(9)		Non-recurring items											1		1			(9)		(9)
	(5)			(5)		Current tax expense											(1)		(1)
						Deferred tax expense																(1)		(1)
81	398			479								4	30				110		140	20		236		256

*As defined in note 1

Consolidated Balance Sheet as at 31 December 2010


31 March									31 December					31 December				30 September
2010									2010					2009				2010
Audited									Unaudited					Unaudited				Unaudited
£m								Note	£m					£m				£m
		Assets
		Non-current assets
4,126		Investment and development properties						3	4,529					3,703				4,297
33		Owner-occupied property						3	37					30				36
4,159									4,566					3,733				4,333

		Other non-current assets
1,594		Investments in funds and joint ventures						4	1,934					1,391				1,693
261		Other investments						5	51					302				51
10		Intangible assets												13				2
6,024									6,551					5,439				6,079

		Current assets
105		Debtors							92					103				84
195		Liquid investments						6	201									206
74		Cash and short-term deposits						6	54					342				223
374									347					445				513

6,398		Total assets							6,898					5,884				6,592

		Liabilities
		Current liabilities
(139)		Short-term borrowings and overdrafts						6	(381)					(38)				(364)
(332)		Creditors							(345)					(357)				(352)
(471)									(726)					(395)				(716)

		Non-current liabilities
(1,642)		Debentures and loans						6	(1,403)					(1,769)				(1,382)
(30)		Other non-current liabilities							(23)					(31)				(25)
(47)		Deferred tax liabilities							(36)					(44)				(36)
(1,719)									(1,462)					(1,844)				(1,443)

(2,190)		Total liabilities							(2,188)					(2,239)				(2,159)

4,208		Net assets							4,710					3,645				4,433

		Equity
220		Share capital							224					219				223
1,241		Share premium							1,237					1,242				1,238
(90)		Other reserves							(98)					(64)				(143)
2,837		Retained earnings							3,347					2,248				3,115


4,208		Total equity attributable to shareholders of the Company							4,710					3,645				4,433

504p		EPRA NAV per share*						1	548p					438p				525p

* As defined in note 1

Consolidated Statement of Comprehensive Income
for the period ended 31 December 2010

Year ended											Three months ended								Nine months ended
31 March											31 December								31 December
2010											2010				2009				2010	2009
Audited											Unaudited				Unaudited				Unaudited	Unaudited
£m									Note		£m				£m				£m	£m


1,140			Profit for the period after taxation								261				623				600	511

			Gains (losses) on cash flow hedges
(6)			- Group								16				2				(17)	(3)
(10)			- Funds and joint ventures								28				7				(2)	10

			Transferred (from) to the income statement
			(cash flow hedges)
6			- foreign currency derivatives								(2)								2	12
23			- interest rate derivatives								3				7				9	21

29											1				7				11	33

(1)			Exchange differences on translation of foreign operations												1				1
(2)			Actuarial loss on pension scheme

10			Other comprehensive income (loss) for the period								45				17				(7)	40



1,150			Total comprehensive income for the period								306				640				593	551

Consolidated Statement of Cash Flows
for the period ended 31 December 2010


Year			Three months		Nine months
ended			ended		ended
31 March			31 December		31 December
2010			2010	2009	2010	2009
Audited			Unaudited		Unaudited
£m		Note	£m	£m	£m	£m


317	Rental income received from tenants		62	48	172	248
15	Fees and other income received		8	2	15	13
(84)	Operating expenses paid to suppliers and employees		(15)	(18)	(51)	(66)
248	Cash generated from operations		55	32	136	195

(179)	Interest paid		(10)	(36)	(60)	(138)
9	Interest received		1	2	13	7
(3)	UK corporation tax received (paid)			1		(1)
61	Distributions received from funds and joint ventures	4	23	18	76	34
136	Net cash inflow from operating activities		69	17	165	97

	Cash flows from investing activities
(75)	Purchase of investment properties		(262)	(42)	(291)	(42)
(173)	Development and other capital expenditure		(17)	(39)	(49)	(128)
279	Sale of investment properties		37	43	39	241
6	REIT conversion charge paid
(43)	Purchase of investments			(43)		(43)
13	Sale of investments			13		13
(4)	Indirect taxes in respect of investing activities			1	2	(4)
	Deferred consideration received				22
	Loans repaid by Broadgate Joint Venture				220
31	Establishment of Broadgate Joint Venture			31		31
(26)	Investment in Shopping Centres Joint Venture with Tesco			(26)		(26)
(56)	Investment in and loans to funds and joint ventures		(17)	(3)	(47)	(55)
7	Capital distributions received from funds and joint ventures		12	7	12	7
(41)	Net cash outflow from investing activities		(247)	(58)	(92)	(6)

	Cash flows from financing activities
(154)	Dividends paid		(31)	(39)	(95)	(116)
(20)	Movement in other financial liabilities		(2)	(6)	(13)	(16)
(266)	Establishment of Broadgate Joint Venture - cash collateral			(266)		(266)
(200)	Increase in liquid investments
1	Increase in bank and other borrowings		44	56	14	33
(639)	Net cash inflow (outflow) from financing activities		11	(255)	(94)	(365)

(544)	Net decrease in cash and cash equivalents		(167)	(296)	(21)	(274)
616	Opening cash and cash equivalents		218	638	72	616
72	Closing cash and cash equivalents		51	342	51	342

	Cash and cash equivalents consists of:
74	Cash and short-term deposits		54	342	54	342
(2)	Overdrafts		(3)		(3)
72			51	342	51	342

Consolidated Statement of Changes in Equity
for the period ended 31 December 2010

				Hedging &
	Share		Share	translation	Revaluation	Retained
	capital	*	premium	reserve	reserve	earnings	Total
	£m		£m	£m	£m	£m	£m

Nine month movements in Equity


Balance at 1 April 2010	220		1,241	(38)	(52)	2,837	4,208

Total comprehensive income for the period				(6)	(1)	600	593
Adjustment for share and share option awards						4	4
De-designation of cash flow hedges				(1)		1
Dividends payable in the nine month period						(170)	(170)
Adjustment for scrip dividend element	4		(4)			75	75
Balance at 31 December 2010	224		1,237	(45)	(53)	3,347	4,710


Balance at 1 April 2009	217		1,244	(98)	(41)	1,887	3,209

Total comprehensive income for the period				65	10	476	551
Dividends payable in the nine month period						(159)	(159)
Adjustment for scrip dividend element	2		(2)			44	44
Balance at 31 December 2009	219		1,242	(33)	(31)	2,248	3,645


Three month movements in Equity

Balance at 1 October 2010	223		1,238	(62)	(81)	3,115	4,433

Total comprehensive income for the period				17	28	261	306
Adjustment for share and share option awards						2	2
Dividends payable in the three month period						(57)	(57)
Adjustment for scrip dividend element	1		(1)			26	26
Balance at 31 December 2010	224		1,237	(45)	(53)	3,347	4,710


Balance at 1 October 2009	218		1,243	(77)	(39)	1,696	3,041

Total comprehensive income for the period				44	8	588	640
Adjustment for share and share option awards						(1)	(1)
Dividends payable in the three month period	1		(1)			(56)	(56)
Adjustment for scrip dividend element						21	21
Balance at 31 December 2009	219		1,242	(33)	(31)	2,248	3,645


Prior year movements in Equity

Balance at 1 April 2009	217		1,244	(98)	(41)	1,887	3,209

Total comprehensive income for the period				60	(11)	1,101	1,150
Share issues	3		(3)
Adjustment for share and share option awards						1	1
Dividends payable in the year						(215)	(215)
Adjustment for scrip dividend element						63	63
Balance at 31 March 2010	220		1,241	(38)	(52)	2,837	4,208

* See note 11 for a summary of the number of shares in issue

Notes to the accounts (unaudited)

1. Performance measures

Year ended			Nine months ended		Nine months ended
31 March 2010			31 December 2010		31 December 2009
Earnings	Pence per share	Earnings per share (diluted)	Earnings	Pence per share	Earnings	Pence per share
£m	Pence per share		£m	Pence per share	£m	Pence per share

249		Underlying pre tax profit - income statement	191		187
(5)		Tax charge relating to underlying profit	(5)		(4)

244	28.4p	Underlying earnings per share	186	21.2p	183	21.3p

(5)		Mark to market on held for trading assets	6
(9)		Non-recurring items (table A)	(4)		(9)

230	26.7p	EPRA earnings per share	188	21.4p	174	20.3p

1,140	132.6p	Profit for the period after taxation	600	68.3p	511	59.6p

Year ended			Three months ended		Three months ended
31 March 2010			31 December 2010		31 December 2009
Earnings	Pence per share	Earnings per share (diluted)	Earnings	Pence per share	Earnings	Pence per share
£m	Pence per share		£m	Pence per share	£m	Pence per share

249		Underlying pre tax profit - income statement	64		58
(5)		Tax charge relating to underlying profit	(2)		(1)

244	28.4p	Underlying earnings per share	62	7.0p	57	6.6p

(5)		Mark to market on held for trading assets	(5)
(9)		Non-recurring items (table A)			(9)

230	26.7p	EPRA earnings per share	57	6.4p	48	5.6p

1,140	132.6p	Profit for the period after taxation	261	29.5p	623	72.2p

The European Public Real Estate Association (EPRA) issued Best Practices Recommendations in October 2010, which gives guidelines for performance measures, the 31 March 2010 comparatives have been presented to be in line with these. The EPRA earnings measure excludes investment property revaluations and gains or losses on disposals, intangible asset movements and their related taxation.



Underlying earnings consists of the EPRA earnings measure, with additional company adjustments. Adjustments include realisation of cash flow hedges, mark to market on held for trading assets and non-recurring items.


The weighted average number of shares in issue for the three month period was: basic: 881m (nine months ended 31 December 2010: 875m; year ended 31 March 2010: 857m; three months ended 31 December 2009: 860m; nine months ended 31 December 2009: 855m); diluted for the effect of share options: 886m (nine months ended 31 December 2010: 879m; year ended 31 March 2010: 860m; three months ended 31 December 2009: 863m; nine months ended 31 December 2009: 858m). Basic undiluted earnings per share for the three month period was 29.6p (nine months ended 31 December 2010: 68.6p; year ended 31 March 2010: 133.0p; three months ended 31 December 2009: 72.4p; nine months ended 31 December 2009: 59.8p). Earnings per share shown in the table above are diluted.





31 March				31 December	31 December	30 September
2010		Net asset value (NAV)		2010	2009	2010
£m				£m	£m	£m

4,208		Balance sheet net assets		4,710	3,645	4,433

43		Deferred tax arising on revaluation movements		36	39	33
126		Mark to market on effective cash flow hedges and related debt adjustments		122	100	173
30		Dilution effect of share options		44	29	44

4,407		EPRA NAV		4,912	3,813	4,683

504p		EPRA NAV per share		548p	438p	525p


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 December 2010, the number of shares in issue was: basic: 884m (31 March 2010: 866m; 30 September 2010: 878m; 31 December 2009: 862m); diluted for the effect of share options: 897m (31 March 2010: 875m; 30 September 2010: 892m; 31 December 2009: 871m).



Total return per share for the three months to 31 December 2010 of 5.6% includes dividends paid of 6.5p (see note 7) in addition to the increase in EPRA NAV per share of 23p. Total return per share for the nine months to 31 December 2010 of 12.6% includes dividends paid of 19.5p (see note 7) in addition to the increase in EPRA NAV per share of 44p. Total return per share for the year ended 31 March 2010 was 33.5%.

2. Income statement notes

Year ended		Three months ended		Nine months ended
31 March		31 December		31 December
2010		2010	2009	2010	2009
£m		£m	£m	£m	£m
	Gross and net rental income

319	Rent receivable	56	69	169	262
23	Spreading of tenant incentives and guaranteed rent increases	8	5	22	19
	Surrender premiums	2		2

342	Gross rental income	66	74	193	281

52	Service charge income	13	13	28	46

394	Gross rental and related income	79	87	221	327

(52)	Service charge expenses	(13)	(13)	(28)	(46)
(5)	Property operating expenses	(1)	(3)	(6)	(2)

337	Net rental and related income	65	71	187	279

	Fees and other income

7	Performance & management fees (from funds & joint ventures)	3	1	8	5
6	Other fees and commission			2	2

13		3	1	10	7

	Net revaluation movements on property and investments


530	Revaluation of properties	82	333	172	159
(18)	Result on property disposals	13	(12)	19	(14)
(12)	Revaluation of investments	(3)		3	(12)
(4)	Other revaluation movements

496		92	321	194	133
412	Share of profits of funds and joint ventures (note 4)	110	246	224	202

908		202	567	418	335

	Tax (expense) income

(2)	Current tax: UK corporation tax (28%)	(1)	(1)	(2)	(2)
26	Adjustments in respect of prior periods		20		24
24	Total current tax (expense) income	(1)	19	(2)	22
(12)	Deferred tax on revaluations	(1)	(7)	11	(9)

12	Group total taxation (net)	(2)	12	9	13

(5)	Attributable to funds and joint ventures	(1)	(1)	(4)	(4)

7	Total taxation	(3)	11	5	9

Tax expense attributable to underlying profits for the three months ended 31 December 2010 was £2m (nine months ended 31 December 2010: £5m; year ended 31 March 2010: £5m; three months ended 31 December 2009: £1m; nine months ended 31 December 2009: £4m).


The deferred tax charge for the three months ended 31 December 2010 includes a credit of £1m to reflect reduced deferred tax liabilities arising from the forthcoming reduction in the UK corporation tax rate to 27% (effective from 1 April 2011).

3. Property

Total property interests are £9,274m at 31 December 2010 comprising properties held by the Group of £4,559m, share of properties held by funds of £904m and share of properties held by joint ventures of £3,811m. Properties were valued on the basis of market value, supported by market evidence, in accordance with the Appraisal and Valuation Standards published by The Royal Institution of Chartered Surveyors.



31 March					31 December	31 December	30 September
2010					2010	2009	2010

£m					£m	£m	£m

4,126	Investment properties				4,529	3,703	4,297
33	Owner-occupied property				37	30	36
4,159	Carrying value of properties on balance sheet				4,566	3,733	4,333

(7)	Head lease liabilities				(7)	(7)	(7)

4,152	Total British Land Group property portfolio valuation				4,559	3,726	4,326

At 31 December 2010 Group properties valued at £2,757m were subject to a security interest (31 March 2010: £2,659m; 30 September 2010: £2,708m; 31 December 2009: £2,128m).


Interest capitalised on development expenditure for the three months ended 31 December 2010 was £1m (nine months ended 31 December 2010: £3m; year ended 31 March 2010: £13m; three months ended 31 December 2009: £4m; nine months ended 31 December 2009: £13m).


4. Funds and joint ventures

Summary of British Land's share of investments in funds and joint ventures at 31 December 2010

		Underlying	Underlying
		profit	profit
		(nine	(three	Net	Property	Other	Gross
		months)	months)	Investment	assets	assets	liabilities
		£m	£m	£m	£m	£m	£m
Share of funds		18	6	487	904	125	(542)
Share of joint ventures		72	24	1,447	3,811	208	(2,572)
Total		90	30	1,934	4,715	333	(3,114)

At 31 December 2010 the investment in Joint Ventures included within the total net investment in Funds and Joint Ventures was £1,449m (31 March 2010: £1,149m; 30 September 2010: £1,221m; 31 December 2009: £988m).


Amounts owed to joint ventures at 31 December 2010 were £52m (31 March 2010: £40m; 30 September 2010: £50m; 31 December 2009: £39m).

British Land's share of the results of funds and joint ventures

Year				Three months	Three months	Nine months	Nine months
ended				ended	ended	ended	ended
31 March				31 December	31 December	31 December	31 December
2010				2010	2009	2010	2009
£m				£m	£m	£m	£m

219	Gross rental income			70	60	210	148

208	Net rental and related income			67	57	200	140
(8)	Other income and expenditure			(1)	(5)	(3)	(8)
(119)	Net financing costs			(36)	(32)	(107)	(80)

81	Underlying profit before taxation			30	20	90	52

412	Net valuation and disposal movements			110	246	224	202
(9)	Non-recurring items			1	(9)		(9)

484	Profit on ordinary activities before taxation			141	257	314	245

(5)	Current tax expense			(1)		(3)	(4)
	Deferred tax expense				(1)	(1)

479	Profit on ordinary activities after taxation			140	256	310	241

Where a joint venture has net liabilities, as required under IFRS, the Group does not account for its share of the deficit in its total share of joint venture results.

4. Funds and joint ventures (continued)

Operating cash flows of funds and joint ventures

Year			Three months			Three months		Nine months	Nine months
ended			ended			ended		ended	ended
31 March			31 December			31 December		31 December	31 December
2010			2010			2009		2010	2009
£m			£m			£m		£m	£m

215		Rental income received from tenants	70			59		206	147
		Fees and other income received	1					2
(22)		Operating expenses paid to suppliers and employees	(7)			(8)		(21)	(21)

193		Cash generated from operations	64			51		187	126

(111)		Interest paid	(38)			(25)		(110)	(72)
(4)		UK corporation tax paid	(2)			(1)		(4)	(2)

78		Cash inflow from operating activities	24			25		73	52

		Cash inflow from operating activities deployed as:
17		Surplus cash (distributed by) retained	1			7		(3)	18
		within funds and joint ventures
61		Total distributed to British Land	23			18		76	34

78			24			25		73	52

5. Other investments

Other investments include the investment in the HUT convertible bond of £43m (31 March 2010: £43m; 30 September 2010: £43m; 31 December 2009: £nil). At 31 March 2010 and 31 December 2009 there was a £209m secured commercial loan to the Bluebutton joint venture; this was repaid during the three months ended 30 September 2010.


6. Net Debt

31 March				31 December	31 December		30 September
2010				2010	2009		2010
£m				£m	£m		£m

1,165	Debentures			1,102	1,166		1,109
156	Bank loans and overdrafts			224	188		181
460	Other bonds and loan notes			458	453		456

1,781	Gross debt			1,784	1,807		1,746

49	Interest rate and currency derivative liabilities			60	36		78
(11)	Interest rate and currency derivative assets			(12)	(1)		(17)
1,819				1,832	1,842		1,807
(195)	Liquid investments			(201)			(206)
(74)	Cash and short-term deposits			(54)	(342)		(223)

1,550	Net debt			1,577	1,500		1,378

Gross debt includes £381m due within one year at 31 December 2010 (31 March 2010: £139m; 30 September 2010: £364m; 31 December 2009: £38m).


Undrawn committed bank facilities at 31 December 2010 amounted to £2,599m.

The two financial covenants applicable to the Group unsecured debt are:
Net Borrowings not to exceed 175% of Adjusted Capital and Reserves.
At 31 December 2010 the ratio is 34%:
i. Net Borrowings are £1,797m, being the principal amount of gross debt of £1,776m plus amounts owed to joint ventures of £52m (see note 4) plus TPP Investments Ltd of £23m (see note 9), less the cash and short-term deposits of £54m; and

ii. Adjusted Capital and Reserves are £5,222m, being share capital and reserves of £4,710m (see Consolidated Statement of Changes in Equity), adjusted for £36m of deferred tax (see note 1), £354m exceptional refinancing charges (see below) and £122m mark to market on interest rate swaps (see note 1); and



Net Unsecured Borrowings not to exceed 70% of Unencumbered Assets.
At 31 December 2010 the ratio is 17%:
i. Net Unsecured Borrowings are £423m, being the principal amount of gross debt of £1,776m plus amounts owed to joint ventures of £52m (see note 4) less cash and deposits not subject to a security interest of £48m less the principal amount of secured and non-recourse borrowings of £1,357m; and


ii. Unencumbered Assets are £2,539m being properties of £4,559m (see note 3) plus investments in funds and joint ventures of £1,934m (balance sheet) and other investments of £252m (see balance sheet: liquid investments of £201m and other investments of £51m) less investments in joint ventures of £1,449m (see note 4) and encumbered assets of £2,757m (see note 3).





In calculating Adjusted Capital and Reserves for the purpose of the unsecured debt financial covenants, there is an adjustment of £354m to reflect the cumulative net amortised exceptional items relating to the refinancings in the years ended 31 March 2005, 2006 and 2007.



The Group Loan to Value ratio at 31 December 2010 is 23%, being gross debt of £1,784m less cash, short-term deposits and liquid investments of £255m, divided by total Group property of £4,559m (see note 3) plus investments in Funds and Joint Ventures of £1,934m (balance sheet) and other investments of £51m (balance sheet).



7. Dividends
The third quarter dividend of 6.5 pence per share, totalling £58 million, is payable on 13 May 2011 to shareholders on the register at close of business on 1 April 2011.


Having regard to share price volatility 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 30 March 2011. The Board expects to announce the split between PID and non-PID income at that time. A Scrip Dividend Alternative will not be enhanced.



In respect of the 2011 second quarter PID dividend of 6.5 pence per share, totalling £58m payable on 18 February 2011, 11% of shareholders opted for the Scrip Dividend Alternative. 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 claim to receive dividends gross. Please refer to our website (www.britishland.com) for details. The total cash paid by the Group will be £53m, being £44m paid to shareholders and £9m of witholding tax. A cash saving of £5m results from settling the balance by issuing of shares.





The Consolidated Statement of Changes in Equity shows total dividends in the nine months to 31 December 2010 of £170m, £56m being the third quarter 2010 dividend of 6.5 pence per share paid on 14 May 2010, £57m being the fourth quarter 2010 dividend of 6.5 pence per share paid on 13 August 2010 and £57m being the first quarter 2011 dividend of 6.5 pence per share paid on 12 November 2010. Shareholders opted to receive 16m of shares in lieu of £75m in cash dividends.

8. 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		Total
	2010	2009	2010	2009	2010	2009	2010	2009
	£m	£m	£m	£m	£m	£m	£m	£m
Nine months ended 31 December
Revenue	72	177	142	140	17	17	231	334
Net rental income	58	134	117	135	12	10	187	279
Segment assets	2,072	1,520	4,192	3,415	634	949	6,898	5,884
Capital expenditure	55	197	250	24	12	12	317	233
Three months ended 31 December
Revenue	24	40	51	43	7	5	82	88
Net rental income	21	27	39	41	5	3	65	71
Capital expenditure	4	109	244	14	11	10	259	133

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



9. 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 £23m (31 March 2010: £23m, 30 September 2010: £23m, 31 December 2009: £23m) and recourse is only to the partnership assets.



10. Related party transactions

Details of transactions with funds and joint ventures are given in notes 2 and 9. Amounts owed to joint ventures are detailed in note 4.

There have been no material changes in the related party transactions described in the last annual report.

11. Note to the Consolidated Statement of Changes in Equity

At 31 December 2010, of the issued 25p ordinary shares, 1m were held in the ESOP Trust (31 March 2010: 2m; 30 September 2010: 1m; 31 December 2009: 2m), 11m were held as Treasury shares (31 March 2010: 11m; 30 September 2010: 11m; 31 December 2009: 11m) and 884m shares were in free issue (31 March 2010: 866m; 30 September 2010: 878m; 31 December 2009: 862m). All shares are fully paid.




12. Basis of preparation

The financial information for the year ended 31 March 2010 does not constitute statutory accounts as defined in section 435 of the Companies Act 2006. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditors' report on those accounts was not qualified, did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying the report, and did not contain statements under section 498(2) or (3) of the Companies Act 2006.




The financial information included in this announcement has been prepared on a going concern basis using accounting policies consistent with International Financial Reporting Standards (IFRS) and in accordance with IAS 34 'Interim Financial Reporting'. The same accounting policies, estimates, presentation and methods of computation are followed in the quarterly report as applied in the Group's latest annual audited financial statements. The current period financial information presented in this document is unaudited.




The Group's business activities, financial position, cash flows, liquidity position and financing structure are discussed on pages 4 to 15. The Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.



The interim financial information was approved by the Board on 15 February 2011.

Table A

Summary income statement based on proportional consolidation
for the period ended 31 December 2010

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 funds and joint ventures 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			Three months ended				Nine months ended
31 March			31 December		31 December		31 December		31 December
2010			2010		2009		2010		2009
£m			£m		£m		£m		£m

538		Rent receivable	127		128		373		409

		Spreading of tenant incentives and guaranteed
23		rent increases	6		6		27		20

-		Surrender premiums	3		-		3		-

561		Gross rental income	136		134		403		429

(16)		Property operating expenses	(4)		(6)		(16)		(10)

545		Net rental income	132		128		387		419

15		Fees and other income	3		1		12		7

(65)		Administrative expenses	(16)		(17)		(48)		(49)

(246)		Net interest costs	(55)		(54)		(160)		(190)

249		Underlying profit before taxation	64		58		191		187

908		Net valuation movement (includes profits and	202		567		418		335
		losses on disposal)

(9)		Non-recurring items *			(9)		(4)		(9)

(15)		Amortisation of intangible assets	(2)		(4)		(10)		(11)

		Profit on ordinary activities
1,133		before taxation	264		612		595		502

(5)		Tax charge relating to underlying profit	(2)		(1)		(5)		(4)

(12)		Deferred tax	(1)		(8)		10		(9)

24		Other taxation			20				22

1,140		Profit for the period after taxation	261		623		600		511

28.4p		Underlying earnings per share - diluted basis	7.0p		6.6p		21.2p		21.3p

* Non-recurring items in the nine months ended 31 December 2010 amount to £4m, being the fair value adjustment on the buy back of Group debentures. In the year ended 31 March 2010, non-recurring debt break costs of £9m were incurred in HUT.


The underlying earnings per share is calculated on underlying profit before taxation of £191m, tax attributable to underlying profits of £5m and 879m shares on a diluted basis, for the nine months ended 31 December 2010 and underlying profit before taxation of £64m, tax attributable to underlying profits of £2m and 886m shares on a diluted basis, for the three months ended 31 December 2010.



Table A (continued)

Summary balance sheet based on proportional consolidation
as at 31 December 2010

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 funds and joint ventures included on a line by line, i.e. proportional basis and assuming full dilution.





31 March				31 December		31 December		30 September
2010				2010		2009		2010
£m				£m		£m		£m

5,602	Retail properties			6,079		5,254		5,726
2,736	Office properties			2,979		2,458		2,928
201	Other properties			216		187		203
8,539	Total properties			9,274		7,899		8,857

156	Other investments			51		197		51
10	Intangible assets					13		2
(217)	Other net liabilities			(190)		(239)		(237)
(4,081)	Net debt			(4,223)		(4,057)		(3,990)

4,407	EPRA NAV (note 1)			4,912		3,813		4,683

504p	EPRA NAV per share (note 1)			548p		438p		525p

	Total property valuations including share of funds and joint ventures

4,152	British Land Group			4,559		3,726		4,326

	Share of funds and joint ventures
4,395	Investment properties			4,723		4,181		4,539
(8)	Head lease liabilities			(8)		(8)		(8)

4,387				4,715		4,173		4,531

8,539	Total property portfolio valuation			9,274		7,899		8,857

	Calculation of EPRA NNNAV per share

4,407	EPRA NAV			4,912		3,813		4,683

(43)	Deferred tax arising on revaluation movements			(36)		(39)		(33)

(129)	Mark to market on effective cash flow hedges and related debt adjustments			(122)		(100)		(179)

285	Mark to market on debt			128		387		52

4,520	EPRA NNNAV			4,882		4,061		4,523

517p	EPRA NNNAV per share			544p		466p		507p


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.

INDEPENDENT REVIEW REPORT TO THE BRITISH LAND COMPANY PLC

We have been engaged by the company to review the condensed set of financial statements in the financial report for the nine months ended 31 December 2010 which comprises the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Consolidated Statement of Changes in Equity, the Consolidated Statement of Cash flows and the related notes 1 to 12. We have read the other information contained in the financial report for the nine month period and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.






This report is made solely to the company in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusions we have formed.





Directors' responsibilities

The financial report for the nine month period is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the financial report for the nine month period in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.



As disclosed in note 12, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this financial report for the nine month period has been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting," as adopted by the European Union.




Our responsibility

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the financial report for the nine month period based on our review.


Scope of Review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of financial information for the nine month period consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.







Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the financial report for the nine months ended 31 December 2010 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.




Deloitte LLP
Chartered Accountants and Statutory Auditors
London, United Kingdom
15 February 2011

This information is provided by RNS

The company news service from the London Stock Exchange

END

QRTGGUMCPUPGPGC

Companies

British Land Company (BLND)

Full Archive

UK 100

Latest directors dealings

All directors dealings today