Brixmor Property Group 1Q2017: despite retail bankruptcies and store closings, our portfolio continued to benefit from healthy tenant demand

  • Achieves Highest First Quarter New and Renewal Leasing Volume
  •  Continues to Drive Robust Cash Leasing Spreads

NEW YORK, 2017-May-03 — /EPR Retail News/ — Brixmor Property Group Inc. (NYSE: BRX) (“Brixmor” or the “Company”) announced today (May 1, 2017) its operating results for the three months ended March 31, 2017. For the three months ended March 31, 2017, net income attributable to common stockholders was $0.23 per diluted share compared with $0.20 per diluted share in the comparable 2016 period.

Key highlights for the three months ended March 31, 2017 include:

  • Grew FFO per diluted share 4.4% year-over-year, excluding non-cash GAAP adjustments and lease termination fees
  • Generated same property NOI growth of 3.2%
  • Executed 1.9 million square feet of new and renewal leases at comparable rent spreads of 16.4%
  • Increased leased occupancy by 10 basis points year-over-year to 92.5%
  • Increased small shop leased occupancy by 90 basis points year-over-year to 84.8%
  • Added $42.5 million of value enhancing reinvestment projects to the in process pipeline at an expected average incremental NOI yield of 10%
  • Completed four anchor space repositioning projects and three outparcel developments for a total investment of $14.5 million at an average incremental NOI yield of 14%
  • Completed $104.5 million of acquisitions and $35.5 million of dispositions
  • Issued $400.0 million of 3.90% Senior Notes due 2027 and utilized proceeds to prepay a portion of the Company’s Tranche A Term Loan maturing July 31, 2018

“While the overall retail environment brought an increase in announced retail bankruptcies and store closings, our portfolio continued to benefit from healthy tenant demand, resulting in 1.9 million square feet of new and renewal leases executed in the first quarter at blended comparable rent spreads of 16.4%,” commented James Taylor, Chief Executive Officer and President. “Importantly, our leasing and redevelopment activity continues to demonstrate the upside embedded in our portfolio given our locations, below market rent basis and accretive redevelopment potential, all of which represent distinct competitive advantages in today’s environment.”

FINANCIAL HIGHLIGHTS

Net Income

  • For the three months ended March 31, 2017 and 2016, net income attributable to common stockholders was $71.6 million, or $0.23 per diluted share, and $60.5 million, or $0.20 per diluted share, respectively.

NAREIT FFO

  • For the three months ended March 31, 2017 and 2016, NAREIT FFO was $161.6 million, or $0.53 per diluted share, and $161.3 million, or $0.53 per diluted share, respectively.

Same Property NOI Growth

  • Same property NOI for the three months ended March 31, 2017 increased 3.2% from the comparable 2016 period.
  • Same property base rent for the three months ended March 31, 2017 contributed 250 basis points to same property NOI growth.

Dividend

  • The Company’s Board of Directors declared a quarterly cash dividend of $0.26 per common share (equivalent to $1.04 per annum) for the second quarter of 2017.
  • The dividend is payable on July 17, 2017 to stockholders of record on July 6, 2017, representing an ex-dividend date of July 3, 2017.

PORTFOLIO AND INVESTMENT ACTIVITY

Value Enhancing Reinvestment Opportunities

  • During the three months ended March 31, 2017, the Company completed four anchor space repositioning projects and added five new projects to its in process pipeline. At March 31, 2017, the anchor space repositioning in process pipeline was comprised of 17 projects with an aggregate net estimated cost of approximately $33.1 million at expected average incremental NOI yields of 13 to 15%.
  • During the three months ended March 31, 2017, the Company completed three outparcel developments and added three new projects to its in process pipeline. At March 31, 2017, the outparcel development in process pipeline was comprised of seven projects with an aggregate net estimated cost of approximately $9.6 million at an expected average incremental NOI yield of 13%. In addition, the new development in process pipeline was comprised of one project, with a net estimated cost of approximately $32.6 million at an expected NOI yield of 10%.
  • During the three months ended March 31, 2017, the Company added two new redevelopment projects to its in process pipeline. At March 31, 2017, the redevelopment in process pipeline was comprised of 11 projects with an aggregate net estimated cost of approximately $142.1 million at an expected average incremental NOI yield of 9%.

Acquisitions

  • As previously announced, during the three months ended March 31, 2017, the Company acquired Arborland Center, a 404,000 square foot grocery-anchored regional shopping destination located in Ann Arbor, Michigan, for $102.0 million. Arborland Center is located in a high barrier-to-entry trade area situated between the University of Michigan and Eastern Michigan University and is anchored by a range of best-in-class retailers including Kroger, Nordstrom Rack, Marshalls, Ulta, DSW and Starbucks.
  • In addition, during the three months ended March 31, 2017, the Company acquired two outparcels for a combined purchase price of $2.5 million.

Dispositions

  • During the three months ended March 31, 2017, the Company generated approximately $35.5 million of gross proceeds on the sale of Killingly Plaza located in Killingly, Connecticut, North Park shopping center located in Macon, Georgia and Perry Marketplace located in Perry, Georgia.

Mark Horgan, Executive Vice President, Chief Investment Officer, added, “The transaction market continues to reflect strong demand for grocery-anchored community and neighborhood shopping centers across both coastal and non-coastal markets.  Consistent with our capital recycling strategy of clustering ownership in successful retail nodes, we added critical mass in the Ann Arbor MSA with the acquisition of Arborland Center, growing our ownership in that market to four assets with over 1.0 million square feet of GLA. Additionally, we are increasing the rate of our disposition activity, exiting three single market assets during the first quarter and we expect to close on more in the coming quarters.”

CAPITAL STRUCTURE

  • During the three months ended March 31, 2017, the Company’s Operating Partnership, Brixmor Operating Partnership LP, issued $400.0 million aggregate principal amount of 3.90% Senior Notes due 2027 at 99.009% of par value. Proceeds from the offering were utilized to prepay $390.0 million of the Company’s $1.0 billion Tranche A Term Loan maturing July 31, 2018.
  • As a result, the Company extended its weighted average maturity to 5.0 years, while reducing maturing debt in 2018 to $629.5 million from $1,019.5 million at December 31, 2016.

CONNECT WITH BRIXMOR

CONFERENCE CALL AND SUPPLEMENTAL INFORMATION

The Company will host a teleconference on Tuesday, May 2, 2017 at 10:00 AM ET.  To participate, please dial 888.317.6003 (domestic) or 412.317.6061 (international) at least ten minutes prior to the scheduled start of the call (Passcode: 0206262).  The teleconference can also be accessed via a live webcast at www.brixmor.com in the Investors section. A replay of the teleconference will be available through midnight ET on May 16, 2017 by dialing 877.344.7529 (domestic) or 412.317.0088 (international) (Passcode: 10102384) or via the web through May 2, 2018 at www.brixmor.com in the Investors section.

The Company’s Supplemental Disclosure will be posted at www.brixmor.com in the Investors section.  These materials are also available to all interested parties upon request to the Company at investorrelations@brixmor.com or 800.468.7526.

NON-GAAP DISCLOSURES

NAREIT FFO

NAREIT FFO is a supplemental non-GAAP performance measure utilized to evaluate the operating performance of real estate companies. The National Association of Real Estate Investment Trusts (“NAREIT”) defines FFO as net income (loss) in accordance with GAAP excluding (i) gain (loss) on disposition of operating properties, and (ii) extraordinary items, plus (iii) depreciation and amortization of operating properties, (iv) impairment of operating properties and real estate equity investments, and (v) after adjustments for joint ventures calculated to reflect FFO on the same basis.

The Company presents NAREIT FFO as it considers it an important supplemental measure of its operating and financial performance.  The Company believes NAREIT FFO assists investors  in analyzing Brixmor’s comparative operating and financial performance because, by excluding gains and losses related to dispositions of previously depreciated operating properties, real estate-related depreciation and amortization of continuing operations, impairment of operating properties and real estate equity investments, and after adjustments for joint ventures calculated to reflect FFO on the same basis, investors can compare the operating performance of a company’s real estate between periods.

NAREIT FFO should not be considered as an alternative to, or more meaningful than, net income (determined in accordance with GAAP) or other GAAP financial measures, as an indicator of financial performance and is not an alternative to, or more meaningful than, cash flow from operating activities (determined in accordance with GAAP) as a measure of liquidity.

Non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations and, accordingly, should always be considered as supplemental financial results to those presented in accordance with GAAP. Computation of NAREIT FFO may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to similarly titled measures presented by such other REITs. Investors are cautioned that items excluded from NAREIT FFO are relevant to understanding and addressing financial performance.  A reconciliation of NAREIT FFO to Net income is presented in the attached table.

Same Property NOI

Same property NOI is a supplemental, non-GAAP performance measure utilized to evaluate the operating performance of real estate companies.  Same property NOI is calculated (using properties owned for the entirety of both periods excluding properties under development), as total property revenues (base rent, ancillary and other, expense reimbursements and percentage rents) less direct property operating expenses (operating costs, real estate taxes and provision for doubtful accounts). Same Property NOI includes the Company’s unconsolidated joint venture at pro rata share.  Same property NOI excludes corporate level income (including management, transaction and other fees), lease termination fees, straight-line rental income, amortization of above- and below-market rent and tenant inducements, straight-line ground rent expense and income / expense associated with the captive insurance entity.

Same property NOI eliminates disparities in NOI due to the acquisition, disposition or stabilization of development properties during the period presented, and therefore, provides a more consistent metric for comparing operational performance. Management uses same property NOI to review operating results for comparative purposes with respect to previous periods or forecasts, and also to evaluate future prospects.

Same property NOI should not be considered an alternative to, or more meaningful than, net income (determined in accordance with GAAP) or other GAAP financial measures as an indicator of financial performance and is not an alternative to, or more meaningful than, cash flow from operating activities (determined in accordance with GAAP) as a measure of liquidity.

Non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results to those presented in accordance with GAAP.  Computation of same property NOI may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to similarly titled measures presented by such other REITs.  Investors are cautioned that items excluded from same property NOI are relevant to understanding and addressing financial performance.  A reconciliation of same property NOI to Net income is presented in the attached table.

ABOUT BRIXMOR PROPERTY GROUP

Brixmor Property Group, a real estate investment trust (REIT), is a leading owner and operator of high-quality, open-air shopping centers. The Company’s more than 500 retail centers comprise 86 million square feet in established trade areas across the nation and are supported by a diverse mix of highly productive non-discretionary and value-oriented retailers, as well as consumer-oriented service providers. Brixmor is committed to maximizing the value of its portfolio by prioritizing investments, cultivating relationships and capitalizing on embedded growth opportunities through driving rents, increasing occupancy and pursuing value-enhancing reinvestment opportunities. Headquartered in New York City, Brixmor is a partner to more than 5,500 best-in-class national, regional and local tenants and is the largest landlord to The TJX Companies and The Kroger Company.

SAFE HARBOR LANGUAGE

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  These statements include, but are not limited to, statements related to the Company’s expectations regarding the performance of its business, its financial results, its liquidity and capital resources and other non-historical statements.  You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov.  Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the Company’s filings with the SEC. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

SOURCE: Brixmor Property Group Inc.

Brixmor Property Group announces the appointment of Vincent A. Corno as EVP – President, Midwest

NEW YORK, 2017-Apr-28 — /EPR Retail News/ —  Brixmor Property Group Inc. (NYSE: BRX) (“Brixmor” or the “Company”) announced today (April 26, 2017) the appointment of industry veteran Vincent A. Corno as Executive Vice President – President, Midwest, effective May 8, 2017.  As head of the Midwest region, Mr. Corno will have strategic and day-to-day responsibility for the leasing, value-enhancing reinvestment and ancillary income efforts for more than 20 million square feet of open-air retail properties. He joins a team of talented and experienced regional presidents, including David Vender in the North, Barry Rodenstein in the South and Matthew Berger in the West.  Mr. Corno will replace Thomas Litzler, who is retiring next month, and will report to Brian Finnegan, Executive Vice President, Leasing.

“We are very excited to have Vince, a universally well-regarded and seasoned real estate executive, join our team and help us continue to unlock the growth opportunities embedded within the Midwest portfolio,” commented James Taylor, Chief Executive Officer and President. “We are also very grateful to Tom for his leadership and invaluable contributions to the Company over many years.  We wish him and his family a happy and healthy retirement.”

“Vince brings the unique and valuable perspective of someone who has led real estate strategy for both institutional landlords, as well as large and successful retailers,” continued Mr. Finnegan.  “I am thrilled and honored to have someone of Vince’s character and leadership ability join our team and help us continue to drive outperformance.”

Mr. Corno has more than 25 years of retail real estate experience and most recently served as Executive Vice President Leasing and Development of DDR where he was responsible for more than 100 million square feet of retail assets.  Prior to joining DDR in 2016, he was the Senior Vice President Real Estate of Dick’s Sporting Goods, where he led its national real estate initiatives, including an annual new store growth program of 40 to 50 stores and 30 to 50 renewals per year.   From 2008 to 2014, Mr. Corno was Senior Vice President Real Estate, Saks Incorporated where he oversaw new store development, expansions, remodels and the disposition of excess real estate.  At Saks, he grew Saks Fifth Avenue OFF 5TH by over 50% in six years, including initiating its growth strategy outside of conventional outlet centers. He also previously held senior real estate positions at Forest City Enterprises and The May Department Stores Company.  Mr. Corno is a member of the Illinois and Missouri Bar Associations, holds a Certified Public Accountant certificate and is a current trustee of the International Council of Shopping Centers.

CONNECT WITH BRIXMOR

ABOUT BRIXMOR PROPERTY GROUP
Brixmor Property Group, a real estate investment trust (REIT), is a leading owner and operator of high-quality, open-air shopping centers. The Company’s more than 500 retail centers comprise 86 million square feet in established trade areas across the nation and are supported by a diverse mix of highly productive non-discretionary and value-oriented retailers, as well as consumer-oriented service providers. Brixmor is committed to maximizing the value of its portfolio by prioritizing investments, cultivating relationships and capitalizing on embedded growth opportunities through driving rents, increasing occupancy and pursuing value-enhancing reinvestment opportunities. Headquartered in New York City, Brixmor is a partner to more than 5,500 best-in-class national, regional and local tenants and is the largest landlord to The TJX Companies and The Kroger Company.

SAFE HARBOR LANGUAGE
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  These statements include, but are not limited to, statements related to the Company’s expectations regarding the performance of its business, its financial results, its liquidity and capital resources and other non-historical statements.  You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov.  Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the Company’s filings with the SEC. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

SOURCE: Brixmor Property Group Inc.

Brixmor Property Group CEO and President James Taylor to present at Citi 2017 Global Property CEO Conference in Hollywood, Florida

NEW YORK, 2017-Feb-25 — /EPR Retail News/ — Brixmor Property Group Inc. (NYSE: BRX) today (Feb. 23, 2017) announced that James Taylor, Chief Executive Officer and President, will present at the Citi 2017 Global Property CEO Conference in Hollywood, Florida on Tuesday, March 7, 2017 from 11:35 AM ET to 12:10 PM ET.

Event: Brixmor Property Group Presentation at Citi 2017 Global Property CEO Conference

When: 11:35 AM ET, Tuesday, March 7, 2017

Live Webcast: Citi Global Property CEO Presentation under the Investors tab at www.brixmor.com

A replay of the webcast will be available through June 4, 2017.

Connect With Brixmor
For additional information, please visit www.brixmor.com
Follow Brixmor on Twitter at www.twitter.com/Brixmor
Find Brixmor on LinkedIn at www.linkedin.com/company/brixmor

About Brixmor Property Group
Brixmor Property Group, a real estate investment trust (REIT), is a leading owner and operator of high-quality, open-air shopping centers. The Company’s more than 500 retail centers comprise 86 million square feet in established trade areas across the nation and are supported by a diverse mix of highly productive non-discretionary and value-oriented retailers, as well as consumer-oriented service providers. Brixmor is committed to maximizing the value of its portfolio by prioritizing investments, cultivating relationships and capitalizing on embedded growth opportunities through driving rents, increasing occupancy and pursuing value-enhancing reinvestment opportunities. Headquartered in New York City, Brixmor is a partner to more than 5,500 best-in-class national, regional and local tenants and is the largest landlord to The TJX Companies and The Kroger Company.

SOURCE: Brixmor Property Group Inc.

Tesco introduces Christmas selection of European food traditions

Tesco introduces Christmas selection of European food traditions
Tesco introduces Christmas selection of European food traditions

 

 

CHESHUNT, England, 2016-Nov-29 — /EPR Retail News/ — European festive staples such as the sweet fruited breads Stollen, from Germany, and Panettone, from Italy, are now so popular in the UK that Tesco has seen demand double in the last three years.

The popularity of European Christmas markets, which are now very much part of the build up to Christmas in the UK, have helped to create a growing appetite for festive continental bread, cake, biscuits and other sweet treats.

Tesco Christmas cake buyer James Taylor said:

“The popularity of European Christmas markets and food have given Brits a real taste for continental festive sweet treats.

“For many families Stollen and Panettone and gingerbread houses are now as much festive staples as mince pies and Christmas puddings.

“Rather than having to travel to Europe or hunt down where the nearest market is being held, we hope our collection of festive delights will help to take a little bit of the hassle and cost out of Christmas for customers this year.”

Tesco has also seen growing demand for other continental Christmas treats like:

  • Lebkuchen – German gingerbread cakes in the shape of hearts or stars made with honey and spices with demand up 15 per cent
  • Spekulatzius – Biscuits that are popular in Holland, Germany and Belgium with demand up by over 10 per cent

As a result of the trend Tesco is also this Christmas selling a Ginger Bread House which is another German festive tradition but in the form of a kit which people can decorate themselves.

James Taylor added:

“The European range also includes the sumptuous and theatrical Reveal Dessert from western Europe, which brings the restaurant experience into the home, as well as thrilling guest around the table with an unexpected surprise.”

The full range will be available at Tesco stores across the country and online.

Note to editors

Included in Tesco’s Christmas selection of European breads, cakes and biscuits this year are the following:

  • Tesco finest* Stollen
  • Tesco finest* Almond & Cherry Stollen
  • Tesco finest* Chocolate and Hazlenut Stollen
  • Kuchenmeister Stollen Load
  • Kuchenmeister Apple Stollen
  • Kuchenmeister Stollen Loaf
  • Kuchenmeister Stollen Bites
  • Tesco finest* Panettone Cake
  • Tesco finest* Amaretti and Amaretto Panettone
  • Arden and Amici Panettone Classic
  • Arden and Amici Panettone Chocolate
  • Arden and Amici Clem Panettone Orange and Cranberry
  • Arden and Amici Mini Panettone Orange and Cranberry
  • Lebkuchen Iced Stars
  • Lebkuchen Chocolate Hearts
  • Spekulatzius Thins – Cinnamon
  • Spekulatzius Thins – Almond
  • Tesco Decorate Your Own Gingerbread House kit

We are a team of 480,000 in 11 markets dedicated to serving shoppers a little better every day.

For more information please contact the Tesco Press Office on 01707 918 701  

Source: Tesco

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British Land hosted “topping out” ceremony for its Clarges Mayfair development

Chris Grigg and Head of Residential, James Taylor
Chris Grigg and Head of Residential, James Taylor

 

London, 2016-Oct-10 — /EPR Retail News/ — British Land today (06 OCT 2016) celebrated a major milestone in the development of Clarges Mayfair, the super-prime residential-led scheme in Central London, which has now reached full height.

A “topping out” ceremony was held to mark the occasion, attended by the Deputy Leader of Westminster City Council, Councillor Robert Davis, along with British Land’s CEO, Chris Grigg and Head of Residential, James Taylor. Guests at the event were able to enjoy the building’s striking architecture and appreciate the breath-taking views from the top floor overlooking Green Park and Buckingham Palace.

Chris Grigg, Chief Executive of British Land, said: “Clarges Mayfair is a great example of our ability to create exceptional environments where people want to work, shop and live. We have worked hard to ensure we understood what potential residents wanted and also connected with the local community to design an outstanding landmark building. It is a reflection of our continued commitment to design and testament to the expertise of the team responsible for its delivery.”

As well as reaching its full height of nearly 40m, the development is also now fully clad, with its Portland Stone façade now complete. Designed by award-winning architects Squire and Partners, Clarges Mayfair has been inspired by the historic architecture of surrounding Piccadilly landmarks including Buckingham Palace, The Ritz and The Wolesley. Its design is intended to complement these iconic buildings yet harness a strong identity of its own.

Michael Squire, Founder of Squire and Partners, said: “Clarges Mayfair provides the most sophisticated contemporary residential accommodation whilst taking a step into Piccadilly’s rich history as the site of some of the city’s finest homes. Its crisp timeless design reveals layers of detailing in its stonework and bronze which draw upon the historic context.”

Clarges Mayfair, the residential element of the mixed-use scheme, comprises 34 super-prime apartments which were launched in 2014. 22 of the apartments were sold at the time, some at record-breaking values, for a total of £259m, representing over 50% of the total gross development value of the development. The remaining 12 apartments will be marketed closer to completion in late 2017.

As well as stunning views of two of London’s most prized assets, Buckingham Palace and The Ritz, Clarges Mayfair will offer residents full lifestyle services including:

  • One of the best private wellness spas in London including a 25m swimming pool and fully equipped gymnasium, sauna and steam room
  • Private cinema room
  • A new restaurant at ground floor level

The interiors are designed by award-winning interior design studio, Martin Kemp Design, which has designed the apartments to the height of sophistication, creating a modern look that represents and reflects the heritage of Mayfair.

Adjacent to the residential building is 7 Clarges Street which comprises nearly 50,000 sq ft of high quality office accommodation and just under 15,000 sq ft of retail and leisure space. British Land has also developed 10,500 sq ft of social housing on the site.

The construction of Clarges Mayfair has been led by contractors Laing O’Rourke. Work began on site in early 2014. The office element is now complete and the residential element will complete in late 2017.

For more information, please visit www.clargesmayfair.com.

For sales enquiries, please contact Knight Frank on +44 (0)20 7499 1012 or Wetherell on +44 (0)20 7493 6935.

Notes to Editors

About British Land

We are one of Europe’s largest publicly listed real estate companies. We own, manage, develop and finance a portfolio of high quality commercial property, focused on retail locations around the UK and London offices. We have total assets in the UK, owned or managed of £19.7 billion (of which British Land share is £14.4 billion), as valued at 30 September 2015. Our properties are home to over 1,200 different organisations ranging from international brands to local start-ups. Our objective is to deliver long-term and sustainable total returns to our shareholders and we do this by focusing on Places People Prefer. People have a choice where they work, shop and live and we aim to create outstanding places which make a positive difference to people’s everyday lives. Our customer orientation enables us to develop a deep understanding of the people who use our places. We employ a lean team of experts, who have the skills to translate this understanding into creating the right places, and we have an efficient capital structure which is able to finance these places effectively.

UK Retail assets account for 51% of our portfolio. As the UK’s largest listed owner and manager of retail space, our portfolio is well matched to the different ways people shop today. We are focused on being the destination of choice for retailers and their customers by being the best provider of spaces and services. Comprising around 22 million sq ft of retail space across shopping parks, superstores, shopping centres, department stores and leisure assets, the retail portfolio is modern, flexible and adaptable to a wide range of formats.

Our Office and Residential portfolio, which accounts for 49% of our portfolio is focused on London. We have an attractive mix of high quality buildings in well managed environments and a pipeline of development projects which will add significantly to our portfolio. Increasingly, our Offices are in mixed-use environments which include retail and residential elements. Our 7.5 million sq ft of high quality office space includes Regent’s Place and Paddington Central in the West End and Broadgate, the premier City office campus (50% share).

We were awarded the 2016 Queen’s Award for Enterprise, the UK’s highest accolade for business success, for our continued economic, social and environmental achievements over five years. Our industry-leading sustainability strategy is a powerful tool to deliver lasting value for all our stakeholders. By supporting communities, improving environments and growing economies, we create Places People Prefer and enhance long-term returns. Further details can be found on the British Land website at www.britishland.com.

Facebook: British Land PLC https://www.facebook.com/britishlandplc/?fref=ts

Twitter: https://twitter.com/BritishLandPLC @BritishLandPLC

Instagram: BritishLandPLC

Press Contact:
Tania McNally
LUCHFORD APM020
7631 1000

Toyah Simpson
LUCHFORD APM020
7631 1000

Source: BritishLand

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