Financial Activity

Highlights

• Strong performance in growing net assets
  • Basic NAV at 2356p up 52p
  • Adjusted diluted NAV up 55p to 2236p, an increase of 2.5%
  • Out-performance vs IPD Quarterly Universe benchmark by 2.3%
• Valuation surplus of £130.8m or 0.9% on the investment portfolio
  • Valuation uplifts from London offices of 4.2%, and Central London shops of 0.7%, with valuation deficits of 1.5% for shopping centres and 3.9% for retail warehouses
• Excellent progress on the development programme
  • Valuation surplus on development of £174.2m
  • Development lettings totalling 78,900m²
• Investment portfolio property sales of £929m at 7.8% above March 2007 valuations (before disposal costs)
• Investment portfolio valuation of £15.0bn
• Pre-tax profit of £375.2m (2006: £1,178.2m), down as a result of smaller valuation surplus
• Revenue profit down 10.5% at £172.8m
• Earnings per share
  • Basic EPS at 78.57p down 57.1%
  • Adjusted diluted EPS up by 11.0% at 36.46p
• First two quarterly dividends for 2007/08 of 16.0p each, as announced