Glossary: A - F

Earnings per share based on revenue profit plus profits on trading properties and long-term development contracts all after tax.

NAV per share adjusted to add back deferred tax associated with investment properties and capitalised interest, the adjustment arising from the de-recognition of the bond exchange, together with cumulative mark-to-market adjustment arising on interest swaps and similar instruments used for hedging purposes. After REIT conversion, the adding back of deferred tax is no longer relevant.

The amount at which assets and liabilities are reported in the financial statements.

The combined portfolio is our wholly-owned investment property portfolio combined with our share of the value of properties held in joint ventures, but excludes any investment properties owned by Land Securities Trillium. Unless stated these are the pro-forma numbers we use when discussing the investment property business.

The Group’s development programme together with any proposed schemes that are not yet included in the development programme but which are more likely to proceed than not.

The Group’s development programme comprises projects which are completed but less than 95% let; developments on site; committed developments (being projects which are approved and the building contract let); and authorised developments (those projects approved by the Board for which the building contract has not yet been let). For reporting purposes we retain properties in the programme until they are 95% let.

Excess of latest valuation over the total development cost (TDC).

Reported amount adjusted to include the effects of potential shares issuable under employee share schemes.

Profit after taxation attributable to ordinary shareholders divided by the weighted average number of ordinary shares in issue during the year.

European Public Real Estate Association.

The internal rate of return from an investment property, based on the gross outlays for the purchase of a property (including purchase costs), reflecting reversions to current market rent, and such items as voids and expenditures but disregarding potential changes in market rents and reflecting the actual cash flow rents.

The estimated market rental value of lettable space as determined biannually by the Group’s valuers. This will normally be different to the rent being paid.

An item of income or expense that is deemed to be sufficiently material, either by its size or nature, to require separate disclosure.

A lease that transfers substantially all the risks and rewards of ownership from the lessor to the lessee.