are property prices on the way down because blnd is showing a slide to the down side

Half Yearly Report part 1.

Half Yearly Report part 2.

Resilient first half results; continued outperformance vs IPD

First half underlying PBT2 3.9% ahead at 132 million; IFRS PBT +0.9% to 331 million

Portfolio valuation up 2.2% to 10.2 billion; Offices valuation +5.3% and Retail +0.7%

Continued outperformance vs IPD benchmarks: +150 bps on capital returns

EPRA NAV1 per share up 4.2% at 591 pence; quarterly dividend maintained at 6.5 pence

Total accounting return for the first half of 6.5%

Continued rental value growth and lettings ahead of ERV in retail and offices
Total portfolio ERV +1.3% over 6 months ahead of IPD at +0.3%

2.2 million sq ft of income initiatives adding 13.1 million of new annual rent

First half Retail ERV +0.5% (IPD -0.3%); UK occupancy strong at 98.3%; 527,300 sq ft new lettings and renewals 5.4% ahead of ERV

First half Offices ERV +3.0% (IPD +1.9%); occupancy strong at 97.7%; 192,800 sq ft of new lettings/pre-lets; lettings agreed 6.0% ahead of ERV

Further significant progress on London developments; programme now over 50% pre-let

On site at all 6 major office development sites; office development values up 15.2%

Full planning permission at 5 Broadgate; demolition of existing buildings underway

Pre-let exchanged with Debenhams on 145,000 sq ft offices at Regent's Place for 25 years at 50psf rising to a minimum of 53.50psf at first rent review

Post half year, pre-let signed with Aon for one third of The Leadenhall Building (191,000 sq ft) for initial rent averaging 56.60psf for 19 years

Investment activity driving future income and capital growth

332 million of acquisitions since the start of the financial year; 21 million pa long-term income, a 6.8% yield on income generating assets

1.9 billion committed investment in last 18 months with nearly 90% in Central London and retail; estimated 128 million pa of new income

Final Results.

Good results in challenging markets

· Underlying PBT1 up 5.1% to £269 million reflecting £28 million (5.4%) growth in net rental income
· EPRA NAV2 up 4.9% to 595 pence
· 1.5% increase in Q4 dividend to 6.6 pence; full year dividend of 26.1 pence
· Quarterly dividend for 2012/13 of 6.6 pence; making a total of 26.4 pence
· Total Accounting Return of 9.5%3

Portfolio structure, development and asset management driving 75% of the valuation uplift

· Portfolio valuation up 2.6%: capital returns at 3% outperforming IPD by 250 bps
· 2.1% growth in portfolio estimated rental value (ERV), outperforming IPD by 160 bps
· Total property return of 8.3% above IPD by 200 bps
· Both Retail and Offices outperformed IPD Total Return benchmarks by 110 bps and 410 bps

Focus on prime, well located properties securing and growing rental income

· 5.0 million sq ft of leasing activity generating £10.0 million pa of new rent (excluding pre-lets)
· 1.0 million sq ft lettings and renewals in retail, 6.9% above ERV
· 1.0 million sq ft of lettings and lease extensions in offices, 3.3% above ERV
· Increase in portfolio occupancy of 20 bps to 98.0%; UK retail 98.3% and offices 98.0%
· Proportion of rent expiring in the next 3 years reduced to 7.6% from 10.4% a year ago

Benefiting from early commitment to London development; increasing retail development pipeline

· 50% of office developments under construction now pre-let to UBS, Aon and Debenhams - securing £34 million of annual income
· £167 million of valuation uplift from office developments to date; further £192 million to come
· 347,000 sq ft of UK retail developments committed in the year; already 72% let/under offer
· Further 960,000 sq ft of retail developments with planning secured or pending

Investing in quality assets with secure and growing income; increased recycling ahead of valuation

· £371m of acquisitions made at 6.9% net initial yield, adding £21 million of annual rent
· £100m of disposals of lower growth assets at 1.6% above March 2011 valuation

Strengthened financial position through significant level of financing activity

· £2.0 billion (British Land share £1.4 billion) of financing agreed since April 2011
· Operational and financial flexibility maintained with diversified funding and spread of maturities
· LTV at 45.3% (proportionally consolidated) with 2.2 times interest cover; Group LTV at 29.1%

Interim Management Statement


Highlights

Asset Management - strong operational performance reflecting strength and quality of our portfolio*
· £13.5 million (564,500 sq ft) of lettings and lease renewals/extensions at 1.6% above ERV; occupancy up 10 bps at 98.1%
· Continued demand for our high quality UK retail schemes: 172,400 sq ft of retail lettings and lease renewals at 1.0% ahead of ERV; occupancy up 20 bps over last 3 months to 98.5%
· Retail footfall 0.5% positive, outperforming the market benchmark which was down 2.4%
· Exposure to rents in administration lower at 0.8% of total rent following successful lettings
· Retaining existing office occupiers: 392,100 sq ft of office lease extensions and lettings at 7.9% ahead of ERV (excludes lease extensions); encouraging level of letting enquiries

Developments - progressing well with good levels of pre-letting interest
· Further 85,000 sq ft of development pre-lets; total income secured through pre-lets now £41 million
· Continued occupier interest in West End and City offices including The Leadenhall Building
· Further residential development pre-sales brings residential sales over the last 3 years to £173 million
· High levels of interest in retail developments: Whiteley Shopping Centre 76% pre-let and due to open in May 2013; Zaragoza 82% pre-let/under offer and opening in early October 2012

Investment - attractive opportunities supported by capital recycling
· £205 million of investment (BL share) including £143 million of acquisitions exchanged/completed
· Investments focused on committed and future development pipeline
· £130 million acquisition of the Clarges Estate, a 191,500 sq ft office/residential development opportunity in Mayfair announced today
· Asset sales to fund investments; £59 million of assets (BL share) sold at 1.1% ahead of valuation

Financing - strong financial position and access to finance
· First quarter dividend confirmed at 6.6 pence, 1.5% ahead of prior year
· Financial position remains strong; agreed £374 million of new financings in joint ventures and funds
· Proportionally consolidated loan to value (LTV) at 45.6% (June pro-forma) and average interest rate marginally lower at 4.5%

* For further information on our leasing activity vs ERV for 3 and 6 months to 30 June see table below.

Looking forward to interim results coming our way, Tuesday will bring us first-half figures from British Land , the FTSE 100 real estate investment trust. This share has fallen back a bit of late, and at 514p it is down 12% from its recent high of 586p.

But even though forecasts suggest flat earnings for the current year, we should be seeing a dividend yield of around 5%. What's more, if property prices and rental yields improve over the longer term, I think this share could prove to be a nice investment.

Terms Agreed with The Kennel Club, Clarges Estate

British Land has today exchanged agreements with The Kennel Club confirming terms to relocate and develop a new headquarters for the Club in Clarges Street, facilitating the company's plans to redevelop the entire site to create a landmark mixed use scheme.

StockMarketWire.com
Commercial property group British Land reported underlying pretax profit up 1.9% at £274m in the year to end-March. IFRS PBT was £260m (2011/12: £479m).

· Portfolio valuation at £10.5 billion (+0.5%); UK +1.0% driven by developments (+12.2%) and asset management

· Continued outperformance vs IPD benchmarks: total returns +310 bps; capital returns +360 bps

· EPRA NAV1 ahead at 596 pence per share, +0.2% increase over 12 months

· IFRS Net Assets at £5.7 billion (FY 2011/12: £5.1 billion)

· Quarterly dividend of 6.6 pence; bringing the full year to 26.4 pence (+1.1%)

Successful year operationally: performance continues to reflect strength of asset management

· 2.0 million sq ft of total letting activity; investment lettings/renewals 7.6% ahead of ERV

· Good demand for retail space: 1.1 million sq ft of lettings/renewals; investments 7.6% ahead of ERV; further 420,000 sq ft of space under offer post year end

· Continued our track record of attracting and retaining office occupiers: 778,000 sq ft of investment lettings/lease extensions 7.1% ahead of ERV

· UK occupancy 97.1% (reflecting recently completed developments); rents in administration remain low at 0.9% of total rent

Strong performance from highly profitable committed developments; replenishing the pipeline

· Over 300,000 sq ft of further pre-lets including 139,000 sq ft under offer at the year end: now 65% pre-let/under offer

· Terms agreed and documentation progressing well for a minimum of 95,000 sq ft pre-let with Amlin at The Leadenhall Building (now c50% pre-let/under offer)

· 106,000 sq ft pre-let/under offer at 10 Portman Square and Brock Street, Regent's Place significantly ahead of ERV with further interest at both developments

· Whiteley Shopping Centre retail scheme over 90% pre-let/under offer ahead of May opening

Active year recycling capital into higher growth opportunities: £1.6 billion of gross investment activity

· Completed or exchanged on £795 million of disposals on NIY of 5.3% including Ropemaker Place for £461 million net of costs

· Completed or exchanged on £544 million of acquisitions including the Clarges Estate and Ealing Broadway Shopping Centre on NIY of 6.3% for investment assets

Share placing provides capacity to take advantage of greater flow of attractive investments

· £266 million of placing capacity already deployed on investment, focused on London and the South East

· Continue to see a significant pipeline of attractive investment opportunities

Chris Grigg, CEO, said "It's been a highly active and successful year and we have demonstrated our strategy in action in the broadest sense. Profits are up despite the significant level of recycling and at the property level we have continued to outperform. Our investment activity means the business is stronger going forward and our recent share placing gives us significant capacity to take advantage of the increasing opportunities we see coming to the market."

Investec Reduce 625.75 600.00 600.00 Downgrades

Espirito Santo Execution Noble Neutral 625.75 603.00 603.00 Reiterates

Morgan Stanley Overweight 625.75 630.00 630.00 Reiterates

Ex-div next wed 3rd July (6.6p)

StockMarketWire.com
British Land has acquired assets comprising the majority of Paddington Central, a 1.2 million sq ft office-led, mixed use estate close to Paddington station in London's West End.

British Land says the £470m investment offers an attractive blend of income and capital return, with major development potential and significant future opportunity to improve the estate through asset management.

On completion of the developments, British Land will own 1.0 million sq ft of a 1.6 million sq ft estate.

StockMarketWire.com
British Land reports a good start to its financial year amid some signs that confidence is strengthening and the UK economy is growing.

Chief executive Chris Grigg said: "We have had a good start to our financial year and our business continues to perform.

"The economy as a whole is showing some signs of returning confidence, London remains strong and while retail is still challenging, we continue to see encouraging levels of demand for our space. Our purchase of Paddington Central plays to our strengths in the management and development of major London estates: it is in line with our strategy of increasing our exposure to London and the West End and helps replenish our development pipeline.

"This transaction strengthens our ability to deliver income and capital value growth. Our decision to increase the dividend reflects our confidence in the business."

British Land invests 512 million pounds as confidence picks up

(Reuters) - British Land (BLND.L) has invested 512 million pounds on property acquisitions since the start of April against the backdrop of a tentative economic recovery in the UK, the country's second largest listed developer said on Wednesday.

In March, it raised almost 1 billion pounds for new investments via a share placement and sale of an office block, since when deals include a 470 million pound office complex in the Paddington district of west London.

"There are some signs that confidence is strengthening and the UK economy is growing, albeit at very low rates," the company said in a trading update. "In property, this improving confidence has been most evident in the investment market which has seen a broadening of investor demand and risk appetite."

Investec Reduce 618.00 617.00 600.00 600.00 Reiterates

Morgan Stanley Overweight 618.00 617.00 630.00 630.00 Reiterates

This thing opened today in similar pattern to my asos, having nothing to do with one, with big gap down.. must be under the same finger .

British Land Sells £210 million of Apartments at New Super-Prime London Residential Development, Clarges Mayfair

British Land announces that after releasing a selected number of apartments over the summer at its super-prime residential-led development, Clarges Mayfair, it has exchanged on the sale of 18 apartments, reflecting an average capital value of £4,750 per sq ft as well as setting new records for prices in Mayfair. At £210 million, the proceeds represent close to 50% of the total gross development value of the private residential element of the scheme. This pre-launch was limited and targeted at an exclusive list of known potential buyers and has been very well received.

The success achieved at Clarges Mayfair is testament to its unrivalled position, and the quality of its design which sets a new international benchmark for residential development in London. The building was designed by Squire and Partners architects and Martin Kemp Design are leading the interior design for the apartments. The total cost of the development (excluding land and interest) will be circa £228 million.

Clarges Mayfair is a landmark development in the heart of Mayfair, close to Bond Street and overlooking Green Park and Buckingham Palace. The scheme plays to British Land's strengths in sourcing and managing complex projects. Work began on site earlier this year, and the office element will complete in mid-2016, with the residential element completing in 2017. Full marketing of the remaining units will be undertaken closer to completion when purchasers can appreciate the unique design of the building, its location and the panoramic views from the upper floors.

Chris Grigg, CEO of British Land, said: "Clarges Mayfair is a great example of what we do well - investing in the right places and creating environments where people prefer to live and work. We have used our core development skills to increase significantly the value of the scheme creating a landmark building for this important area of London and further enhancing our presence in the West End."

Tim Roberts, Head of Offices and Residential, said: "Clarges Mayfair offered us a rare opportunity to develop an exceptional product in a premium location and we are delighted by the level of interest we have seen. Demand has been very strong from both UK and overseas buyers, demonstrating both the strength of the premium residential market and the enduring appeal of developments of this quality."

British Land West End Portfolio Nearly Fully Let Following Completion of Leasing Agreement at 39 Victoria Street

British Land confirms that it has fully let its recently completed development at 39 Victoria Street, a fully refurbished Grade A office in the heart of Victoria. Designed by JRA Architects, the building has nine clear and flexible floors with the majority benefiting from terraces and the upper levels enjoying spectacular views across London.

This continues a period of successful letting across our recently completed West End developments, with 10-30 Brock Street, 10 Portman Square and 39 Victoria Street now all fully let or under offer at terms ahead of ERV. As a result, our 2.4 million sq ft West End office portfolio has a 96% occupancy rate, up from 88% at 31 March 2014.

Tim Roberts, Head of Offices and Residential, said: "We have continued to see good letting momentum across our London office portfolio which reflects the high quality spaces and environments we have created along with improving occupational demand. With little new product coming to market over the coming years, we are pushing forward with our near-term pipeline."

StockMarketWire.com
British Land has confirmed that an investigation is under way after two steel bolts broke at 122 Leadenhall Building in the City of London.

British Land said no one was injured in either incident and there is no risk to the structural integrity of the building.

The skyscraper - which has been dubbed the Cheesegrater - is a joint venture development between British Land and Oxford Properties.

A statement by British Land said: "Public safety is our priority so we have taken a number of precautionary measures.

"A full investigation is being conducted by contractor Laing O'Rourke and structural engineers Arup. An examination is being undertaken of the remaining bolts. An area has been cordoned off around the base of the building while this process is ongoing. The Building Control Department has been notified.

"An update will be provided as soon as we are able."

StockMarketWire.com
British Land reports a strong first half performance with good results from both parts of its business.

Underlying pre-tax profits rose by 6.2% to £155m; IFRS PBT of £1,043m (H1 2013/14 £422 million)

- EPRA NAV +11.8% to 769 pence; IFRS Net Assets at £8.0 billion (31 March 2014 £7.1 billion)

- Quarterly dividend of 6.92 pence; bringing the half year to 13.84 pence (+2.5%)

- Total accounting return of 13.7% for 6 months (H1 2013/14: 6.8%)

Chief executive Chris Grigg said: "This has been another good six months for British Land with strong results from both parts of our business. Our continued outperformance underlines the success of our actions: increasing our business in London; progressing our major development programme; evolving our retail offer; and buying and selling well. Looking forward, we remain confident about the outlook for the business. The economy is growing, interest rates are likely to stay low for some time and investor demand for quality properties in and outside London is strong. Demand for offices in London is improving, supply remains constrained and rental growth now looks firmly established. In retail, economic growth is feeding through to consumer spend and the lead indicators of rental growth in our business are all positive."

StockMarketWire.com
British Land reports a strong occupational performance in Retail and Offices in the quarter to the end of December and good progress on its committed pipeline.

Chief executive Chris Grigg said: "It's been another good period for our business: we are leasing well, making progress with developments and have continued to take advantage of strong investment markets to recycle capital.

"Our focus on providing shopping environments which meet the changing needs of today's consumer means we have benefited from growing demand for the right retail space.

"In Offices, supply is constrained and rents are responding well to strong demand. We are making good progress repositioning Broadgate to appeal to a wider range of occupiers, and we've been particularly pleased with progress at The Leadenhall Building where we continue to see significant ongoing interest."

Highlights:
Strong occupational performance in Retail and Offices; positive for rental growth

· 269,000 sq ft of Retail lettings/renewals; investment lettings/renewals 10.9% ahead of ERV2

· Retail footfall +1.3%, continuing to outperform (+260bps vs market)2; retailer same store sales +4.4%

· 168,000 sq ft of Office lettings/renewals completed; investment lettings/renewals 0.4% ahead of ERV2; further 116,000 sq ft under offer, with investment lettings/renewals 8.1% ahead of ERV

· Tech-related occupiers accounted for 43% of completed Office lettings; 62,000 sq ft to WeWork at 199 Bishopsgate and 11,000 sq ft to Central Working at Crown Place, EC2

Good progress on committed pipeline - key milestones achieved
· Leadenhall Building 70% let/under offer; 93,400 sq ft let/placed under offer since start of Q3; includes the building's architects, Rogers Stirk Harbour + Partners; recent deals 4.5% ahead of ERV

· Broadgate Circle launching in April, and 5 Broadgate on track for completion by June 2015

· £57 million residential sales since the start of Q3, ahead of valuation, including a further £32 million at Clarges Mayfair; £365 million residential sales year to date, including £259 million at Clarges Mayfair

· Continued investment in Retail; extensions at Fort Kinnaird (Edinburgh), Broughton Park (Chester) and Deepdale (Preston) totalling 175,000 sq ft, achieved practical completion

Successfully progressing development pipeline
· On track at 4 Kingdom Street, Paddington Central (145,000 sq ft; total commitment of c. £110 million); expect to be on site next month

· Planning submitted on Blossom Street, Shoreditch (347,000 sq ft) and 100 Liverpool Street, Broadgate (530,000 sq ft)

· c.80,000 sq ft refurbishment opportunity at 338 Euston Road, Regent's Place, starting summer 2015

· Progressing masterplan of 40 acre site at Canada Water

Continuing to recycle capital in strong investment markets

· Asset sales of over £900 million year to date (including residential sales); accounting for over £30 million of annual net rent

· Evolving our Retail portfolio to meet changing consumer needs; £220 million of sales ahead of valuation since the start of Q3, including £55 million of superstores sales

Financial position remains strong
· Proportionally consolidated net debt lower at £4.5 billion (compared to £4.7 billion as at 30 September 2014); proportionally consolidated LTV lower at 35% based on September 2014 valuations (LTV of 32% pro-forma for 2017 Convertible Bond)

· Weighted average interest rate at 4.2% (proportionally consolidated)

· Third quarter dividend confirmed at 6.92 pence3, 2.5% ahead of prior year

Took my eye off the ball here - well done Harry, if still holding.

Sadly not. Can't be in them all. This one on my watchlist but not my portfolio.