Welcome
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Strategic Report 01 Business Overview 02 Highlights 04 Purpose 05 Strategy 06 Business Model
Purpose and Strategy
08 Responding to Uncertainty 18 Chief Executive’s Review 22 Key Performance Indicators 26 Our Marketplace 28 Portfolio Review 38 Financial Review 42 Principal Risks 47 TCFD Statement 56 Being Responsible: Sustainability Reporting Governance 86 Leadership and Purpose 90 Section 172 Statement 94 Division of Responsibilities 96 Composition, Succession and Evaluation 100 Audit, Risk and Internal Control 106 Remuneration Report 80 Chair’s Introduction 82 Board of Directors 84 Our Team 128 Independent Auditor’s Report 132 Consolidated Statement of Comprehensive Income 133 Consolidated Statement of Changes in Equity 134 Consolidated Balance Sheet 135 Consolidated Statement of Cash Flows 136 Notes to the Consolidated Financial Statements Additional Information 155 EPRA BPR and Supplementary Disclosures 159 Property Portfolio 160 Five Year Financial Summary 161 Glossary 164 Financial Calendar 165 Shareholder Information 123 Directors’ Report Financial Statements
Our purpose is to be a responsible owner of commercial real estate, helping our occupiers succeed and being valued by all our stakeholders.
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Responding to uncertainty: adapting and outperforming We have continued to increase rental income, outperforming the MSCI UK Quarterly Property Index for ten consecutive years.
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Chief Executive’s Review Against a challenging economic backdrop, we continue to explore opportunities to maximise the earnings potential from our portfolio. We have continued to make good progress against our strategic objectives and our key sustainability priorities.
Portfolio Review This year has seen significant asset management activity, increasing passing rent and estimated rental value (ERV).
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