Our business model

Our goal is to create long-term shareholder value by growing the income produced by our assets and the value of our properties. In everything we do we aim to shape the future for good.


Sources of capital

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Shareholder capital
We can raise additional capital by issuing more shares and can return capital to shareholders through dividends or buying-back shares.

Debt
This is the capital lent to the Company primarily through bank loans and corporate bonds. The majority of debt has to be repaid at a specific point in the future, and the Company pays interest/ coupons on the debt.

Gearing
This is the ratio of our debt to the current value of our investment and trading properties (recalculated every six months).

Capital reinvestment
Reinvesting capital from disposals and undistributed earnings back into the business in order to create further value.

Generating returns over time
Shareholders receive a return on capital through the movement in share price and the dividends they are paid over time.

Shareholder capital

Shareholder capital

Our shareholder's investment in the company.

Debt capital

Debt capital

Funds for investment accessed through bond debt, bank borrowings and other borrowings. We pay interest on these funds.


Activity

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Primary activity

Our aim is to create great space with enduring appeal to our customers and the wider community.

Buy
We create value by acquiring buildings or land that will generate returns above our cost of capital through the application of our expertise.

Develop
We create value by building successful spaces and vibrant places well matched to the changing needs of occupiers and communities.

Manage
We create value by improving buildings, keeping them occupied, running them efficiently and considerately, while ensuring they meet occupiers' needs.

Sell
We create value by holding or improving assets then selling when greater returns can be gained through investment elsewhere.

Supporting activity

Finance
We secure funds for acquisitions and development at key points in the cycle. We also use debt to enhance shareholder value.

Planning
We foster relationships with local authorities and communities so we can create successful, revenue-generating developments that benefit local communities.

Risk management
We anticipate and mitigate potential threats to value creation, with a focus on ensuring assets are well let through the cycle.

Technology
We acquire, develop and deploy technologies that help to maximise the performance of our buildings and our business.

Advisers, suppliers and contractors
We work with the best partners, gaining competitive advantage from their expertise.

Capital reinvestment

Aims

Financial aims

Growth in income

Growth in income

The total rent paid to us by our occupiers.

Growth in asset value

Growth in asset value

The increase in the value of our portfolio generated by our actions and market influences.

Non-financial aims

Customers

Customers

We aim to meet our customers' ever-evolving needs by providing the right space at the right time, in the right place at the right price.

Community

Community

We aim to help local areas thrive economically and socially, which in turn helps to make our assets more popular and successful.

Environment

Environment

We aim to improve the built environment while minimising our environmental impact.

Employees

Employees

We aim to attract, recruit and develop smart, skilled and commercially astute people who drive the Company forward.


Outcome

Financial aims

Dividend

Dividend

The quarterly payments we make to our shareholders.

Capital Return

Capital Return

The overall change in value of our portfolio.

Non-Financial aims


Measure & Influences

Financial aims

Total Business Return

Total Business Return

Dividend

The quarterly payments we make to our shareholders.

Change in net asset value

The overall change in value in our net assets.

The quarterly payments we make to our shareholders.

Capital Return

Market Sentiment

External responses to:
Economic conditions
Property market conditions
Our reputation
Our management team
Our portfolio of assets
Our levels of gearing.

Non-Financial aims


Goal

Total Shareholder Return

Total Shareholder Return

Dividend payments
The financial value of the payments we make to shareholders.

Share price growth
The increase in the financial value of our shares.

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