Welcome!

News Feed Item

Land Securities Group PLC ("Land Securities" / "the Group" / "the Company") First Quarter Interim Management Statement

LONDON, UNITED KINGDOM -- (Marketwired) -- 07/17/14 -- "Land Securities (LSE: LAND) (PINKSHEETS: LSGOF) has had a strong start to the year, continuing to execute its strategy at pace across the business.

"In Retail, the strategic shift of our portfolio towards dominance, experience and convenience continues with the disposal of The Bridges, Sunderland and the acquisition of Bluewater, Kent. We will continue to sell assets which don't meet our criteria as we focus on the best retail assets, including the development of new retail centres in key locations such as Oxford and Glasgow.

"In London, where we are delivering 1.6 million sq ft(1) of office and retail space into a supply constrained market, our leasing momentum continues with 385,000 sq ft of deals agreed. In the City, following our leasing success at 20 Fenchurch Street, EC3, our scheme at 1 & 2 New Ludgate, EC4 is now 61% pre-let nine months ahead of completion. In Victoria, our developments are transforming the area into a vibrant West End destination," said Chief Executive Robert Noel.

Key Highlights:

Portfolio reshaping accelerates

  • Disposal of The Bridges, Sunderland for £ 152m
  • Acquisition of 30% stake in Bluewater, Kent, full management rights for the centre and 110 acres of surrounding land for £ 696m

Momentum on developments

  • £ 15.4m(2) of development lettings in London signed since 1 April 2014 with a further £ 6.7m(2) in solicitors' hands, representing a total of 385,000 sq ft
  • 62 Buckingham Gate, SW1 65% let with a further 4% in solicitors' hands
  • 20 Fenchurch Street, EC3 87% let with a further 3% in solicitors' hands
  • 1 & 2 New Ludgate, EC4 61% pre-let
  • The Zig Zag Building, SW1 7% pre-let with a further 28% in solicitors' hands
  • Good progress at potential developments
  • John Lewis, Next, Primark and Curzon Cinemas have committed to space at Westgate, Oxford
  • M&S, Next and Showcase Cinema de Lux have committed to space at Buchanan Galleries in Glasgow, joining John Lewis
  • Picturehouse Cinemas has committed to space at Ealing Filmworks

Good occupancy

  • £ 4.2m of investment lettings signed since 1 April 2014, with a further £ 10.4m of lettings in solicitors' hands
  • Voids in the like-for-like portfolio 2.4% (31 March 2.2%) Retail Portfolio like-for-like voids 2.9% (31 March 2.6%)
  • London Portfolio like-for-like voids 1.7% (31 March 1.7%)
  • Units in administration 0.5% (Retail Portfolio 0.9%, London Portfolio 0%) up from 0.4% at 31 March
  • On a same store like-for-like basis, retailer sales were up 4.1% this quarter on the same quarter last year. On a total sales growth basis, retailer sales were up 4.0% over the same period

Strong balance sheet and growing dividend

  • Broadly net debt neutral approach continues
  • Adjusted net debt as at 30 June 2014 of £ 4,657.7m
  • Group LTV on a proportionate basis at 30 June 2014, based on 31 March 2014 asset values, 36.2% (35.3% proforma for sale of Sunderland) compared with 32.5% at 31 March 2014
  • Weighted average cost of debt 4.5%, average duration of 8.1 years
  • First interim dividend for the current financial year of 7.9 pence per share(3)

(1) 1.3 million sq ft if joint ventures are treated as 50%. Completed developments, including 20 Fenchurch Street, EC3, are excluded from this number
(2) Land Securities' proportionate share
(3) The first interim dividend will be paid on 10 October 2014 to shareholders on the register on 12 September 2014. The dividend will be paid entirely as a Property Income Distribution

A conference call for analysts is being held today at 08:30 BST
Conference call details:
Dial-in number: +44 (0) 1452 555566
Call title: Land Securities Q1 IMS conference call
Conference ID: 64735553

A replay facility will be available to listen to four hours after the completion of the call for a period of 7 days.

Encore Replay details:
UK dial-in number: 08717000145
International dial in number: +44 (0)1452550000
Access number: 64735553#

Forward-looking statements

This document may contain certain 'forward-looking statements'. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-looking statements.

Any forward-looking statements made by or on behalf of Land Securities speak only as of the date they are made and no representation or warranty is given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared. Land Securities does not undertake to update forward-looking statements to reflect any changes in Land Securities' expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. Information contained in this document relating to the Company or its share price, or the yield on its shares, should not be relied upon as an indicator of future performance.

For further information, please contact:

Press
Duncan Bonfield / Molly Neal
Land Securities
T +44 (0)20 7024 5463/5460

Investors
Ed Thacker
Land Securities
T +44 (0)20 7024 5185

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
While DevOps promises a better and tighter integration among an organization’s development and operation teams and transforms an application life cycle into a continual deployment, Chef and Azure together provides a speedy, cost-effective and highly scalable vehicle for realizing the business values of this transformation. In his session at @DevOpsSummit at 19th Cloud Expo, Yung Chou, a Technology Evangelist at Microsoft, will present a unique opportunity to witness how Chef and Azure work tog...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
I'm a lonely sensor. I spend all day telling the world how I'm feeling, but none of the other sensors seem to care. I want to be connected. I want to build relationships with other sensors to be more useful for my human. I want my human to understand that when my friends next door are too hot for a while, I'll soon be flaming. And when all my friends go outside without me, I may be left behind. Don't just log my data; use the relationship graph. In his session at @ThingsExpo, Ryan Boyd, Engi...
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
SYS-CON Events announced today that Numerex Corp, a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), will exhibit at the 19th International Cloud Expo | @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating...
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
WebRTC adoption has generated a wave of creative uses of communications and collaboration through websites, sales apps, customer care and business applications. As WebRTC has become more mainstream it has evolved to use cases beyond the original peer-to-peer case, which has led to a repeating requirement for interoperability with existing infrastructures. In his session at @ThingsExpo, Graham Holt, Executive Vice President of Daitan Group, will cover implementation examples that have enabled ea...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.