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British Land Co PLC (BLND) - Half Yearly Report - Part 1 RNS Number : 5104R British Land Co PLC 20 November 2012 THE BRITISH LAND COMPANY PLC HALF YEAR RESULTS Continued Outperformance Driven by Management Actions Good results in tough markets; continued outperformance vs IPD · Net rental income 1.1% ahead; UK like for like growth +1.2% · Underlying PBT^1 up 3.8% to £137 million; IFRS PBT of £109 million (HY 2011/12: £331 million) · Portfolio valuation in line with 31 March 2012 at £10.4 billion (UK +0.2%) · Continued outperformance vs IPD benchmarks: total returns +170 bps; capital returns +200 bps · EPRA NAV^1 ahead at 596 pence, +0.8% increase over 12 months; +0.2% over 6 months · IFRS Net Assets flat at £5.1 billion (HY 2011/12: £5.1 billion) · Quarterly dividend of 6.6 pence; bringing the half year to 13.2 pence (+1.5%) Good leasing activity in slow market reflects portfolio strength and asset management expertise · Outperforming the market on all key operational metrics · 953,000sqft of lettings and lease renewals/extensions at 4.5% above ERV; occupancy maintained at high levels (like-for-like UK 98.3%) · Rental value growth at +0.3% outperforming IPD benchmark by 40 bps · UK retail footfall +0.3% outperforming Experian benchmark by 300 bps Successfully crystallising value from office developments · 6.9% increase in value of committed office developments · 54,000 sq ft of pre-lets agreed since 1 April: 56% of office programme now pre-let · Further 34,400 sq ft of space under offer post half year end · £216 million of profit (24 pence per share) crystallised to date on the programme · £175 million of profit yet to come (19 pence per share) based on valuers' current estimates Disposals release capital to invest in future growth and replenish development pipeline · £351million of disposals (£235 million BL share) exchanged or completed; 3.1% ahead of March 2012 valuation · £316 million of acquisitions (£274 million BL share) exchanged or completed since 1 April 2012: focused on replenishing development pipeline · Acquisitions include: Clarges Estate (£130million), a 191,000sqft office/residential development opportunity in Mayfair and a retail development in Hereford (£90 million forward funding) Continued access to diverse range of low cost financing · Achieved £917million (BL share £703 million) of new financings since the beginning of the financial year; successful convertible bond issue: £400 million raised with a coupon of 1.5% · Proportionally consolidated loan to value (LTV) at 46.0% (March 2012 45.3%) Chris Grigg, Chief Executive said: "Today we're reporting a good set of numbers in what continues to be a tough market. Our income, profits and NAV are up on the same period last year and we have continued to outperform the UK property market on all key metrics - rental growth, capital returns and total returns. Our results underline the strength and resilience of British Land's business. The decisions we have taken in recent years are ensuring we are not only delivering good results today but are also building growth into our portfolio for the future." Income statement metrics H1 2012/13 H1 2011/12 Change Underlying profit before tax^1 £137m £132m +3.8% IFRS profit before tax £109m £331m Diluted Underlying EPS 15.2p 14.6p +4.1% Diluted EPS 12.5p 37.2p Dividend per share 13.2p 13.0p Balance sheet metrics H1 2012/13 YE 2011/12 Change Portfolio at valuation £10,388m £10,337m 0.0%^2 EPRA Net Asset Value^1 per share 596p 595p +0.2% IFRS net assets £5,077m £5,104m Loan to value ratio 46.0% 45.3% ^1 See Note 2 to the condensed set of financial statements ^2 Valuation movement during the period (after taking account of capital expenditure) of properties held at the balance sheet date, purchases and sales Investor Presentation A presentation of the results will take place 9:30 am today, 20 November 2012, and will be broadcast live via webcast (www.britishland.com) and conference call. The details for the conference call are as follows: UK Toll Free Number: 0800 279 4841 UK Number: +44 207 7136 2055 Passcode: 6438141 A dial in replay will be available later in the day and the details are: Replay number: +44 207 7111 1244 Passcode: 6438141 For Information Contact Investor Relations Sally Jones, British Land 020 7467 2942 Media Pip Wood, British Land 020 7467 2838 Gordon Simpson, Finsbury Group 020 7251 3801 Guy Lamming, Finsbury Group Forward-Looking Statements This document contains certain "forward-looking" statements reflecting, among other things, current views on our markets, activities and prospects. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that may or may not occur and which may be beyond British Land's ability to control or predict (such as changing political, economic or market 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 British Land 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. Except to the extent required by law, British Land does not undertake to update or revise forward-looking statements to reflect any changes in British Land's expectations with regard thereto or any changes in information, events, conditions or circumstances on which any such statement is based. Notes to Editors: About British Land British Land is one of Europe's largest Real Estate Investment Trusts (REITs) with total assets, owned or managed, of £16.3 billion (British Land share £10.4 billion), as valued at 30 September 2012. Through our property and finance expertise we attract experienced partners to create properties and environments which are home to over 1,000 different organisations and visited by over 300 million people each year. Our property portfolio is focused on prime retail locations and Central London offices which attract high quality occupiers committed to long leases. Our occupancy rate of 97.3% and average lease length to first break of 11.1 years are among the highest of the major UK REITs. Retail assets account for 60% of our portfolio with around 28million sq ft of retail space across 82retail parks, 92superstores, 13shopping centres and 9department stores. The retail portfolio is modern, flexible and adaptable to a wide range of formats and our active asset management delivers space which is attractive and meets the needs of both retailers and consumers. 80% of our retail parks have open A1 consent. London offices, located in the City and West End, comprise 35% of the portfolio (which will rise to an estimated 40% on completion of current developments). Our 7 million sq ft of high quality offices includes Broadgate, the premier City office campus (50% share) and Regent's Place in the West End. Over the last 2 years, we have committed £1.2billion to create Central London's largest committed office development programme which will deliver 2.3millionsqft of high quality space by 2014, including a 700,000sqft building at 5Broadgate, the 610,000sqft Leadenhall Building in London's insurance district and a 500,000sqft mixed office and residential scheme at Regent's Place in the West End. Managing our environmental, economic and social impacts is central to the way we do business and deliver value for our shareholders. We assess the issues that matter most to us and our stakeholders on an on-going basis and, where appropriate, adjust our strategic focus to reflect this. We focus on managing our buildings efficiently, supporting communities, developing sustainable buildings and engaging our staff. For each of these priorities we are targeting our efforts and resources at initiatives where we can achieve the biggest impacts. Further details can be found on the British Land website at www.britishland.com CHIEF EXECUTIVE'S REVIEW We are reporting another good set of numbers in a tough economic environment: income, profit and NAV were ahead and we significantly outperformed the market on all key measures including total and capital returns which were 170 bps and 200 bps ahead of the IPD benchmark respectively. In a market where leasing activity has been generally slow and valuations have continued to weaken, our results underline the strength and resilience of our business and the actions we have taken in recent years to drive performance. The results show the benefits of our scale; our focus on high quality retail in the UK and Central London offices; our focus on strengthening and growing rental income through asset management and acquisitions; our early investment in a significant development programme in Central London; our ongoing access to low cost funding; and our ability to secure attractive new investment opportunities. The valuation of the group's portfolio at £10.4 billion, was flat over the half, with a 0.2% increase in our UK portfolio offset by Europe where values were lower. Our decision to invest in a major development programme has been a significant contributor to our performance and we continued to crystallise profits from our committed office developments (value +6.9%). To date, this programme has generated £216 million of profit (24 pence per share) with a further £175 million (19 pence per share) to come, based on valuers' current estimates. Asset management is a core strength of British Land which, combined with the quality of our properties, means we continued to let space ahead of estimated rental value and kept our portfolio almost fully occupied. All of the operating metrics within our investment portfolio remain strong - and we continued to outperform the overall UK market: on rental values (ERV +0.3%); occupancy (like-for-like 98.3%); lease length (11.1 years); rents expiring over the next three years (9.1%) and in retail, footfall (+0.3%, 300 bps ahead of the Experian benchmark). Leasing activity in the half added £5.9 million of new rent on a net effective basis with lettings, lease extensions and lease renewals signed at 4.5% ahead of ERV. We were particularly pleased to sign a new long-term joint venture agreement at Meadowhall, our large super-regional shopping centre, with Norges Bank Investment Management ("Norges"), one of the largest sovereign wealth funds in the world. Meadowhall has performed strongly in recent years, benefiting from a targeted programme to attract a broader range of shoppers to the centre, extend its catchment area and increase dwell time. We look forward to working with Norges to continue to grow and develop Meadowhall. Investor demand for secure, income generating assets remains strong and we sold a number of our more mature assets. We completed or exchanged £351 million (BL share £235 million) of disposals in the half at a 3.1% premium to valuation. We reinvested the capital in acquisitions (£316 million gross, £274m BL share, exchanged or completed since 1 April), the majority of which have significant current or future development potential, further increasing our prospective pipeline. These included: the Clarges Estate, a prime mixed office and residential development site in the heart of Mayfair; Eden Walk, a shopping centre in an affluent and underserved market in south west London; and a £90 million forward funding of a retail development in Hereford. Our ability to continue to access low cost flexible finance from a diverse range of sources is a key competitive advantage. Since the beginning of the financial year, we have arranged £917 million of new financings (BL share £703 million) bringing the total new finance raised over the last eighteen months to £2.5 billion, equivalent to nearly one third of the total debt book we manage. New financings in the half included a £400 million convertible bond with a five year term and highly attractive coupon of 1.5% where we benefited from being the first European real estate company to access this market after the summer. Board Change In October, it was announced that Steve Smith, currently Chief Investment Officer and an executive Board director, would be standing down from the Board at the end of the financial year (31 March 2013) and leaving the company in June. Today, we are announcing that the Chairman, Chris Gibson-Smith will be stepping down from the Board on 31 December 2012 on conclusion of his second three-year term as Chairman. He will be succeeded with effect on 1 January 2013, by John Gildersleeve, who joined British Land as a Non-executive Director in 2008 and is currently Senior Independent Director. Outlook British Land continues to be well placed. We are executing successfully against a clear strategy and as a result continue to deliver good results in tough markets as well as buildgrowth into the business for the future. We expect market trends to continue to favour our business mix: we believe London will remain highly attractive to occupiers and investors; polarisation will continue, particularly in Retail; and with debt funding in short supply, development returns will remain attractive. We still have significant profits to come from our committed development programme and are successfully redeploying capital into replenishing our pipeline. So although we remain cautious about the overall economic environment and expect property values in the UK to be variable in the near term, British Land remains not only defensive in today's more challenging environment but also increasingly well positioned to deliver in the future as the economy improves. Chris Grigg Chief Executive BUSINESS REVIEW PORTFOLIO PERFORMANCE The performance of the portfolio has been resilient in a tough economic environment, with our overall valuation unchanged over the half year and total and capital returns both significantly ahead of IPD at 170 bps and 200 bps respectively. We continued to benefit from our focus on prime UK retail and Central London offices alongside our successful development programme. Total Property Return (as calculated by IPD excluding Europe) 6 mths to 30 September Retail Offices Total 2012 % British Land IPD British Land IPD British IPD Land Income Return 2.8 2.9 1.9 2.6 2.5 2.8 Capital Return (1.0) (2.3) 2.3 (1.0) 0.3 (1.7) - ERV Growth 0.0 (0.3) 1.0 0.5 0.3 (0.1) - Yield Movement Out^1 6 bps 14 bps 1 bps 24 bps 4 bps 20 bps Total Property Return 1.8 0.5 4.3 1.6 2.8 1.1 ^1 net equivalent yield movement ERVs across the UK portfolio were 0.3% ahead, compared with a decline of 0.1% for the property market as a whole. We saw modest outward yield shift of 4 bps overall which was significantly less than the market where yields increased by 20 bps. In terms of our sectors, UK Retail values were 1% lower with asset management and the fixed uplifts in the portfolio, especially superstores, only partially offsetting outward yield shift. A 2.2% valuation increase in Offices was driven by development. The Offices investment portfolio was 1% ahead, benefiting from lease extensions and new lettings, particularly at Broadgate. Portfolio Valuation, Yield and ERV Movement Portfolio^1 Change² Net Net ERV At 30 September 2012 equivalent equivalent Growth^4 yield % yield £m % movement^3 Retail^5: Retail parks 2,651 (2.3) 5.9 12 0.0 Superstores 1,310 0.5 5.1 0 0.3 Shopping centres 1,556 (0.3) 5.8 (2) (0.3) Department stores 430 (0.6) 6.6 8 0.8 UK Retail 5,947 (1.0) 5.7 6 0.0 Europe Retail 247 (9.3) 8.0 48 All Retail 6,194 (1.4) 5.8 7 Offices^5: City 2,145 1.5 5.7 1 1.0 West End 1,527 3.2 5.6 2 1.2 Provincial 88 1.3 6.5 (2) 0.0 All Offices 3,760 2.2 5.7 1 1.0 Other^5 434 1.2 8.5 2 0.1 UK Total 10,141 0.2 5.8 4 0.3 Total 10,388 0.0 5.9 5 ^1 Including group's share of properties in joint ventures and funds ^2 valuation movement during the period (after taking account of capital expenditure) of properties held at the balance sheet date, including developments (classified by end use), purchases and sales ³ a positive movement in yields represents an increase in yields, a negative movement represents a reduction in yields ^4 like for like (as calculated by IPD), excluding Europe ^5 includes developments INVESTMENT ACTIVITY Investment activity increased in the half, reflecting both on-going investment in the group's committed development programme and a more active period for acquisitions and disposals. Institutional demand for high quality property remains strong both from international and domestic institutions. We are taking advantage of this demand by selectively disposing of more mature assets to reinvest the capital in higher returning opportunities. The gross value of investment activity during the half, as measured by acquisitions, disposals and capital investment in developments was £695 million. When the post period end acquisition of Hereford is included this increases to £785 million. Capital spend on developments was £118 million. Developments At 30 September, the balance sheet value of our total committed development pipeline was £792million with an increase of 6.9% over the half driven by the committed office programme. Based on our valuers' assumptions, the committed office development programme is expected to deliver a further £175 million (19 pence per share) of development profit. Committed Developments Sq ft Current Cost to Notional ERV Pre-let Pre-sold Value complete interest '000 £m £m^1 £m^1,2 £m £m £m Retail^3 673 19 98 10 8.2 4.8 - Offices - inc mixed 2,122 724 370 55 75.2 36.3 87 use residential ^4 Residential - 62 49 22 4 - - 10 standalone Total Committed 2,857 792 490 69 83.4 41.1 97 Data includes Group's share of properties in Joint Ventures & Funds (except area which is shown at 100%) ¹ from 1 October 2012 to practical completion (PC) ² including notional cost of finance of 6% ³ including Hereford acquired post half end, see supplementary table for details ^4 including 136,000 sq ft of residential (estimated end value of £128 million) Acquisitions and Disposals During the half we completed or exchanged sales of £351 million of assets (BL share £235 million) at a 3.1% premium to the March 2012 valuation. Most of these were retail properties which were sold to a range of institutional investors. The largest disposal was the Beehive Centre, a wholly owned BL retail park in Cambridge, for £109 million. At a blended yield of 5.25%, and 3.8% above valuation this provides good support for prime retail park yields. We also sold seven of our smaller food superstores for a gross value of £118 million (BL share £62 million), on a NIY range of 4.95% to 5.7%. Since 1 April 2012, we exchanged or completed acquisitions for £316 million (BL share £274 million), all of which are current or potential development opportunities which are generating only modest current rental income. The largest of these was the Clarges Estate, a significant mixed office and residential development site in Mayfair, Central London. Acquisition included the £90 million forward funding agreement to enable the development of a 310,000 sq ft scheme in Hereford city centre which we signed in October. Acquisitions and Disposals - Completed/Exchanged since 1 April 2012* Disposals Price BL Share BL Share Annual (gross) £m £m Passing Rent £m Beehive Centre, Cambridge^1 109 109 5 Seven food superstores^3 118 62 4 Hercules Income Fund^4 73 19 1 Residential^2 22 22 - The Electric Press, Leeds 13 13 1 Other 16 10 1 Total 351 235 12 Acquisitions Clarges Estate^1 130 130 - Eden Walk Shopping Centre, Kingston 83 41 2 Harmsworth Quays, Canada Water^5 13 13 - Hereford^6 90 90 - Total 316 274 2 * Acquisitions and disposals not previously reported ^1 Exchanged in the period, completed post half end. ^2 Residential sales included £17 million of pre-sold development units which will complete once the developments reach practical completion. ^3 Seven food superstores sold - two Sainsbury's and one Waitrose were sold by our Sainsbury's JV; one Tesco was sold by our Tesco JV and the remaining three stores (two Co-ops and an Aldi) were wholly owned BL group properties. ^4 Hercules Income Fund was a closed-ended Jersey domiciled Property Unit Trust. On sale it had a portfolio of seven Retail Parks across the UK. ^5 Conditionally exchanged in the period. ^6 Hereford exchanged post period end. RETAIL REVIEW · Focus on quality retail and asset management continues to drive significant outperformance in a tough market - total returns outperforming IPD All Retail by 130 bps · UK Retail portfolio valuation down 1% at £5.9 billion; capital returns outperformed IPD by 130 bps · 403,000 sq ft of lettings and lease renewals on average 3.1% ahead of ERV · Tenants in administration 0.6% of total group rent at 30 September · Footfall at +0.3% continues to significantly outperform UK market benchmark - by 300 bps · UK occupancy stable at 98.3% · £329 million (BL share £213 million) of retail assets sold at 2% ahead of March valuation · Acquisitions increase future growth potential including Eden Walk and Hereford · Long-term joint venture signed with Norges Bank Investment Management at Meadowhall Performance Our retail business had a busy and productive half year delivering total returns significantly ahead at an All Retail market level (by 130 bps) as well as at the individual retail individual subsector level. This outperformance clearly demonstrates the combined benefits of our scale, our range of high quality retail assets and the market leading customer service we offer occupiers. This outperformance is not just short-term: our retail portfolio has generated strong relative total returns over each of the last three years. The value of our UK retail portfolio was 1.0% lower at £5.9 billion with the benefits of asset management initiatives and another positive performance from superstores partially offsetting outward yield shift across the rest of the retail portfolio. Our retail capital returns outperformed the All UK Retail benchmark by 130 bps. Yield shift across the UK portfolio at 6 bps was significantly less than the market at 14 bps. Our occupational metrics in the UK remain strong. ERVs were maintained across the portfolio outperforming on both a sector level (by 40 bps) and a subsector basis; occupancy remained high at 98.3%, in line with 31 March 2012; and footfall at 0.3% ahead, outperforming the market by 300bps with retail parks showing the strongest relative performance at 430 bps. Leases in administration were 0.6% of total rent at the half year end, including the impact of JJB, of which a significant proportion have now been re-let or reassigned. UK like for like net rental income growth was strong at 1.9% with all subsectors positive. In Europe, which accounts for 2% of our portfolio, the value of our portfolio fell by 9.3% to £247 million. This was principally driven by falls in the value of the assets in PREF, the European fund in which we have a 65.3% share, which were impacted by both outward yield shift and rental concessions. Asset Management Although the market remains tough and overall deals are taking longer to conclude, we continue to benefit from the changes taking place in the market as retailers respond to the significant changes in consumers' shopping behaviour. Retailers are aggressively managing their portfolios to ensure they are in the best quality spaces to satisfy consumers' demands for experiential, convenient and functional shopping. Our portfolio is well matched to these changing requirements. Because our estate remains nearly fully occupied and in demand, we continue to agree lettings ahead of ERV. Lettings have now been ahead of ERV for each period since 30 September 2010, over which period, our ERVs have grown by 2.1% (IPD: -0.7%). Our pipeline remains encouraging with just under 380,000 sq ft of space under offer, overall ahead of ERV. We agreed 403,000 sq ft of lettings and renewals in the half, on average 3.1% ahead of ERV and ahead of ERV for each subsector. Over 70% of the lettings were above or in line with ERV. Our letting activity was focused on improving and evolving the retail environment on our schemes by leveraging our relationships with existing retailers; improving the retail offer with new trading formats; and increasing the proportion of food and leisure. At Fort Kinnaird in Edinburgh, we signed 70,000 sq ft of leasing initiatives which included the expansion and refitting of Next's existing store. Smyth's Toys and Mamas and Papas also recently opened new units. Further to this, subject to planning, we are extending the park to include a cinema, 6 restaurants and a 60,000 sq ft department store (including a 30,000 sq ft mezzanine) which has been pre-let to Debenhams. At Meadowhall, we continued our successful strategy to broaden the centre's overall appeal by widening its catchment area, attracting more affluent consumers and by extending the time people spend there. 41,000 sq ft of lettings since the beginning of the year include Armani Exchange, Tessuti, Lego and Crocs with Carluccio's also opening in the new refurbished food court. These lettings further improved the overall quality of the retail and food offer and maintaining high occupancy levels. Footfall grew by 2.8%. Development We have 673,000 sq ft of committed retail development underway in the UK which will take advantage of the lack of new high quality retail space. These include the major redevelopment of Whiteley Shopping Centre, a 317,000 sq ft next generation scheme between Southampton and Portsmouth which is scheduled to open in May 2013. Works are progressing well and the scheme is nearly 80% pre-let to the likes of M&S, Next, H&M, River Island, Boots and JD Sports. At Glasgow Fort, our fully pre-let 45,000 sq ft cinema and restaurant extension which will improve the scheme's leisure offer, is scheduled to open in September 2013. Our committed pipeline also includes the forward funding of a 310,000 sq ft retail and leisure development in Hereford which we will own on completion. We are progressing with planning on a further 713,000 sq ft of prospective development initiatives in the UK. This includes: cinema additions at Broughton Park Chester and Fort Kinnaird Edinburgh; and an extension to our existing shopping centre at Surrey Quays. We have also recently received planning permission for a major external refurbishment of Debenhams' flagship store in Oxford Street. In Europe, the new 1.4 million sq ft Puerto Venecia shopping centre in Zaragoza successfully opened on schedule in early October. On opening, the shopping centre was 90% pre-let/under offer to an extensive range of international and national brands including all of the Inditex Group's brands, Desigual, H&M and Mango along with key anchors El Corte Inglés and Primark. The centre has traded well since opening with footfall of over 2 million in the first 4 weeks. Investment Activity We agreed or exchanged £329 million of retail properties including seven superstores and the Beehive retail park in Cambridge. Details of the sales are provided in the Business Review. In July, we entered into a 50:50 joint venture at Eden Walk Shopping Centre in Kingston-upon-Thames with the existing owner Universities Superannuation Scheme (USS). The purchase price of £41.5 million, represents a net initial yield of 5.35%. Eden Walk is a 276,000sqft open shopping centre in the centre of Kingston, anchored by Marks & Spencer, Sainsbury's, Boots and BHS. Kingston, which is in the south west of London, has one of the strongest consumer catchment areas in the UK with a high proportion of young affluent residents. We are responsible for asset management of the centre and are also acting as development manager to assess and progress what we believe is a significant medium-term development opportunity. In October, we signed a joint venture agreement at Meadowhall with Norges Bank Investment Management, following their purchase of a 50% stake from our previous partner, London and Stamford. Under the agreement, we will continue to manage the asset. After the half year end, we signed a £90 million forward funding agreement to enable the development of a 310,000 sq ft scheme in Hereford city centre which we will own on completion. The open air scheme, on the site of Hereford's former cattle market, will comprise 22 retail units, seven restaurants and a six-screen cinema. More than 50% of the space has already been pre-let. Debenhams will anchor the scheme with an 84,000 sq ft department store with Waitrose, Next, TK Maxx, Frankie & Benny's and the Odeon all committing to the scheme. Work is expected to start on site later this year with completion in spring 2014. OFFICES REVIEW Highlights · Our focus on Central London drives continued outperformance - total returns outperformed IPD All Offices by 270 bps · Offices portfolio valuation +2.2% to £3.8bn; investment portfolio +1.0% · 547,000 sq ft of leasing activity; lettings and extensions on average 7.5% ahead of ERV · Over 300,000 sq ft of lease extensions at Broadgate to an average lease term of 9 years · Like-for-like occupancy up 30 bps to 98.3%; occupancy including 199 Bishopsgate following practical completion at 96.6% · Ahead of investment case on developments: further £50 million of profit crystallised; £175 million of profit still to come on current valuers' estimates · Developments 56% pre-let/under offer; 97% contracts placed; projects on time and budget · Greater focus on West End (44% of Central London portfolio), reflecting Clarges purchase and development progress Performance Our Offices business had another good period due not only to our focus on the right locations in London but also to the quality of our customer services and the success of our development programme. We outperformed the broader All Offices IPD benchmark and the individual City and West End subsectors on both total and capital returns. The value of our Offices portfolio rose by 2.2% to £3.8 billion: capital returns were 2.3% outperforming the All Office benchmark by 330 bps. Of the £80 million uplift, around 30% was contributed by asset management initiatives (mainly lettings and lease extensions at Broadgate) and the expiry of rent frees in the investment portfolio with development contributing the remainder. We have now crystallised £216 million of profit (24 pence per share) from the current development programme, already generating a 10.7% profit on cost, ahead of our original investment case, with another £175 million still expected to be realised based on our valuers' current estimates. Our operational metrics remain robust: our ERV growth continued to be positive (at +1.0%); we signed lettings and lease extensions comfortably ahead of ERV (+7.5%); and on a like-for-like basis, occupancy rose by 30 bps to 98.3%. Including our 199 Bishopsgate development, which only achieved practical completion in September, our occupancy was 96.6%. Rents subject to break or expiry over the next three years have significantly reduced from 21.2% at September 2009 to 6.4%. Like for like net rental income fell 0.4% as lease extensions impacted near term rental income, through short-term rent incentives. Asset management The quality of our buildings and our customer service means occupiers are not only choosing to come to our buildings but are also signing significant extensions to stay in our properties. Our asset management activity builds on our successful track record of attracting and retaining occupiers in recent years. Since the beginning of the year, we have signed leasing initiatives on 547,000 sq ft of space with lettings and lease extensions (including pre-lets) signed on average at 7.5% ahead of ERV. Our activity primarily focused on lease extensions which accounted for 412,000 sq ft of total leasing. We also let 99,000 sq ft reflecting the high occupancy levels in our investment portfolio at 8.7% above ERV. A significant proportion of our leasing activity was at Broadgate, where we agreed long term extensions with Herbert Smith (315,000 sq ft) and F&C (54,000 sq ft) at Exchange House and 10 Exchange Square. At Broadgate Tower, we agreed 50,000 sq ft of lettings with Itochu, Banco Itau and Hill Dickinson at rents accretive to ERV increasing occupancy to 93.2%. All of this leasing activity has increased the average weighted lease length at Broadgate to 8.1 years, excluding pre-lets. In addition, after the end of the half year, we signed a minimum 2 year extension with ICAP (174,000 sq ft) at 1-2 Broadgate which secures their lease until at least 2019. Development We are generating significant incremental returns from our development programme in Central London and we remain well ahead of our investment case. The value of our committed office developments rose by 6.9% to £724 million. The uplift in the first half was driven by a combination of profit release on buildings in the West End due for practical completion next year; the pre-letting of additional space at NEQ; increases in estimated rental values and the release of certain contingencies following the successful placing of building contracts. In the West End, we are on schedule to complete our developments at Regent's Place (10, 20 and 30 Brock Street), 10 Portman Square and Marble Arch House during 2013. We are encouraged by the levels of interest we have seen from potential occupiers ahead of practical completion which is less common in the West End than the City. At 10 Brock Street, where we are progressing well with cladding and Cat. A fit out, we let a further 29,500sqft of office space to Debenhams, taking their total pre-let to 174,000sqft, around half the building. Post the end of the half year, we completed a 24,500 sq ft pre-let to Aspect Capital at 10 Portman Square at a headline rent of over £90 psf taking our development programme to 56% pre-let. We have a further 34,400 sq ft under offer after the year end including 24,400 sq ft at 10 Portman Square. In total, all the pre-lettings agreed and under offer at 10 Portman Square are 7% ahead of September ERVs. In the City, where we are already nearly 70% pre-let, we have reached practical completion at 199 Bishopsgate and are making good progress on our two remaining developments. At The Leadenhall Building, building works have now reached the 29^th floor and at 5 Broadgate, which is fully let to UBS, work has commenced on the first core which is up to level 3. We have a strong track record in residential development in Central London: since December 2009, we have committed £250 million to 230,000 sq ft of residential developments both within our West End office developments and on a standalone basis. During the half, we sold 18 residential units for a total of £17 million. Prices achieved were well ahead of investment case bringing our total proceeds from our residential developments since December 2009 to £126million. We currently have a further £8.3 million of units under offer. We also have further potential residential development opportunities at Aldgate Place, a development site conditionally acquired in a joint venture with Barratt's last year. Investment Activity We believe that selective development in Central London will generate good returns over the medium term given the continuing attractions of the capital to occupiers and investors and the on-going relative short supply of high quality space. We are investing in replenishing our office and residential pipeline and continue our strategy of a moving the weighting of our portfolio from the City toward the West End. In July, we agreed to purchase the Clarges Estate for £130 million, a development site of nearly one acre in the heart of Mayfair, Central London with an existing planning consent for a 191,000 sq ft mixed office and residential scheme. The transaction was completed after the year end and we are well advanced on developing a revised scheme and expect to submit a further planning application in the New Year. FINANCIAL REVIEW Highlights · Underlying PBT up 3.8% to £137 million, IFRS PBT of £109 million (HY 2011/12: £331 million) · Underlying diluted EPS up 4.1% to 15.2p driven by acquisitions · EPRA Net Asset Value per share at 596 pence, 0.2% ahead of 31 March 2012 (595 pence) · Total accounting return of 5.3% for the 12 months to 30 September 2012 · Dividend increased to 6.6 pence per share for Q2; half year dividend of 13.2 pence · £917 million of financing signed, improving liquidity, reducing the cost of debt and diversifying the debt investor base Income Statement The group financial statements are prepared under IFRS. The income statement includes valuation movements on investment properties and the after tax results of joint ventures and funds are shown as a single line. The balance sheet includes the net investment in joint ventures and funds as a single line. Management reviews the performance of the business principally on a proportionally consolidated basis (i.e. on a line-by-line basis) and comments on movements in the income statement provided in the financial review below are made on this basis. Income statements and balance sheets which show British Land's interests on this basis are also included in Table A within the supplementary disclosures. 6 months to 30 2012 2011 September Group JVs & Prop Group JVs & Prop Funds Consol Funds Consol £m £m £m £m £m £m Gross rental income 149 135 284 146 137 283 Property outgoings (7) (5) (12) (7) (7) (14) Net rental income 142 130 272 139 130 269 Net financing costs (39) (65) (104) (34) (73) (107) Net rental income less 103 65 168 105 57 162 finance Fees & other income 8 - 8 8 - 8 JVs & Funds underlying 63 54 profit Administrative expenses (37) (2) (39) (35) (3) (38) JVs & Funds underlying 63 54 profit Underlying profit 137 137 132 132 before tax IFRS profit before 109 109 331 331 taxation Underlying diluted EPS 15.2p 15.2p 14.6p 14.6p Dividend per share 13.2p 13.2p 13.0p 13.0p Net rental income, including our share of joint ventures and funds, increased 1.1% to £272 million for the 6 months ending 30 September 2012. The impact of acquisitions added £7 million, including the Virgin Active portfolio. This more than offset the impact of disposals and assets transferred to the development program (£5 million). On a like-for-like basis, UK net rental income was 1.2% higher than a year ago. In UK retail, like-for-like net rental income increased 1.9%, with improvements across all subsectors. This has been offset by a 0.4% downward movement in the office portfolio. West End offices have been impacted by lease extensions and space taken back, which we plan to re-let once refurbished, partially offset with City offices delivering a 1.4% increase, driven by new lettings. UK occupancy remains strong at 98.3% on a like for like basis and 97.7% including 199 Bishopsgate which achieved practical completion in September. Our average lease length is 11.1 years. A quarter of rents are subject to annual RPI or fixed uplifts. Leases in administration account for only 0.6% of our rent profile as at 30 September 2012. Administrative costs have increased by £1m as a result of the Group's investment in our asset management and analytical functions and inflation, partially offset by our continued focus on cost containment. The Group measures its operating efficiency as the proportion of gross rental income represented by its net operating costs (representing property outgoings and administrative expenses, net of fees and other income). The ratio for the half year was 15.1% (half year 2011: 15.5%) and this remains efficient and competitive. In the near term we expect this to increase as the cost of our current developments reaching practical completion increases property outgoings. Net financing costs have decreased in the half year due principally to the impact of disposals and increased interest capitalised on developments offset by the interest impact of financing acquisitions. In the current half year, £7 million of financing costs have been capitalised into development projects. Capitalisation of financing costs is expected to increase as we move into the peak phase of these developments over the next 18 months. Interest capitalisation will cease on practical completion of these developments. The key drivers discussed above have increased underlying profit before tax by £5 million, or 3.8%, to £137 million for the 6 months ended 30 September 2012. Underlying diluted earnings per share for the 6 months ended 30 September 2012 increased 4.1% to 15.2 pence (half year 2011: 14.6 pence) based on underlying profit after tax of £136 million (half year 2011: £130 million) and weighted average diluted number of shares of 894 million (half year 2011: 893 million). Rental Growth Potential The Group has significant rental growth potential in its property portfolio. The table below shows how current rents will grow following expiry of rent free periods, contracted rental uplifts and development lettings. Annualised Gross Rent Cash flow basis Accounting basis £m^1 £m Current (passing) rent 528^2 Expiry of rent free periods^3 51 561^2 Fixed and minimum uplifts^3,4 15 RPI uplifts^3,5 8 8 Developments - pre-let^2 41 35 Developments - to let^2 42 36 Rent review uplifts^3 6 6 Uplift from reletting of expiries and 23 18 vacancies^3 Total 714 664 Of which contracted 635 596 ^1 gross rents on a cash basis plus, where rent reviews are outstanding, any increases to ERV (as determined by the Group's external valuers), less any ground rents payable under head leases ^2 adjusting for acquisitions, disposals and pre-lets made post period end. ^3 over the next 5 years ^4 All contracted fixed and minimum uplifts (EPRA and non-EPRA) ^5 Illustrative impact based on growth in RPI of 2.5%pa BALANCE SHEET As at 30 September 2012 As at 31 March 2012 Group JVs & Prop Group JVs & Prop Funds Consol Funds Consol £m £m £m £m £m £m Properties at 5,466 4,922 10,388 5,414 4,923 10,337 valuation Investment in JVs & 2,442 2,309 Funds Other non-current 48 (2) 46 28 (11) 17 assets 7,956 4,920 10,434 7,751 4,912 10,354 Other net current (91) (74) (165) (132) (110) (242) liabilities Net debt (2,460) (2,328) (4,788) (2,229) (2,461) (4,690) Other non-current (13) (76) (89) (9) (32) (41) liabilities JVs & Funds' net 2,442 2,309 assets EPRA net assets^1 5,392 5,392 5,381 5,381 EPRA adjustments^1 (315) (277) IFRS net assets 5,077 5,104 EPRA NAV per share 596p 595p ^1 EPRA net assets exclude the mark to market on effective cash flow hedges and related debt adjustments and deferred taxation on revaluations. It also includes trading properties at fair value and is diluted for the impact of share options At 30 September 2012, EPRA Net Asset Value per share was 596 pence, an increase of 0.2% on the 31 March 2012 comparative. Property revaluation movements are flat for the half year, outperforming the market with capital returns 200 bps ahead of IPD, demonstrating the resilience of our portfolio in a tough investment market. Our total accounting return for the 6 months ended 30 September 2012 is 2.4% (5.3% for the 12 months to 30 September 2012). Net Debt and Financing Net debt (EPRA) basis at 30 September 2012 was £2.5 billion for the Group and £4.8 billion including our share of joint ventures and funds. The principal value of gross debt excluding cash, short term deposits and liquid investments was £2.7 billion for the Group and £5.1 billion on a proportionally consolidated basis. The strength of the Group's balance sheet has been reflected in British Land's senior unsecured credit rating which remains rated by Fitch at A-. The proportionally consolidated LTV increased marginally to 46.0% at 30 September 2012 (31 March 2012: 45.3%), due to expenditure on developments. With prospective development spend of £490 million on our committed development programme, principally in the next 18 months, our LTV is expected to increase further. However, asset recycling is likely and the proceeds may partially offset the development spend . Financing statistics Group Prop Consol EPRA Net debt £2,460m £4,788m Principal value of gross debt £2,672m £5,122m Weighted average debt maturity 8.9 years 9.4 years Weighted average interest rate of drawn debt 4.0% 4.4% % of debt at fixed/capped rates 89% 95% Interest cover^1 2.9 times 2.3 times Loan to value^2 31.5% 46.0% ^1 Underlying profit before interest and tax / net interest ^2 debt to property and investments At 30 September 2012 the Group had £2.3 billion of available committed banking facilities. We now have £1 billion of facilities with maturities of more than 3 years. The Group also has £207 million of liquid investments and cash and short-term deposits. Cash and short-term deposits are temporarily high at each quarter end due to rents received just before each quarter end and interest and scheduled debt amortisation being paid just after. We continued to achieve attractive financings, raising £917 million (BL share £703 million) of bonds and facilities since the start of this financial year on competitive terms and which improve liquidity. The number of new institutions involved further diversifies the debt investor base and brings total new financings arranged over the last 18 months to £2.5 billion (BL share £2.0 billion). In May 2012, HUT signed a new £350 million five year loan facility. A £250 million term loan was used to fully repay the existing credit facility. The interest rate on the term loan has been swapped to a fixed rate, resulting in an all-in rate including margin and arrangement fees below the fixed interest rate under the previous financing. A further £100 million revolving loan facility will provide flexibility for HUT in respect of acquisitions, capital projects, disposals and general business purposes. In September 2012, the Group issued a £400 million 5 year convertible bond on highly attractive terms benefiting from strong investor demand. The coupon is 1.5% and if converted, British Land has the option to settle in shares or cash or a combination of shares and cash. The conversion price was set at 693 pence, a 31.25% premium to the share price at the time and will be adjusted down to reflect any incremental dividends paid over the current level of 26.4 pence per share. The convertible has further improved our diversity of sources of finance with only 15% of our debt currently drawn comprising unsecured revolving bank facilities. Since the beginning of the year, we also completed over £140 million of new bi-lateral committed revolving loan facilities for British Land with several banks on our usual unsecured financial covenants. The weighted average interest rate reduced from 4.6% to 4.4% on a proportionally consolidated basis principally incorporating the benefits of refinancings. Average debt maturity of 9.4 years compares with average lease lengths of 11.1 years. CASH FLOW Net cash inflow from operating activities for the six months was £92 million including receipts from joint ventures and funds of £62 million. Investing activity absorbed a net £238 million, of which £47 million was spent on purchases, £93 million on development and capital expenditure, £182 million on investments in and loans to funds and joint ventures, partially offset by receipts from disposals of £90 million. Disposals in the period include: Liverpool Church Street, Leeds Electric Press and our investment in HIF. Acquisitions include Eden Walk in Kingston. Since the end of the half year, we have completed the disposal of the Beehive Centre, Cambridge (£109 million proceeds) and the acquisition of the Clarges Estate, Mayfair (£122 million payment made on completion). DIVIDENDS The second quarter dividend of 6.6 pence per share, totalling £59 million, is payable on 15 February 2013 to shareholders on the register at close of business on 11 January 2013. The Board will announce the availability of the Scrip Dividend Alternative via the Regulatory News Service and on our website (www.britishland.com), no later than 4 business daysbefore the ex-dividend date of 9 January 2013. In respect of the first quarter dividend for 2012-13, some 39% of shareholders opted for the scrip alternative, in lieu of £23 million in cash dividends. The Board expects to announce the split between PID and non-PID income at that time. The total dividend for the half year is 13.2 pence per share, an increase of 1.5% on the 2011/12 half year dividend. This is in line with the announcement made by the Board at the full year results in May 2012. In line with this announcement the Board's intention is for the 2012/13 financial year dividend to be 26.4 pence per share. ACCOUNTING JUDGEMENTS In preparing these financial statements, the key accounting judgement relates to the carrying value of the properties and investments, which are stated at market value. The Group uses external professional valuers to determine the relevant amounts. The primary source of evidence for property valuations should be recent, comparable market transactions on an arms-length basis. However, the valuation of the Group's property portfolio is inherently subjective, as it is made on the basis of assumptions made by the valuers which may not prove to be accurate. It should be noted that the external valuations received for our properties in Portugal, Spain and Italy include a market uncertainty clause due to the lack of transactional evidence and uncertainty over the economic situation in those markets. REIT status: the Company has elected for REIT status. To continue to benefit from this regime, the Group is required to comply with certain conditions as defined in the REIT legislation. Management intends that the Group should continue as a REIT for the foreseeable future. Accounting for joint ventures and funds: an assessment is required to determine the degree of control or influence the Group exercises and the form of any control to ensure that financial statement treatment is appropriate. Interest in the Group's joints ventures is commonly driven by the terms of the partnership agreements which ensure that control is shared between the partners. These are accounted for under the equity method, whereby the consolidated balance sheet incorporates the Group's share of the net assets of its joint ventures and associates. The consolidated income statement incorporates the Group's share of joint venture and associate profits after tax upon elimination of upstream transactions. PRINCIPAL RISKS AND UNCERTAINTIES Effective management of risk is considered to be fundamental to the success of the company's operations and delivery of performance. The company's approach to risk management remains as set out on pages 38-39 of the Annual Report and Accounts published in May 2012. Governance and oversight of the processes has been enhanced by the establishment of a Risk Committee in the period. This committee of the executive directors holds responsibility for delivery of both strategic and operational aspects of risk management. The Directors' assessment is that the principal risks and uncertainties that the company is exposed to and which may impact performance in the remaining six months of the financial year, are unchanged from those set out on pages 40-42 of the Annual Report and Accounts published in May 2012. Within those principal risks and uncertainties, the Directors consider the interlinked external risks of economic uncertainty, occupier demand and tenant default, investor demand, and availability and cost of finance to have the greatest scope to impact performance in the remaining six months of the financial year. Whilst in many respects the UK economy appears to have stabilised, this position remains fragile with little growth anticipated in the short term. Major threats to global economic stability, and hence the UK economy, include the pending fiscal cliff in the United States and potential economic failure of one or more members of the Eurozone or a disorderly break-up of that monetary union. Whilst British Land does have some exposure to specific country and currency risk through ownership of properties located within the Eurozone, this is limited, with total Eurozone exposure representing only 2% of gross assets. A greater risk area for British Land is the potential dislocation in property and financing markets which may arise from a disorderly break-up the Eurozone or further slowing in global economic growth if the fiscal cliff is not resolved. The resultant reduction in liquidity and availability of financing coupled with the impact on the economic outlook may result in significant adverse property valuation movements affecting our financial position and performance. In order to ensure that our business is sustained should this eventuality arise, we consider such scenarios in monitoring our covenant headroom. We also mitigate the impact of such dislocation by maintaining an appropriate level of committed financing, in terms of maturity, diversity of sources and available undrawn facilities. This provides adequate comfort that we would be able to meet our funding requirements in the event of a deterioration of liquidity in lending markets. The medium term outlook is for interest rates to remain low but a risk of increasing benchmark rates or credit spreads exists which may adversely impact the cost of finance and consequently dampen investor appetite or inflate required investor returns. With public spending cuts continuing, consumer confidence, although stable, is expected to remain fragile meaning that an elevated risk of occupier default exists. We actively manage our tenant mix to minimise exposure to occupiers at risk and have a strong record of re-letting space that does become available, evidenced by our continuing high occupancy rate. British Land's identified principal risks and uncertainties are summarised below. Further information on these, including the approach to mitigating these risks can be found on pages 40-42 of the Annual Report and Accounts published in May 2012. External Risks Economic uncertainty (notably Eurozone) - Continued global economic uncertainty presents risks to financing and property markets as well as the businesses of our occupiers. Notably, failure of one or more members of the Eurozone could cause serious dislocation to the property and finance markets and could directly impact valuations and performance of British Land's limited property holdings in mainland Europe as well as treasury liquidity. Investor demand - Reduction in investor demand for UK real estate may result in falls in asset valuations and could arise from variations in the health of the UK economy, the attractiveness of investment in the UK, availability of finance to property investors and the relative attractiveness of other asset classes. Occupier demand and tenant default - Underlying income, rental growth and capital performance could be adversely affected by weakening occupier demand resulting from variations in health of the UK economy and corresponding weakening of consumer confidence and business activity and investment. In addition, occupier failures may adversely impact underlying income and capital performance. Changing consumer and business practices (e.g. Internet shopping, flexible working practices and demand for energy efficient buildings), new technologies and alternative locations may result in earlier than anticipated obsolescence of our buildings if evolving occupier requirements are not met. Availability and cost of finance - Reduced availability of financing to real estate investors may result in weaker investor demand for real estate and adversely impact British Land's ability to refinance expiring facilities. Increasing finance costs would reduce British Land's underlying income and increase required returns for real estate investors. Catastrophic business event - An external event such as a civil emergency, including a large scale terrorist attack, or environmental disaster could severely disrupt global markets (including property and finance) and cause significant damage and disruption to British Land's portfolio and operations. Internal Strategic Risks Investment strategy - Significant underperformance could result from inappropriate determination of property investment strategy, including consideration of: sector selection and weighting; timing of investment and divestment decisions; exposure to developments; sector, asset, tenant, region concentration; and engagement with co-investment partners. Development - Development risks could adversely impact underlying income and capital performance including: development letting exposure; construction timing and costs; major contractor failure; and adverse planning judgements. Income sustainability - Sustainability of our income streams is required to be considered in: execution of investment strategy and capital recycling, notably timing of reinvestment of sale proceeds; nature and structure of leasing activity; and nature and timing of asset management and development activity. Inappropriate decision-making and execution in respect of the above may result in disruptions to underlying profit growth outside the scope of strategic plans. Capital Structure - gearing - An inappropriate gearing level may result in significant net asset value underperformance. An increase in the gearing level increases the risk of a breach of covenants on borrowing facilities and may increase finance costs. Financing strategy execution - Failure to manage the refinancing requirement may result in a shortage of funds to sustain the operations of the business or repay facilities as they fall due. Corporate and Compliance Risks Communication - Failure to adequately communicate the Company's strategy and explain performance in respect of this may result in an increased disconnect between investor perceptions of value and actual performance. People - Failure to recruit, develop and retain staff and directors with the right skills and experience may result in significant underperformance. DIRECTORS' RESPONSIBILITY STATEMENT We confirm that to the best of our knowledge: (a) the condensed set of financial statements has been prepared in accordance with IAS 34; (b) the interim management report includes a fair review of the information required by DTR4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and (c) the interim management report includes a fair review of the information required by DTR4.2.8R (disclosure of related party transactions and changes therein). GOING CONCERN The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Chief Executive's and Business Review. The financial position of the Group, its cash flows, liquidity position and borrowing facilities, are described in the accounts below. The Group has considerable undrawn debt facilities and cash deposits in excess of current drawn banking facilities. There is substantial headroom against the covenants for its unsecured banking facilities, details of which are included in Note 6 to the accounts. It also benefits from a diverse and secure income stream from leases with long average lease terms. As a consequence, the directors believe that the Group is well placed to manage its business risks satisfactorily despite the current uncertain economic outlook. The directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis in preparing the financial statements. By order of the Board, Lucinda Bell, Finance Director SUPPLEMENTARY TABLES (Data includes Group's share of Joint Ventures and Funds) Portfolio Valuation At 30 September 2012 Group JVs & Total Change² Funds^1 £m £m £m % Retail^3: Retail parks 1,848 803 2,651 (2.3) Superstores 135 1,175 1,310 0.5 Shopping centres 470 1,086 1,556 (0.3) Department stores 430 - 430 (0.6) UK Retail 2,883 3,064 5,947 (1.0) Europe Retail - 247 247 (9.3) All Retail 2,883 3,311 6,194 (1.4) Offices^3: City 542 1,603 2,145 1.5 West End 1,527 - 1,527 3.2 Provincial 84 4 88 1.3 All Offices 2,153 1,607 3,760 2.2 Other^3 429 5 434 1.2 UK Total 5,465 4,676 10,141 0.2 Total 5,465 4,923 10,388 0.0 ^1 group's share of properties in joint ventures and funds ^2 valuation movement during the period (after taking account of capital expenditure) of properties held at the balance sheet date, including developments (classified by end use), purchases and sales ³ including developments Portfolio Net Yields^1 EPRA Overall At 30 September 2012 EPRA net topped up topped up Net Net (excluding developments) initial net net reversionary equivalent yield % initial initial yield % yield % yield %^2 yield %^3 Retail: Retail parks 5.6 5.7 5.9 5.8 5.9 Superstores 5.1 5.1 5.1 5.0 5.1 Shopping centres 5.4 5.6 5.7 6.0 5.8 Department stores 5.9 5.9 8.9 4.8 6.6 UK Retail 5.4 5.6 5.9 5.6 5.7 Europe Retail 6.7 6.7 6.7 7.8 8.0 All Retail 5.5 5.6 5.9 5.7 5.8 Offices: City 4.1 6.0 6.0 6.1 5.7 West End 4.4 5.4 5.6 5.8 5.6 Provincial 7.2 7.2 7.2 5.8 6.5 All Offices 4.3 5.8 5.9 6.0 5.7 Other 7.6 7.6 9.7 6.0 8.5 UK Total 5.1 5.7 6.0 5.7 5.8 Total 5.2 5.7 6.0 5.8 5.9 ^1 including notional purchaser's costs ^2 including rent contracted from expiry of rent-free periods and fixed uplifts not in lieu of growth ^3 including fixed/minimum uplifts (excluded from EPRA definition) Portfolio Weighting At 30 September 2011 2012 2012 % (current) (pro-forma^1) Retail: Retail parks 26.5 25.5 23.0 Superstores 13.3 12.6 11.7 Shopping centres 15.0 15.0 14.8 Department stores 4.4 4.1 3.9 UK Retail 59.2 57.2 53.4 Europe Retail 2.7 2.4 2.2 All Retail 61.9 59.6 55.6 Offices: City 19.7 20.7 22.4 West End 12.9 14.7 17.3 Provincial 1.0 0.8 0.8 All Offices 33.6 36.2 40.5 Other 4.5 4.2 3.9 Total 100.0 100.0 100.0 ^1 pro forma for committed developments to date at estimated end value (as determined by the Group's external valuers, except post valuation acquisitions which are determined by management) and disposals completed post half end. Gross Rental Income^1 (Accounting Basis) 6mths to 30 September 2012 Annualised as at 30 September £m 2012 Group JVs & Total Group JVs & Total Funds Funds Retail: Retail parks 54 22 76 108 45 153 Superstores 4 32 36 8 62 70 Shopping centres 17 31 48 32 62 94 Department stores 16 - 16 31 - 31 UK Retail 91 85 176 179 169 348 Europe Retail - 8 8 - 22 22 All Retail 91 93 184 179 191 370 Offices: City 13 41 54 26 81 107 West End 27 - 27 51 - 51 Provincial 3 - 3 6 - 6 All Offices 43 41 84 83 81 164 Other 16 - 16 32 - 32 Total 150 134 284 294 272 566 ^1 gross rental income will differ from annualised rents due to accounting adjustments for fixed & minimum contracted rental uplifts and lease incentives Annualised Rent & Estimated Rental Value (ERV) At 30 September 2012 Annualised rent ERV £m Average rent £psf (excluding (valuation basis) £m^1 developments) Group JVs & Total Total Contracted^2 ERV^2 Funds Retail: Retail parks 109 45 154 161 22.9 23.3 Superstores 8 62 70 70 21.4 21.3 Shopping centres 33 61 94 101 25.7 26.9 Department stores 27 - 27 22 12.5 10.2 UK Retail 177 168 345 354 21.9 22.4 Europe Retail 22 22 24 8.7 9.4 All Retail 177 190 367 378 20.1 20.6 Offices: City 5 77 82 120 46.1 44.9 West End 50 - 50 65 43.8 44.3 Provincial 6 - 6 5 27.1 22.0 All Offices 61 77 138 190 44.3 43.5 Other 28 - 28 23 13.1 10.7 Total 266 267 533 591 23.2 23.4 ^1 gross rents plus, where rent reviews are outstanding, any increases to ERV (as determined by the Group's external valuers), less any grounds rents payable under head leases, excludes contracted rent subject to rent free and future uplift ^2 Office average rent £psf is based on office space only. Rent Subject to Open Market Rent Review 12 months to 30 September 2013 2014 2015 2016 2017 2013-15 2013-17 £m £m £m £m £m £m £m Retail: Retail parks 28 20 18 26 17 66 109 Superstores 3 9 24 13 4 36 53 Shopping centres 9 9 15 12 12 33 57 Department stores 1 - - 5 - 1 6 UK Retail 41 38 57 56 33 136 225 Europe Retail - - - - - - - All Retail 41 38 57 56 33 136 225 Offices: City 8 37 26 5 13 71 89 West End 6 2 13 4 9 21 34 Provincial - - 1 5 - 1 6 All Offices 14 39 40 14 22 93 129 Other - - - - - - - Total 55 77 97 70 55 229 354 Potential uplift at current ERV 2 1 2 1 - 5 6 Rent Subject to Lease Break or Expiry At 30 September 2013 2014 2015 2016 2017 2013-15 2013-17 £m £m £m £m £m £m £m Retail: Retail parks 5 4 8 7 9 17 33 Superstores - - - - - - - Shopping centres 8 3 5 7 10 16 33 Department stores - - - - - - - UK Retail 13 7 13 14 19 33 66 Europe Retail 4 3 3 2 4 10 16 All Retail 17 10 16 16 23 43 82 Offices: City^1 3 1 1 18 5 5 28 West End 2 1 4 1 14 7 22 Provincial - - - - - - - All Offices^1 5 2 5 19 19 12 50 Other 1 - - - - 1 1 Total^1 23 12 21 35 42 56 133 % of contracted rent 3.7% 1.9% 3.5% 5.7% 6.7% 9.1% 21.5% Potential uplift at current ERV 2 1 1 2 (2) 4 4 Lease Length & Occupancy At 30 September 2012 Average Occupancy rate % lease length yrs (excluding developments) To expiry To break Occupancy Occupancy (overall)^1 Retail: Retail parks 10.3 9.4 97.8 98.3 Superstores 15.7 15.7 100.0 100.0 Shopping centres 9.9 9.3 95.8 96.7 Department stores 29.1 25.5 100.0 100.0 UK Retail 12.7 11.8 97.8 98.3 Europe Retail 10.5 4.3 87.1 87.2 All Retail 12.6 11.4 97.2 97.6 Offices: City 11.2 9.3 94.9^2 95.9^2 West End 10.3 8.0 96.8 97.6 Provincial 9.8 9.4 100.0 100.0 All Offices 10.9 8.9 95.7^2 96.6^2 Other 21.8 21.8 99.0 99.0 UK Total 12.5 11.3 97.1^2 97.7^2 Total 12.4 11.1 96.7^2 97.3^2 ^1 including accommodation under offer or subject to asset management ^2 including 199 Bishopsgate (development which reached practical completion immediately prior to the period end). When excluded occupancy (overall) for All Offices and UK Total is 98.3%, portfolio total 97.9%. Major Assets At 30 September 2012 BL Share Sq ft Rent Occupancy Lease (excluding developments) % '000 £m pa^1 rate %^2 length yrs^3 Broadgate, London EC2 50 4,009 174 94.7 8.1 Regent's Place, London NW1 100 1,210 49 96.9 8.4 Meadowhall Shopping Centre, Sheffield 50 1,374 82 98.8 9.1 Tesco Superstores 50 2,659 60 100.0 15.6 Sainsburys Superstores 50 2,905 67 100.0 16.2 Ropemaker Place, London EC2 100 593 27 100.0 13.8 Teesside Shopping Park, 100 451 15 100.0 7.9 Stockton-on-Tees Drake Circus Shopping Centre, 100 570 15 96.9 7.4 Plymouth Debenhams, Oxford Street 100 363 16 100.0 26.5 York House, London W1 100 132 5 100.0 5.1 Glasgow Fort Shopping Park 41 442 16 98.7 7.2 St Stephens Shopping Centre, Hull 100 410 9 99.1 7.9 ^1 annualised contracted rent including 100% of Joint Ventures & Funds ^2 includes accommodation under offer or subject to asset management ^3 to first break Occupiers Representing over 0.5% of Rent At 30 September 2012 % of total % of total rent rent Tesco plc 7.0 New Look 0.9 Sainsbury Group 6.0 TJX Cos Inc 0.9 Debenhams 4.2 Aegis Group 0.9 UBS AG 3.6 JPMorgan Chase Bank 0.9 Home Retail Group 2.9 Reed Smith LLP 0.8 Government 2.3 Cable & Wireless plc 0.8 Kingfisher (B&Q) 2.2 Gazprom 0.8 Virgin Active 2.0 Deutsche Bank AG 0.8 Next plc 2.0 Mayer Brown 0.8 Arcadia Group 2.0 Comet Group 0.7 Spirit Group 1.7 SportsDirect 0.7 Bank of Tokyo-Mitsubishi UFJ Ltd 1.6 Mothercare 0.7 Macquarie Group Limited 1.5 ICAP Plc 0.7 Asda Group 1.5 Lend Lease 0.7 DSG International 1.4 Markit Group 0.6 Herbert Smith 1.4 Hennes 0.6 Alliance Boots 1.3 Credit Lyonnais 0.6 The Royal Bank of Scotland plc 1.2 JD Sports 0.6 Marks and Spencer Plc 1.2 Pets at Home 0.6 Hutchison Wh 1.1 Henderson 0.6 House of Fraser 1.0 Carlson 0.5 Committed Developments BL Sq ft PC Current Cost to Notional ERV Pre-let Resi Share Calendar Value complete interest End Value^4 % '000 Year £m £m^1 £m^1,2 £m^3 £m £m Offices: 5 Broadgate 50 700 Q4 2014 139 123 22 19.2 19.2 - The Leadenhall 50 610 Q2 2014 121 104 17 18.6 5.6 - Building NEQ, Regents 100 500 Q2 2013 288 68 8 19.6 9.4 113 Place^5 10 Portman 100 134 Q2 2013 101 25 2 9.0 2.1 - Square^6 Marble Arch 100 86 Q4 2013 33 27 3 3.9 - 15 House^7 39 Victoria 100 92 Q3 2013 42 23 3 4.9 - - Street Total 2,122 724 370 55 75.2 36.3 128 Offices Retail: Whiteley Village, 50 317 Q2 2013 16 16 2 2.4 1.9 - Fareham Glasgow Fort 41 46 Q3 2013 3 3 - 0.5 0.5 - (Leisure) Hereford^8 100 310 Q2 2014 - 79 8 5.3 2.4 - Total 673 19 98 10 8.2 4.8 - Retail Total 62 49 22 4 - - 91 Residential Total 2,857 792 490 69 83.4 41.1 219 Committed Data includes Group's share of properties in Joint Ventures & Funds (except area which is shown at 100%) ^1 from 1 October 2012 to practical completion (PC) ^2 based on a notional cost of finance of 6% ^3 estimated headline rental value net of rent payable under head leases (excluding tenant incentives) ^4 parts of residential development expected to be sold, no rent allocated - of which £97 million completed or exchanged ^5 includes 126,000 sq ft of residential ^6 excludes 25,000 sq ft of off-site residential and retail (95-99 Baker Street), which was sold in the previous financial year. Also adjusted for lettings agreed post period end ^7 includes 10,000 sq ft of residential ^8 Hereford was acquired post half end, the information is therefore management estimates Prospective Developments At 30 September 2012 Sector BL Share Sq ft '000 Colmore Row, Birmingham Office 100 284 Detailed planning consent Glasgow Fort Retail 41 170 Detailed planning consent Surrey Quays Retail 50 100 Detailed planning consent Fort Kinnaird, Edinburgh Retail 21 110 Planning submitted Broughton Park, Chester Retail 41 55 Planning submitted Meadowhall Surrounding Land Retail 50 47 Planning submitted Power Court, Luton Retail 100 200 Planning pending Superstores extensions Retail 50 31 Planning pending Clarges House Mixed use 100 191 Feasibility Total Prospective 1,188 GLOSSARY Annualised rent is the gross rent receivable on a cash basis as at the reporting date. Additionally where rent reviews are outstanding, any increases to applicable estimated rental value (as determined by the Group's external valuers), less any ground rents payable under head leases. BREEAM (Building Research Establishment Environmental Assessment Method) assesses the sustainability of buildings against a range of criteria. CACI Ltd is a wholly owned subsidiary of Consolidated Analysis Center Incorporated (CACI) providing marketing solutions and informational systems to local and central Government and to business from most industry sectors (including retail). Capital return is calculated as the change in capital value of the UK portfolio, less any capital expenditure incurred, expressed as a percentage of capital employed over the period, as calculated by IPD. Capital returns are calculated monthly and indexed to provide a return over the relevant period. Capped rents are subject to a maximum level of uplift at the specified rent reviews as agreed at the time of letting. Collar rents are subject to a minimum level of uplift at the specified rent reviews as agreed at the time of letting. CRC Energy Efficiency Scheme (previously known as the Carbon Reduction Commitment) is the UK Government's new mandatory scheme for carbon emissions reporting and pricing. Credit rating A rating from an independent institution that assess creditworthiness or the credit risk, and provides publicly available credit ratings used by investors as well as analysts as a guide for investment decisions in regard to relative credit standing or strength. British Land are assessed by the credit rating agency Fitch. Other examples of credit rating agencies are Standard & Poor's and Moody's Investor Service. Developer's profit is the profit on cost estimated by the valuers. The developers profit is typically calculated by the valuers to be a percentage of the estimated total development costs, including land and notional finance costs. Development uplift is the total increase in the value (after taking account of capital expenditure and capitalised interest) of properties held for development during the period. It also includes any developer's profit recognised by valuers in the period. Development construction cost is the total cost of construction of a project to completion, excluding site values and finance costs (finance costs are assumed by the valuers at a notional rate of 6% per annum). EPRA is the European Public Real Estate Association, the industry body for European REITs. EPRA Net Initial Yield is the annualised rents generated by the portfolio, after the deduction of an estimate of annual recurring irrecoverable property outgoings, expressed as a percentage of the portfolio valuation (adding notional purchaser's costs), excluding development properties. EPRA earnings is the profit after taxation excluding investment property revaluations and gains/losses on disposals, intangible asset movements and their related taxation. EPRA NAV per share is EPRA NAV divided by the diluted number of shares at the period end. EPRA net assets (EPRA NAV) are the balance sheet net assets excluding the mark to market on effective cash flow hedges and related debt adjustments, deferred taxation on revaluations and diluting for the effect of those shares potentially issuable under employee share schemes. EPRA NNNAV is the EPRA NAV adjusted to reflect the fair value of debt and derivatives and to include deferred taxation on revaluations. EPRA 'topped-up' Net Initial Yield is the annualised rents generated by the portfolio, after the deduction of an estimate of annual recurring irrecoverable property outgoings, plus rent contracted from expiry of rent-free periods and uplifts agreed at the balance sheet date which are not intended to compensate for future inflation, expressed as a percentage of the portfolio valuation (adding notional purchaser's costs), excluding development properties. EPRA vacancy rate is the estimated market rental value (ERV) of vacant space divided by ERV of the whole portfolio, excluding developments. This is the inverse of the occupancy rate. Estimated rental value (ERV) is the external valuers' opinion as to the open market rent which, on the date of valuation, could reasonably be expected to be obtained on a new letting or rent review of a property. Estimated (Net) Development Value is the estimated end value of a development project as determined by the external valuers for when the building is completed and fully let (taking into account tenant incentives and notional purchasers costs). It is based on the valuers view on ERVs, yields, letting voids and rent-frees. Fair value is the estimated amount for which a property should exchange on the valuation date between a willing buyer and a willing seller in an arm's length transaction after proper marketing and where parties had each acted knowledgeably, prudently and without compulsion. Fair value movement An accounting adjustment to change the book value of an asset or liability to its market value. Gearing see Loan to Value (LTV). Gross rental income is the gross accounting rent receivable (quoted either for the period or on an annualised basis) prepared under IFRS which requires that rental income from fixed/minimum guaranteed rent reviews and tenant incentives is spread on a straight-line basis over the entire lease to first break. This can result in income being recognised ahead of cash flow. Gross Value Added (GVA) provides a snapshot of a company's overall contribution to the UK economy, both directly through activities and indirectly through spending. Group is The British Land Company PLC and its subsidiaries and excludes its share of joint ventures and funds on a line-by-line basis (i.e. not proportionally consolidated). Headline rent is the contracted gross rent receivable which becomes payable after all the tenant incentives in the letting have expired. IFRS are the International Financial Reporting Standards as adopted by the European Union. Income return is calculated as net income expressed as a percentage of capital employed over the period, as calculated by IPD. Interest cover is the number of times net interest payable is covered by underlying profit before net interest payable and taxation. IPD is Investment Property Databank Ltd which produces an independent benchmark of property returns. Key performance indicators (KPIs) Activities and behaviours, aligned to both business objectives and individual goals, against which the performance of Land Securities employees is annually assessed. Performance measured against them is referenced in the Annual Report. Lettings and Lease Renewals are divided between short term (less than two years lease length) and long-term (over two years lease length). Lettings and renewals are compared both to the previous passing rent as at the start of the financial year; and the ERV immediately prior to letting. Both comparisons are made on a net effective basis. Like-for-like ERV growth is the change in ERV over a period on the standing investment properties expressed as a percentage of the ERV at the start of the period. Like-for-like ERV growth is calculated monthly and compounded for the period subject to measurement. Like-for-like rental income growth is the growth in gross rental income on properties owned throughout the current and previous periods under review. This growth rate includes revenue recognition and lease accounting adjustments but excludes properties held for development in either period, properties with guaranteed rent reviews, asset management determinations and surrender premiums. Loan to Value (LTV) is the ratio of principal value of gross debt less cash, short-term deposits and liquid investments to the aggregate value of properties and investments. Mark-to-market is the difference between the book value of an asset or liability and its market value. Net effective rent is the contracted gross rent receivable taking into account any rent-free period or other tenant incentive. The incentives are treated as a cost to rent and spread over the lease to the earliest termination date. Net Equivalent Yield (NEY) is the weighted average income return (after allowing for notional purchaser's costs) a property will produce based upon the timing of the income received. In accordance with usual practice, the equivalent yields (as determined by the external valuers) assume rent is received annually in arrears. Net Initial Yield (NIY) is the annualised rents generated by the portfolio, after the deduction of an estimate of annual recurring irrecoverable property outgoings, expressed as a percentage of the portfolio valuation (adding notional purchaser's costs), excluding development properties. Net operating costs are property operating expenses and administrative expenses net of fees and other income. Net rental income is the rental income receivable in the period after payment of direct property outgoings w The story has been truncated, [TRUNCATED]
British Land Co PLC BLND Half Yearly Report - Part 1
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text:
Would Spock Prime think Kirk and a young Kirk Prime look identical?
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June 16 2013, 03:15 AM
The Keeper
Location: Where Reality Ends and Illusion Begins
Re: Would Spock Prime think Kirk and a young Kirk Prime look identical
I was watching this weeks new episode of
when I noticed something which took me right out of the story...
When the NASA astronaut was presented to the people of Defiance for the first time, they all some how kept from crowding in front of the camera. Everyone was behind the star despite better views being available if they'd only come around to the near side where no one was standing.
, I managed to wave it off, kept watching rather than throw my hands up in disgust and turn it off.
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subset: commoncrawl


text:
Originally written on NESN.com | Last updated 5/17/12
Bobby Valentine is in a bit of a bind. Kevin Youkilis is currently hitting the comeback trail and after a strong debut in the minors on Wednesday, he appears to be inching closer to reclaiming his spot in the Red Sox lineup as the everyday third baseman. At least, he would if Will Middlebrooks wasn't currently occupying it to considerable success. Since Middlebrooks was called up as an injury replacement for Youk, the 23-year-old has energized Red Sox Nation with his bat. Through his first 13 major league games, Middlebrooks has already driven in 14 runs and clubbed four home...
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Primetime for medialand as The Apprentice takes on magazines
By Maisie McCabe, campaignlive.co.uk, Wednesday, 15 June 2011 12:30PM
Lord Sugar is to be joined by an array of medialand's finest on the BBC tonight in "the magazine challenge" on 'The Apprentice'.
Among those starring in tonight's episode of aspiring business entrepreneurs are Claudine Collins, managing partner at MediaCom, Lindsay Pattison, chief executive of Maxus, and Richard Morris, deputy managing director at Carat for the magazine episode of 'The Apprentice'.
Lord Sugar will challenge his apprentice contestants to create a "freemium" (a quality free) magazine and pitch the concept to media agencies. Suitably, the activity will take place at Shortlist Media, publisher of the free Shortlist and Stylist magazines.
Other senior agency executives who will appear in what promises to be an entertaining encounter are Dominic Williams, press trading director at Carat, John Maloney, press trading director at Maxus and Luke Hills, press manager at Maxus.
Shortlist Media designers will help create the finished magazines before they are printed overnight and presented to the agency figures.
Mike Soutar, chief executive of Shortlist Media, said: "I'm excited and encouraged that, four years after launching Shortlist, freemium magazines have now reached the scale of success that an hour of BBC business programming can be dedicated to them."
Collins will also appear on Dara O Briain's 'The Apprentice: You're Fired!' from 10pm on BBC Two, alongside Nick Hewer and comedian Jenny Éclair.
It is a big night for media TV as Northern & Shell chairman Richard Desmond's in-depth interview with CNBC will also be broadcast at 10pm. Desmond uses the platform to dismiss suggestions he is a porn baron and to discuss Rupert Murdoch.
However, many people in the industry will be forced to record the programmes as they clash with two of the biggest nights of the year for the industry - the PPA Magazine Awards, and the Advertising Association's President's Dinner.
Advertising stalwart, long time Campaign columnist and former creative director of J Walter Thompson, Jeremy Bullmore, will be honoured at the dinner and presented with the Mackintosh medal.
This article was first published on campaignlive.co.uk
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text:
Thomas, KJ; Hill, JP; Grenier, S; Kim, YJ; Abbamonte, P; Venema, L; ... van Veenendaal, M; + view all Thomas, KJ; Hill, JP; Grenier, S; Kim, YJ; Abbamonte, P; Venema, L; Rusydi, A; Tomioka, Y; Tokura, Y; McMorrow, DF; Sawatzky, G; van Veenendaal, M; - view fewer (2004) Soft x-ray resonant diffraction study of magnetic and orbital correlations in a manganite near half doping. PHYS REV LETT , 92 (23) , Article 237204. 10.1103/PhysRevLett.92.237204.
|PDF - Requires a PDF viewer such as GSview, Xpdf or Adobe Acrobat Reader
We have utilized resonant x-ray diffraction at the Mn L-II,L-III edges in order to directly compare magnetic and orbital correlations in Pr0.6Ca0.4MnO3. Comparing the widths of the magnetic and orbital diffraction peaks, we find that the magnetic correlation length exceeds that of the orbital order by nearly a factor of 2. Furthermore, we observe a large (similar to3 eV) spectral weight shift between the magnetic and orbital resonant line shapes, which cannot be explained within the classic Goodenough picture of a charge-ordered ground state. To explain the shift, we calculate the orbital and magnetic resonant diffraction line shapes based on a relaxed charge-ordered model.
|Soft x-ray resonant diffraction study of magnetic and orbital correlations in a manganite near half doping
|Open access status:
|An open access version is available from UCL Discovery
|Publisher version:
|Additional information:
|The American Physical Society
|UCL classification:
|UCL > School of BEAMS > Faculty of Maths and Physical Sciences > London Centre for Nanotechnology
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text:
Breast cancer biomarkers predict weight loss after gastric bypass surgery
1 Departments of Surgery, University of North Dakota School of Medicine and Health Sciences, 501 N. Columbia Rd, Grand Forks, ND 58202, USA
2 Clinical Neuroscience, University of North Dakota School of Medicine and Health Sciences, 501 N. Columbia Rd, Grand Forks, ND 58202, USA
3 Neuropsychiatric Research Institute, 120 8th St. South, Fargo, ND 58103, USA
BMC Research Notes 2012, 5:82 doi:10.1186/1756-0500-5-82Published: 31 January 2012
Obesity has long been associated with postmenopausal breast cancer risk and more recently with premenopausal breast cancer risk. We previously observed that nipple aspirate fluid (n) levels of prostate specific antigen (PSA) were associated with obesity. Serum (s) levels of adiponectin are lower in women with higher body mass index (BMI) and with breast cancer. We conducted a prospective study of obese women who underwent gastric bypass surgery to determine: 1) change in n- and s-adiponectin and nPSA after surgery and 2) if biomarker change is related to change in BMI. Samples (30-s, 28-n) and BMI were obtained from women 0, 3, 6 and 12 months after surgery.
There was a significant increase after surgery in pre- but not postmenopausal women at all time points in s-adiponectin and at 3 and 6 months in n-adiponectin. Low n-PSA and high s-adiponectin values were highly correlated with decrease in BMI from baseline.
Adiponectin increases locally in the breast and systemically in premenopausal women after gastric bypass. s-adiponectin in pre- and nPSA in postmenopausal women correlated with greater weight loss. This study provides preliminary evidence for biologic markers to predict weight loss after gastric bypass surgery.


text:
Eggplant Cheese With Spanish Sausage
30 Sep 2009
Eggplant cheese with spanish sausage is a cooked and baked eggplant recipe made with spicy sausages. This casserole like eggplant and sausage recipe is a layered bake and is topped with parmesan cheese. Herbed with marjoram and oregano, the eggplant cheese casserole also has tomatoes and green onions to it.
|1 Large, sliced 1/4 inch thick
|Olive oil
|3 Tablespoon
|4 , sliced 1/2 inch thick (Spicy Spanish Or Italian)
|Crushed seasoned croutons
|1 Cup (16 tbs)
|Dried marjoram
|1 Teaspoon
|Dried oregano
|1 Teaspoon
|Garlic/1/2 teaspoon garlic powder
|2 Clove (10 gm), crushed
|1 Teaspoon
|2 Large, sliced
|Sharp cheddar cheese
|1⁄3 Pound, sliced
|Green onions
|8 , chopped
|Freshly grated parmesan cheese
|1⁄3 Cup (5.33 tbs)
Presoak a clay pot, top and bottom, in water for 15 minutes.
Fry the sliced eggplant in the olive oil until slightly transparent, then remove and set aside.
Brown the sliced sausages, and set aside.
Mix the crushed croutons with the marjoram, oregano, garlic, and salt.
In the presoaked pot, place alternate layers of sausage, tomatoes, eggplant, sliced Chedder cheese, green onions, and crouton herb mixture.
When all the ingredients have been layered, sprinkle the Parmesan cheese over the top.
Cover the pot and place it in a cold oven.
Set the oven temperature at 450 degrees.
Cook for 50 minutes.
Test for doneness, then return the pot, uncovered, to the oven and brown for about 5 minutes.
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Eggplant Cheese With Spanish Sausage Recipe


text:
As GST kicks in today in Malaysia, owning the latest gadget with a shiny Apple logo will cost you even more. This comes right after its recent price hike on the iPhone 6, iPhone 6 Plus and iPhone 5S.
Now the iPhone 6 is priced from RM2,702 for 16GB, which is RM303 more since its launch in Malaysia last last year. Meanwhile the phablet sized iPhone 6 Plus now costs more than RM3,000 at RM3,126. This is an increase of RM377. The same 6% increase also applies on their iPads in Malaysia but it isn't so much as it left unchanged during the price revision that happened a few weeks ago.
You can view the full list of the latest Post-GST iPhone and iPad pricing after the break.
|iOS, iPad, iPhone, Mobile Devices, Mobile OS
|apple, Apple iPhone, apple iphone 5s, Apple Store Malaysia, gst, gst malaysia, iPad after GST, iPad Air, iPad Air 2, iPad Air 2 Malaysia, iPad Air 2 Malaysia price, iPad Air Malaysia, iPad mini 2, iPad mini 3, ipad mini 3 Malaysia, iPhone 5S Malaysia, iPhone 6, iPhone 6 after GST, iPhone 6 Malaysia, iPhone 6 Malaysia official price, iPhone 6 Malaysia price, iPhone 6 Plus, iPhone 6 Plus Malaysia, iPhone 6 Plus Malaysia price, iphone 6 price increase
It seems that the iPhone 6 and iPhone 6 Plus are going to be more expensive from here on out, and it hasn't even been six months since they became available for the Malaysian market.
Apple's latest iOS 8 update for iPhone, iPod Touch and iPad is rolling out now in Malaysia. The latest software update brings tons of new features and it is close to 1GB in size.
It is available for iPhone (iPhone 4S and above), iPod Touch (5th Gen) and iPad (iPad 2 and above). To start downloading, head over to Settings > General > Software Updates. It takes about 30-40 minutes on 5Mbps Unifi plan to download.
UPDATE: Take note that iOS 8 would require up to 5.7GB of free space to update from the phone. Mashable has posted a solution that you can install with less free space by updating using iTunes on your computer. Just make sure you click on "Check for updates" and DON'T click on "Restore iPhone".
|iOS, iPad, iPhone, Mobile Devices, Mobile OS
|apple, iOS 8, iOS 8 Download, iOS 8 Malaysia, iOS 8 Malaysia Download, iOS 8 Update, iPad, iPad 2, iPad 2 Malaysia, iPad 2 Update, iPad Air, iPad Air Malaysia, iPad Mini, ipad mini malaysia, iPad mini with Retina Display, iPad Retina Display, iPhone, iPhone 4S, iPhone 5, iPhone 5 iOS 8, iPhone 5 Malaysia, iPhone 5C, iPhone 5C Malaysia, iPhone 5S iOS 8, iPhone 5S Malaysia, ipod, iPod Touch 5th Gen, iPod Touch iOS 8
We hope nobody bought a brand new iPhone 5S or iPhone 5C recently. Immediately after announcing its new iPhone 6 and iPhone 6 Plus, Apple has already reduced its current stock of iPhones.
The iPhone 5S is now priced at RM1,999 for its 16GB, which is RM400 off its previous price while its 32GB capacity gets a massive RM550 cut. Meanwhile its colourful iPhone 5C line up has been revised a single 8GB option that's priced at RM1,499. This makes the iPhone 5C 8GB their official entry-level model in Malaysia.
|iOS, iPhone, Mobile Devices, Mobile OS
|apple, Apple Online Store, Apple Store, iPhone, iPhone 5, iPhone 5C, iPhone 5C 8GB, iPhone 5C 8GB malaysia, iPhone 5C Launch, iPhone 5C Malaysia, iPhone 5C Official Price, iPhone 5C Price, iPhone 5S, iPhone 5S Event, iPhone 5S Launch, iPhone 5S Malaysia, iPhone 5S Malaysia price, iPhone 5S Official Price, iPhone 5S Price, iPhone 5S price Malaysia
During the announcement of the latest iPhone 6 and iPhone 6 Plus, Apple mentioned that the latest iOS 8 will be rolled out starting next Wednesday 17th September. This offers quite a significant update over the current iOS 7.1.2.
|iOS, iPad, iPhone, Mobile Devices, Mobile OS
|apple, iOS 8, iOS 8 Download, iOS 8 Malaysia, iOS 8 Malaysia Download, iOS 8 Update, iPad, iPad 2, iPad 2 Malaysia, iPad 2 Update, iPad Air, iPad Air Malaysia, iPad Mini, ipad mini malaysia, iPad mini with Retina Display, iPad Retina Display, iPhone, iPhone 4S, iPhone 5, iPhone 5 iOS 8, iPhone 5 Malaysia, iPhone 5C, iPhone 5C Malaysia, iPhone 5S iOS 8, iPhone 5S Malaysia, ipod, iPod Touch 5th Gen, iPod Touch iOS 8
If you're wanting to buy an Apple iPod, iPad, iPhone or even a MacBook for cheap, check out Machine's Warehouse Clearance Sales that's happening for 3 days starting this Friday, 15th August. Machine members will get an exclusive preview between 11AM to 2PM and it will be open to public from 2PM on-wards. It is happening at The Space @ Citta Mall which is located along Subang Airport road.
Most of the Apple products on sale are either Ex-Demo or refurbished units and you can get an iPhone 5S 16GB from as low as RM1,799. Other cheap buys include an iPhone 5 from RM999, iPad mini with Retina display from RM895, iPad 2 from RM499 and a MacBook Air 11″ from RM1,619. Stocks for the Macs are very limited so it is likely to be snapped up rather quickly.
Other items on offer including accessories such as casings, external hard drives, battery packs and bluetooth speakers. Head after the break for the full offer.
If you're planning to get a new iPhone 5S this Raya, Celcom is running a special promo where you can get the 2nd unit for half price. Retailing at RM2,399, the second iPhone 5S 16GB can be yours for as low as RM1,188.
The half price promo is only applicable if the first device is a iPhone 5S 32GB or 64GB purchased with 24 months contract. If you opt to get a iPhone 5S 16GB as the first unit, the second unit is offered at RM1,688.
In terms of plans, you get the option of Celcom First Premier or Elite with 5GB of bolt-on data for 24 months duration. Despite its half price offer, the second unit is also locked into contract with 24 months duration. Fortunately it is a lower data-only commitment plan of Celcom First mPro Plus at RM88/month. Overall, it is still a couple of hundred ringgit cheaper than getting another postpaid contract separately.
This offer is valid until 31st August 2014 and you can check out the plan details after the break. For more information, head over to Celcom's promo page.
If your current smart phone is holding you back from getting a new iPhone 5S, Maxis has an easier way to switch. Now they are offering a trade-in and trade-up program which lets you swap your current Galaxy Note II, Galaxy S III, iPhone 4 and iPhone 4S for the latest iPhone 5S on contract.
As comparison, normally the iPhone 5S is offered at RM1,599 with 24 months contract of iValue 1. If you bring in your Galaxy Note II or iPhone 4S, the iPhone 5S can be yours at RM849, which effectively is RM700 trade-in value. For the Galaxy S III and iPhone 4, that's equivalent of RM500 trade-in value.
The trade-in program is available nationwide at Maxis Outlets and Exclusive Partners. All you need to do is bring your device even without the box, chargers or cables.
For more information, head over to Maxis or you can check out the full trade-in list after the break.
Following its iOS 7.1 update released last month, Apple is now pushing a new iOS 7.1.1 update for iPhone and iPad users. Apart from the periodical bug fixes, the new update improves its Touch ID recognition and the responsiveness of the keyboard. It also fixes a problem with Bluetooth keyboards when voiceover is enabled.
The iOS 7.1.1 update can be downloaded Over The Air (OTA) but only with a WiFi connection. If you haven't received any notification, head over to Settings > General > Software Updates.
The latest iOS 7.1 update is now available for download on iPhone and iPad devices. It brings the latest support for CarPlay which allows seamless connectivity with CarPlay supported vehicles along with couple of new enhancements. For Siri, they have added more voices and the ability to manually speak to Siri in a Push to Talk fashion by press and holding the home button to speak. This allows Siri to react faster by releasing the button once you're done.
Apart from that, there's some minor improvements on iTunes Radio and Calendar usability along with a couple of bug and performance fixes as well. You can download the iOS 7.1 update Over The Air (OTA) using a WiFi connection. To get started, head over to Settings > General > Software Updates.
Thanks Abdul Muhaimin Jarni for the tip!


text: Even at $199, Amazon's Fire phone isn't worth your money November 26, 2014 11:08 AM | Emil Protalinski Last night, Amazon slashed the price of its Fire phone by $250. That means you can now get the unlocked phone (compatible with GSM networks), without a contract, for just $199. But you shouldn't.


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Opera GM leaving
Opera Naples General Manager Thomas Smith has resigned to take a job outside the arts.
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