British Land Company' (BRLAF) CEO Chris Grigg on Full Year 2018 Results - Earnings Call Transcript

May 17, 2018 2:40 PM ETBritish Land Company Plc (BRLAF)
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British Land Company (The) PLC (OTCPK:BRLAF) Full Year 2018 Earnings Conference Call May 17, 2018 4:30 AM ET


Chris Grigg - Chief Executive

Jonty McNuff - Head of Financial Reporting

Tim Roberts - Head of Offices and Residential

Charles Maudsley - Head of Retail, Leisure & Residential


David Brockton - Liberum Capital

Sander Bunck - Barclays

Michael Burt - Exane BNP Paribas

Bart Gysens - Morgan Stanley

Mike Bessell - Bank of America

Chris Grigg

Good morning, everyone, and welcome to Broadgate. This morning, I'll set out how our consistent approach of investing behind themes has driven our performance this year and positions us well to further evolve our business.

But first, I'd like to welcome Simon Carter, our new CFO. He's out there in the front row and starts on Monday, and no difficult questions for him, by the way. I'm also pleased to introduce Jonty McNuff, our Head of Financial Reporting, who will present the financial section today.

Let's start though with the results; profits were GBP380 million, down slightly on last year, that's despite asset sales though of GBP1.5 billion over two years. NAV is nearly 6% ahead, reflecting a valuation increase of more than 2%, plus the impact to our share buyback.

Our leasing activity has covered 2.4 million square feet. Pricing has remained firm, with deals 8% ahead of ERV and at 97% occupancy. We're once again effectively filling offices and retail.

At the same time, we are reporting some of our strongest ever financial metrics, and we have again increased the dividend. Jonty will talk more about that.

As usual, I will take our segments in turn; starting with Offices. Here, progress has been exceptional. Our activity has covered more than 1 million square feet, four times than what we achieved last year, that's a striking number. It reflects our

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