Security of cash flows from prime properties

Our prime assets generate secure long-term contracted rental income. We benefit from the combination of high occupancy rates across our portfolio (at 98.0% overall) and long average lease lengths of 5.3 years to first break.

Robust financing structure

The Group has a robust financing structure. We raise debt from a variety of sources and with a spread of maturities both to provide significant and secure long-term financing for the Group's activities and to mitigate risk. We also have substantial committed undrawn facilities.

As at 30 September 2024, the Group's balance sheet gross and net borrowings were £2.6 billion and £2.5 billion respectively. The majority of those borrowings are with recourse to British Land for repayment and are either additionally secured by specific assets or are unsecured. The weighted average maturity of the Group's debt at the same date was 5.5 years.

Including our share of debt in joint ventures which are neither wholly owned nor fully consolidated, gross and net borrowings were £3.6 billion and £3.4 billion at the same date. These joint ventures borrowings are non-recourse to British Land and are in "ring-fenced" structures. The weighted average maturity, including our share of debt in joint ventures was 5.2 years.

We have £2.3bn of Unsecured Committed Facilities at attractive interest rates, which provide us with valuable and significant resources to finance our activities and invest in attractive value-creating opportunities.