Page 3 - McKay 2013 Full Year Presentation

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3
Introduction
1 Outperformance from active management
and portfolio profile
2 Positive financial gains
3 Encouraging South East market fundamentals
• 1.8% valuation gain (IPD: – 4%)
• 1.2% rental growth (IPD: – 0.4%)
• 8.6% total return (IPD: 2.5%)
• London and South East focus enhanced with transactions
• Lettings and tenant retention reduce void rate to 8.6%
• Adjusted profit up 8.3%
• 3.9% increase in EPRA NAV (238pps)
• 1.8% increase in final dividend (5.8pps)
• Improving market sentiment
• Further supply erosion and limited Grade A office choice
• Obsolescence and lease events generating lettings
• Growth prospects encouraging investors