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Strategic priorities

Our operating model, capital deployment and financial management are guided by our strategic priorities:

Asset management
  •  Deploy the Product Experience Framework across the Group
  • Introduce the latest retail and leisure brands and new store concepts to the portfolio
  • Remerchandise retail parks with updated homeware and fashion retailers
  • Deliver value-add projects (such as kiosks, digital screens, pop-up retail units, new store concepts, environmental improvements)
  • Build digital capabilities to support multi-channel retail and provide insight on consumer behaviour
  • Identify and capitalise on opportunities to drive sustainability across the portfolio
Investment management
  • Grow the portfolio and enhance overall quality
  • Recycle capital into higher-performing retail markets
  • Focus on European counties and cities with strong economic opportunities
  • Aim for a leading position in all chosen market segments
  • Dispose of assets which do not meet our investment management criteria or are under performing
Developing venues
  • Complete on-site development schemes
  • Advance major London developments
  • Extend shopping centres, emphasising food, beverage and leisure offers
  • Deliver smaller-scale retail park extensions and reconfigurations for next-generation retail park schemes
  • Support premium outlet extension opportunities
Financial efficiency
  • Maintain financial leverage in line wth 40% loan-to-value guidance and strong investment-grade credit ratings
  • Uncomplicated and transparent approach to funding – primarily unsecured bank facilities and corporate bonds
  • Effectively manage the maturity and average cost of debt
  • Maintain currency hedge to limit foreign exchange exposure
  • Joint ventures with a selected group of international partners
  • Reduce operational and financial costs

 

We monitor the performance of our business using a number of Key Performance Indicators (KPIs) and associated benchmarks. These KPIs are split between financial and operational measures and are aligned with the achievement of our three strategic priorities.

As at 31 June 2016, our KPIs are:

  • Total Property Returns (%)
  • Growth in Like-for-Like NRI (%)
  • Cost ratio (%)
  • Growth in adjusted EPS (%)
  • Occupancy (%)
  • Leasing activity (£m)
  • Global emissions intensity ratio (calculated on an annual basis)