At 31 March 2010, the Group's portfolio was valued at £1,351.8 million.

Our wholly owned portfolio at 31 March 2010 included 316 shops extending to 389,000 sq. ft. These produce 40% of current income, with an average annual rent of £79,000 per annum and a weighted average unexpired lease term of five years. Demand from domestic and international retailers in our prosperous locations remains good.

We now have 177 restaurants, cafes, bars and clubs with a total floor area of 422,000 sq. ft. These uses, which now produce 30% of current income, are an increasingly important part of our portfolio and vacancies are rare. Our leases, which have an average annual rent of £103,000 per annum, are usually initially for 25 years. The current weighted average unexpired lease term is thirteen years.

We have 407,000 sq. ft. of offices, mostly let in small units, with 346 tenancies. Offices now represent 21% of current rents. Improvement in demand, which we reported at the year end, has been maintained. However, as most of our units are small, leases are short, with a weighted average unexpired term of three years. 57% of our offices are in Carnaby, where our schemes often create larger floorplates.

Our investment in residential accommodation now represents 9% of our income and extends to 308 apartments and an additional 30 new units which are currently under construction. Occupancy remains high and, when vacant, our apartments let quickly.