We measure our performance through a clear set of KPIs.

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  Operating profit before valuation movements and non-recurring items - OPBVM (£m)

  OPBVM is a measure of the profit generated by our key income streams of net rents, profits on sale of property and other income, net of overheads.

  OPBVM reached £126.2m in 2011 up by 34% from 2010. This was assisted by increases in net rent from our two key acquisitions and strong residential and development trading profits.
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  Gross net asset value per share - NAV (p)

  NAV is based on property assets stated at market value. It is stated after adding back deferred tax on property revaluations and the balance sheet value of derivatives.

  NAV increased from 200p to 216p at the 2011 year end primarily as a result of our profit after tax and an increase of 3.0% in the market value of our UK properties.
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  Triple net asset value per share - NNNAV (p)

  NNNAV is also based on property assets at market value but also includes the contingent tax on this uplift, deferred tax on asset revaluations and the full balance sheet value of derivatives net of deferred tax.

  NNNAV increased from 140p to 153p at the 2011 year end as a result of the group's profit after tax and the net increase in market value of our property assets.
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  Return on capital employed - ROCE (%)

  ROCE measures the overall profit of the business before interest and derivative expense, as a percentage of the opening market value of all property assets and investments in JV's/associates.

  ROCE was 6.5% in 2011 assisted by the strong trading performance noted in OPBVM.
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  Return on shareholder equity - ROSE (%)

  ROSE measures the movement in NNNAV in the year plus the dividend relating to the year as a percentage of opening NNNAV.

  ROSE was 11.1% in 2011 reflecting the increase in NNNAV from 140p to 153p and also the dividend for the year of 1.83p (including the tender offer equivalent to 0.53p per share).
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  Profit/(loss) before tax - PBT (£m)

  Whereas OPBVM above measures specific elements of the income statement, PBT includes all items taken through the income statement before tax, including net interest expense.

  PBT was £26.1m in 2011 assisted by the strong trading performance of the business as noted above and despite a charge to income of £28.0m arising from derivatives.
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  Sales price above previous year end vacant possession value (VPV)

  We compare actual prices achieved on sales of vacant properties in our UK residential and retirement solutions business to their VPV at the previous year end. This measure shows how prices are moving and the effectiveness of our sales process. This year we sold un-refurbished properties on average at 3.7% above the 2010 year end VPV, and those with pre-sale refurbishment at 6.7% above the 2010 year end VPV.