PRIORITY OVERVIEW
1. GROW PIPELINE
Build a pipeline of larger regeneration projects
Our focus is to build a pipeline of larger, complex regeneration projects that generate excellent shareholder returns and best suit our skill set. We target development sites that are too small for the REITs, too mixed-in-use for the house builders, and which offer an attractive upfront land/asset cost and high upside potential. We also specialise in PPP projects, our particular area of expertise. We de-risk the development process through forward sales and forward funding. This allows us to build a pipeline of projects that are through-cycle.
2. DRIVE VALUE
Optimise the value withinour portfolio through an integrated business model
We are experts in manufacturing value by transforming overlooked sites into distinctive, vibrant new places that generate huge socio-economic value. Through our complementary regeneration and asset management skills we proactively drive value across our portfolio of land and assets.
3. DELIVER RETURNS
Deliver excellent returns on a through-cycle basis
The business has the capacity to generate solid, consistent returns through the property cycle. These returns are driven by cash profits as we manufacture tangible value through regeneration rather than accounting value driven by market momentum.

Specialist platforms will also allow us to generate revenue streams through off-balance sheet activity and will also enable us to monetise land through the property cycle.
4. MAINTAIN CAPITAL EFFICIENCY
Maintain capital discipline and a strong Balance Sheet with a rigorous approach to risk
We do not hoard capital on our Balance Sheet but with our strong cash flows we choose to either reinvest, pay down debt or return capital to shareholders. We maintain an efficient Balance Sheet with appropriate gearing levels and a sizeable cash buffer to keep us stable through the property cycle.

This year we have revised our dividend policy to better align it with our business model.