Land Securities (LS) is UK’s largest Real Estate Investment Trust in terms of market cap. The company’s main activity is investment, management and development of London offices and shopping centers and retail parks across the UK. LS has an occupancy rate of almost 100% for retail and 73% for office (office industry average is 92%). The average lease term is 8.9 years and a maximum of 8.6% of gross rental income will expire during one single year. However, in the near term there will be a high level of lease expiry (£91.5m outstanding) but this can enable the raising of rents since LS believes that there will be an undersupply of office and retail space the coming years. The company has sold lower yielding properties and used the proceeds to buy higher yielding properties, but due to a shortage of the latter, money have also been used to reduce its loan-to-value ratio to 39% (43.5% in 2009). SL is well diversified when it comes to tenants and 30% of total rent comes from the top 12 occupiers. A struggling UK economy and real estate market still poses a threat to the company.