Glossary

We have made every effort to keep our website free of jargon but realise some words, phrases and acronyms may need further explanation. Our glossary contains definitions for business and financial terms used throughout this site.

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Lease incentives
Any incentive offered to occupiers to enter into a lease. Typically the incentive will be an initial rent-free period, or a cash contribution to fit-out or similar costs. For accounting purposes, under IFRS, the value of the rent-free period is spread over the non-cancellable life of the lease.
LIBOR
The London Interbank Offered Rate, the interest rate charged by one bank to another for lending money.
Like-for-like portfolio
Properties that have been in the investment or combined portfolio for the whole of the current and previous financial year, but excluding those which are acquired, sold or included in the development programme at any time during the period.
London Portfolio
This business includes all London offices and London retail, but excludes those assets held in the Metro Shopping Fund LP.
Loan to value
Group loan to value (LTV) is the ratio of the sum of investment properties, net investment in finance leases and trading properties of both the Group and joint ventures to net debt, including joint ventures, expressed as a percentage. For the Security Group, LTV is the ratio of debt lent to the Security Group divided by the value of secured assets.
LTV
Group LTV is the ratio of the sum of investment properties, net investment in finance leases and trading properties of both the Group and joint ventures to net debt, including joint ventures, expressed as a percentage. For the Security Group, LTV is the ratio of debt lent to the Security Group divided by the value of secured assets.
Liabilities
Everything a firm owes.
Liquidity
A firm's ability to meet short-term debts.
London Benchmarking Group
An international, member-driven organisation whose model provides a comprehensive and consistent set of measures that facilitates the measurement and benchmarking of a company's contribution to the community, including cash, time, in-kind donations and management costs.
London First
An influential business membership organisation aiming to make London the best city in the world in which to do business.
LBG
London Benchmarking Group. An international, member-driven organisation whose model provides a comprehensive and consistent set of measures that facilitates the measurement and benchmarking of a company's contribution to the community, including cash, time, in-kind donations and management costs.
London Living Wage
An hourly rate set independently and updated annually. The London Living Wage is calculated according to the basic cost of living in London and calculated by the Greater London Authority. Employers choose to pay the London Living Wage on a voluntary basis.
LLW
London Living Wage (LLW) An hourly rate set independently and updated annually. The London Living Wage is calculated according to the basic cost of living in London and calculated by the Greater London Authority. Employers choose to pay the London Living Wage on a voluntary basis.
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