British Land Company PLC

Latest Results (05.04.2026):

British Land Company PLC — results for the period ended 30 September 2025 (quarter ending Q3 2025; reported as the half‑year) show a resilient operational and financial performance: underlying profit £155m (+8% y/y), underlying EPS 15.4p (+1%), dividend 12.32p (+1%), like‑for‑like net rental income +4% and total accounting return +4.0%; management reiterates medium‑term targets and FY26/FY27 EPS guidance.

Underlying financials

Underlying profit £155m (HY25: £143m, +8%); underlying EPS 15.4p (HY25: 15.3p, +1%); IFRS profit after tax £218m (vs £109m prior year). Dividend per share 12.32p (+1%). EPRA cost ratio rose to 17.4% (HY25: 15.3%).

Operational performance

Portfolio occupancy 95% (Campuses 92%; Retail & London Urban Logistics 98%). Total lettings 1.4m sq ft, 5.3% ahead of ERV; campus leasing strong (486k sq ft, 3.0% ahead of ERV) and accelerating post‑period (additional 308k sq ft under offer, 819k sq ft in negotiations). Like‑for‑like net rental growth +4% (Campuses +7%, Retail & Logistics +2%).

Valuation and returns

Portfolio valuation up 1.2% to £9,801m. Total property return +3.8%; total accounting return +4.0%. ERV growth +2.4%; net equivalent yield tightened 2bps to 6.1% (Campuses 5.6%, Retail & London Urban Logistics 6.6%).

Balance sheet & liquidity

EPRA Net Tangible Assets per share 579p (+2%). Loan to value 39.1% (FY25: 38.1%). Group net debt to EBITDA improved to 7.2x (FY25: 8.0x). £1.9bn financing activity in period including a £450m Green Loan; £1.7bn undrawn facilities and cash with no refinancing required until mid‑2029. Fitch senior unsecured rating affirmed at A (stable).

Capital & development

£59m of disposals at ~5% above book value; £52m of retail acquisitions (principally two retail parks) at 8.4% topped‑up NIY. Progressing a 1.7m sq ft committed development pipeline on a de‑risked, capital‑light basis; committed and recently completed developments total c.2.8m sq ft.

Outlook

Management expects like‑for‑like net rental growth of c.5% for FY26, reiterates 3–5% p.a. ERV growth guidance, and expects FY26 underlying EPS of at least 28.5p with at least 6% growth to c.30.2p in FY27. Company remains comfortable with current market expectations for underlying EPS.

Sustainability

GRESB 5* for both standing investments and developments; MSCI ESG rating AAA. 72% of the portfolio now EPC A or B (up from 68% at FY25).