British Land Company PLC

Latest Results (21.11.2025):

British Land Company PLC — Half year (H1 FY26) results for the six months ended 30 September 2025 show a solid operational and financial performance: underlying profit rose to £155m (+8%), underlying EPS was 15.4p (+1%) and the interim dividend increased to 12.32p (+1%). Strong leasing and like‑for‑like net rental growth (+4%) plus a 12% reduction in admin costs offset higher funding costs, delivering a total accounting return of 4.0% and a 1.2% uplift in portfolio valuation. EPRA NTA rose to 579p (+2%) and the group retains strong liquidity and an A Fitch rating. Guidance was reiterated with FY26 underlying EPS at least 28.5p and continued multi‑year growth targets.

Key financials

Underlying Profit £155m (+8% vs HY25); underlying EPS 15.4p (+1%); interim dividend 12.32p (+1%). EPRA cost ratio increased to 17.4% (HY25: 15.3%). Total accounting return for the half was 4.0%.

Leasing and occupancy

1.4m sq ft leased (5.3% ahead of ERV) with 1.3m sq ft under offer. Portfolio occupancy 95% (campuses 92%; retail & London urban logistics 98%). Like‑for‑like net rental growth +4% (campuses +7%, retail & logistics +2%). Campus leasing accelerated post period with additional 308k sq ft under offer and 819k sq ft in negotiations.

Portfolio valuation & yields

Portfolio valuation up 1.2%, ERV growth +2.4%. Net equivalent yield tightened 2bps to 6.1% (campuses 5.6%; retail & logistics 6.6%).

Balance sheet & liquidity

EPRA Net Tangible Assets 579p (+2%). Loan to value 39.1%; Group net debt to EBITDA 7.2x. £1.9bn of financing activity in the period (including a £450m Green Loan), c.£1.7bn undrawn facilities and cash, and no refinancing requirement until mid‑2029. Fitch senior unsecured rating affirmed at A (stable).

Guidance and outlook

Reiterated targets: like‑for‑like net rental growth c.5% for FY26; ERV growth guidance 3–5% p.a.; FY26 underlying EPS of at least 28.5p and expected FY27 EPS ~30.2p (at least +6%). The company remains on track to target 8–10% total accounting returns through the cycle with sustainable EPS growth of 3–6% p.a.

Capital activity & sustainability

Disposals of £59m at ~5% above book; £52m of retail acquisitions (two retail parks). Progressing a 1.7m sq ft committed development pipeline on a capital‑light basis. GRESB 5* for standing investments and developments; 72% of portfolio now EPC A or B.