British Land Company PLC

Latest Results (16.05.2026):

British Land Company PLC — half‑year results for the six months ended 30 September 2025 (covering the first half of FY2026). The group delivered a solid first half: underlying profit rose to £155m (+8%), underlying EPS to 15.4p (+1%) and dividend per share to 12.32p (+1%), while total accounting return was 4.0% as the portfolio valuation rose 1.2% driven by 2.4% ERV growth.

Headline financials

Underlying Profit £155m (HY25: £143m), underlying EPS 15.4p (HY25: 15.3p), interim dividend 12.32p. IFRS profit after tax £218m (HY25: £109m). EPRA NTA 579p (+2%). Total accounting return in the half 4.0%.

Leasing and occupancy

Lettings of 1.4m sq ft (5.3% ahead of ERV), portfolio occupancy 95% (Campuses 92%, Retail & London Urban Logistics 98%). Like‑for‑like net rental growth +4% (Campuses +7%, Retail & LUL +2%).

Portfolio valuation and yields

Portfolio value £9,801m (+1.2%); ERV +2.4%; net equivalent yield tightened 2bps to 6.1% (campuses 5.6%, retail & LUL 6.6%).

Balance sheet and liquidity

EPRA LTV 39.1% (31 Mar 2025: 38.1%), Group Net Debt to EBITDA 7.2x (31 Mar: 8.0x). £1.7bn undrawn facilities and cash; no refinancing required until mid‑2029. Fitch Senior Unsecured rating affirmed at A (stable) in July 2025.

Financing activity

£1.9bn of financing activity in the period, including a new £450m Green Loan secured on 1 Broadgate and renewals/extensions of term loans and RCFs, improving tenor and diversity of funding.

Development pipeline and completions

Committed pipeline ~1.7m sq ft on site (total pipeline ~9.2m sq ft proportionally), with completed highlights including 1 Broadgate (547k sq ft) and Southwark Urban Logistics (144k sq ft). Committed schemes show gross yield on cost ~7.3%.

Retail parks and urban logistics

Retail parks continue to outperform: parks c.99% occupied, strong leasing (681k sq ft in H1) and ERV growth of 2.5%. London urban logistics is development‑led with recent completion of a multi‑storey scheme in Southwark.

Sustainability

GRESB 5* for standing investments and developments; 72% of portfolio now EPC A/B (up from 68%); significant green / ESG‑linked financing in place and targeted energy efficiency programme to meet EPC B by 2030.

Outlook and guidance

Guidance reiterated: like‑for‑like net rental growth c.5% for FY26, ERV growth 3‑5% p.a., FY26 underlying EPS at least 28.5p and FY27 EPS expected at least 30.2p (≥6% growth). Targeting 8‑10% total accounting return through the cycle and sustainable EPS growth of 3‑6% p.a.