Business
British Land : Full Year Results 2026
British Land : Full Year Results
About this update from British Land Company Plc
[{"type":"text","content":" RECORD LEASING DRIVING PERFORMANCE AND EARNINGS OUTLOOK Simon Carter, Chief Executive said: \"A record year of leasing has driven strong ERV growth, like-for-like net rental growth and an attractive earnings outlook. We are benefiting from our leading positions in campuses and retail parks, where demand is growing and supply remains constrained. Our offer is clearly resonating with customers: we have around a 5% share of the London office market, but accounted for 15% of reported leasing activity last year, rising to 33% in the fourth quarter. While the geopolitical and interest rate backdrop has become more uncertain, the occupational fundamentals underpinning our portfolio are as strong as I have seen them. Central London office net take-up is at its highest level in 20 years and our retail parks are 99% occupied. In these tightening markets, we are well positioned to capitalise on our scale, quality and value-add mindset to deliver sustainable EPS growth of 3-6% per annum and total returns of 8-10% across the cycle.\" FINANCIAL Underlying Profit £294m, up 5% (FY25: £279m) Underlying earnings per share (EPS) 28.9p, up 1% (FY25: 28.5p) Dividend per share 23.12p, up 1% (FY25: 22.80p) EPRA cost ratio 18.9% (FY25: 17.5%) Total property return +7.4% and total accounting return +8.1% OPERATIONAL METRICS Portfolio occupancy 96.9%1: Campuses 94.7%1, Retail & London Urban Logistics 99.0%1 Leased 3.8m sq ft, 7.2% ahead of ERV with 1.1m sq ft under offer, 12.9% ahead of ERV Campus leasing: 1.7m sq ft (a record £143m secured2), 6.3% ahead of ERV, which accelerated in Q4 with 0.8m sq ft of deals, c.50% of the total 295k sq ft under offer in Campuses, 17.0% ahead of ERV, with a further 228k sq ft under offer in the six weeks post year end with viewing levels elevated Retail & London Urban Logistics leasing: 2.1m sq ft, 8.4% ahead of ERV and 0.8m sq ft under offer, 10.3% ahead of ERV Retail park leasing ahead of previous passing rent, which accelerated in H2 with deals 6.3% ahead Like-for-like net rental growth +6%: Campuses +12%3, Retail & London Urban Logistics +2% PORTFOLIO VALUATION Values up 2.3%: Campuses +2.0%, Retail & London Urban Logistics +2.7% ERV growth 4.9%: Campuses 6.5%, Retail & London Urban Logistics 3.6% Net equivalent yield -4 bps to 6.0%: Campuses -4 bps to 5.6%, Retail & London Urban Logistics -...