British Land Company Plc · LSE:BLND
British Land — FY2026 Earnings Presentation
69 slides from British Land's earnings presentation, May 20, 2026
Slide 1: Full Year Results
2 0 M AY 2 0 2 6 FULL YEAR R E S U LT S
Slide 2: Overview & Strategy
OV E RV I E W & ST R AT E GY SIMON CARTER Central Retail Park, Falkirk FULL YEAR RESULTS | 31 MARCH 2026
Slide 3: The UK's Leader in Campuses & Retail Parks
THE UK’S LEADER IN CAMPUSES & RETAIL PARKS Strong net absorption and constrained supply Active approach to asset management Translating into ERV, like-for-like and earnings growth Underpinning our 8-10% TAR through the cycle range FULL YEAR RESULTS | 31 MARCH 2026 PG.3
Slide 4: Portfolio set to outperform inflation as markets tighten
OVERVIEW OUR PORTFOLIO IS SET TO OUTPERFORM INFLATION AS OUR OCCUPATIONAL MARKETS TIGHTEN 01. Our rents have tracked inflation since 2022 1 02. Today our markets are tighter 120 UK Retail Park Vacancy 115 (300)bps Since 20223 110 Delivered Top Quartile TSR +497bps vs the index FY22-262 105 Central L
Slide 5: Net absorption at the highest level on record
CAMPUSES NET ABSORPTION AT THE HIGHEST LEVEL ON RECORD CENTRAL LONDON ROLLING 12-MONTH NET ABSORPTION (M SQ FT)1 4:1 Ratio of firms expanding vs 10.0 contracting1 7.5 LEADING INDICATORS: 5.0 2.5 0.0 +57% Active demand ahead of the 10-year -2.5 average in Central London2 -5.0 +50% Mar 06 Mar 07 Mar 0
Slide 6: Meeting a supply crunch fuelling rental growth
CAMPUSES MEETING A SUPPLY CRUNCH FUELLING RENTAL GROWTH HISTORICALLY, CITY CORE NEW/REFURB VACANCY <2% COINCIDES WITH >10% RENT GROWTH 6% 5% 10%+ Vacancy 4% 3% ★ ★ ★ Rent growth trigger 2% 1% ★ 0% 2005 2010 2015 2020 2025 2030 New/refurb vacancy1 Forecast2 ★ 10%+ rent growth observed 1. Cushman & Wa
Slide 7: Why campuses are winning
CAMPUSES WHY CAMPUSES ARE WINNING Across Broadgate, Regent’s Place & Paddington… Quality >90% built & refurbished in last 15 years product 76% EPC A/B1 100% of assets within a Location 5-minute walk to key transport node Amenity >100 F&B, retailers & leisure operators rich 5 Public squares/parks Fro
Slide 8: Well positioned to benefit from AI-led growth
General CAMPUSES WE ARE WELL POSITIONED TO BENEFIT FROM AI -LED GROWTH US-LED TECH & AI GROWTH FAVOURS LONDON RECENT ACTIVITY IN THE EXPANSION: KNOWLEDGE QUARTER: British Land 11msq ft 3.8m sq ft Other San Francisco leasing in San Francisco leasing in META 2025; highest since 3 months to Mar 2026; 2
Slide 9: Growing platform of choice for science and technology occupiers
CAMPUSES WE ARE THE GROWING PLATFORM OF CHOICE FOR SCIENCE AND TECHNOLOGY OCCUPIERS + LIFE SCIENCE REIT SCIENCE & TECHNOLOGY OCCUPIERS REPRESENT 35% 2019 2020 2021 2022 2023 2024 2025 2026 Of campus rent roll1, up from 23% in 2024 1. Pro forma for Life Science REIT acquisition. FULL YEAR RESULTS | 3
Slide 10: Acquisition of Life Science REIT
CAMPUSES ACQUISITION OF LIFE SCIENCE REIT: HIGHLY ATTRACTIVE ECONOMICS, UNLOCKED BY OUR SCALABLE PLATFORM ACC E L E R AT I N G S C I E N C E VC investment at highest level since 20221 H I G H LY AT T R A C T I V E & T E C H B AC K D R O P AI & Tech sector demand accelerating ECONOMICS Immediate EPS
Slide 11: Lease structures support diversified occupier mix
CAMPUSES LEASE STRUCTURES SUPPORT DIVERSIFIED OCCUPIER MIX STOREY & WORK-READY SPACE: HQ SPACE: Newer, higher -growth Larger, established occupiers occupiers Shorter leases Rent deposits Longer leases Stronger covenants Limited Generic fit out, Higher Bespoke incentives quick move-ins & incentives c
Slide 12: Attractive returns through capital light developments
CAMPUSES GENERATING ATTRACTIVE RETURNS THROUGH CAPITAL LIGHT DEVELOPMENTS WITH OUR JOINT VENTURE PARTNERS OUR DEVELOPMENTS: OUR APPROACH TO DEVELOPMENTS: REGENT’S PLACE BROADGATE 7%+ Mid -teen Yield on costs Ungeared IRRs ONE TRITON SQUARE BROADGATE TOWER 94% LET1 59% LET OR UNDER OFFER1 BROADGATE B
Slide 13: Retail parks remain retailers' preferred format
RETAIL PARKS RETAIL PARKS REMAIN RETAILERS’ PREFERRED FORMAT AND WITH NO SUPPLY, RENTAL TENSION CONTINUES TO INCREASE WHY RETAILERS PREFER DEMAND IS STRONG SUPPLY IS HEAVILY PARKS UK VACANCY2 CONSTRAINED • 3 A AFSFOR DABI LI TY RETAIL 3.1% | (340)bps N O N E W S U P P LY Low occupancy cost ratio: 9.
Slide 14: Unmatched quality and scale of retail park portfolio
RETAIL PARKS UNMATCHED QUALITY AND SCALE OF RETAIL PARK PORTFOLIO 99% occupancy across our c.1,200 unit portfolio One of the largest owner and operators Scale of multi-let retail parks Wide Half the population of Britain lives Catchment within 30 mins’ drive of one of our parks Preferred retailer pa
Slide 15: High occupancy driving strong rental growth
RETAIL PARKS HIGH RETAIL PARK OCCUPANCY DRIVING STRONG RENTAL GROWTH UK RETAIL PARK MARKET OCCUPANCY VS ANNUAL ERV GROWTH: 2021 - 2025 Strong relationship between occupancy and ERV growth 4.0% 3.0% ANNUAL ERV GROWTH 2.0% BRITISH LAND PORTFOLIO: 1.0% 99 % 0.0% OCCUPANCY 93.0% 94.0% 95.0% 96.0% 97.0%
Slide 16: Financial Results
FINANCIAL R E S U LT S DAVID WALKER Broadgate Central FULL YEAR RESULTS | 31 MARCH 2026
Slide 17: Key Topics
KEY TOPICS Financial performance Balance sheet & capital allocation Five levers of earnings growth & outlook F U LLLL YYEEAARRRRE E SUSU L TLST S| 3| 13M 1 AMRA CRHC2H0 2260 2 6 PG.17
Slide 18: Leasing driving earnings growth
FINANCIAL PERFORMANCE LEASING DRIVING EARNINGS GROWTH 0.8p (0.8p) Underlying Profit 1.4p (3.4p) 2.1p £294 m +5% vs FY25 0.3p - Underlying EPS +6% Portfolio c.2.4p 28.9 p Ceasing capitalisation on +1% vs FY25 +12% Campuses developments 28.9p 28.5p Dividend per share +2% Retail & London Urban Logistic
Slide 19: Margin & EPRA cost ratio temporarily impacted
FINANCIAL PERFORMANCE MARGIN & EPRA COST RATIO TEMPORARILY IMPACTED AS DEVELOPMENTS COMPLETE 2026 2025 Expect margin to stabilise at c.90% over time Year ended 31 March Change (£m) (£m) • FY25: benefitted from one-off provision releases Gross rental income 551 484 14% • FY26: temporary increase in v
Slide 20: Delivering total accounting return within 8-10% target
FINANCIAL PERFORMANCE DELIVERING TOTAL ACCOUNTING RETURN WITHIN OUR 8 -10% THROUGH THE CYCLE TARGET EPRA NTA per share 29p (23p) 590 p (3p) +4% vs Mar 25 20p Portfolio values + 2.3% vs Mar 25 590p 567p Total accounting return 8.1% In line with 8-10% target range Mar-25 Valuation Underlying Dividend
Slide 21: Robust metrics & £3.1bn of debt market activity
FINANCIAL PERFORMANCE ROBUST METRICS & £3.1BN OF ACTIVITY IN DEBT MARKETS As at 31 Mar 2026 31 Mar 2025 Change £3.1bn financing activity since March 2025: Net debt 1 £4.0bn £3.6bn £0.4bn • £2.1bn of financing in British Land: £1bn new finance and Loan to value 1 39.2% 38.1% 110 bps £1.1bn of RCF ext
Slide 22: Disciplined approach to capital allocation
BALANCE SHEET & CAPITAL ALLOCATION DISCIPLINED APPROACH TO CAPITAL ALLOCATION: MANAGING ASSETS AGAINST OUR COST OF CAPITAL CREATING VALUE THROUGH ACTIVELY RECYCLING CAPITAL Disposal of mature assets Acquisitions Developments Shareholder distributions Source value-add opportunities Deliver schemes in
Slide 23: Life Science REIT acquisition: scaling in growth sector
BALANCE SHEET & CAPITAL ALLOCATION LIFE SCIENCE REIT ACQUISITION: SCALING IN GROWTH SECTOR BY UTILISING BRITISH LAND PLATFORM Herbrand Street Oxford Technology Park Rolling Stock Yard ✓ Acquisition effective 20 April 2026, funded through issuing 24.5m new shares and £49m cash ✓ Expect 0.3p Underlyin
Slide 24: Delivering against five levers of earnings growth
FIVE LEVERS OF EARNINGS GROWTH DELIVERING AGAINST OUR FIVE LEVERS OF EARNINGS GROWTH IN FY26 LIKE-FOR-LIKE GROWTH • Delivered +6% like-for-like growth FEE INCOME • Delivered +4% fee income growth • Admin costs down £7m / 9% COST CONTROL • WAIR 3.9%, 30 bps increase as expected DEVELOPMENTS • c.£40m
Slide 25: Earnings levers drive sustainable EPS growth of 3-6%
OUTLOOK OUR EARNINGS LEVERS DRIVE SUSTAINABLE EPS GROWTH OF 3-6% Medium term indicative impact % EPS impact p.a. LIKE-FOR-LIKE GROWTH c. +5% Levered 3-5% growth FY27 Guidance FEE INCOME c. +1% 10% p.a. growth COST CONTROL - At least Efficiencies offsetting inflation FINANCE COSTS c. -2% 30.5p 10-20
Slide 26: Leasing & Operational Update
LEASING & 0 O P E R AT I O N A L U P DAT E K E L LY C L E V E L A N D 10 Brock St, Regent’s Place FULL YEAR RESULTS | 31 MARCH 2026
Slide 27: Valuations up driven by continued strong rental growth
VALUATIONS VALUATIONS UP DRIVEN BY CONTINUED STRONG RENTAL GROWTH VALUATION GROWTH Yield Valuation ERV Valuation Movement Movement NEY Movement + 2.3% 31 March 2026 Total (£m) 10,062 (bps) -4 (%) 2.3 (%) 6.0 (%) 4.9 Driven by strong rental growth Campuses 5,852 -4 2.0 5.6 6.5 Retail & London Urban L
Slide 28: Strong campus leasing driven by new sources of demand
CAMPUSES STRONG CAMPUS LEASING DRIVEN BY NEW SOURCES OF DEMAND AND LIMITED SUPPLY 1.7m sq ft +6.3% 295k sq ft Under offer as at 31 March 2026, 32.5% Campus leasing, c.50% delivered in Q4 Leasing above March 2025 ERV, and 20.0% vs previous passing; 17.0% above March ahead of previous passing rent 202
Slide 29: One Triton Square: campus proposition supporting occupier growth
ONE TRITON SQUARE ATRIUM CAMPUSES ONE TRITON SQUARE: CAMPUS PROPOSITION REGENT’S PLACE SUPPORTING OCCUPIER GROWTH 94% LET To a broad range of AI & innovation-led occupiers, including: FULL YEAR RESULTS | 31 MARCH 2026 PG.29
Slide 30: Regent's Place: positioning for science & technology
CAMPUSES REGENT’S PLACE: POSITIONING FOR SCIENCE & TECHNOLOGY IN THE KNOWLEDGE QUARTER EUSTON STATION 92% 5 MINS’ WALK 338 Euston Rd Over 100 world-leading scientific, academic and research GREAT PORTLAND ST 110k sq ft & REGENT’S PARK and cultural institutions are within a few streets, including: Eu
Slide 31: RC Appold Street: derisked development on Broadgate
CAMPUSES RC 1 APPOLD STREET: DERISKED DEVELOPMENT ON PRIME BROADGATE CAMPUS 100% Office space pre-let or under option 268k sq ft pre-let, 92k sq ft under option 21-year Lease agreement With global law firm Herbert Smith Freehills Kramer >95% Cost certainty Fixed price main build contract FULL YEAR R
Slide 32: Investment market recovery a matter of timing
CAMPUSES INVESTMENT MARKET RECOVERY A MATTER OF TIMING GIVEN STRENGTH OF OCCUPATIONAL FUNDAMENTALS STRONG OCCUPATIONAL PICTURE, WITH HIGHER BUT GEOPOLITICS AND HIGHER RATES MAY INVESTMENT VOLUMES VS LAST YEAR PAUSE RECOVERY ACTIVE DEMAND INVESTMENT VOLUMES GEOPOLITICS INTEREST RATES +57% +52% +c.120
Slide 33: Retail parks virtually full: competition for space
RETAIL PARKS RETAIL PARKS VIRTUALLY FULL: COMPETITION FOR SPACE MOVING RENTS ON 1,544k sq ft 507k sq ft Retail park leasing, 9.0% above March 2025 Under offer, 10.4% above March 2025 ERV ERV +3.4% 99% Leasing ahead of previous passing rents Retail park occupancy H2: 6.3% FULL YEAR RESULTS | 31 MARCH
Slide 34: Positive retail park leasing vs previous passing
RETAIL PARKS POSITIVE RETAIL PARK LEASING VS PREVIOUS PASSING NOW THE DRIVER OF LIKE -FOR-LIKE RENTAL GROWTH BRITISH LAND RETAIL PARK LEASING VS PREVIOUS PASSING: 12-MONTH ROLLING AVERAGE +6.3% We are through the overrent on retail parks Retail park leasing vs previous passing in H2 5% 0% -5% -10% -
Slide 35: Broader demand driving footfall, spend and rental growth
RETAIL PARKS BROADER DEMAND DRIVING FOOTFALL, SPEND AND RENTAL GROWTH IMPACT UK RETAIL PARK OCCUPIER BASE WIDENING:1 2025 Retail parks benefiting from a broadening occupier pool Broader, optimised mix of value, convenience and experience-led uses Creates stronger cross-shopping, dwell time, 2015 occ
Slide 36: Hands-on asset management: Orbital Retail Park
General RETAIL PARKS HANDS-ON ASSET MANAGEMENT… CASE STUDY ASSET MANAGEMENT Orbital Retail Park, Cannock — Nov 2024 acquisition with plan to upsize M&S Food and subsequent backfill letting — Both moves agreed in principle pre-completion — M&S Food launched just over a year later; their fastest openi
Slide 37: Creating value in Telford Bridge
General TELFORD FORGE RETAIL PARKS …CREATING VALUE IN TELFORD BRIDGE INNOVATIVE WAYS… CASE STUDY ACQUISITION Telford Bridge Retail Park £30m in April 2026 | 8.3% TUNIY1 | West Midlands — EV charging deal exchanged (nil capex) — Adjacency to existing Telford Forge retail park unlocks further asset ma
Slide 38: Recycling when business plan complete: Harlech Retail Park
General RETAIL PARKS …AND RECYCLING WHEN BUSINESS PLAN COMPLETE CASE STUDY DISPOSAL Harlech Retail Park £22m1 | 6.7% NIY1 | Newport, Wales — Anchor re-gear completed with Tesco in March — New, income-enhancing EV charging lease with Instavolt (nil capex) — Sold in March 20261 +10% Above book value1
Slide 39: Summary
SUMMARY Record leasing levels in Active asset management campuses and capital recycling driving value Retail park leasing versus passing rents positive and accelerating FULL YEAR RESULTS | 31 MARCH 2026 PG.39
Slide 40: The UK's Leader in Campuses & Retail Parks
THE UK’S LEADER IN CAMPUSES & RETAIL PARKS Strong net absorption and constrained supply Active approach to asset management Translating into ERV, like-for-like and earnings growth Underpinning our 8-10% TAR through the cycle range FULL YEAR RESULTS | 31 MARCH 2026 PG.40
Slide 41: Appendices
A P P E N D I C E S
Slide 42: Total accounting return in line with 8-10% target
TOTAL RETURNS TOTAL ACCOUNTING RETURN IN LINE WITH 8 -10% TARGET VA LU E D R I V E R S EARNINGS YIELD VALUATION UPLIFT DEVELOPMENT UPSIDE 5% earnings yield (EPS/NTA) Driven by 3-5% rental growth, Mid-teen IRRs on 5-10% GAV and growing less c.1% depreciation 8-10% TAR THROUGH THE CYCLE UNDERPINNED BY
Slide 43: Portfolio: yields
PORTFOLIO NET YIELDS PORTFOLIO: YIELDS Portfolio Net Yields1, 2 NEY EPRA NIY EPRA TUNIY3 Overall TUNIY4 EPRA NEY Movement EPRA NRY5 ERV Growth As at 31 March 2026 (%) (%) (%) (%) (bps) (%) (%) City Offices 3.2 5.0 5.0 5.4 (3) 6.1 7.5 West End Offices 3.7 4.7 4.7 5.5 (9) 6.4 6.2 Other Campuses 1.6 3.
Slide 44: Income: annualised rent & ERV
VALUATION BASIS: INCOME: ANNUALISED RENT & ERV ANNUALISED RENT & ESTIMATED RENTAL VALUE (ERV) Annual Rent & ERV Group Annualised Joint Venture Total Rent1 Annualised Rent1 Annualised Rent1 ERV Contracted Rent2 ERV As at 31 March 2026 (£m) (£m) (£m) (£m) (£ psf) (£ psf) 3 City 17 71 88 163 66.9 75.9
Slide 45: Income: annualised accounting rent
ACCOUNTING BASIS: INCOME: ANNUALISED ACCOUNTING RENT ANNUALISED GROSS RENTAL INCOME Annualised Accounting Rent1 Group Joint Ventures Total As at 31 March 2026 (£m) (£m) (£m) City 21 107 128 West End 66 29 95 Other Campuses 12 3 15 Residential 8 - 8 Campuses 107 139 246 Retail Parks 193 15 208 Shoppi
Slide 46: Indicative potential future income
INDICATIVE POTENTIAL FUTURE INCOME INCOME: POTENTIAL FUTURE INCOME £42m £(4)m £39m £24m £11m £638m £561m £526m +7% +14% 526 £561m Annualised Agreement for Committed Future Committed Reversion, RPI Development Potential accounting rent: lease rents developments: committed developments: linked reviews
Slide 47: FY2027 Guidance
FY2027 GUIDANCE GUIDANCE FY2027 Guidance FY26 FY27 Guidance Rationale — Continued strong like-for-like growth — Rents from Life Science REIT portfolio Gross Rental Income £551m £595 – 605m — Positive impact from FY26 development leasing and lease up of vacant space — Impacted by timing of leasing an
Slide 48: Portfolio valuation by sector
PORTFOLIO VALUATION BY SECTOR PORTFOLIO: VALUATION Portfolio Valuation by Sector1, 2 FY Value FY Value Portfolio Group Joint Ventures Total Change Change Weighting As at 31 March 2026 (£m) (£m) (£m)1 (%)2 (£m)2 (%) City 476 2,492 2,968 4.9 139 29.5 West End 1,592 581 2,173 0.2 5 21.6 Other Campuses
Slide 49: Lease length and occupancy
LEASE LENGTH AND OCCUPANCY PORTFOLIO: OCCUPANCY Lease Length and Occupancy Average Lease Length to Expiry Average Lease Length to Break EPRA Occupancy Occupancy1,2,3 As at 31 March 2026 (yrs) (yrs) (%) (%) City 9.3 7.1 95.0 98.6 West End 5.8 4.7 91.5 94.6 Other Campuses 14.0 11.8 61.3 70.5 Residenti
Slide 50: Portfolio vacancy remains concentrated in new & refurbished space
PORTFOLIO VACANCY REMAINS CONCENTRATED IN NEW & PORTFOLIO: EPRA VACANCY REFURBISHED SPACE 1.9% 1.8% Under offer Asset management initiatives Newly delivered space 6.6% Newly delivered space includes 1 Broadgate, Southwark Urban Logistics, and One Triton Square Other EPRA Vacancy 0.5% 2.4% As at 31 M
Slide 51: Top occupiers
TOP 20 OCCUPIERS PORTFOLIO: TOP 20 OCCUPIERS Retail & London Urban Logistics Campuses Share of Share of OCCUPIER SPLIT BY INDUSTRY Category Rent Category Rent As at 31 March 2026 (%) As at 31 March 2026 (%) (% OF RENT) Next 5.8 Meta 10.2 M&S 5.2 A&O Shearman 5.0 Media & Boots 4.0 Dentsu 3.7 Other, 9
Slide 52: Rents remain affordable in our sectors
RENTS REMAIN AFFORDABLE IN OUR SECTORS PORTFOLIO: OCCUPANCY COST RATIOS Retail Parks Occupancy Cost Ratio1 London office rents relative to wages (2000 = 100)2 17.7% (48)% 120 0.9% 110 5.5% 12.5% 100 0.7% 9.8% 8.9% 9.2% 9.2% 90 3.8% 0.6% 0.6% 0.6% 1.0% 3.2% 80 2.6% 2.8% 2.9% 11.3% 70 8.0% 6.0% 5.7% 5
Slide 53: Recently completed & committed developments
RECENTLY COMPLETED & COMMITTED DEVELOPMENTS DEVELOPMENTS: COMPLETED & COMMITTED Recently Completed and Committed Developments Let & Gross Yield on BL Share 100% sq ft PC Current Value Cost to Come1 ERV2 Under Offer3 Cost4 As at 31 March 2026 Sector (%) (‘000) (Calendar Year) (£m) (£m) (£m) (£m) (%)
Slide 54: Near term developments & medium term pipeline
NEAR TERM DEVELOPMENTS & MEDIUM TERM PIPELINE DEVELOPMENTS: NEAR & MEDIUM TERM Near Term Developments BL Share 100% sq ft Earliest Start Current Value Cost to Come ERV Planning As at 31 March 2026 Sector (%) (’000) (Calendar Year) (£m) (£m)1 (£m)2 Status Canada Water: Affordable Housing Residential
Slide 55: Estimated future development spend and capitalised interest
ESTIMATED FUTURE DEVELOPMENT SPEND AND CAPITALISED DEVELOPMENTS: FUTURE SPEND INTEREST Development Cost to Come (6 Months Breakdown)1 PC Sep 26 Mar 27 Sep 27 Mar 28 Sep 28 Mar 29 Sep 29 Mar 30 Sep 31 As at 31 March 2026 (Calendar Year) (£m) (£m) (£m) (£m) (£m) (£m) (£m) (£m) (£m) The Broadgate Tower
Slide 56: Shortfall of new supply in the City
SHORTFALL OF NEW SUPPLY IN THE CITY DEVELOPMENTS: SUPPLY PIPELINE Declining prime office development creating undersupply in the City City Core supply pipeline1 (m sq ft) Including The Including 2 Finsbury Including 1 Appold Broadgate Tower Avenue Street 2.5 2.0 1.5 1.0 0.5 0.0 2026 2027 2028 2029 2
Slide 57: Debt metrics
DEBT METRICS BALANCE SHEET: DEBT METRICS Group 31 March 2026 31 March 2025 Loan to value (LTV) 32.1% 31.7% Net Debt to EBITDA1 7.7x 8.0x Undrawn facilities and cash £1.6bn £1.8bn Weighted average interest rate 3.6% 3.2% Interest cover 4.5x 5.7x Senior unsecured credit rating (Fitch) A A Short term c
Slide 58: Debt financing – diverse profile
DEBT FINANCING – DIVERSE PROFILE BALANCE SHEET: DEBT FINANCING £5.8BN GROSS DEBT AND FACILITIES (£4.2BN DRAWN) 1 31 MARCH 2026 STRONG CREDIT METRICS – £1.6bn undrawn facilities and cash £0.7bn – No requirement to refinance until early 2029 £1.6bn – Debt interest rate 94% hedged to March 2027, 71% on
Slide 59: Debt maturity
DEBT MATURITY BALANCE SHEET: DEBT MATURITY £m 2,000 Facilities Undrawn (Unsecured) Facilities Drawn (Unsecured) 1,800 Commercial Paper (Unsecured) 1,600 Term Loans (Unsecured) US Private Placements (Unsecured) 1,400 Sterling Bonds (Unsecured) 1,200 Debentures (Secured) JVs Bank Loans (Secured) 1,000
Slide 60: Loan to value
LOAN TO VALUE LOAN TO VALUE (0.9)% 1.9% 0.7% (0.7)% 0.6% (2.9)% 39.2% 2.4% 38.1% .4% .4% March Disposals Acquisitions Development Property Net operating Dividend Other March 2025 spend revaluations cashflow paid 2026 FULL YEAR RESULTS | 31 MARCH 2026 PG.60
Slide 61: Operating cash flow bridge
OPERATING CASH FLOW BRIDGE OPERATING CASHFLOW £56m £61m £(208)m £(75)m (£1m) £476m £309m £234m Cash tenant Distributions Fees & other Operating & Net finance Corporation Net cash inflow FY26 income from JVs income admin costs taxation from operating dividend1 expenses activities 1. FY26 dividend equ
Slide 62: Our sustainability strategy
OUR SUSTAINABILITY STRATEGY SUSTAINABILITY 25% £25m improvement in whole building energy Social Impact Fund We have a strong track record of action on environmental, social efficiency comprising cash and governance issues. This is the right thing to do and makes contributions and affordable space bu
Slide 63: Sustainability highlights
SUSTAINABILITY SUSTAINABILITY HIGHLIGHTS GREENER THRIVING RESPONSIBLE SPACES PLACES CHOICES 47% 74,310 100% reduction in operational carbon intensity across our people have benefitted from our education and of people working at our assets on our behalf paid at managed portfolio, vs our indexed FY19
Slide 64: Sustainability leadership
SUSTAINABILITY LEADERSHIP SUSTAINABILITY Global Real Estate Science Based Targets initiative EPRA Sustainability 2030 target approved in 2021 Sustainability Benchmark1 CDP Reporting Awards 2035-2050 targets, aligned with SBTi 2025: 5-star (Developments) 2025: A Building Criteria and Corporate Net-Ze
Slide 65: Campus maps: Broadgate
BROADGATE CAMPUS CAMPUS MAPS: BROADGATE FULL YEAR RESULTS | 31 MARCH 2026 PG.65
Slide 66: Campus maps: Paddington
PADDINGTON CENTRAL CAMPUS CAMPUS MAPS: PADDINGTON FULL YEAR RESULTS | 31 MARCH 2026 PG.66
Slide 67: Campus maps: Regent's Place
REGENT’S PLACE CAMPUS CAMPUS MAPS: REGENT’S PLACE FULL YEAR RESULTS | 31 MARCH 2026 PG.67
Slide 68: Campus maps: Canada Water
CANADA WATER CAMPUS CAMPUS MAPS: CANADA WATER FULL YEAR RESULTS | 31 MARCH 2026 PG.68
Slide 69: Disclaimer
DISCLAIMER The information contained in this presentation has been extracted largely from the Full Year Results Announcement for the full year ended 31 March 2026. For the purpose of this document, references to "presentation" shall be deemed to include this document, the oral briefing provided by B