British Land Company Plc · LSE:BLND
British Land — Investor Presentation (June 2025)
27 slides from British Land's investor presentation, June 2025
Slide 1: British Land Retail Investor Presentation
JUNE 2025 BRITISH LAND R E TA I L I N V E STO R P R E S E N TAT I O N
Slide 2: Introduction to British Land
01 I N T R O D U CT I O N TO BRITISH LAND Cleveland Retail Park, Middlesbrough PG.2
Slide 3: The British Land Company PLC
THE BRITISH LAND COMPANY PLC Real Estate Investment Trust Founded in 1856 Assets under management, £9.5bn British Land owned1 Net asset value1 Of leasing activity1 Portfolio occupancy rate1,2 1. As at or for the year ending 31 March 2025 PRESENTATION TITLE | 00 MONTH 2022 PG.3 2. Excluding under off
Slide 4: Our Strengths
OUR STRENGTHS PORTFOLIO OF HIGH QUALITY ASSETS LONDON DEVELOPMENT EXPERTISE FINANCIAL STRENGTH BEST IN CLASS PLATFORM PARTNERSHIPS WITH INVESTORS 1 Broadgate R E T A IL IN V E S T O R P R E S E N T A T IO N | J U N E 2 0 2 5 PG.4
Slide 5: Our Business Model – Managing Assets to Deliver Attractive Returns
OUR BUSINESS MODEL – MANAGING ASSETS TO DELIVER ATTRACTIVE RETURNS Source value add opportunities: ✓ Retail parks ✓ Development opportunities Develop and actively manage: ✓ Campus best-in-class developments ✓ Asset manage standing assets Recycle capital: ✓ Disposal of non-core & mature assets ✓ Join
Slide 6: British Land Portfolio
BRITISH LAND PORTFOLIO R E TA I L & L O N D O N CAMPUSES URBAN LOGISTICS (OFFICE LED) 42% 58% Retail Parks (32%) Campuses (58%) London Urban Other Retail Logistics (7%) (3%) R E T A IL IN V E S T O R P R E S E N T A T IO N | J U N E 2 0 2 5 PG.6
Slide 7: Top 20 Occupiers
TOP 20 OCCUPIERS OCCUPIER SPLIT BY INDUSTRY Retail & London Urban Logistics Campuses Share of Share of (% OF RENT) Category Rent Category Rent As at 31 March 2025 (%) As at 31 March 2025 (%) 01 Next 5.2 01 Meta 12.8 Media & 02 M&S 4.8 02 Dentsu 5.1 Communications, 3% Other, 5% 03 Walgreens Boots All
Slide 8: FY25 Year End Highlights
FY25 YEAR END HIGHLIGHTS Canada Water
Slide 9: Key Takeaways
KEY TAKEAWAYS CONTINUED FINANCIAL & OPERATIONAL VALUE GROWTH ACCELERATING IN H2 MOMENTUM DRIVEN BY STRONG RENTAL GROWTH Strong leasing 3.3m sq ft, 8.6% ahead of ERV Values up 1.6% Good cost discipline 4.9% ERV growth Underlying Profit up 4%, Underlying EPS flat Campus values at inflection point (H1
Slide 10: Good Financial Performance in FY25
GOOD FINANCIAL PERFORMANCE IN FY25 £279M 28.5p 22.80p Underlying Profit Underlying earnings per share Dividend per share +4% vs Mar 24 Unchanged vs Mar 24 Unchanged vs Mar 24 567p 38.1% 5% EPRA NTA per share Loan To Value Total accounting return +1% vs Mar 24 +80 bps vs Mar 24 +550bps vs Mar 24 R E
Slide 11: FY25 Overall Values Up Driven by Strong Rental Growth
FY25 OVERALL VALUES UP DRIVEN BY STRONG RENTAL GROWTH Yield H1 Valuation H2 Valuation FY Valuation ERV Valuation Movement Movement Movement Movement NEY Movement 31 March 2025 (£m) (bps) (%) (%) (%) (%) (%) Total 9,486 -4 0.2 1.5 1.6 6.1 4.9 Campuses 5,501 14 -1.7 0.8 -0.8 5.6 4.3 Developments 1,470
Slide 12: Our Portfolio in Depth: Campuses
01 O U R P O RT F O L I O I N D E PT H : CA M P U S E S Broadgate Circle
Slide 13: What Is a British Land Campus?
WHAT IS A BRITISH LAND CAMPUS? BEST IN CLASS INVITING PUBLIC GREAT RETAIL AND WORKSPACE REALM AMENITY OFFER LOCATED NEXT TO KEY SUSTAINABLE FLEXIBLE WORKSPACE TRANSPORT HUBS BUILDINGS OFFERING 80% OF CAMPUS SPACE LET TO UK HQs PG.13
Slide 14: British Land Campus Portfolio
BRITISH LAND CAMPUS PORTFOLIO (100% OWNERSHIP, (50% OWNERSHIP WITH GIC, (25% OWNERSHIP 1 TRITON SQUARE 50% OWNERSHIP 2 FINSBURY AVENUE 25% (50% OWNERSHIP WITH WITH GIC) WITH ROYAL LONDON) OWNERSHIP WITH GIC AND AUSTRALIANSUPER) MODON) R E T A IL IN V E S T O R P R E S E N T A T IO N | J U N E 2 0 2
Slide 15: Return to the Office Is in Full Swing on Our Campuses
RETURN TO THE OFFICE IS IN FULL SWING ON OUR CAMPUSES Average occupancy on our campuses (Tues - Thurs) has returned to pre-Covid levels: 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Apr-20 Aug-20 Dec-20 Apr-21 Aug-21 Dec-21 Apr-22 Aug-22 Dec-22 Apr-23 Aug-23 Dec-23 Apr-24 Aug-24 Dec-24 Monday vs pre-
Slide 16: Shortfall of New Supply Is Driving Rents for Developments at Broadgate
SHORTFALL OF NEW SUPPLY IS DRIVING RENTS FOR DEVELOPMENTS AT BROADGATE Take-up Forecast demand vs forecast supply of new / substantially Rent Prime City office rent3 (2015-2025) and BL average pre-let rents at (m sq ft) refurbished space in the City psf (£) Broadgate campus 10 135 9 130 125 120 8 Cu
Slide 17: Unfulfilled Demand Now Targeting Good Existing Stock in the Core
UNFULFILLED DEMAND NOW TARGETING GOOD EXISTING STOCK IN THE CORE, PUSHING RENTS HIGHER Agent data shows availability of existing …and this demand has come through in the rents achieved on recent lettings stock in the City rapidly declining… at Broadgate Rents on good existing stock in the City, incl
Slide 18: Our Portfolio in Depth: Retail Parks
Highly Confidential O U R P O RT F O L I O I N D E PT H : R E TA I L PA R K S Glasgow Fort
Slide 19: Retail Parks Are Our Preferred Format
RETAIL PARKS ARE OUR PREFERRED FORMAT TYPICAL PARK OF 15-20 UNITS, LOCATED ON MAIN ARTERIAL ROUTES - Open air - Free car parking ONE OF THE LARGEST OWNER/OPERATOR OF PARKS − Ability to negotiate portfolio deals − Provides us with deep market insight YIELDING 6.6% 1 AS AT 31 MARCH 2025 1. Topped up n
Slide 20: Strong Demand for Parks, the Preferred Physical Format for Retailers
STRONG DEMAND FOR PARKS WHICH ARE THE PREFERRED PHYSICAL FORMAT FOR MANY RETAILERS W H Y R E TA I L E R S P R E F E R PA R K S N E T S T O R E TA K E U P ( 2 0 1 6 - 2 0 2 4 ) 2 A FFO R DA BI L I TY Low occupancy cost ratio: 9.2%1 UK RETAIL PARKS +792 units ACCESSIBILITY Highly efficient way for con
Slide 21: Attractive Forward-Looking Returns
ATTRACTIVE FORWARD-LOOKING RETURNS STRONG RENTAL GROWTH 6-7% Net Equivalent Yield AT T R AC T I V E Y I E L D S OF 6-7% 3-5% ERV growth LIMITED CAPEX REQUIREMENTS LIQUIDITY Double digit Ungeared IRRs R E TA I L PA R K S A R E B E ST P E R F O R M I N G S U B S E CTO R I N U K R E A L E STAT E B L PA
Slide 22: Outlook & Summary
01 O U T LO O K & S U M M A RY Teesside Shopping Park, Stockton-on-Tees PG.22
Slide 23: Our Five Levers of Earnings Growth
OUR FIVE LEVERS OF EARNINGS GROWTH LIKE-FOR-LIKE GROWTH DEVELOPMENTS COST CONTROL CAPITAL RECYCLING FEE INCOME R E T A IL IN V E S T O R P R E S E N T A T IO N | J U N E 2 0 2 5 PG.23 Elliott’s Field, Rugby
Slide 24: Future Capital Priorities
FUTURE CAPITAL PRIORITIES EXPLOIT FIVE LEVERS OF EARNINGS GROWTH CAMPUSES R E TA I L PA R K S − Recycle out of mature, low returning assets − Continue to invest in parks − Progress best-in-class below replacement cost, at developments including with JV attractive yields partners to accelerate delive
Slide 25: Attractive Future Return Profile
ATTRACTIVE FUTURE RETURN PROFILE VALUE-ADD APPROACH 6.1% PORTFOLIO YIELD 3-5% RENTAL GROWTH DEVELOPMENT UPSIDE TA R GE T ING INCO M E F O CUS ED TA R O F 8 -1 0 % T HR O UG H T HE CYCLE R E T A IL IN V E S T O R P R E S E N T A T IO N | J U N E 2 0 2 5 PG.25
Slide 26: Q&A
Q&A
Slide 27: Disclaimer
DISCLAIMER All statements of opinion and/or belief contained in this presentation and all views expressed represent British Land's own current assessment and interpretation of information available to them as at the date of this presentation. Please note that this presentation may contain or incorpo