British Land Company Plc · LSE:BLND
British Land — FY2025 Earnings Presentation
82 slides from British Land's earnings presentation, May 22, 2025
Slide 1: Full Year Results
22 MAY 2025 FULL YEAR RESULTS § British sy Land
Slide 2: Introduction
01 I N T R O D U CT I O N SIMON CARTER Cleveland Retail Park, Middlesbrough FULL YEAR RESULTS | 31 MARCH 2025 PG.2
Slide 3: Key Takeaways
KEY TAKEAWAYS CONTINUED FINANCIAL & OPERATIONAL VALUE GROWTH ACCELERATING IN H2 MOMENTUM DRIVEN BY STRONG ERVS 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 -1.7%, H2
Slide 4: Post Covid calls driving above inflation rental growth
POST COVID CALLS DRIVING ABOVE INFLATION RENTAL GROWTH 2020 COVID LOCKDOWN TODAY CAMPUSES 4.4% Rental growth D E V E LO P M E N T S Committed to 3m sq ft of best-in-class developments 5m sq ft City supply gap1 2020 COVID LOCKDOWN TODAY R E TA I L PA R K S 6.1% Rental growth ACQUISITIONS £1.2bn of re
Slide 5: Financial Results
FINANCIAL R E S U LT S DAVID WALKER The Optic, Cambridge FULL YEAR RESULTS | 31 MARCH 2025
Slide 6: Key Topics
KEY TOPICS Financial performance Balance sheet & capital allocation Five levers of earnings growth Loom Court, Norton Folgate Sustainability FULL YEAR RESULTS | 31 MARCH 2025 PG.6
Slide 7: Financial Performance: Net rents maintained
FINANCIAL PERFORMANCE NET RENTS MAINTAINED DESPITE SIGNIFICANT DEVELOPMENT ACTIVITY 2025 2024 Year ended 31 March Change (£m) (£m) Gross rental income 484 476 2% Property operating expenses (45) (36) 25% Net rental income 439 440 (0)% NRI margin 90.7% 92.4% -170 bps (30) 29 (11) 9 (8) 10 440 439 428
Slide 8: Financial Performance: Like-for-like net rental growth
FINANCIAL PERFORMANCE DELIVERED FURTHER LIKE-FOR-LIKE NET RENTAL GROWTH +2% +5% + 3% Campuses1 Retail & London Urban Total Logistics Portfolio — Core campus2 like-for-like +3% — Supply demand fundamentals — Demand accelerating for existing stock playing out — Leasing vs previous passing +22% — Parti
Slide 9: Financial Performance: Cost management and fee income
FINANCIAL PERFORMANCE CONTINUE TO MANAGE COSTS AND DRIVE FEE INCOME 2025 2024 Year ended 31 March Change (£m) (£m) Gross rental income 484 476 2% Property operating expenses (45) (36) 25% Net rental income 439 440 (0)% NRI margin 90.7% 92.4% -170 bps Fees & other income 25 23 9% Administrative expen
Slide 10: Financial Performance: Good financial performance
FINANCIAL PERFORMANCE GOOD FINANCIAL PERFORMANCE £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 1.2p (1.0p) 0.8p (2.6p) 0.5p 0.9p (0.8p) 1.0p 28.5p 28.5p Mar-24 Sales & Purchases Equity Placing - Equity Plac
Slide 11: Financial Performance: Values inflecting
FINANCIAL PERFORMANCE VALUES INFLECTING: BALANCE SHEET ROBUST 567p 38.1% 8.0x EPRA NTA per share Loan To Value Group Net Debt to EBITDA +1% vs Mar 24 +80 bps vs Mar 24 +1.2x vs Mar 24 Total accounting return 5.0% 27p (23p) (11p) 13p (1p) 562p 567p 551p Mar-24 Oct-24 equity Mar-24 proforma Valuation
Slide 12: Balance Sheet Provides a Solid Platform for Growth
BALANCE SHEET BALANCE SHEET PROVIDES A SOLID PLATFORM FOR GROWTH Our financing principles: Phase Diversify Maintain Maintain maturity of Maintain sources of strong flexibility debt liquidity finance metrics portfolio FULL YEAR RESULTS | 31 MARCH 2025 PG.12
Slide 13: Active in Debt Markets & Robust Metrics
BALANCE SHEET ACTIVE IN DEBT MARKETS & ROBUST METRICS Year ended 31 March 2025 2024 Change £2.2bn financing activity completed in the year: Net debt 1 £3.6bn £3.3bn +£0.3bn Loan to value 1 38.1% 37.3% +80 bps — £1.0bn new unsecured RCFs, in 4 transactions, terms of 5 + 1 + 1 years Group Net debt to
Slide 14: Disciplined and Active Capital Allocation
BALANCE SHEET DISCIPLINED AND ACTIVE CAPITAL ALLOCATION; MANAGING ASSETS TO EXCEED OUR COST OF CAPITAL Source value add opportunities: £738m of retail parks purchased at 7% NEY Develop and actively manage: Committed to repositioning of Broadgate Tower Committed to 2 Finsbury Avenue Recycle cap
Slide 15: Our Five Levers of Earnings Growth
FIVE LEVERS OF EARNINGS GROWTH OUR FIVE LEVERS OF EARNINGS GROWTH LIKE-FOR-LIKE GROWTH DEVELOPMENTS COST CONTROL CAPITAL RECYCLING FEE INCOME FULL YEAR RESULTS | 31 MARCH 2025 PG.15 Elliott’s Field, Rugby
Slide 16: Five Levers: Like-for-like Growth
FIVE LEVERS OF EARNINGS GROWTH OUR FIVE LEVERS OF EARNINGS GROWTH LIKE-FOR-LIKE GROWTH Capitalise on strong supply demand fundamentals in DEVELOPMENTS our subsectors COST CONTROL Every 1% of like-for-like growth delivers c.£3m of additional net rents CAPITAL RECYCLING Expect to deliver 3-5% li
Slide 17: Five Levers: Developments
FIVE LEVERS OF EARNINGS GROWTH OUR FIVE LEVERS OF EARNINGS GROWTH LIKE-FOR-LIKE GROWTH Delivering supply into tight markets DEVELOPMENTS Committed developments and asset management initiatives expected to deliver c.5p of EPS, with 80% COST CONTROL delivered by FY27 CAPITAL RECYCLING Reducing n
Slide 18: Five Levers: Cost Control
FIVE LEVERS OF EARNINGS GROWTH OUR FIVE LEVERS OF EARNINGS GROWTH LIKE-FOR-LIKE GROWTH Continued rigour on admin costs DEVELOPMENTS Remove £5m of costs in FY26 on an annualised basis, COST CONTROL and expect FY26 admin costs of <£80m CAPITAL RECYCLING Continue to moderate increase in WAIR towa
Slide 19: Five Levers: Capital Recycling
FIVE LEVERS OF EARNINGS GROWTH OUR FIVE LEVERS OF EARNINGS GROWTH LIKE-FOR-LIKE GROWTH Continue to dispassionately recycle capital from mature, DEVELOPMENTS low returning assets below our cost of capital Integrate acquisitions into the existing British Land COST CONTROL platform at minimal incre
Slide 20: Five Levers: Fee Income
FIVE LEVERS OF EARNINGS GROWTH OUR FIVE LEVERS OF EARNINGS GROWTH LIKE-FOR-LIKE GROWTH Work with existing and new JV partners to further DEVELOPMENTS increase fee income COST CONTROL Continue to leverage relationships and unique expertise to generate attractive development fees CAPITAL RECYCLING
Slide 21: Earnings Outlook
OUTLOOK EARNINGS OUTLOOK • Expect FY26 Underlying EPS to be broadly flat, equating to 2% Underlying Profit growth Full year impact of earnings accretive retail parks acquisition and associated equity placing 3-5% like-for-like growth Progress leasing on our developments Fee income growth of
Slide 22: Sustainability Drives Commercial Advantage
SUSTAINABILITY SUSTAINABILITY DRIVES COMMERCIAL ADVANTAGE Key 2030 ESG targets: GRE ENER TH R IVI NG R E SP ON S I B LE SPACE S PL ACE S CHOICES 50% £25m >40% less embodied carbon at committed to a Social Impact Fund female representation at senior developments by 2030 to be deployed by 2030 managem
Slide 23: Excellent Progress on EPC Upgrades
SUSTAINABILITY EXCELLENT PROGRESS ON EPC UPGRADES PERCENTAGE OF THE PORTFOLIO RATED EPC A OR B 1 68% £26M spent to date on EPC upgrades of which c.70% has been recovered via 58% service charge 45% 36% GRESB 5* across developments and standing investments – global sector leader score 100/100 on devel
Slide 24: Summary
VALUATION SUMMARY GOOD FINANCIAL STRONG & FLEXIBLE DELIVERABLE FUTURE PERFORMANCE BALANCE SHEET LEVERS OF GROWTH FULL YEAR RESULTS | 31 MARCH 2025 PG.24
Slide 25: Leasing & Investment Update
LEASING & I N V E ST M E N T 0 U P DAT E K E L LY C L E V E L A N D 1 Broadgate FULL YEAR RESULTS | 31 MARCH 2025
Slide 26: Overall values up driven by strong rental growth
VALUATION 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
Slide 27: Demand focused on best-in-class space in core locations
CAMPUSES DEMAND IS FOCUSED ON BEST-IN-CLASS SPACE IN CORE LOCATIONS Record high active demand in Central London Central London active demand by quarter (m sq ft)1 Q1-25 TAKE UP FOR NEW SPACE IN CENTRAL 16 LONDON IS 29% AHEAD OF Q1-241 14 − Take up for new space in the City core is 102% ahead of Q1-2
Slide 28: Demand for core locations resulting in outsized rental growth
CAMPUSES DEMAND FOR CORE LOCATIONS IS RESULTING IN OUTSIZED RENTAL GROWTH Best-in-class offices by Liverpool St Station record outsized rental growth Annual rent growth on new or newly refurbished office space near Liverpool Street Station: 2021-241 20% 15% 10% 5% 0% <350m 350-700m 700-1,000m 5 min
Slide 29: Unfulfilled demand targeting good existing stock
CAMPUSES 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 C
Slide 30: Strong operational momentum across our campuses
STRONG OPERATIONAL MOMENTUM ACROSS OUR CAMPUSES 1.5m sq ft +7.5% Total campus leasing Leasing above March 2024 ERV 0.5m sq ft 97% Occupancy, excluding recently completed Renewals and regears space 250k sq ft 1.7m sq ft Under offer, 9.2% ahead of March 2024 In negotiations on 1.5m sq ft of space ERV
Slide 31: Delivering 2.4m sq ft of new space
CAMPUSES DELIVERING 2.4M SQ FT OF NEW SPACE INTO A SUPPLY CONSTRAINED MARKET B R OA D G AT E R E G E N T ’ S P L AC E SCIENCE AND TECH − Delivering 1.7m sq ft of best-in-class − 1 Triton Square due to complete in − The Optic is now complete and fully space at 1 Broadgate, 2 Finsbury September 2025 l
Slide 32: London office investment market improving
CAMPUSES LONDON OFFICE INVESTMENT MARKET IMPROVING REFLECTING OCCUPATIONAL STRENGTH & SAFE HAVEN STATUS 2023 Q1 2025 OUTLOOK — Investment markets subdued — Demand for larger lot sizes increasing — Continued signs investment market is (+£100m deals: 10 in 2024 vs 7 in Q1 improving — Cost of debt incr
Slide 33: Retail parks continue to lease ahead of ERV
RETAIL PARKS CONTINUE TO LEASE AHEAD OF ERV AND THE PORTFOLIO IS VIRTUALLY FULL 1.1m sq ft +9.6% Total retail park leasing Leasing above March 2024 ERV 0.5m sq ft +11.0% Under offer Under offer ahead of March 2024 ERV 99% 93% Occupancy Retention rate FULL YEAR RESULTS | 31 MARCH 2025 PG.33 Elliott’s
Slide 34: Retail park leasing accelerated post-budget
RETAIL PARKS RETAIL PARK LEASING HAS ACCELERATED POST-BUDGET AS RETAILERS SHIFT TOWARDS EFFICIENT STORE FORMAT No let-up in leasing across our retail parks post budget: British Land retail park portfolio leasing (k, sq ft) CONTINUED COMPETITIVE H1 Budget announced 311 427 TENSION FOR SPACE Oct 24 −
Slide 35: Adding value at newly acquired assets
RETAIL PARKS ADDING VALUE AT NEWLY ACQUIRED ASSETS CASE STUDY Making good progress towards executing our business plans on parks acquired this FY: Orchard Centre Shopping Park, Didcot 270k sq ft | Acquired Sep 2024 110k sq ft Let across retail parks acquired this FY1 Leasing vs underwritten +3.0% Up
Slide 36: Logistics: Zones 1 and 2 remain supply constrained
LOGISTICS WHILST OUTER LONDON LOGISTICS HAS SEEN A MODEST RISE IN VACANCY, ZONES 1 AND 2 REMAIN SUPPLY CONSTRAINED 0.2%1 Zone 1-2 London vacancy 3.8% 6 1.3% Our Zone 1-2 London pipeline 0.5% 3.0% 1. Mandela Way 5 0.9% c.5.0%1 2. Verney Road 3 4 5.5% Outer East London vacancy has 3. Paddington 12 tic
Slide 37: Summary
SUMMARY DEMAND FOR GOOD MARKET LEADING POSITION VALUES UP WITH EXISTING OFFICE STOCK IS IN RETAIL PARKS IS STRONG ERV GROWTH GROWING DRIVING VALUE FULL YEAR RESULTS | 31 MARCH 2025 PG.37
Slide 38: Strategy & Outlook
01 ST R AT E GY & O U T LO O K SIMON CARTER Teesside Shopping Park, Stockton-on-Tees FULL YEAR RESULTS | 31 MARCH 2025 PG.38
Slide 39: Return to the office in full swing on our campuses
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 Monda
Slide 40: Shortfall of new supply driving rents at Broadgate
CAMPUSES 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 10 135 130 9 125
Slide 41: Finsbury Avenue: leased at record rents with JV partner
CAMPUSES 2 FINSBURY AVENUE: LEASED AT RECORD RENTS AND BROUGHT IN A JV PARTNER 50% 97% Pre-let or under option Main contract to Citadel costs fixed MID- >7.5% TEEN% Gross yield on Ungeared cost IRR FULL YEAR RESULTS | 31 MARCH 2025 PPGG..44 11
Slide 42: Broadgate Tower: capitalising on shortage of tower floors
CAMPUSES BROADGATE TOWER: CAPITALISING ON SHORTAGE OF TOWER FLOORS IN THE CITY 12 100K Tower floors available in SQ FT the City in 20261 In negotiations already HIGH- >8% TEEN% Gross yield on Ungeared cost IRR 1. Cushman & Wakefield: New and newly refurbished City availability, level 17 and above FU
Slide 43: Regent's Place: replicating Broadgate's success
CAMPUSES REGENT’S PLACE: REPLICATING BROADGATE'S SUCCESS REGENT’S PLACE BENEFITS FROM: Excellent transport connectivity Located in a world class innovation cluster where tech meets medicine Knowledge Quarter economy growing c.50% faster than the rest of London Strong demand from AI businesse
Slide 44: Euston Tower: planning secured for West End tower
CAMPUSES EUSTON TOWER: PLANNING SECURED FOR WEST END OFFICE AND INNOVATION TOWER 560k LARGE FLOOR SQ FT PLATES World class tower Rare in West End development MID- 7% TEEN% Gross yield on cost Ungeared IRR E X P E C T TO B R I N G I N PA R T N E R S PPGG..44 44
Slide 45: Track record of bringing in partners
TRACK RECORD OF BRINGING IN PARTNERS TO ACCELERATE RETURNS AND STRETCH OUR EQUITY PARTNERSHIPS ENABLE US TO: Accelerate returns Stretch our equity Share risk Earn attractive fee income FULL YEAR RESULTS | 31 MARCH 2025 PG.45
Slide 46: Demand broadens as supply crunch bites
Highly Confidential CAMPUSES DEMAND BROADENS AS SUPPLY CRUNCH BITES N E W STO C K , E X I ST I N G STO C K , N E W STO C K , C O R E L O C AT I O N S C O R E L O C AT I O N S E M E R G I N G L O C AT I O N S − Shortfall of supply − Most unfulfilled demand shifts to − Some demand exploring new − Lead
Slide 47: Canada Water: placemaking taking shape
Highly Confidential CAMPUSES CANADA WATER: PLACEMAKING TAKING SHAPE AND PHASE 1 NEARING COMPLETION P L A C E M A K I N G / R E TA I L W O R K S PA C E RESIDENTIAL New dock and public boardwalk 6,000 sq ft under offer with our first 46 homes sold at an average of Corner Corner, a 55,000 sq ft cultura
Slide 48: Strong demand for retail parks
RETAIL PARKS 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 AFFOR DABI LI TY Low occupancy cost ratio: 9.2%1 UK RETAIL PARKS +792 units ACCESSIBILITY Highly efficient wa
Slide 49: Supply of retail parks is restricted
RETAIL PARKS SUPPLY OF RETAIL PARKS IS RESTRICTED Construction volumes (m sq ft) CUMULATIVE RETAIL PARK CONSTRUCTION 1 < 5% RESTRICTED 90 O F R E TA I L PA R K S U P P LY D U E TO 80 S U P P LY A D D E D I N PLANNING 70 LAST 10 YEARS 60 50 40 VA LU E S < 8% 30 R E P L AC E M E N T O F TOTA L 1 . 5 B
Slide 50: Attractive forward-looking returns
RETAIL PARKS 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
Slide 51: Outlook
OUTLOOK OUTLOOK MACRO AND GEOPOLITICAL POSITIVE OCCUPATIONAL INVEST MENT MARKETS UNCERTAINTY REMAINS OUTLOOK REMAINS IMPROVING − Continued activity in the retail − Strong net absorption for retail − Cash flow predictability and park market parks and best-in-class offices above inflation rental growt
Slide 52: Future capital priorities
OUTLOOK 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 accelerat
Slide 53: Attractive future return profile
OUTLOOK ATTRACTIVE FUTURE RETURN PROFILE VALUE-ADD APPROACH 6.1% PORTFOLIO YIELD 3-5% RENTAL GROWTH DEVELOPMENT UPSIDE TA R G E T I N G I N CO M E F O C U S ED TA R O F 8 -1 0 % T HR O U G H T HE CYC LE FULL YEAR RESULTS | 31 MARCH 2025 PG.53
Slide 54: Appendices
A P P E N D I C E S
Slide 55: Portfolio: Yields
PORTFOLIO NET YIELDS PORTFOLIO: YIELDS Portfolio Net Yields1, 2 NEY 3 4 5 6 EPRA NIY EPRA TUNIY Overall TUNIY EPRA NEY Movement EPRA NRY ERV Growth As at 31 March 2025 (%) (%) (%) (%) (bps) (%) (%) City Offices 3.9 4.2 4.3 5.5 14 6.0 6.0 West End Offices 4.5 4.8 4.8 5.7 14 6.4 3.1 Other Campuses 1.4
Slide 56: Portfolio: Annual Rent & ERV
VALUATION BASIS: PORTFOLIO: ANNUAL 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 2025 (£m) (£m) (£m) (£m) (£ psf) (£ psf) City3 13 75 88 130 61 69 3 West
Slide 57: Income: Annualised Accounting Rent
ACCOUNTING BASIS: INCOME: ANNUALISED ACCOUNTING RENT ANNUALISED GROSS RENTAL INCOME Annualised Accounting Rent Group Joint ventures Total As at 31 March 2025 (£m) (£m) (£m) City 16 81 97 West End 61 17 78 Other Campuses 12 - 12 Residential 2 - 2 All Campuses 91 98 189 Retail Parks 192 14 206 Shoppin
Slide 58: Income: Potential Future Income
ILLUSTRATIVE POTENTIAL FUTURE INCOME INCOME: POTENTIAL FUTURE INCOME Annualised accounting rent (£m): 16 25 60 (8) 28 5 591 498 465 +7% +19% 1 Annualised Agreement for Committed Future committed Committed Reversion, RPI 2 Development Near term Potential Accounting Rent lease rents developments - ann
Slide 59: FY2026 Guidance
FY2026 GUIDANCE GUIDANCE FY2026 Guidance Guidance FY25 FY26 Rationale — Continued strong like-for-like growth Gross Rental Income £484m £520 – 530m — Full year impact of net purchases in FY25 and pre-let developments completing — Impacted by timing of leasing and capital activity Net Rental Income M
Slide 60: Portfolio Valuation by Sector
PORTFOLIO VALUATION BY SECTOR PORTFOLIO: VALUATION Portfolio Valuation by Sector1, 2 FY value FY value 2025 Portfolio 2024 Portfolio Group Joint Ventures Total change change Weighting Weighting As at 31 March 2025 £m £m £m1 %2 £m2 % % City 441 2,205 2,646 0.2 6 27.9 29.1 West End 1,572 525 2,097 (1.
Slide 61: Portfolio: Lease Length and Occupancy
LEASE LENGTH AND OCCUPANCY PORTFOLIO: OCCUPANCY Lease Length and Occupancy Average Lease Length To Average Lease Length To Expiry Break EPRA Occupancy Occupancy1,2,3 As at 31 March 2025 (yrs) (yrs) (%) (%) City 8.1 6.5 83.7 97.4 West End 6.1 5.0 89.0 96.4 Other Campuses 13.6 11.7 64.0 86.2 Residenti
Slide 62: Vacancy concentrated in new & refurbished space
VACANCY IN OUR PORTFOLIO REMAINS CONCENTRATED IN PORTFOLIO: OCCUPANCY NEW & REFURBISHED SPACE 0.8% 0.3% 97.7% 1.2% 1.5% 1.8% 2.1% 90.0% EPRA AMIs Norton Under Offer Aldgate Canada Priestley Occupancy Occupancy Folgate Place Water Centre As at 31 March 2025. FULL YEAR RESULTS | 31 MARCH 2025 PG.62
Slide 63: Portfolio: Top Occupiers
TOP 20 OCCUPIERS PORTFOLIO: 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% Othe
Slide 64: Portfolio: Occupancy Cost Ratios
BRITISH LAND OCCUPANCY COST RATIO 1 PORTFOLIO: OCCUPANCY COST RATIOS Retail Parks Shopping Centres 19.2% (27)% 17.7% (48)% 2.0% 0.9% 16.4% 14.7% 14.1% 2.1% 5.5% 12.5% 5.5% 2.1% 12.4% 2.3% 0.7% 4.5% 9.8% 9.2% 1.7% 8.9% 4.4% 3.8% 0.6% 3.5% 0.6% 3.0% 0.6% 3.2% 2.8% 2.6% 11.3% 11.7% 9.8% 8.0% 8.2% 7.7%
Slide 65: 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 Offer4 Cost5 As at 31 March 2025 Sector (%) (‘000) (Calendar Year) (£m) (£m) (£m) (£m) (%)
Slide 66: Near Term Development Pipeline
NEAR TERM DEVELOPMENT PIPELINE DEVELOPMENTS: NEAR TERM Near Term Developments BL Share 100% sq ft Earliest Start Current Value Cost to come ERV Planning As at 31 March 2025 Sector (%) (’000) (Calendar Year) (£m) (£m)1 (£m)2 (Status) 1 Appold Street Office 50 404 Q1 2026 58 190 19.8 Consented West On
Slide 67: Medium Term Development Pipeline
MEDIUM TERM DEVELOPMENT PIPELINE DEVELOPMENTS: MEDIUM TERM Medum Term Pipeline BL Share 100% sq ft Planning As at 31 March 2025 Sector (%) (‘000) (Status) Euston Tower Office 100 563 Consented 5 Kingdom St Office 100 214 Consented Botley Road Science & Technology 100 235 Consented Hannah Close, Wemb
Slide 68: 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 25 Mar 26 Sep 26 Mar 27 Sep 27 Mar 28 Sep 28 Mar 29 Sep 29 Mar 30 Total As at 31 March 2025 (Calendar Year) (£m) (£m) (£m) (£m) (£m) (£m) (£m) (£m) (£m) (£m) (
Slide 69: 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 Forecast prime office supply/demand in the City (m sq ft)1 3.0 2.5 Including 1 Broadgate 2.0 Including The Broadgate Tower 1.5 Including 2 Finsbury Avenue 1.0 0.5 No
Slide 70: Balance Sheet: Debt Metrics
DEBT METRICS BALANCE SHEET: DEBT METRICS Group 31 March 2025 31 March 2024 Loan to value (LTV) 31.7% 28.5% Net Debt to EBITDA1 8.0x 6.8x Undrawn facilities and cash £1.8bn £1.9bn Weighted average interest rate 3.2% 2.6% Interest cover 5.7x 5.9x Senior unsecured credit rating (Fitch) A A Proportional
Slide 71: Debt Financing – Diverse Profile
DEBT FINANCING – DIVERSE PROFILE BALANCE SHEET: DEBT FINANCING £5.5bn gross debt and facilities (£3.7bn drawn) 31 March 2025¹ STRONG CREDIT METRICS – £1.8bn undrawn facilities and cash £0.4bn – No requirement to refinance until late 2028 £0.5bn – Debt 97% hedged to March 2026, 77% on average over 5
Slide 72: Debt Maturity
DEBT MATURITY BALANCE SHEET: DEBT MATURITY £m 2,200 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 Financial year ending 31 March Facilities Undrawn (Unsecured) Facilities Drawn (Unsecured) Term Loans (Unsecured) US Private Plac
Slide 73: Loan to Value
LOAN TO VALUE LOAN TO VALUE 4.9% (3.1)% 3.1% (0.6)% 1.0% (3.9)% (0.6)% 37.3% 38.1% 1 Mar-24 Disposals Acquistions Equity placing Development Property Net operating Other Mar-25 spend revaluations cashflow FULL YEAR RESULTS | 31 MARCH 2025 1. Other includes financing activity, working capital and oth
Slide 74: Operating Cash Flow Bridge
OPERATING CASH FLOW BRIDGE OPERATING CASHFLOW £m 57 (211) 72 414 (55) (7) 270 220 1 Cash tenant Distributions Fees and other Operating and Net finance costs Corporation Net cash inflow FY25 Dividend income from JVs income admin expenses tax from operating activities FULL YEAR RESULTS | 31 MARCH 2025
Slide 75: Capital Activity
CAPITAL ACTIVITY CAPITAL ACTIVITY £6.7bn gross capital activity since April 2020 Sales, capital investment, purchases and net capital activity: FY21-25 (£m) 1,500 1,000 507 535 500 49 0 -500 (233) (964) -1,000 -1,500 FY21 FY22 FY23 FY24 FY25 Sales Capital Investment Purchases Net Capital Activity On
Slide 76: FY25 Sustainability Progress
FY25 SUSTAINABILITY PROGRESS SUSTAINABILITY 615kg CO2e per sqm 38% embodied carbon intensity of current reduction in operational carbon office developments intensity vs. 2019 baseline GRESB 5* 68% for Standing Investments and of EPCs rated A/B by ERV Development FULL YEAR RESULTS | 31 MARCH 2025 PG.
Slide 77: Sustainability Leadership
SUSTAINABILITY LEADERSHIP SUSTAINABILITY Global Real Estate EPRA Sustainability Sustainability Benchmark1 CDP Science Based Target Reporting Awards 2024: 5-star (Development) 2023: A-3 Approval in 2021 2024: Gold for 13th year 5-star (Standing Investments) MSCI ESG Ratings2 Social Mobility Index FTS
Slide 78: Campus Maps: Broadgate
BROADGATE CAMPUS CAMPUS MAPS: BROADGATE FULL YEAR RESULTS | 31 MARCH 2025 PG.78
Slide 79: Campus Maps: Paddington
PADDINGTON CENTRAL CAMPUS CAMPUS MAPS: PADDINGTON FULL YEAR RESULTS | 31 MARCH 2025 PG.79
Slide 80: Campus Maps: Regent's Place
REGENT’S PLACE CAMPUS CAMPUS MAPS: REGENT’S PLACE FULL YEAR RESULTS | 31 MARCH 2025 PG.80
Slide 81: Campus Maps: Canada Water
CANADA WATER CAMPUS CAMPUS MAPS: CANADA WATER FULL YEAR RESULTS | 31 MARCH 2025 PG.81
Slide 82: 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 2025. For the purpose of this document, references to "presentation" shall be deemed to include this document, the oral briefing provided by B