Land Securities Group plc (LAND) Q2 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.399 Well, good morning, everyone. Welcome to the presentation of Landsec's 2024 00:00:05.399 -- 00:00:10.586 half year results. More importantly, welcome to 21 Moorfields and welcome to the City 00:00:10.586 -- 00:00:13.451 of London on a Friday morning. 00:00:13.451 -- 00:00:18.057 So owning the right real estate has never been more important. 00:00:18.057 -- 00:00:23.105 Irrespective of sector, there is a clear focus from customers on the best space 00:00:23.105 -- 00:00:28.162 and as supply of this space is limited, rents are growing. 00:00:28.162 -- 00:00:33.871 Our success in positioning LandSec for this is reflected in these positive results. 00:00:33.871 -- 00:00:37.277 Growth in like-for-like net rental income increased to 3.4%. 00:00:37.277 -- 00:00:39.180 Our 00:00:39.180 -- 00:00:44.405 return on equity for the six months of September increased to 3.9%. 00:00:44.448 -- 00:00:49.336 And we are today increasing our EPS guidance for the full year, which also flows through 00:00:49.336 -- 00:00:51.668 into future years. 00:00:51.668 -- 00:00:55.236 Our active portfolio repositioning over the past 00:00:55.236 -- 00:01:01.667 few years means we continue to significantly outperform the wider market. 00:01:01.771 -- 00:01:05.039 And we expect the trends which underpin this to persist. 00:01:05.039 -- 00:01:09.650 And we're also capitalizing on the substantial accretive growth potential that we've 00:01:09.650 -- 00:01:11.615 created. 00:01:11.615 -- 00:01:16.624 We acquired a £120 million stake in Bluewater at an 8.5% yield in 00:01:16.624 -- 00:01:21.573 the first half, and are confident of deploying more capital into major retail in the 00:01:21.573 -- 00:01:23.677 second half. 00:01:23.677 -- 00:01:28.185 We're on site with two ...