Land Securities Group plc (LAND) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Well good morning everyone and welcome to the presentation of Landsec's 2025 full year results. Now I've been saying for some time that owning the right real estate has never been more important and the performance of our portfolio and business over the past 12 months illustrates this point really clearly. Irrespective of sector, there is a clear focus from customers on the best space, and as this remains in short supply, rents are growing. As such, we are confident in how we have repositioned our portfolio over the past four years. The success of this strategy is reflected in our strong operational performance, with high like-for-like income growth across both London and retail, which combined make up 83% of our business. We expect this customer focus on quality to persist. So as the reversionary potential in our portfolio is growing, we expect to deliver continued strong like for like income growth. Over the medium term, this growth will be enhanced by the substantial opportunity that we've created in residential, which benefits from structural demand growth and offers attractive real income returns with rents highly correlated to inflation over time. And it's the attractive mix of these uses which creates successful urban places that can continue to adapt and grow over time. And LandSec's ability to shape these places that gives us our competitive edge. Now, given our actions over the past few years, our outlook for EPS growth in the near term is positive. Executing our strategy, we'll build further on this and deliver material shareholder value by moving to high income, higher income growth and lower cyclicality over time. In the long run, it is income growth that is the main driver of value growth in both equity markets and in real estate. And our primary focus ...