British Land Company (BLND) Q4 2026 TU earnings summary

Executive summary

• Achieved strong leasing performance, driven by high demand in campuses and retail parks, with occupancy rates at 95% and 99% respectively.

• Underlying EPS for FY26 expected at 28.9p, ahead of guidance, and total accounting return at 8.1%.

• Completed acquisition of Life Science REIT, expected to be earnings accretive in FY27.

Financial highlights

• Underlying profit for FY26 projected at £294m, up from £279m in FY25.

• Like-for-like net rental growth of 6% for FY26, including 12% in campuses.

• Portfolio valuation increased by 2.3% year-over-year; ERV growth of 4.9%.

• EPRA Net Tangible Assets at 590p, up from 567p in FY25.

• Loan to value at 39.2% (FY25: 38.1%), Group Net Debt to EBITDA at 7.7x (FY25: 8.0x).

Outlook and guidance

• Upgraded FY27 Underlying EPS guidance to at least 30.5p, reflecting the Life Science REIT acquisition.

• Expect 3-6% annual EPS growth over the medium term.

• Maintain guidance for future ERV growth of 3-5% per annum.