The British Land Company (LSE:BLND) lifted its FY27 Underlying EPS guidance to at least 30.5p and reiterated medium-term targets of 3-6% annual EPS growth and 8-10% total returns across the cycle.
Underlying Profit rose to £294m, up 5% (FY25: £279m), underlying EPS was 28.9p (FY25: 28.5p) and gross rental income was £551m (FY25: £484m).
Operational momentum was driven by record leasing, 3.8m sq ft signed, 7.2% ahead of ERV, with like‑for‑like net rental growth of 6% (Campuses +12%, Retail & London Urban Logistics +2%) and portfolio occupancy at 96.9% (Retail parks 99.0%).
Portfolio values increased 2.3% with ERV growth of 4.9%, EPRA NTA rose to 590p (up 4%), loan‑to‑value was 39.2%, Group Net Debt to EBITDA fell to 7.7x and the group had £1.6bn of undrawn facilities and cash with no refinancing required until early 2029.
The Board proposed a total dividend for the year of 23.12p per share, up 1%, comprising a final dividend of 10.80p in line with the 80% of Underlying EPS policy.
Post year‑end capital moves include the Life Science REIT acquisition effective 20 April funded by 24.5m new shares and £49m cash, which the company says is immediately earnings accretive (c.0.3p in FY27), alongside £106m of disposals and £94m of retail purchases in the year.
“In these tightening markets, we are well positioned to capitalise on our scale, quality and value‑add mindset to deliver sustainable EPS growth of 3-6% per annum and total returns of 8-10% across the cycle,” Simon Carter, Chief Executive, said.
The company reiterated FY27 expectations of at least 30.5p Underlying EPS, guidance of 3-5% per annum ERV growth and said it expects to deliver like‑for‑like net rental growth at the top end of that range in FY27.
