Land Securities Group (LSE:LAND) said it expects EPRA EPS for the year to March 2027 to be broadly stable versus FY26, with FY28 set to deliver high single‑digit percentage growth and a FY30 target of c.62p, implying roughly 5% CAGR from FY27 to FY30.
For the year ended 31 March, Landsec reported EPRA EPS up 2.2% to 51.4p, EPRA earnings of £382m and IFRS profit before tax of £346m, driven by like‑for‑like net rental income growth of 4.6% and supporting a 2.0% rise in the dividend.
Operational detail showed EPRA occupancy at a two‑decade high of 98.0% and ERV growth accelerating to 6.4%, with office LFL income up 6.0% (ERVs +7.1%) and retail LFL income up 5.5% (ERVs +5.8%).
The balance sheet remains robust with LTV down to 38.7%, net debt/EBITDA at 8.4x, an average debt maturity of 8.6 years, disposals of £705m (incurring a £74m net loss) and the sale of QAM reducing future finance lease income (a 1.8% EPS headwind).
"We are well placed to deliver an acceleration in EPS growth," said chief executive Mark Allan, noting occupancy and rent momentum.
Landsec said it expects like‑for‑like net rent to grow c.3-5% in FY27 and for net debt/EBITDA to reduce below 7x within two years as developments lease up and committed development exposure falls to about 2% of portfolio value.
