UK's British Land FY26 adjusted net income rises on record leasing but misses expectations

British Land Public

20/05/2026 07:08

Overview

UK property developer's FY26 adjusted net income rose 5% but missed analyst expectations

Underlying EPS for FY26 rose 1% to 28.9p

Company cites record leasing and strong rental growth in London campuses and retail parks

Outlook

British Land expects FY27 EPS of at least 30.5p

Company expects 3-6% per annum EPS growth in subsequent years

British Land reiterates guidance of 3-5% per annum ERV growth across portfolio

Result Drivers

RECORD LEASING - Co said record leasing volumes, especially in London campuses and retail parks, drove performance and earnings outlook

RENTAL GROWTH - Like-for-like net rental growth was +6%, with campuses up 12% and retail and urban logistics up 2%

HIGH OCCUPANCY - Portfolio occupancy was 96.9%, with retail and urban logistics at 99%

Company press release: ID:nRST9898Ea

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
FY Adjusted Net Income
Miss
GBP 294 mln
GBP 306.78 mln (13 Analysts)
FY Net Income
GBP 454 mln
FY Dividend
GBP 0.23
FY EPRA NTA Per Share
GBP 5.90


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 7 "hold" and 2 "sell" or "strong sell"

The average consensus recommendation for the diversified reits peer group is "buy"

Wall Street's median 12-month price target for British Land Company PLC is GBp465.00, about 23% above its May 19 closing price of GBp378.20

The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 14 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)