REG - Land Sec. Group PLC - Half-year Report
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RNS Number : 5109H Land Securities Group PLC 14 November 2025
14 November 2025
LAND SECURITIES GROUP PLC ("Landsec")
Results for the half year ended 30 September 2025
Strong income growth drives increase in EPS outlook
Mark Allan, Chief Executive of Landsec, commented:
"We continue to see clear positive momentum across every part of our business,
notwithstanding the wider economic environment. Owning the right real estate
has never been more important, so we continue to benefit from our proactive
portfolio repositioning over the last few years, and our entire business is
also benefitting from a sharper focus on sustainable EPS growth as our primary
performance objective, providing greater clarity in terms of priorities and
decision making.
"This gives us the confidence to raise both our near-term EPS guidance and
medium-term EPS growth potential. With a best-in-class portfolio, effective
capital allocation, and a clarity of purpose, priorities and objectives, our
business is well positioned to build on our strong performance momentum."
Financial highlights
30 Sep 2025 Prior((1)) period 30 Sep 2025 Prior((1)) period
EPRA earnings (£m)(2)(3) 192 186 Profit before tax (£m) (4) 98 243
EPRA EPS (pence)(2)(3) 25.8 25.0 Basic EPS (pence) 13.0 32.8
EPRA NTA per share (pence)(2)(3) 863 874 Net assets per share (pence) 867 877
Total return on equity (%)(2)(3) 1.2 3.9 Dividend per share (pence) 19.0 18.6
Group LTV ratio (%)(2)(3) 40.3 39.3 Net debt (£m) 4,400 4,341
¾ EPRA EPS(2)(3) up 3.2% to 25.8p, driven by strong 5.2% growth in LFL
income and further 6% reduction in overhead costs, supporting 2.2% growth in
interim dividend
¾ IFRS profit before tax of £98m((4)), as substantial capital recycling of
£644m((5)) of assets generating no or limited returns resulting in a £67m
loss on sale, and a slightly lower EPRA NTA per share (-1.3%)
¾ Group LTV 38.9% pro-forma((6)) for net disposal activity post period-end,
with net debt/EBITDA of 8.6x
Increase in guidance
¾ Like-for-like net rental income for FY26 expected to grow c. 4-5%, up
from initial c. 3-4% guidance
¾ FY26 EPRA EPS growth expected to be at top end of c. 2-4% guidance,
before impact from disposal of QAM (-£7m) which turned residual future
finance lease income into a cash receipt on sale
¾ Overhead costs expected to reduce to low £60m's by FY27 vs previous
target of below £65m
¾ Potential for FY30 EPRA EPS raised from c. 60 pence to c. 62 pence,
driven by higher income growth in retail, additional overhead savings, and
lower development, implying 4-4.5% CAGR in EPS vs FY25
¾ Target net debt/EBITDA of below 7x within next two years, down from
previous target of below 8x
Operational highlights: strong LFL income growth across two market-leading
platforms
¾ Delivered 5.2% LFL net rental income growth, as customer demand for our
best-in-class offices and retail remains strong, with 10% rental uplifts on
relettings/renewals highlighting growing reversion
¾ Increased EPRA occupancy by 40bps on a LFL basis to 97.7%, the highest
level in almost a decade
¾ Drove 2.5% ERV growth over six months, adding further to attractive
income growth potential
Office LFL income grows 6.8%, as customer demand remains focused on
high-quality space
¾ Delivered 6.8% LFL net rental growth, with EPRA occupancy up 50bps to
98.8%, £19m of lettings signed or in solicitors' hands 9% above ERV, and
relettings/renewals 6% above previous rent
¾ Drove 3.1% ERV growth, on track vs full year guidance of broadly similar
growth as last year's 5.2%
¾ Reversionary potential up to 12%, paving way for further attractive
near-term LFL income growth
¾ Set to complete £866m of developments in next 6-9 months at accretive
7.0% gross yield on cost, with positive customer engagement expected to result
in meaningful pre-letting over the next six months
¾ Sold £295m of offices well ahead of schedule, as investment market
activity continues to pick up gradually, creating opportunity to further
accelerate capital recycling in an earnings accretive way
¾ Office portfolio valuation down 1.0%, as receipt of income at QAM ahead
of sale and impact of five-yearly business rates review at Piccadilly Lights
reduced valuation by 0.8%
Retail-led LFL income up 5.0%, as high sales growth underpins attraction of
best destinations
¾ Delivered 5.0% LFL net rental growth, with EPRA occupancy stable at 96.7%
(+50bps YoY), £33m of lettings signed or in solicitors' hands 10% above ERV
and relettings/renewals +13% vs previous rent
¾ Drove high 7.7% retail sales growth, highlighting the attraction of our
top destinations for brands
¾ Target to deliver 4.5-7% CAGR in income from existing portfolio over next
five years via combination of capturing growing reversion, turnover income,
commercialisation and small capex projects
¾ Drove 2.2% ERV growth, on track vs full year expectation of similar
growth as last year's 4.0%
¾ More opportunities coming to market to invest a further £1bn in
accretive growth over next 1-3 years
¾ Retail portfolio valuation up 2.3%, reflecting strong leasing and
continued growth in income
Active capital recycling and further strengthening of resilient capital base
to enhance returns
¾ Targeting net debt/EBITDA of below 7x within next two years vs previous
target of below 8x as income grows and development exposure reduces, with LTV
expected to reduce to below 35% over time
¾ Sold £644m of low-returning assets, resulting in a cost to NTA of 1.0%
but broadly neutral impact on EPS, aside from impact of turning residual QAM
finance lease income into a capital receipt on sale
¾ Robust capital base, with average debt maturity of 8.9 years, no need to
refinance any debt until 2027, 8.6x net debt/EBITDA and, pro-forma for net
disposal activity post period-end, 38.9% LTV
¾ Prioritising new investment in retail in next 12-18 months given
attractive income and income growth
¾ Do not expect to commit meaningful capital to new development in next
12-18 months, as committed development reduces to c. £0.2bn by mid-2026 and
will remain well below current £1.1bn thereafter
Positive momentum in preparing for medium-term residential-led opportunity
¾ Secured detailed planning consent for first 879 homes at Mayfield,
Manchester and outline/detailed consents for 2,800 homes at Lewisham, London,
so majority of 9,000-home pipeline now has consent
¾ Active engagement with public sector partners as policy measures become
more supportive to returns
¾ Opportunity to build £2bn+ platform with higher income growth and lower
cyclicality in medium term
1. Prior period measures are for the six months ended 30 September 2024 other
than EPRA NTA per share, net assets per share, Group LTV ratio and net debt,
which are at 31 March 2025.
2. An alternative performance measure. The Group uses a number of financial
measures to assess and explain its performance, some of which are considered
to be alternative performance measures as they are not defined under IFRS. For
further details, see the Financial review and table 14 in the Business
analysis section.
3. Including our proportionate share of subsidiaries and joint ventures, as
explained in the Financial review. The condensed consolidated preliminary
financial information is prepared under UK adopted international accounting
standards (IFRSs and IFRICs) where the Group's interests in joint ventures are
shown collectively in the income statement and balance sheet, and all
subsidiaries are consolidated at 100%. Internally, management reviews the
Group's results on a basis that adjusts for these forms of ownership to
present a proportionate share. These metrics, including the Combined
Portfolio, are examples of this approach, reflecting our economic interest in
our properties regardless of our ownership structure. For further details, see
table 14 in the Business analysis section.
4. IFRS profit before tax of £98m vs prior period IFRS profit before tax of
£243m, which benefitted from a valuation surplus of £91m.
5. Includes disposals that have exchanged but not completed at period end.
6. Pro-forma figures throughout this announcement reflect the post period-end
impacts of committed acquisitions and disposals and transaction-related
deferred consideration receipts/payments until 31 December 2026.
A live video webcast of the presentation will be available at 9.00am GMT. A
downloadable copy of the webcast will then be available by the end of the day.
We will also be offering an audio conference call line, details are available
in the link below. Due to the large volume of callers expected, we recommend
that you dial into the call 10 minutes before the start of the presentation.
Please note that there will be an interactive Q&A facility on both the
webcast and conference call line.
Webcast link: https://webcast.landsec.com/2025-half-year-results
(https://webcast.landsec.com/2025-half-year-results)
Call title: Landsec Half Year Results 2025
Conference call:
https://webcast.landsec.com/2025-half-year-results/vip_connect
(https://webcast.landsec.com/2025-half-year-results/vip_connect)
Forward-looking statements
These full year results, the latest Annual Report and Landsec's website may
contain certain 'forward-looking statements' with respect to Land Securities
Group PLC (the Company) and the Group's financial condition, results of its
operations and business, and certain plans, strategies, objectives, goals and
expectations with respect to these items and the economies and markets in
which the Group operates.
Forward-looking statements are sometimes, but not always, identified by their
use of a date in the future or such words as 'anticipates', 'aims', 'due',
'could', 'may', 'should', 'expects', 'believes', 'intends', 'plans',
'targets', 'goal' or 'estimates' or, in each case, their negative or other
variations or comparable terminology. Forward-looking statements are not
guarantees of future performance. By their very nature forward-looking
statements are inherently unpredictable, speculative and involve risk and
uncertainty because they relate to events and depend on circumstances that
will occur in the future. Many of these assumptions, risks and uncertainties
relate to factors that are beyond the Group's ability to control or estimate
precisely. There are a number of such factors that could cause actual results
and developments to differ materially from those expressed or implied by these
forward-looking statements. These factors include, but are not limited to,
changes in the political conditions, economies and markets in which the Group
operates; changes in the legal, regulatory and competition frameworks in which
the Group operates; changes in the markets from which the Group raises
finance; the impact of legal or other proceedings against or which affect the
Group; changes in accounting practices and interpretation of accounting
standards under IFRS, and changes in interest and exchange rates.
Any forward-looking statements made in these full year results, the latest
Annual Report or Landsec's website, or made subsequently, which are
attributable to the Company or any other member of the Group, or persons
acting on their behalf, are expressly qualified in their entirety by the
factors referred to above. Each forward-looking statement speaks only as of
the date it is made. Except as required by its legal or statutory obligations,
the Company does not intend to update any forward-looking statements.
Nothing contained in these full year results, the latest Annual Report or
Landsec's website should be construed as a profit forecast or an invitation to
deal in the securities of the Company.
Chief Executive's statement
Further improvement in EPS outlook driven by strong income growth
Just over six months ago we launched our updated strategy, focused on
delivering sustainable income and EPS growth, both in the near term as well as
for the longer term. We have made good early progress on the key objectives
which underpin this strategy and our operational performance across our
best-in-class portfolio continues to strengthen, with occupancy up 40bps to a
near decade-high of 97.7%, like-for-like income growth increasing to 5.2%, and
uplifts in rental income on relettings/renewals rising to 10%.
Customers remain firmly focused on the best space in offices and major retail
destinations. Our portfolio repositioning over the last few years means we
continue to benefit from this established trend. Reflecting this, we now
expect growth in like-for-like net rental income for this year to be c. 4-5%,
up from our initial guidance of c. 3-4%. Combined with continued progress on
driving further cost efficiencies, this means we now expect EPS growth for
this year to be at the top end of our c. 2-4% guidance, before the impact of
the sale of QAM (-£7m), which turned future finance lease income into a cash
capital receipt on sale.
As our two on-site London office projects complete in the next nine months,
committed development will reduce to c. £0.2bn by mid next year. We do not
intend to add meaningfully to this in the next 12-18 months, as we will
prioritise acquisition opportunities in retail, and we also intend to move to
a structurally lower level of capital employed in development beyond that.
Although wider economic uncertainties persist, we see no signs of this
impacting customer demand, so as we deliver our strategy, we now see the
potential for EPRA EPS to grow to c. 62 pence by FY30. This is up from c. 60
pence and represents c. 23% growth vs FY25, reflecting higher income growth in
retail, further overhead cost savings and lower capital tied up in
development. Naturally, we will continue to pursue opportunities to grow this
further.
For the half year, EPRA earnings rose £6m to £192m, despite the prior half
year benefitting from a £4m increase in the recovery of bad and doubtful
debts we had previously provided for, principally on assets where we brought
management in-house. EPRA EPS was up 3.2%, or 5.2% adjusted for this £4m
prior year benefit, and our dividend is up 2.2%. ERVs were up 2.5% for the six
months, with leasing 11% ahead of ERV, and asset values were stable (-0.1%).
IFRS profit before tax of £98m was impacted by a £67m loss on the sale of
£644m of assets which generated little or no return, which meant NTA per
share was down slightly at -1.3%. Our capital base remains robust, with a net
debt/EBITDA of 8.6x and 38.9% pro-forma LTV. This remains a key priority for
us and will strengthen further as our income continues to grow and our
development exposure reduces. Reflecting this, we now target net debt/EBITDA
of below 7x within the next two years and we expect LTV to reduce to below 35%
over time.
Table 1: Highlights
Sep 2025 Sep 2024 Change %
Net rental income (£m) (1) 284 269 5.6
EPRA earnings (£m)(1) 192 186 3.2
IFRS profit before tax (£m) 98 243 (59.7)
Total return on equity (%) 1.2 3.9 (2.7)
EPRA earnings per share (pence)(1) 25.8 25.0 3.2
Dividend per share (pence) 19.0 18.6 2.2
Sep 2025 Mar 2025 Change %
Combined portfolio (£m)(1)(3) 10,778 10,880 (0.9)
EPRA Net Tangible Assets per share (pence)(1) 863 874 (1.3)
Adjusted net debt (£m)(1) 4,375 4,304 1.6
Group LTV ratio (%)(1) 40.3 39.3 1.0
1. Including our proportionate share of subsidiaries and joint ventures, as
explained in the Presentation of financial information in the Financial
Review.
2. Includes owner-occupied property and non-current assets held-for-sale.
Good progress on key objectives underpinning our strategy
The overarching objective of the strategy we set out in February is to deliver
sustainable growth in income and EPS, both in the near term and long run, as
it is clear that over time, income growth is the main driver of value growth
in both real estate and equity markets.
To deliver this strategy, we set out nine key objectives - five for the short
to medium term (i.e. the next 1-3 years) and four for the medium to long term
(i.e. the next 2-5 years). The distinction between these two timeframes is
deliberate, as this distinguishes between what will drive EPS growth in the
near term vs our objectives in terms of capital allocation that are expected
to underpin growth in income and EPS in the long term. Six months in, momentum
on each of our objectives is positive and we expect this to continue in the
second half.
In the near term, most of our EPS growth will be driven by our existing
platform and the assets we own today. This is what our first five objectives
are built on and where we are on track, or ahead of plan:
¾ We continue to capture the growing reversion in our office/retail
portfolio, with uplifts on relettings and renewals up to 10% and growth in
like-for-like net rental income up to 5.2%;
¾ We have reduced overhead costs by 6% and, with increased savings, now
target overhead costs in the low £60m's by FY27 versus less than £65m
previously, marking a c. 15% reduction vs FY25;
¾ We have released £72m of capital from pre-development assets which had a
modest negative impact on NTA, but adds 1.0% to EPS on an annualised basis,
and we expect to deliver half of our three-year target to release £0.3bn of
capital from this during the current financial year;
¾ We have exited a third of our retail and leisure parks, which reduces
annualised EPS by 1.0% but released £261m of capital from assets which
generated no real like-for-like income growth, whilst the income yield we sold
at was c. 100-150bps lower than income returns for major retail destinations;
¾ Growing our retail platform by a further £1bn remains our highest
conviction call, as we have now fully integrated our recent £0.5bn Liverpool
One acquisition and materially outperformed our underwrite assumptions, with
clear signs of more acquisition opportunities becoming available in the near
future.
As our existing portfolio and platform are well placed to drive EPS growth in
the near term, our decisions on development and capital recycling are about
making sure that in 3-5 years' time, our asset mix is such that we are still
as confident about the income growth prospects of our portfolio at that point,
as we are about our current portfolio today. This is what our four longer-term
objectives are built on:
¾ Our aim to deliver low to mid-single digit like-for-like income growth
p.a. is further underpinned by the new target for 4.5-7% CAGR in retail income
we set out at our capital markets event in September;
¾ We plan to release £2bn of capital employed from offices over the next
2-5 years and have so far sold £295m ahead of schedule. The sale of QAM
effectively converted the residual finance lease income on this asset into a
capital receipt but aside from this, the impact on EPS is broadly neutral;
¾ We are well on track to reduce office-led development by over 50%, as
development commitments are set to come down from £1.1bn to c. £0.2bn by
mid-2026. We do not expect to commit any meaningful further balance sheet
capital to this in the next 12-18 months and intend to maintain a structurally
lower level of development commitments thereafter, although we are seeing
clear opportunities to leverage our expertise by working with third party
capital;
¾ We have made further early-stage progress towards our medium-term
objective of establishing a £2bn+ residential platform, with a resolution to
grant detailed planning consent for the first 879 homes at Mayfield and part
outline/part detailed consent for our 2,800-home masterplan in Lewisham since
the summer, whilst public sector policy is becoming more supportive, which
helps improve viability.
Clear near-term priorities in terms of capital allocation
As we execute our strategy, we maintain a clear framework for our capital
allocation decisions. Alongside our views on risk, this is based on how our
investments contribute to income and EPS growth in the near term, plus how
they impact our portfolio mix such that this growth can be sustained in the
medium to longer term. Naturally, we prioritise investments that deliver on
both objectives. Beyond that, there is a balance between these two factors -
near term EPS growth and impact on our desired portfolio mix - but our
decisions will always seek to enhance at least one of these, without
distracting from the other.
This framework underpins our conviction in our aim to grow our investment in
retail by a further £1bn, given its high income return and the attractive
income growth in the best locations. Not all of the retail assets we expect to
see coming to market in the near future will meet our criteria, but for the
next 12-18 months, this is our main priority. To facilitate this, we plan to
recycle further capital out of offices, where investment activity is picking
up. We will remain pragmatic about book values in doing so, as the upside to
EPS from a c. 200bps pick-up in income return and higher like-for-like income
growth is meaningful.
At present, we believe returns for office and residential development are less
attractive than investment in retail. As such, we do not plan to commit any
meaningful balance sheet capital to new development in the next 12-18 months,
although the considerations behind this are different for office than
residential.
For office development, we believe returns do not offer sufficient upside
relative to the returns we expect on our high-quality existing office assets.
Whilst more favourable rental growth or yield shift could improve development
returns, we would also benefit from such market trends via our existing £7bn
office portfolio. Taking into account the different levels of risk, this means
we see little upside in selling these high-quality existing offices to fund
the development of new ones using our own balance sheet, although we do see
the potential to leverage our platform and expertise in this space by working
with third party capital.
The position on residential development is more nuanced, partly as investing
in this would shift our asset mix towards the higher income growth and lower
cyclicality we are aiming for in the long run. We have a sizeable, deliverable
pipeline of 9,000 homes across four projects in areas with a clear need for
more housing. Construction could commence here in 2027, taking into account
detailed design works, Building Safety Act approvals, and other preparation.
Whilst returns are currently insufficient, positive shifts in public sector
policy such as the recently announced reduction in affordable housing
requirements and Community Infrastructure Levy in London are helpful and could
add c. 50-75bps to current net yields on cost of c. 5.0%. Our focus is on
securing these policy benefits which could lead to an improved outlook for
residential development returns in 12-18 months, but for now capex spend will
be very limited.
Regardless of sector mix, having large amounts of capital tied up in
development for prolonged periods has a negative impact on our risk-profile
and EPS growth, so we plan to move to a structurally lower level of
development exposure in the future. Part of this is reflected in our objective
to release half of our c. £0.7bn capital employed in pre-development assets,
but we also plan to keep our own exposure to committed development closer to
about half of the c. £1bn it has been over the last five years via a
combination of lower activity levels and working with capital partners on
certain projects.
This means that our balance sheet will have a greater proportion of income
generating investments in the future. This supports our objective to grow EPS
in a sustainable way but also means that our net debt/ EBITDA measure of
leverage will improve, as we have less capital tied up in low or non-yielding
assets. As a consequence, we now target net debt/EBITDA of below 7x within the
next two years, down from a previous target of below 8x, and we expect our LTV
to reduce to below 35% over time.
As part of our capital allocation framework, we also continue to monitor the
option of deploying capital in our own shares, from both a near-term and
longer term perspective. Based on this framework, we judge investment
opportunities in major retail to be more attractive at present and we would
also prioritise our commitment to maintaining a strong capital base. This
option will, however, remain part of our capital allocation decision framework
going forward.
Raising near term EPS guidance and medium-term EPS potential
Driven by the focus and dedication of our highly talented teams across our
best-in-class platforms, the operational performance across our office and
retail portfolio remains market-leading. As such, we are making good early
progress on the key objectives underpinning our focus on delivering
sustainable income and EPS growth.
Following the 3.2% growth for the first half, we now expect EPRA EPS growth
this year to be at the top end of our initial c. 2-4% guidance, before the
impact from the sale of QAM we announced in August. The sale of this 1970's
office block releases £245m of capital which effectively generated zero total
return, as the asset value reduces in line with the receipt of every remaining
rent payment, until the building is vacated at the end of 2028. As part of the
sale, we will now receive the residual finance lease income which runs until
December 2026 as a capital receipt upon completion of the sale next month,
rather than as income across 2025 and 2026. The overall amount of cash we
receive is essentially the same, but this will impact reported earnings for
FY26 by £7m and for FY27 by £15m. EPS for FY28 onwards is largely
unaffected by the disposal.
For FY27, the trajectory of EPS growth will depend on the pace of lease-up of
our current London office projects. Between the end of September and next
summer we have 840,000 sq ft of projects completing, including our Myo Kings
Cross refurbishment (last month), and our developments at Timber Square
(March) and Thirty High (June). Combined, these have a net effective rental
value of c. £58m with c. £43m of related incremental annual interest cost.
Based on the positive levels of engagement with prospective customers we are
seeing, we assume that our two main projects will be on average c. 40% let by
the time they complete and all space will fully lease-up in around twelve
months post completion.
Combined with continued like-for-like income growth, a reduction of capital
tied-up in low-yielding assets, and further overhead cost savings, this means
that on this basis we would expect FY27 EPS growth to be broadly similar to
the growth we expect for FY26, again before the impact of the sale of the QAM
(-£15m), as we will now receive the residual finance lease income that was
due next year as upfront cash upon completion of the sale next month.
Earlier this year, we set out the potential for EPRA EPS to grow from 50.3
pence for FY25 to c. 60 pence by FY30, which included the assumed loss of
income on QAM. Since then, we set out how we target to grow income across our
existing retail platform by 4.5-7% pa at our Capital Markets Event in
September, which included a 1-2% contribution from capex investments in
smaller projects. At the mid-point of this range, and combined with the lower
level of development we are planning for and our increased target for overhead
cost savings, we now see the potential for EPS to grow to c. 62 pence by FY30.
We will continue to explore opportunities to further improve this, yet this
EPS growth potential is mostly driven by lower overhead costs; capturing the
growing reversion in our existing office/retail portfolio; leasing our
upcoming office development completions; recycling capital to fund a further
£1bn investment in major retail destinations; and reducing our capital
employed in lower/non-yielding assets. This implies a c. 4-4.5% CAGR in EPS
over FY25-30 and supports continued growth in dividends. It includes very
little upside from recycling capital from offices into residential, as the
benefit from building a residential platform is mostly set to come through in
the form of higher, less volatile income growth beyond FY30.
Outlook
Our strong progress on delivering our strategy means the outlook for our
high-quality portfolio remains firmly positive, both in the near term and
medium to longer term.
In retail, close to 90% of our assets sit in the top 1% of retail destinations
in the UK which provide brands with access to c. 30% of all in-store retail
spend. Sales growth in our locations continues to materially outperform the
national average, so as a result, these remain the destinations brands are
focused on in terms of investing in fewer, bigger, better stores. As new
supply of these destinations is zero and occupancy across our existing
portfolio is nearing 97%, we now target c. 4.5-7% CAGR in net income through a
combination of capturing reversion, turnover growth, commercialisation and
targeted capex.
In office, utilisation across our portfolio continues to grow and our
successful asset management means our portfolio is now 99% full. Across the
wider London market some businesses which downsized space requirements post
Covid are now reversing these decisions and as, in the near future, new
development supply remains relatively modest, rental values across our
portfolio continue to grow. Capturing this in like-for-like income growth is
reliant on lease events and will therefore be more balanced over time than it
has been over the past six months, yet our attractive 12% reversionary
potential continues to support a positive like-for-like rental growth outlook.
As our high-quality office and retail assets make up 91% of our overall
income, the outlook for income growth remains firmly positive. In the medium
term, our substantial 9,000-home residential pipeline can add further to the
attractions of this growing income profile given the strong structural growth
prospects, as policy is becoming more supportive and helping to improve
development viability.
It has never been more important to own the right real estate. Although we are
mindful that macro-economic challenges remain a risk, the trends which have
supported our positive operational performance to date remain very much
intact. We have had an active half year in terms of capital recycling, with
£644m of disposals, and we expect to see continued momentum in capital
recycling in the second half, as we pursue our overarching objective of
delivering sustainable income and EPS growth. We will remain pragmatic about
book values in doing so, as our principal focus is on ensuring our NTA
delivers growing cashflows, growing earnings and growing dividends.
As we continue our journey to a higher income, higher income growth, and lower
cyclicality business, and we continue to strengthen our robust capital base,
delivering our strategy will unlock significant shareholder value.
Operating and portfolio review
Overview
We have created a high-quality, urban real estate portfolio which produces
£656m of annualised rental income and offers potential for material income
growth. This combined portfolio was valued at £10.8bn as of September and
comprises the following segments:
¾ Office-led places (52% of income): our well-connected, high-quality
office-led portfolio, which includes ancillary retail and other commercial
space, principally focused on multi-let assets in a small number of key areas
in the West End (63%), City & Southwark (29%) and Greater Manchester (8%).
¾ Retail-led destinations (39% of income): our investments in a select
number of shopping centres and retail outlets, close to 90% of which sit in
the top 1% highest selling retail destinations in the UK.
¾ Residential-led places (2% of income): our investments in four key
development projects in London and Greater Manchester, two of which still have
a meanwhile use as retail, with planning consent or allocation for c. 9,000
new homes.
¾ Other assets (7% of income): assets in sectors where we have limited
scale or competitive advantage and which we therefore plan to divest over
time, principally comprising retail and leisure parks.
Driving sustainable income growth
Our primary focus is delivering sustainable income and EPS growth. In the long
run, valuation yields of real estate assets and P/E multiples in equity
markets are both broadly stable, so delivering sustainable income and EPS
growth will, over time, result in an attractive return on equity for
shareholders.
In the near term, most of our income growth will be driven by the assets we
already own today. Given our active portfolio repositioning and the
investments in our platform in recent years, the outlook for this remains
positive. Our capital allocation decisions from here are about ensuring our
income growth prospects in 3-5 years are as attractive as they are for our
current portfolio today.
We have delivered another set of strong operational results. Like-for-like net
rental income was up 5.2%, with strong growth in both offices and retail.
Occupancy increased 40bps on a like-for-like basis to a high 97.7% and we
secured rental uplifts of 9% on relettings/renewals across the two main parts
of our portfolio during the period, up from 8% over the prior year. Overall
ERVs increased 2.5% over the past six months, which underpins our future
income growth potential. On a like-for-like basis, our gross to net margin was
up 1.3ppt due to our continued focus on cost efficiencies. Given our strong
leasing pipeline, we expect the positive momentum across these key metrics to
be sustained in the second half.
Table 2: Like-for-like income growth
Net rental income LFL net rental LFL occupancy change Gross to net LFL change
income growth
margin
in GtN margin
£m % ppt % ppt
Office-led 151 6.8 0.5 91.6 1.2
Retail-led 103 5.0 0.0 81.7 1.7
Residential-led 4 nm (1.7) nm nm
Other assets 26 (2.2) (1.2) 96.3 1.6
Total Combined Portfolio 284 5.2 0.4 87.7 1.3
Office-led places (52% of income)
Demand for high-quality office space in locations which offer the right
amenities and transport connectivity remains strong. This is not just limited
to brand-new buildings, as some businesses are becoming more conscious of the
cost of record rents for newly developed space, especially as the additional
costs of fitting out this space have jumped over 50% over the past four years.
As location and access to interesting amenities remain key to attract the
right talent, we continue to see the growing demand for high-quality existing
assets translate into meaningful rental growth.
We continue to invest in our places and have seen last year's investments in
the public realm at Cardinal Place, Victoria support a significant step up in
rental levels, with some of our successful recent lettings nearing £100 per
square foot. As such, our 2.3m sq ft Victoria estate is now 100% full. We are
seeing similar early benefits from our approach at MediaCity, in Greater
Manchester, where we have seen a marked turnaround in performance since we
took full control of the estate a year ago, reflected in improved leasing and
reduced cost, reflecting the benefits from our operating platform.
Driven by the strong performance of our portfolio, operations and leasing
teams, our occupancy remains market-leading, with like-for-like occupancy up
50bps since March to 98.8%, significantly outperforming the wider London
office market at 92.1%. We completed 29 lettings and renewals during the half
year, totalling £13m of rent, on average 10% ahead of ERV, with a further
£6m of lettings in solicitors' hands, 5% above ERV. Uplifts on
relettings/renewals during the period were 7%, so alongside operating cost
savings and growth in Myo income, this supported 6.8% LFL rental income
growth. ERVs were up 3.1% so our reversionary potential now stands at 12%.
This means we expect to see continued growth in LFL rental income in the next
few years, albeit at more normalised levels than the past six months, due to
the greater reliance on lease events to capture reversion now that our
portfolio is effectively full.
Last month we opened our seventh Myo flex office, located next to Kings Cross
station, where we are just under 50% let, under offer or in active
negotiations, with a strong pipeline of further enquiries. Occupancy across
our stabilised Myo portfolio is 85%, with a further 2% under offer and rents
achieved in line with budget. In total, Myo now makes up 4% of our income in
our office-led business.
Retail-led places (39% of income)
The top 1% of all UK shopping destinations provide access to c. 30% of the
country's in-store, non-food retail spend, offering brands higher sales
densities and productivity than other formats. Close to 90% of our retail
assets sit in this top 1%, which underpins their continued outperformance.
Total sales across our portfolio were up 7.7% vs the prior period, with
footfall up 4.5% - both materially ahead of the BRC benchmarks of 1.5% and
0.9% respectively.
Since FY22, sales growth across our portfolio has outperformed the UK national
average by a cumulative 16ppt. In addition, with annual footfall of 152
million and a consumer reach of one in four people in the UK, we provide
brands with access to more footfall and a larger consumer reach than any other
retail platform in the UK. Supported by the unique data and insights this
offers us, we continue to invest in creating the best experience, creating a
virtuous circle of growing footfall driving higher sales, which in turn
attract the best brands, which then attract more footfall, and so on.
Examples of this are Sephora, where we have realised four of their six new
store openings in the UK over the past twelve months, and Inditex who by the
end of this year are expected to have signed twelve new stores with us over
the past three years. At the same time, we are also continuing to enhance the
F&B and leisure offer to add further to the overall consumer experience
and increase footfall and dwell time.
All this translates into strong growth in income. Like-for-like occupancy
remained stable at 96.7% since March but was up 50bps vs September last year
and we expect this to increase further in the second half. We signed 105
leases totalling £14m of rent on average 11% above ERV, which drove 2.2% ERV
growth over six months. Relettings and renewals for the half year were 11%
above previous passing rent, up from 7% for FY25 and 3% for the half year to
September 2024. This has risen further to 14% for deals in solicitors hands,
underlining the growing reversionary potential in our portfolio. As a result,
like-for-like net rental income increased 5.0%.
Looking ahead, we have a strong leasing pipeline, with £18m of lettings in
solicitors' hands on average 9% ahead of ERV. Our existing assets are nearly
full and new supply is non-existent, so we recently set out a target to
deliver 4.5-7% CAGR in income across our existing retail platform over the
next five years. This reflects a combination of capturing the growing
reversion across our portfolio and growth in turnover income (3-4%), growth in
commercialisation income such as digital media, events and EV charging
(0.5-1%) and the investment of up to c. £200m in smaller accretive capex
projects (1-2%).
Residential-led places (2% of income)
At present, the income in this part of our portfolio solely reflects the
current income on our retail assets at Finchley Road and Lewisham, which are
managed with a view on maintaining development optionality for future
residential development. Overall, net income across these assets was broadly
stable at £4m.
Other assets (7% of income)
Having sold the majority of our retail parks during the half year, LFL
occupancy across our residual retail and leisure parks was down 120bps to
97.3% and, reflecting this, like-for-like income for the period was down 2.2%.
However, following a number of challenging years for the cinema industry, the
prospects for this sector are improving, which should underpin the income
outlook for our remaining assets.
Table 3: Operational performance
Annualised rental income Net estimated rental value EPRA occupancy(1) LFL occupancy change(1) WAULT(1)
£m £m % ppt Years
West End offices 166 205 100.0 0.9 5.7
City/Southwark offices 89 105 98.6 1.7 7.6
Manchester offices 25 29 95.7 2.3 4.7
Retail and other 62 57 96.7 (0.6) 5.7
Developments - 87 n/a n/a n/a
Total Office-led 342 483 98.8 0.5 6.0
Shopping centres 204 206 96.3 (0.2) 4.8
Outlets 49 53 98.5 1.1 2.9
Total Retail-led 253 259 96.7 0.0 4.4
Developments 12 26 86.4 (1.7) 6.9
Total Residential-led 12 26 86.4 (1.7) 6.9
Retail and leisure parks 49 49 97.3 (1.2) 8.6
Total Other assets 49 49 97.3 (1.2) 8.6
Total Combined Portfolio 656 817 97.7 0.4 5.6
1. Excluding developments.
Acquisitions
Following £720m of acquisitions in the prior year, we only made £32m of
acquisitions during the half year. Our principal new investment was an
increase in our stake in Liverpool ONE from 93.7% to 96.5% at a cost of £15m.
Since the period-end, we spent £48m on a small, newly developed office in
Oval we agreed to forward-purchase in the summer of 2021, with a further £10m
consideration deferred for up to 24 months. This has an ERV of £4m and we are
seeing positive engagement with prospective customers looking for a
high-quality building in a more affordable location.
Disposals
We have had an active period in terms of capital recycling, with the disposal
of £644m of assets since March. £370m of this completed during the half year
and £29m since the period end, with a further £245m unconditionally
exchanged and expected to complete in early December.
Our principal disposal is the sale of Queen Anne's Mansions (QAM) for £245m,
which is set to complete next month. This Victoria office block was developed
by Landsec in the 1970's and has been fully let to the Government since, yet
they now intend to vacate the property once their lease expires in December
2028. Given its age, the majority of the valuation of the asset is linked to
its future redevelopment potential, with the balance of value stepping down in
line with the receipt of rental income over the remainder of the current
lease, hence the asset generates a c. 0% total return.
We also sold four retail parks, with total proceeds of £261m. Whilst the 6.4%
net rental income yield was reasonable, it is c. 100-150bps below major retail
destinations and LFL income growth is far lower. In line with our objective to
reduce our £0.7bn exposure to pre-development assets by half over three
years, we also sold two pre-development sites for £72m which generated a net
income yield of -0.4%. In addition, we sold a small City office for £50m,
reflecting a net rental income yield of 5.1%.
In total, our disposals release £644m of capital from assets which
generated limited or no return at a cost to overall NTA of 1.0%. The residual
finance lease income on QAM which would have been received as income over FY25
and FY26 will now be received as a cash capital receipt on sale, but aside
from this, the overall impact of these disposals is effectively neutral in
terms of EPS. With investment activity in London picking up, we expect further
progress in terms of capital recycling in the second half.
Development and investments in existing assets
During the half year, we invested £244m in capex, including £118m for our
on-site projects in Victoria, Southwark and Manchester, £19m for
repositioning traditional office space to MYO flex space, and £23m in
pre-development assets. As we are well underway to reduce our capital employed
in pre-development assets by half and capex on future residential projects
will be tightly controlled pending progress on securing public sector support,
pre-development capex is set to reduce in the future. We invested £83m in our
existing portfolio, including £35m for smaller projects, leasing and
maintenance across our retail portfolio, and £43m across our office
portfolio, including £14m for our net zero investment programme.
Current projects
Of our two main on-site office developments, Timber Square is on track to
complete by March 2026. At Thirty High, we have seen a few months delay to the
programme, so completion is now expected to be around June 2026. Whilst much
smaller, last month we also opened our new 82,000 sq ft Myo flex office
location at Kings Cross following the repositioning of the existing asset and
we completed the acquisition of a newly built 76,000 sq ft office in Oval we
agreed to forward purchase in 2021.
Combined, these assets comprise 840,000 sq ft of new, highly sustainable
office space, focused on locations with great transport connectivity and
attractive amenities. Once fully let, they are expected to produce c. £58m of
rental income on a net effective basis, with associated incremental annual
interest expense of £43m post completion. All our projects are designed to be
multi-let, which means we assume the majority of leasing to happen after
completion in our underwrites.
Attracted by the high quality of our product, we are seeing good customer
engagement, especially for the nearer term completions. At Timber Square and
Oval, we have negotiations, incoming RFPs or other active engagements covering
over 110% of the space available. Not all of this will convert into lettings,
but we expect to see some meaningful progress on leasing in the next six
months. The pipeline at Myo Kings Cross is even larger, consistent with the
flex offer, and we already have close to 50% let, under offer, or in active
negotiations. As the completion of Thirty High is still c. 9 months away, we
expect to see pre-let activity here to start in the new year.
Clearly, our FY27 earnings are sensitive to the exact pace at which lettings
come through. Based on current activity, we assume our two main projects to be
on average c. 40% let by the time they complete and all space to fully lease
up in around twelve months post completion. By way of sensitivity, for each
10ppt variance in leasing assumptions across the year, the impact on FY27 EPS
would be c. 0.9 pence.
Beyond these near-term projects, we recently commenced the development of a
£152m office at Mayfield, Manchester, which unlocks the potential residential
development in subsequent phases. Office demand in Manchester is strong, with
take-up in the first half of 2025 32% above the five-year average. This first
office phase is expected to complete in early 2028 and with an expected gross
yield on cost of 7.9%, will add £2m to earnings once fully let based on
current interest rates. As supply of new office space in Manchester is
limited, we are already seeing positive early engagement with prospective
customers significantly ahead of the 2028 completion.
We are also on site with a number of smaller projects in retail, such as the
extension of Primark's store at White Rose, Leeds to double its footprint;
repositioning the former House of Fraser department store at Bluewater for a
new 133,000 sq ft Next store; and the creation of a new social eating
destination at Trinity, Leeds. Combined capex for this is £43m, with a highly
accretive yield on cost of c. 10%.
Table 4: Committed pipeline
Project Sector Size Estimated completion ERV Market value Costs to complete TDC Gross yield on TDC
date
£m
sq ft £m £m £m %
'000
Thirty High, SW1 Office 299 Q1 FY27 30 383 69 420 7.1%
Timber Square, SE1 Office 383 Q4 FY26 31 354 72 446 7.0%
Republic, Manchester Office 244 Q4 FY28 12 24 119 152 7.9%
Various projects Retail 292 Various 4 N/A 30 43 9.8%
Total 1,218 77 290 1,061 7.3%
Potential future pipeline
As part of our aim to invest a further £1bn into major retail destinations
over the next 1-3 years, we are planning various highly accretive smaller
capex investments in our existing retail assets. These include amongst others
the repositioning of Buchanan Galleries in Glasgow; the creation of new social
eating concepts in Liverpool and Cardiff; creating an upgraded dining area in
Bluewater; and a new waterfront F&B offer at Gunwharf Quays. Individual
projects are typically around £10-15m, with potential overall spend of c.
£40m p.a. over the next few years, which is expected to deliver a 10%+ yield
on cost.
Our success in planning in recent years meant we started the year with more
potential future large-scale development projects than we had the balance
sheet capacity and risk appetite for. All in all, we had c. £700m of capital
employed in these pre-development assets as of March, but with an income yield
of c. 1%, there is significant holding cost to maintaining optionality on this
for an extended period. As such, we set out to reduce our capital employed in
this area by half over the next three years. Since the start of the year, we
have already sold two sites in Southwark, which released £72m of capital, and
we expect to release further capital in the second half of the year. This will
be immediately EPS accretive and improve our overall return on equity,
reflecting the reduction in capitalised pre-development costs.
Post the completion of our two on-site London office schemes, our committed
development activity will come down from c. £1bn to c. £0.2bn by mid-2026.
At present, we believe returns for new office and residential development are
less attractive than new acquisitions of major retail destinations, so we do
not plan to commit any meaningful balance sheet capital to new development in
the next 12-18 months.
The considerations behind this are different for office than residential. We
set out in May that we would not start any new speculative London office
projects before we had secured the majority of the £61m ERV on our on-site
schemes in Victoria and Southwark. We are seeing good interest in this, yet at
this stage returns on new office developments do not offer sufficient upside
vs the returns we expect on our high-quality existing office portfolio. This
means we see little upside in selling existing office assets to fund the
development of new offices ourselves, although we do see the potential to
leverage our platform and long-standing expertise in this space by bringing
projects forward with third party capital.
The position on residential development is more nuanced, in part as investing
in this would shift our portfolio mix towards the higher income growth and
lower cyclicality we are aiming for in the long term. During the half year, we
secured a resolution to grant detailed planning consent for the first phase of
879 homes at Mayfield, adjacent to Manchester's main train station, and since
the period-end, we secured a resolution to grant a part outline and part
detailed planning consent for our 2,800 homes scheme in Lewisham, south-east
London. This comes in addition to the existing outline and part detailed
planning consent for 1,800 homes at Finchley Road, north London and our site
at MediaCity, Greater Manchester which has an allocation for 2,700 homes.
This means that in total we now have four projects which combined could
deliver 9,000 homes over the next decade. Each of these benefit from strong
transport connections, scale, and a demonstrable need for more housing. We
could see first starts on site in 2027, taking into account detailed design
works, Building Safety Act approvals, and site preparation. However, returns
currently are not at sufficient levels which is an issue across the wider
market, as highlighted by the fact that new housing starts in London fell to
3,248 over the first nine months of 2025, which is down c. 75% over the last
three years.
Encouragingly, public sector policy is beginning to shift in a positive
direction, for example with the recent announcement in London around a
reduction in affordable housing requirements from 35% to 20%, a 50% reduction
in the Community Infrastructure Levy, and less onerous design requirements.
These measures are supportive and could potentially add c. 50-75bps to current
net yields on cost of c. 5.0%. Our focus is on securing these, and other
policy benefits elsewhere, which could lead to an improved outlook for
residential development returns in 12-18 months, but in the meantime capex
spend will be very limited.
Regardless of sector mix, having large amounts of capital tied up in
development for prolonged periods has a negative impact on our risk-profile
and EPS growth, so we plan to move to a structurally lower level of
development exposure in the future. Part of this is reflected in our objective
to release half of our c. £0.7bn capital employed in pre-development assets,
but we also plan to keep our own exposure to committed development closer to
about half of the c. £1bn it has been over the last five years via a
combination of lower activity levels and working with capital partners on
certain projects.
Table 5: Pre-development assets
Project Current capital employed Proposed sq ft Proposed new homes Indicative TDC Potential Planning
£m
start date
status
'000 £bn
Office-led
Old Broad Street, EC2 2026 Consented
Liberty of Southwark, SE1 2026 Consented
Hill House, EC4 2026 Consented
Nova Place, SW1 2027 Consented
Timber Square Phase 2, SE1 2027 Consented
Total c. 290 1,350 1.9
Residential-led(1)
Mayfield, Manchester 1,700 0.9 2027 Consented
Finchley Road, NW3 1,800 1.2 2027 Consented
Lewisham, SE13 2,800 1.5 2027 Consented
MediaCity Phase 2, Salford 2,700 n/m n/m Design
Total c. 270 9,000 3.6
Other opportunities c. 90 n/m n/m Various
1. Indicative figures given multi-phased nature of schemes; subject to change
depending on final scope, planning and design.
External portfolio valuation
Successfully delivering on our objective to drive sustainable income growth
over time will underpin growth in property values in the long run, even though
in the short term valuations will be affected by changes in valuation yields.
Yields were stable over the six months and our strong leasing activity drove
2.5% ERV growth, although the upside of this in terms of the external
valuation of our portfolio was offset by a small number of specific factors in
our office-led portfolio, so overall values were effectively stable at -0.1%.
Our office portfolio was down 1.0%, as the upside from 3.1% growth in ERVs was
offset by a small rise in valuation yields, plus the depreciation in value of
QAM and the impact of an increase in business rates at Piccadilly Lights
compared to the last review in 2021. The latter two resulted in a -0.8%
overall office-led value change but neither will be a continuing factor.
Within office, development values were down 1.7%, reflecting some yield
softening and a shortfall vs book value on a disposal which completed post the
period-end. The valuation of our retail-led portfolio was up 2.3%, with 2.2%
ERV growth and valuation yields down marginally. The valuation of our future
residential developments and our residual retail and leisure parks was both
broadly stable, at +0.6% and -0.5% respectively.
We are seeing a steady pick-up in investment activity in London and major
retail, both of which continue to see growing investor interest. Rents for the
best assets continue to grow, which means yields for such assets look
attractive in a historical context. Credit markets remain supportive, although
the pace at which momentum continues to improve from here will likely remain
reliant on the outlook for long-term interest rates. As customer demand
remains robust, we continue to expect that ERVs for offices and retail will
grow by a broadly similar rate as the 4-5% growth they saw last year.
Table 6: Valuation overview
Market value Surplus / (Deficit) Valuation change LFL rental value change(1) Net initial Topped up net initial Equivalent LFL equivalent yield change
yield
yield
yield
£m £m % % % % % bps
West End offices(3) 3,087 (52) (1.7) 2.7 4.7 5.9 5.6 20
City offices 1,450 17 1.2 2.9 4.0 5.5 6.2 8
Manchester offices 262 2 0.9 2.6 6.9 6.9 8.5 21
Retail and other(2) 1,129 (15) (1.4) 4.7 4.4 4.6 5.0 (11)
Developments(3) 1,171 (20) (1.7) n/a 0.0 0.0 5.6 n/a
Total Office-led 7,099 (68) (1.0) 3.1 4.6 5.6 5.8 12
Shopping centres 2,206 48 2.3 2.2 7.3 7.9 7.8 (2)
Outlets 646 14 2.3 2.1 6.1 6.5 6.8 (11)
Total Retail-led 2,852 62 2.3 2.2 7.0 7.6 7.5 (4)
Developments 298 2 0.6 0.8 4.0 4.0 6.7 (4)
Total Residential-led 298 2 0.6 0.8 4.0 4.0 6.7 (4)
Retail and leisure parks 529 (2) (0.5) 0.0 7.7 7.9 8.3 (6)
Total Other assets 529 (2) (0.5) 0.0 7.7 7.9 8.3 (6)
Total Combined Portfolio 10,778 (6) (0.1) 2.5 5.5 6.3 6.4 3
1. Rental value change excludes units materially altered during the period.
2. Includes owner-occupied property.
3. Includes non-current assets held-for-sale.
Growing in a sustainable way
As we grow income and EPS, it is important our growth is sustainable in all
aspects. We target to reduce direct and indirect greenhouse gas emissions by
47% by 2030 vs 2019/20, including all of our Scope 1,2 and 3 emissions, and
reach net zero by 2040. So far, we have reduced our emissions by 33% vs our
2019/20 baseline. We also target to reduce energy intensity by 52% by 2030 vs
2019/20 and remain on track for this, with a 25% reduction vs this baseline so
far.
In 2021, we set out a net zero transition investment plan to ensure all our
assets would meet a Minimum Energy Efficiency Standard of EPC 'B' by 2030. The
cost of this is reflected in our valuations and having finished the first
retro-fit of air source heat pumps last year, we are on track to complete the
retro-fit of further air source heat pumps at Palace Street and One New Change
this year. Including disposals post the period-end, 58% of our portfolio is
now rated EPC 'B' or higher, up from 56% in March.
Our pipeline of future developments is tracking a 39% reduction in embodied
carbon vs a typical development, but there is a limit to how much of a further
reduction is economically achievable. Whilst there is clear evidence that
energy efficiency is valuable to customers and investors, there is little
evidence customers or investors are willing to pay a premium for buildings
with less embodied carbon.
Finally, through our Landsec Futures programme, we continue to improve social
mobility in real estate and tackle issues local to our assets. To date, this
has created career pathways for 22 interns and supported 14 real estate
bursaries. From our 2019/20 baseline, we have so far created £128m of social
value and empowered 17,206 people towards the world of work.
Financial review
Overview
Our primary focus is to deliver sustainable income and EPS growth. We
delivered good performance on this for the half year, as our strong
operational results, with growth in like-for-like net rental income of 5.2%,
and our continued focus on efficiency improvements resulted in 3.2% growth in
EPRA EPS. At the same time, we have recycled £644m of capital out of assets
which generated little or no return, improving our future return prospects and
further supporting our strong capital base.
Customer demand for our best-in-class space remains robust, reflected in a
40bps rise in occupancy to 97.7% and 10% rental uplifts on relettings and
renewals. Growth in like-for-like net rent was ahead of our c. 3-4% guidance
for the year, resulting in a £12m increase in income, and overhead costs were
down £2m, or 6%. This was partly offset by the fact that the prior half year
benefitted from a £4m increase in the recovery of bad and doubtful debt
provisions, principally driven by the recovery of outstanding debts on assets
where we had brought management in house, yet overall, EPRA earnings were up
£6m to £192m. The resulting 3.2% increase in EPRA EPS to 25.8 pence
supported 2.2% growth in our interim dividend to 19.0 pence, comfortably in
line with our policy of a 1.2-1.3x dividend cover on an annual basis.
Our successful leasing drove 2.5% ERV growth, which further enhances our
income growth potential, as the external valuation of our portfolio was
effectively stable, at -0.1%. The shortfall vs book value on the sale of
£644m of low-returning assets meant IFRS profit before tax was £98m and led
to a slight 1.3% reduction in NTA per share, which means our return on equity
over the six-month period was 1.2%.
We expect EPRA EPS for the full year to be at the top end of our c. 2-4%
guidance, before the impact of the sale of the QAM finance lease income
(-£7m), which brought forward the receipt of this income to a capital receipt
on sale. For FY27, the exact progress in terms of EPS will depend on the pace
of leasing our current developments, but based on the positive engagement so
far, we would currently expect EPS growth to be broadly similar to FY26, again
before the impact of the sale of the QAM finance lease income (-£15m).
Looking further ahead, we now see the potential for EPRA EPS to grow to c. 62
pence by FY30, up from c. 60 pence previously, implying c. 4-4.5% CAGR over
FY25-30.
All this remains underpinned by our clear commitment to retain a strong
balance sheet. Adjusted net debt was up £71m to £4.4bn during the half year,
but this reduces to £4.1bn pro-forma for our net disposal activity since the
period-end. Pro-forma for these our LTV is 38.9%, whilst our current net debt
/ EBITDA is 8.6x. We now target net debt / EBITDA of below 7x within the next
two years, down from below 8x previously, as a higher proportion of our
balance sheet will become income-producing and development exposure reduces.
In addition, we expect our LTV to reduce to below 35% over time. With an
average debt maturity of 8.9 years, no need to refinance any debt until 2027
at the earliest and £1.1bn of cash and undrawn facilities, our capital base
remains strong.
Presentation of financial information
The condensed consolidated preliminary financial information is prepared under
UK adopted international accounting standards (IFRSs and IFRICs) where the
Group's interests in joint ventures are shown collectively in the income
statement and balance sheet, and all subsidiaries are consolidated at 100%.
Internally, management reviews the Group's results on a basis that adjusts for
these forms of ownership to present a proportionate share. The Combined
Portfolio, with assets totalling £10.8bn, is an example of this approach,
reflecting our economic interest in our properties regardless of our ownership
structure.
Our key measure of underlying earnings performance is EPRA earnings, which
represents the underlying financial performance of the Group's property rental
business, which is our core operating activity. A full definition of EPRA
earnings is given in the Glossary. This measure is based on the Best Practices
Recommendations of the European Public Real Estate Association (EPRA) which
are metrics widely used across the industry to aid comparability and includes
our proportionate share of joint ventures' earnings. Similarly, EPRA Net
Tangible Assets per share is our primary measure of net asset value.
Measures presented on a proportionate basis are alternative performance
measures as they are not defined under IFRS. This presentation provides
additional information to stakeholders on the activities and performance of
the Group, as it aggregates the results of all the Group's property interests
which under IFRS are required to be presented across a number of line items in
the statutory financial statements. For further details see table 14 in the
Business analysis section.
Income statement
We delivered good progress on our objective to deliver sustainable income and
EPS growth, as net rental income across our best-in-class portfolio was up
£15m, principally driven by strong like-for-like growth. Finance expenses
increased in line with the increase in average borrowings, but this was offset
by a reduction in administrative expenses so EPRA earnings of £192m were £6m
ahead of the prior period.
Table 7: Income statement(1)
Six months ended Six months ended
30 September 2025
30 September 2024
Office-led Retail-led Residential- Other assets Total Office-led Retail-led Residential- Other assets Total Change
led
led
£m £m £m £m £m £m £m £m £m £m £m
Gross rental income(2) 166 126 6 27 325 158 98 7 39 302 23
Net service charge expense - (4) (1) (1) (6) (3) (2) (1) - (6) -
Net direct property expenditure (15) (19) (1) (2) (37) (13) (14) (2) (7) (36) (1)
Net other operating income (1) - - - (1) - - - - - (1)
Movement in bad/doubtful debts provisions 1 - - 2 3 - 5 1 3 9 (6)
Segment net rental income 151 103 4 26 284 142 87 5 35 269 15
Net administrative expenses (32) (34) 2
EPRA earnings before interest 252 235 17
Net finance expense (60) (49) (11)
EPRA earnings 192 186 6
Capital/other items
Valuation surplus/(deficit) (6) 91 (97)
Loss on disposals (55) (10) (45)
Impairment charges - (6) 6
Fair value movement on derivatives (6) (15) 9
Other (28) (2) (26)
Profit/(loss) before tax attributable to shareholders of the parent 97 244 (147)
Non-controlling interests 1 (1) 2
Profit/(loss) before tax 98 243 (145)
1. Including our proportionate share of subsidiaries and joint ventures, as
explained in the Presentation of financial information above.
2. Includes finance lease interest, after rents payable.
Net rental income
Our gross rental income was up £23m to £325m, principally reflecting the
benefit of net acquisitions and like-for-like growth. This included £3m of
surrender receipts, which was slightly below the £4m in the prior period. In
line with the expectation we set out at the start of the year, the release of
bad and doubtful debt provisions was down £6m, as the prior period saw a £4m
increase in this figure, principally related to the recovery of outstanding
debts on assets that had previously been managed externally and we had started
to manage in house.
Reflecting the above, our overall net rental income was up £15m to £284m,
whilst on a like-for-like basis net rental income was up £12m, or 5.2%. This
was well ahead of our c. 3-4% guidance for the full year, reflecting our
strong leasing, with increased occupancy, positive uplifts on relettings and
renewals, and growth in turnover income. Our focus on costs meant net service
charge expenses and direct property expenditure were up just £1m, even though
top-line income was up £23m. Adjusted for movements in the recovery of bad
and doubtful debt provisions, this meant our gross to net margin improved by
0.7ppt to 86.8%. Looking ahead, we now expect like-for-like net rental income
to grow by c. 4-5% this year.
Table 8: Net rental income(1)
£m
Net rental income for the six months ended 30 September 2024 269
Gross rental income like-for-like movement in the period(2):
Increase in variable and turnover-based rents 5
Operational performance 3
Total like-for-like gross rental income 8
Like-for-like net service charge expense 2
Like-for-like net direct property expenditure 2
Decrease in surrender premiums received (1)
Developments(2) (3)
Acquisitions since 1 April 2024(2) 21
Disposals since 1 April 2024(2) (8)
Movement in bad/doubtful debts (6)
Net rental income for the six months ended 30 September 2025 284
1. Including our proportionate share of subsidiaries and joint ventures, as
explained in the Presentation of financial information above.
2. Gross rental income on a like-for-like basis and the impact of
developments, acquisitions and disposals exclude surrender premiums received.
Net administrative expenses
We reduced net administrative expenses by a further £2m to £32m, as
inflation was more than offset by our continued focus on managing costs. We
implemented our new data and tech systems late last year, so we are now
starting to see the efficiency benefits from this, alongside other
organisational savings. This means we still expect net administrative expenses
for the full year to be well below £70m.
Since the beginning of the year, we have identified further opportunities to
improve efficiency. As such, we now target FY27 overhead costs to come down to
the low £60m's, compared to our previous target of less than £65m. This
marks a c. 15% reduction in costs over FY26-27 vs last year's £73m. Combined
with the savings we have already realised over the past two years, this would
imply a reduction of over £20m vs our £84m of administrative expenses in
FY23 and equate to a cost base of less than 60bps of our portfolio value.
The reduction in net administrative expenses and improvement in gross to net
margin during the half year resulted in a 0.4ppt improvement in our EPRA cost
ratio to 20.4%, although we remain of the view that this is not a measure
which is overly useful in its own right. Assets with long leases to a single
tenant naturally have lower operating costs than more operational assets such
as e.g. residential or shopping centres, yet that does not mean they deliver
better income returns or higher income growth. For us, the only thing which
matters is the overall net income return, as that is what drives value for
shareholders.
Net finance expenses
Net interest costs increased by £11m to £60m, which principally reflects the
higher level of net debt following the acquisitions of the final stake of
MediaCity and Liverpool ONE in the second half of last year. We expect to
reduce our net debt over the next 12-18 months due to our planned capital
recycling, but as our net debt for the first half of this year was higher than
it was last year, we still expect net finance expenses for the full year to be
higher than last year.
Finance expense movements in Capital/other items include the fair value
movements on derivatives, caps and hedging and which is not included in EPRA
earnings, decreased from a net expense of £15m in the prior period to a net
expense of £6m over the last six months. This is predominantly due to the
fair value movements of our interest-rate swaps over the period.
Valuation of investment properties
The independent external valuation of our Combined Portfolio was virtually
unchanged, showing a marginal £6m reduction in value. Our continued strong
leasing activity across our high-quality assets resulted in 2.5% ERV growth
over six months, but the upside from this was partly offset by some yield
softening in London. In addition, the valuation result reflected the ongoing
unwind of the value of QAM, in line with the receipt of income ahead of its
impending sale; the impact of an increase in business rates at Piccadilly
Lights; and the shortfall vs book value on disposals completing post the
period-end. The latter will be reflected as loss on disposals rather than
valuation deficit in our full year results, but the impact on our IFRS profit
and net assets is the same.
IFRS profit after tax
Substantially all our activity during the period was covered by UK REIT
legislation, which means our tax charge for the period remained minimal. The
IFRS profit after tax of £98m reflects our strong earnings performance, which
was partly offset by the shortfall vs book value on a number of low-returning
assets we sold since the start of the year and one-off other costs described
in the section below. This compares with a prior period IFRS profit after tax
of £243m, which benefitted from a valuation surplus of £91m.
Net assets and return on equity
Including dividends paid, our total return on equity for the six-month period
was 1.2%, compared with 3.9% for the prior period. The main difference was due
to the fact that the external valuation of our portfolio was flat over the
last six months, compared to a small increase in the prior period, and that we
saw a shortfall vs book value on the sale of a select number of assets which
generated little or no return. The income return at NTA we generated was 2.9%,
or 5.9% on an annualised basis.
After the £162m of dividends paid, EPRA Net Tangible Assets, which reflects
the value of our Combined Portfolio less adjusted net debt, reduced slightly
to £6,448m, or 863 pence per share. This was down 1.3% since March,
principally driven by the sale of £644m of low-returning assets, which came
at a cost to NTA of 1.0%. In addition, we recognised £8m of restructuring
costs, wrote off £12m WIP on a potential future development opportunity and
made a number of other small adjustments impacting NTA in respect of certain
property provisions totalling £13m.
Table 9: Balance sheet(1)
30 September 2025 31 March 2025
£m £m
Combined Portfolio 10,778 10,880((2))
Adjusted net debt (4,375) (4,304)
Other net assets/(liabilities) 45 (46)
EPRA Net Tangible Assets 6,448 6,530
Shortfall of fair value over net investment in finance leases book value 6 8
Other intangible assets 1 2
Excess of fair value over trading properties book value (27) (27)
Fair value of interest-rate swaps 6 1
Net assets, excluding amounts due to non-controlling interests 6,434 6,514
Net assets per share 867p 877p
EPRA Net Tangible Assets per share (diluted) 863p 874p
1. Including our proportionate share of subsidiaries and joint ventures, as
explained in the Presentation of financial information above.
2. Includes owner-occupied property and non-current assets held-for-sale.
Table 10: Movement in EPRA Net Tangible Assets(1)
Diluted per share
£m pence
EPRA Net Tangible Assets at 31 March 2025 6,530 874
EPRA earnings 192 26
Valuation deficit (6) (1)
Dividends (162) (22)
Loss on disposals (55) (7)
Movement in own shares (18) (2)
Other (33) (5)
EPRA Net Tangible Assets at 30 September 2025 6,448 863
1. Including our proportionate share of subsidiaries and joint ventures, as
explained in the Presentation of financial information above.
Net debt and leverage
Adjusted net debt, which includes our share of JV borrowings, increased by
£71m to £4,375m during the half year. We spent £32m on acquisitions and
invested £247m in capex, including £116m for our on-site development
schemes, with the remainder principally comprising pre-development capex; a
number of accretive smaller projects and leasing capex in retail; and
investments in our office portfolio, including the creation of new Myo flex
office space and our net-zero investment programme. This was partly offset by
£365m of disposal receipts during the period.
Post the September reporting date, we have already sold or exchanged contracts
for the unconditional sale of £274m of assets, which combined with a small
acquisition, reduce our adjusted net debt from £4,375m to £4,133m on a
pro-forma basis, with further disposals expected in the second half. We have
£238m of committed capex remaining on our two London office developments and
Mayfield, of which £108m is expected to be spent this financial year.
As we prioritise investment in major retail and retaining our balance sheet
strength, we do not intend to commit to any meaningful capital to new
developments in the next 12-18 months. Meanwhile, future capex on
pre-development assets will be minimal pending visibility on the potential for
public sector support to improve the return prospects for our residential
schemes.
The other key elements behind the increase in net debt are set out in our
statement of cash flows and note 9 to the financial statements, with the main
movements in adjusted net debt shown below. A reconciliation between net debt
and adjusted net debt is shown in note 13 of the financial statements.
Table 11: Movement in adjusted net debt(1)
£m
Adjusted net debt at 31 March 2025 4,304
Adjusted net cash inflow from operating activities (32)
Dividends paid 150
Capital expenditure 247
Acquisitions 32
Disposals (365)
Other 39
Adjusted net debt at 30 September 2025 4,375
1. Including our proportionate share of subsidiaries and joint ventures, as
explained in the Presentation of financial information above.
In line with our guidance at time of our full year results, average net
debt/EBITDA ticked up, reflecting the fact that our two major on-site
developments in London are nearing the point of full capital deployment but
are not yet producing income, which means this came out at 8.6x for the
period.
We previously stated we targeted net debt/EBITDA to be below 8x, but as we
move to a structurally lower level of development activity, we now target this
to be below 7x within the next two years. The two main drivers for this will
be the lease-up of our two on-site developments in London and monetising the
rest of the £0.3bn capital employed in pre-development assets we said we
would target to exit over the next 1-3 years, as both materially reduce our
investment in assets that do not generate income.
The acquisition of Liverpool ONE late last year increased our LTV towards the
upper end of our 25-40% target range. Our reported LTV increased slightly
during the first half reflected capex spend to 40.3%, but this has come down
to 38.9% pro-forma for our net disposal activity since September and we expect
our LTV to reduce to below 35% over time. Maintaining our strong capital base
remains a key priority for us, so this would be commensurate with AA credit
ratings.
Table 12: Net debt and leverage
30 September 2025 31 March 2025
Net debt £4,400m £4,341m
Adjusted net debt(1) £4,375m £4,304m
Interest cover ratio 3.1x 3.6x
Net debt/EBITDA (period-end) 8.6x 8.9x
Net debt/EBITDA (weighted average) 8.6x 7.9x
Group LTV(1) 40.3% 39.3%
Group LTV(1) - pro-forma for net disposal activity since Sep-25 38.9% nm
1. Including our proportionate share of subsidiaries and joint ventures, as
explained in the Presentation of financial information above.
Financing
Our financial position remains strong. In October, we agreed the first
one-year extension option of the full £2,250m of revolving credit facilities
we signed a year ago, which was split evenly across two tenors of 3+1+1 and
5+1+1 years. As a result, our overall debt maturity remains long, at 8.9
years, providing clear visibility and underpinning the resilience of our
attractive earnings profile. We had £1.1bn of cash and undrawn facilities at
the end of September, providing substantial flexibility, and no need to
undertake any refinancing activity until 2027 at the earliest. Our debt is 85%
fixed or hedged and in line with the guidance for a slight increase we
provided at the start of the year, our average cost of debt was up marginally
to 3.6%.
Our gross borrowings of £4,518m are diversified across various sources,
including £2,868m of Medium Term Notes (MTNs), £715m of syndicated and
bilateral bank loans and £935m of commercial paper. Our MTNs and the majority
of bank loans form part of our Security Group, which provides security on a
floating pool of assets valued at £9.9bn. This structure provides flexibility
to include or exclude assets, and an attractive cost of funding. Our MTNs are
currently rated AA and A+ by S&P and Fitch.
Our Security Group has a number of tiered covenants, yet below 65% LTV and
above 1.45x ICR, these involve very limited operational restrictions. A
default only occurs when LTV is more than 100% or the ICR falls below 1.0x.
Our portfolio could withstand a c. 30% fall in value before we reach the 65%
LTV threshold and c. 54% before reaching 100% LTV, whilst our EBITDA could
fall by c. 60% before we reach the 1.45x ICR threshold and c. 73% before
reaching 1.0x ICR.
Table 13: Available facilities(1)
30 September 2025 31 March 2025
£m £m
Medium Term Notes 2,868 2,868
Drawn bank debt 715 778
Outstanding commercial paper 935 750
Cash and available undrawn facilities 1,097 1,101
Total committed credit facilities 2,650 2,590
Weighted average maturity of debt((1)) 8.9 years 9.6 years
Percentage of borrowings fixed or hedged((2)) 85% 91%
Weighted average cost of debt((3)) 3.6% 3.4%
1. Assuming the extensions on both RCF tranches are executed, the first of
which happened post period-end; 8.6 years excl. the second extension.
2. Calculated as fixed rate debt and hedges over gross debt based on the
nominal values of debt and hedges.
3. Including amortisation and commitment fees; excluding this the weighted
average cost of debt is 3.4% at 30 September 2025.
Principal risks and uncertainties
The principal risks and uncertainties of the business were set out on pages 38
- 45 of the 2025 Annual Report published in June. The Executive Leadership
Team and the Board review these risks regularly and continue to monitor for
changes and emerging risks. Though the risk landscape continues to evolve and
change over time, they remain the most relevant and the principal risks at the
half year are unchanged from those disclosed in the Annual Report except for
'Change Projects Fail to Deliver', which is no longer considered a principal
risk. This reflects the successful embedding of our two largest change
programmes into the business over the past 12 months.
The macro-economic outlook remains our highest-rated principal risk and has
some impact on aspects of our other strategic risks related to the office and
retail occupier markets, development strategy and capital allocation.
Inflation has picked up slightly and some uncertainty persists around the UK
fiscal outlook. Long-term interest rates and financing costs remain
relatively high, which present challenges for the business, however we have
maintained our strong operational performance over the first half of the year.
Our nine principal risks and their current outlook are summarised as follows:
Macro-economic outlook - This risk incorporates the potential impacts of
changes in the broader economic environment, including inflationary pressures,
challenging interest rates, legislative changes, and shifts in business and
consumer confidence. Whilst there has been a modest increase in the trend of
this risk when considering the increased uncertainty around the UK fiscal
outlook, it is not considered significant enough to increase the risk score.
For Landsec this risk impacts asset yields, income and therefore valuations,
our cost base, and our ability to recycle assets. It may also enable
opportunities to acquire assets.
Office, Retail and hospitality occupier markets - The risks associated with
these two markets are considered to have remained stable over the period. In
both markets, demand continues to focus on the best quality assets in the
strongest locations: both characteristics of our portfolio. As a result,
despite continued pressure on some areas of the wider market, our operational
performance remains strong and our portfolio well-positioned for further
growth.
Capital allocation - This risk is considered to have reduced in line with the
progress we are making on our capital recycling programme.
Development - This risk is considered to have reduced since the year end as we
near completion of two of our major projects. As the majority of the
development costs of our committed schemes is already fixed, and no new
development commitments are planned in the near future, therefore this risk is
expected to reduce further as our current projects near completion.
Information security and cyber threat - This risk is considered to have
increased as we continue to review our control environment in response to the
significant increase in cyber incidents in the UK in the past 12 months with
the evolving sophistication and nature of ransomware attacks.
The three remaining operational principal risks (Health and safety, People and
skills, and Climate change transition) have remained stable in the six months
since last year end.
Statement of Directors' Responsibilities
The Directors confirm to the best of their knowledge that these condensed
consolidated interim financial statements have been prepared in accordance
with UK-adopted IAS 34 and that the interim management report includes a fair
review of the information required by the Disclosure Guidance and Transparency
Rules (DTR) 4.2.7R and 4.2.8R, namely:
¾ an indication of important events that have occurred during the first
six months and their impact on the condensed consolidated set of financial
statements, and a description of the principal risks and uncertainties for the
remaining six months of the financial year; and
¾ material related party transactions in the first six months and any
material changes in the related party transactions described in the last
annual report.
The Directors of Land Securities Group PLC are listed in our 2025 Annual
Report and are maintained on the Land Securities Group PLC website at
landsec.com.
By order of the Board
Mark Allan
Vanessa Simms
Chief Executive Chief Financial
Officer
Independent review report to Land Securities Group PLC
Conclusion
We have been engaged by the Company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 30
September 2025 which comprises the unaudited income statement, the unaudited
statement of comprehensive income, the unaudited balance sheet, the unaudited
statements of changes in equity, the unaudited statements of cash flows and
the related notes to the financial statements. We have read the other
information contained in the half yearly financial report and considered
whether it contains any apparent misstatements or material inconsistencies
with the information in the condensed set of financial statements.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 30 September 2025 is not prepared,
in all material respects, in accordance with UK adopted International
Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of
the United Kingdom's Financial Conduct Authority.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review
Engagements 2410 (UK) "Review of Interim Financial Information Performed by
the Independent Auditor of the Entity" (ISRE) issued by the Financial
Reporting Council. A review of interim financial information consists of
making enquiries, primarily of persons responsible for financial and
accounting matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and consequently does not enable
us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit
opinion.
As disclosed in note 1, the annual financial statements of the Group are
prepared in accordance with UK adopted international accounting standards. The
condensed set of financial statements included in this half-yearly financial
report has been prepared in accordance with UK adopted International
Accounting Standard 34, "Interim Financial Reporting".
Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for Conclusion section of this report,
nothing has come to our attention to suggest that management have
inappropriately adopted the going concern basis of accounting or that
management have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
this ISRE, however future events or conditions may cause the entity to cease
to continue as a going concern.
Responsibilities of the directors
The directors are responsible for preparing the half-yearly financial report
in accordance with the Disclosure Guidance and Transparency Rules of the
United Kingdom's Financial Conduct Authority.
In preparing the half-yearly financial report, the directors are responsible
for assessing the company's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to
liquidate the company or to cease operations, or have no realistic alternative
but to do so.
Auditor's Responsibilities for the review of the financial information
In reviewing the half-yearly report, we are responsible for expressing to the
Company a conclusion on the condensed set of financial statements in the
half-yearly financial report. Our conclusion, including our Conclusions
Relating to Going Concern, are based on procedures that are less extensive
than audit procedures, as described in the Basis for Conclusion paragraph of
this report.
Use of our report
This report is made solely to the company in accordance with guidance
contained in International Standard on Review Engagements 2410 (UK) "Review of
Interim Financial Information Performed by the Independent Auditor of the
Entity" issued by the Financial Reporting Council. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other
than the company, for our work, for this report, or for the conclusions we
have formed.
Ernst & Young LLP
London
13 November 2025
Financial statements
Unaudited income statement Six months ended Six months ended
30 September 2025 30 September 2024
EPRA earnings Capital and other items Total EPRA earnings Capital and other items Total
Notes £m £m £m £m £m £m
Revenue 5 430 1 431 372 11 383
Costs 6 (195) (29) (224) (153) (21) (174)
235 (28) 207 219 (10) 209
Share of post-tax profit from joint ventures 12 12 10 22 11 5 16
Loss on disposal of investment properties - (55) (55) - (5) (5)
Net (deficit)/surplus on revaluation of investment properties 10 - (15) (15) - 84 84
Operating profit/(loss) 247 (88) 159 230 74 304
Finance income 7 7 - 7 7 - 7
Finance expense 7 (62) (6) (68) (51) (17) (68)
Profit/(loss) before tax 192 (94) 98 186 57 243
Taxation - - - - - -
Profit/(loss) for the period 192 (94) 98 186 57 243
Attributable to:
Shareholders of the parent 97 244
Non-controlling interests 1 (1)
98 243
Profit per share attributable to shareholders of the parent:
Basic earnings per share 4 13.0p 32.8p
Diluted earnings per share 4 13.0p 32.7p
Unaudited statement of comprehensive income Six months ended Six months ended
30 September 2025
30 September 2024
Total Total
£m £m
Profit for the period 98 243
Other comprehensive profit for the period - -
Total comprehensive profit for the period 98 243
Attributable to:
Shareholders of the parent 97 244
Non-controlling interests 1 (1)
98 243
Unaudited balance sheet
30 September 2025 31 March
2025
Notes £m £m
Non-current assets
Investment properties 10 9,722 10,034
Property, plant and equipment 41 42
Intangible assets 3 3
Net investment in finance leases 20 19
Investments in joint ventures 12 568 551
Trade and other receivables 145 229
Other non-current assets 29 22
Total non-current assets 10,528 10,900
Current assets
Trading properties 11 84 81
Trade and other receivables 586 467
Monies held in restricted accounts and deposits 13 20
Cash and cash equivalents 97 39
Other current assets 13 4
Non-current assets held-for-sale 18 263 110
Total current assets 1,056 721
Total assets 11,584 11,621
Current liabilities
Borrowings 14 (937) (752)
Trade and other payables (346) (406)
Provisions 15 (46) (44)
Other current liabilities (20) (6)
Total current liabilities (1,349) (1,208)
Non-current liabilities
Borrowings 14 (3,717) (3,802)
Trade and other payables (44) (44)
Provisions 15 (26) (30)
Other non-current liabilities (13) (5)
Total non-current liabilities (3,800) (3,881)
Total liabilities (5,149) (5,089)
Net assets 6,435 6,532
Equity
Capital and reserves attributable to shareholders
Ordinary shares 80 80
Share premium 319 319
Other reserves 16 30
Retained earnings 6,019 6,085
Equity attributable to shareholders of the parent 6,434 6,514
Equity attributable to non-controlling interests 1 18
Total equity 6,435 6,532
The financial statements on pages 28 to 45 were approved by the Board of
Directors on 13 November 2025 and were signed on its behalf by:
Mark Allan Vanessa Simms
Directors
Unaudited statements of changes in equity Attributable to shareholders of the parent
Ordinary shares Share premium Other reserves Retained earnings Non-controlling interests Total
equity
Total
Notes £m £m £m £m £m £m £m
At 1 April 2024 80 319 23 5,980 6,402 45 6,447
Total comprehensive profit for the financial period - - - 244 244 (1) 243
Transactions with shareholders of the parent:
Share-based payments - - 3 - 3 - 3
Dividends paid to shareholders of the parent 8 - - - (159) (159) - (159)
Total transactions with shareholders of the parent - - 3 (159) (156) - (156)
Dividends paid to non-controlling interests - - - - - (1) (1)
Issued share capital - - - - - 12 12
Total transactions with shareholders - - 3 (159) (156) 11 (145)
At 30 September 2024 80 319 26 6,065 6,490 55 6,545
Total comprehensive profit for the financial period - - - 161 161 1 162
Transactions with shareholders of the parent:
Share-based payments - - 4 (3) 1 - 1
Dividends paid to shareholders of the parent - - - (138) (138) - (138)
Acquisition of non-controlling interests - - - - - (56) (56)
Total transactions with shareholders of the parent - - 4 (141) (137) (56) (193)
Acquisition of subsidiaries - - - - - 18 18
Total transactions with shareholders - - 4 (141) (137) (38) (175)
At 31 March 2025 80 319 30 6,085 6,514 18 6,532
Total comprehensive profit for the financial period - - - 97 97 1 98
Transactions with shareholders of the parent:
Share-based payments - - (14) 1 (13) - (13)
Dividends paid to shareholders of the parent 8 - - - (162) (162) - (162)
Total transactions with shareholders of the parent - - (14) (161) (175) - (175)
Recognition of redemption liability((1)) - - - (2) (2) (18) (20)
Total transactions with shareholders - - (14) (163) (177) (18) (195)
At 30 September 2025 80 319 16 6,019 6,434 1 6,435
1. On 8 September 2025, the Group granted a put option to the non-controlling
interest in Liverpool ONE that has been recognised as a redemption liability
within Other current liabilities at 30 September 2025.
Unaudited statements of cash flows Six months ended
30 September
2025 2024
Notes £m £m
Cash flows from operating activities
Net cash generated from operations 9 101 148
Interest received 15 10
Interest paid (77) (42)
Rents paid (7) (7)
Capital expenditure on trading properties (3) (7)
Disposal of trading properties - 5
Net cash inflow from operating activities 29 107
Cash flows from investing activities
Investment property development expenditure (163) (124)
Other investment property related expenditure (84) (68)
Acquisition of investment properties, net of cash acquired (27) (137)
Disposal of investment properties 365 393
Cash distributions from joint ventures 12 4 7
Net cash inflow from investing activities 95 71
Cash flows from financing activities
Net proceeds from new borrowings (net of finance fees) 14 416 541
Net repayment of borrowings 14 (303) (601)
Net cash outflow from derivative financial instruments 14 (18) (10)
Acquisitions of own shares (18) -
Proceeds from non-controlling interest share capital issuance - 12
Dividends paid to shareholders of the parent 8 (150) (157)
Decrease/(increase) in monies held in restricted accounts and deposits 7 (4)
Net cash outflow from financing activities (66) (219)
Increase/(decrease) in cash and cash equivalents for the period 58 (41)
Cash and cash equivalents at the beginning of the period 39 78
Cash and cash equivalents at the end of the period 97 37
Notes to the financial statements
1. Basis of preparation and consolidation
Basis of preparation
This condensed consolidated interim financial information (financial
statements) for the six months ended 30 September 2025 has been prepared on a
going concern basis and in accordance with the Disclosure and Transparency
Rules of the Financial Conduct Authority and IAS 34 'Interim Financial
Reporting' as contained in UK adopted international accounting standards
(IFRS). As applied by the Group, there are no material differences between UK
adopted international accounting standards and EU IFRS.
The condensed consolidated interim financial information does not comprise
statutory accounts within the meaning of section 434 of the Companies Act
2006. Statutory accounts for the year ended 31 March 2025, prepared in
accordance with UK adopted international accounting standards (IFRSs and
IFRICs) and in conformity with the Companies Act 2006, were approved by the
Board of Directors on 15 May 2025 and delivered to the Registrar of Companies.
The report of the auditor on those accounts was unqualified, did not contain
an emphasis of matter paragraph and did not contain any statement under
section 498(2) or (3) of the Companies Act 2006. The condensed consolidated
interim financial information has been reviewed, not audited, and should be
read in conjunction with the Group's annual financial statements for the year
ended 31 March 2025.
In preparing the condensed consolidated interim financial information, the
Group has considered the impact of climate change. Related capital expenditure
and the expected impact on ERVs associated with this commitment have been
factored within property valuations. On this basis, the Group has concluded
that climate change did not have a material impact on the financial reporting
judgements and estimates, consistent with the assessment that this is not
expected to have a significant impact on the Group's going concern assessment.
This condensed consolidated interim financial information was approved for
issue by the Directors on 13 November 2025.
Going concern
Given the impact of international and domestic political and economic events
since 1 April 2025, the Directors have continued to place additional focus on
the appropriateness of adopting the going concern assumption in preparing the
financial statements for the half year ended 30 September 2025. The Group's
going concern assessment considers changes in the Group's principal risks (see
page 24) and is dependent on a number of factors, including our financial
performance and continued access to borrowing facilities. Access to our
borrowing facilities is also dependent on our ability to continue to operate
the Group's secured debt structure within its financial covenants, which are
described in note 14.
In order to satisfy themselves that the Group has adequate resources to
continue as a going concern for the foreseeable future, the Directors have
reviewed base case, downside and reverse stress test models, as well as a cash
flow model which considers the impact of pessimistic assumptions on the
Group's operating environment (the 'mitigated downside scenario'). This
mitigated downside scenario reflects unfavourable macroeconomic conditions, a
deterioration in our ability to collect rent and service charge from our
customers and removes uncommitted capital expenditure, acquisitions, disposals
and developments.
The Group's key metrics from the mitigated downside scenario as at the end of
the going concern assessment period, which covers the 16 months to 31 March
2027, are shown below alongside the actual position at 30 September 2025.
Key metrics 30 September 2025 31 March 2025
mitigated downside scenario
mitigated downside scenario
30 September 2025 31 March 2027 30 September 2026
Security Group LTV 45.7% 46.9% 45.8%
Adjusted net debt £4,375m £4,512m £4,769m
EPRA net tangible assets £6,448m £5,469m £5,940m
Available financial headroom £1.1bn £0.6bn £0.7bn
In our mitigated downside scenario, the Group has sufficient cash reserves,
with our Security Group LTV ratio remaining less than 65% and interest cover
above 1.45x, for a period of 16 months from the date of authorisation of these
financial statements. Under this scenario, the Security Group's asset values
would need to fall by a further 28% from the sensitised values forecasted at
31 March 2027 to be non‑compliant with the LTV covenant. This equates to a
29% fall in the value of the Security Group's assets as at 30 September 2025
for the LTV to reach 65%. The Directors consider the likelihood of this
occurring over the going concern assessment period to be remote.
The Security Group also requires earnings before interest of at least £225m
in the full year ending 31 March 2026 and at least £261m in the full year
ending 31 March 2027 for interest cover to remain above 1.45x in the mitigated
downside scenario, which would ensure compliance with the Group's covenant
through to the end of the going concern assessment period. Security Group
earnings post year end 31 March 2025 are above the level required to meet the
interest cover covenant for the year ended 31 March 2026. The Directors do not
anticipate a reduction in Security Group earnings over the period ending 31
March 2027 to a level that would result in a breach of the interest cover
covenant.
The Directors have also considered a reverse stress-test scenario which
assumes no further rent will be received, to determine when our available cash
resources would be exhausted. Even under this extreme scenario, although
breaching the interest cover covenant, the Group continues to have sufficient
cash reserves to continue in operation throughout the going concern assessment
period.
Based on these considerations, together with available market information and
the Directors' knowledge and experience of the Group's property portfolio and
markets, the Directors have adopted the going concern basis in preparing the
financial statements of the Group for the half year ended 30 September 2025.
Presentation of results
The Group income statement is presented in a columnar format, split into those
items that relate to EPRA earnings and Capital and other items. The Total
column represents the Group's results presented in accordance with IFRS; the
other columns provide additional information. This is intended to reflect the
way in which the Group's Senior Management review the results of the business
and to aid reconciliation to the segmental information.
A number of the financial measures used internally by the Group to measure
performance include the results of partly-owned subsidiaries and joint
ventures on a proportionate basis. Measures that are described as being on a
proportionate basis include the Group's share of joint ventures on a
line-by-line basis and are adjusted to exclude the non-owned elements of our
subsidiaries. These measures are non-GAAP measures and therefore not presented
in accordance with IFRS. This is in contrast to the condensed consolidated
interim financial information presented in these half year results, where the
Group applies equity accounting to its interest in joint ventures and
associates, presenting its interest collectively in the income statement and
balance sheet, and consolidating all subsidiaries at 100% with any non-owned
element being adjusted as a non-controlling interest or redemption liability,
as appropriate. Our joint operations are presented on a proportionate basis in
all financial measures used internally by the Group.
2. Significant accounting judgements and estimates
The condensed consolidated interim financial information has been prepared on
the basis of the accounting policies, significant judgements and estimates as
set out in the notes to the Group's annual financial statements for the year
ended 31 March 2025, as amended where relevant to reflect the new standards,
amendments and interpretations which became effective in the period. There has
been no material impact on the financial statements of adopting these new
standards, amendments and interpretations.
3. Segmental information
The Group's operations are all in the UK and are managed across four operating
segments, being Office-led, Retail-led, Residential-led and Other assets.
The Office-led segment includes all operating or under development office
assets in London and the regions as well as the associated retail and other
premises in proximity to these assets. The Retail-led segment includes all the
shopping centres and outlets in our portfolio. The Residential-led segment
includes our residential developments and the Other assets segment mainly
includes assets that will not be a focus for capital investment and consists
of our retail and leisure park assets.
In previous financial periods, our segmental reporting reflected that our
operations were organised into Central London, Major retail destinations
(Major retail), Mixed-use urban neighbourhoods (Mixed-use urban) and Subscale
sectors. As noted in the Group's annual financial statements for the year
ended 31 March 2025, the Group has aligned its financial reporting to reflect
its updated strategy and operating model and consequently, comparatives have
been restated.
Management has determined the Group's operating segments based on the
information reviewed by Senior Management to make strategic decisions. The
chief operating decision maker is the Executive Leadership Team (ELT),
comprising the Executive Directors and the Managing Directors. The information
presented to ELT includes reports from all functions of the business as well
as strategy, financial planning, succession planning, organisational
development and Group-wide policies.
The Group's primary measure of underlying profit before tax is EPRA earnings.
However, Segment net rental income is the lowest level to which the profit
arising from the ongoing operations of the Group is analysed between the four
segments. The administrative costs, which are predominantly staff costs for
centralised functions, are all treated as administrative expenses and are not
allocated to individual segments.
The Group manages its financing structure, with the exception of joint
ventures and non-wholly owned subsidiaries, on a pooled basis. Individual
joint ventures and non-wholly owned subsidiaries may have specific financing
arrangements in place. Debt facilities and finance expenses, including those
of joint ventures, are managed centrally and are therefore not attributed to a
particular segment. Unallocated income and expenses are items incurred
centrally which are not directly attributable to one of the segments.
All items in the segmental information note are presented on a proportionate
basis.
Segmental results
Six months ended 30 September 2025 Six months ended 30 September 2024(1)
EPRA earnings Office-led Retail-led Residential-led Other assets Total Office-led Retail-led Residential-led Other assets Total
£m £m £m £m £m £m £m £m £m £m
Rental income 168 130 6 27 331 159 102 7 39 307
Finance lease interest - - - - - - - - 1 1
Gross rental income (before rents payable) 168 130 6 27 331 159 102 7 40 308
Rents payable(2) (2) (4) - - (6) (1) (4) - (1) (6)
Gross rental income (after rents payable) 166 126 6 27 325 158 98 7 39 302
Service charge income 44 45 2 5 96 35 32 2 4 73
Service charge expense (44) (49) (3) (6) (102) (38) (34) (3) (4) (79)
Net service charge expense - (4) (1) (1) (6) (3) (2) (1) - (6)
Other property related income 11 5 1 1 18 10 6 1 - 17
Direct property expenditure (26) (24) (2) (3) (55) (23) (20) (3) (7) (53)
Other operating income 11 - - - 11 - - - - -
Other operating expense (12) - - - (12) - - - - -
Movement in bad and doubtful debts provision 1 - - 2 3 - 5 1 3 9
Segment net rental income 151 103 4 26 284 142 87 5 35 269
Other income 1 1
Administrative expense (32) (33)
Depreciation (1) (2)
EPRA earnings before interest 252 235
Finance income 7 7
Finance expense (62) (51)
Joint venture net finance expense (5) (5)
EPRA earnings attributable to shareholders of the parent 192 186
Capital/other items (94) 57
Profit before tax 98 243
1. Restated for changes in the Group's operating segments as outlined in the
note narrative above.
2. Included within rents payable is lease interest payable of £4m across the
four segments (2024: £2m).
4. Performance measures
In the tables below, we present earnings per share attributable to
shareholders of the parent, calculated in accordance with IFRS, and net assets
per share attributable to shareholders of the parent together with certain
measures defined by the European Public Real Estate Association (EPRA), which
have been included to assist comparison between European property companies.
Three of the Group's key financial performance measures are EPRA earnings per
share, EPRA Net Tangible Assets per share and Total return on equity. Refer to
table 14 in the Business Analysis section for further details on these
alternative performance measures.
EPRA earnings, which is a tax adjusted measure of underlying earnings, is the
basis for the calculation of EPRA earnings per share. We believe EPRA earnings
and EPRA earnings per share provide further insight into the results of the
Group's operational performance to stakeholders as they focus on the rental
income performance of the business and exclude Capital and other items which
can vary significantly from period to period.
Earnings per share Six months ended Six months ended
30 September 2025
30 September 2024
Profit for the period EPRA earnings Profit for the period EPRA earnings
£m £m £m £m
Profit attributable to shareholders of the parent 97 97 244 244
Valuation and loss on disposals - 61 - (77)
Net finance expense (excluded from EPRA earnings) - 6 - 15
Impairment of amounts due from joint ventures - - - 2
Net development contract and transaction expenditure - 18 1
Restructuring and other costs - 10 - 1
Profit used in per share calculation 97 192 244 186
IFRS EPRA IFRS EPRA
Basic earnings per share 13.0p 25.8p 32.8p 25.0p
Diluted earnings per share 13.0p 25.6p 32.7p 24.9p
Net assets per share 30 September 2025 31 March 2025
Net assets EPRA NDV EPRA NTA Net assets EPRA NDV EPRA NTA
£m £m £m £m £m £m
Net assets attributable to shareholders of the parent 6,434 6,434 6,434 6,514 6,514 6,514
Shortfall of fair value over net investment in finance leases book value - (6) (6) - (8) (8)
Other intangible asset - - (1) - - (2)
Fair value of interest-rate swaps - - (6) - - (1)
Excess of fair value of trading properties over book value - 27 27 - 27 27
Shortfall of fair value of debt over book value (note 14) - 301 - - 334 -
Net assets used in per share calculation 6,434 6,756 6,448 6,514 6,867 6,530
IFRS EPRA NDV EPRA NTA IFRS EPRA NDV EPRA NTA
Net assets per share 867p n/a n/a 877p n/a n/a
Diluted net assets per share 861p 904p 863p 872p 919p 874p
Number of shares
Six months ended 30 September 2025 Six months ended 31 March 2025
30 September 2025 30 September 2024
Weighted average Weighted average
Million million million Million
Ordinary shares 752 752 752 752
Treasury shares (7) (7) (7) (7)
Own shares (1) (3) (2) (2)
Number of shares - basic 744 742 743 743
Dilutive effect of share options 5 5 3 4
Number of shares - diluted 749 747 746 747
Total return on equity is calculated as the cash dividends per share paid in
the period plus the change in EPRA NTA per share, divided by the opening EPRA
NTA per share. We consider this to be a useful measure for shareholders as it
gives an indication of the total return on equity over the period.
Total return on equity based on EPRA NTA Six months ended Six months ended
30 September 2025 30 September 2024
pence pence
(Decrease)/increase in EPRA NTA per share (11.0) 12.0
Dividend paid per share in the period (note 8) 21.8 21.3
Total return (a) 10.8 33.3
EPRA NTA per share at the beginning of the period (b) 874 859
Total return on equity (a/b) 1.2% 3.9%
5. Revenue
All revenue is classified within the 'EPRA earnings' column of the income
statement, with the exception of proceeds from the sale of trading properties,
income from long-term development contracts and the non-owned element of the
Group's subsidiaries which are presented in the 'Capital and other items'
column.
Six months ended Six months ended
30 September 2025 30 September 2024
EPRA earnings Capital and other items Total EPRA earnings Capital and other items Total
£m £m £m £m £m £m
Rental income (excluding adjustment for lease incentives) 304 1 305 272 4 276
Adjustment for lease incentives 7 - 7 14 - 14
Rental income 311 1 312 286 4 290
Service charge income 90 - 90 68 1 69
Trading property sales proceeds - - - - 6 6
Other property related income 17 - 17 16 - 16
Other operating income 11 - 11 - - -
Finance lease interest - - - 1 - 1
Other income 1 - 1 1 - 1
Revenue per the income statement 430 1 431 372 11 383
The following table reconciles revenue per the income statement to the
individual components of revenue presented in the segmental results table in
note 3.
Six months ended Six months ended
30 September 2025 30 September 2024
Group Joint ventures Adjustment for non-wholly owned subsidiaries Total Group Joint Adjustment Total
ventures
for non- wholly owned subsidiaries
£m £m £m £m £m £m £m £m
Rental income 312 20 (1) 331 290 21 (4) 307
Service charge income 90 6 - 96 69 5 (1) 73
Other property related income 17 1 - 18 16 1 - 17
Other operating income 11 - - 11 - - - -
Finance lease interest - - - - 1 - - 1
Other income 1 - - 1 1 - - 1
Revenue in the segmental information note 431 27 (1) 457 377 27 (5) 399
Trading property sales proceeds - 6 - 6 6 - - 6
Revenue including Capital and other items 431 33 (1) 463 383 27 (5) 405
6. Cost
All costs are classified within the 'EPRA earnings' column of the income
statement, with the exception of the cost of sale and impairment of trading
properties, costs arising on long-term development contracts, one-off
restructuring costs, amortisation and impairments of intangible assets, other
attributable costs arising on business combinations and the non-owned element
of the Group's subsidiaries which are presented in the 'Capital and other
items' column.
Six months ended Six months ended
30 September 2025
30 September 2024
EPRA earnings Capital and other items Total EPRA earnings Capital and other items Total
£m £m £m £m £m £m
Rents payable 6 - 6 6 - 6
Service charge expense 96 - 96 73 1 74
Direct property expenditure 53 - 53 49 1 50
Movement in bad and doubtful debts provisions (3) - (3) (9) - (9)
Administrative expenses 30 - 30 32 - 32
Other operating expense 12 - 12 - - -
Depreciation, including amortisation of software 1 1 2 2 1 3
Trading property, development contract and transaction expenditure - 18 18 - 12 12
Impairment of amounts due from joint ventures - - - - 2 2
Impairment of trading properties - 1 1 - 4 4
Restructuring and other costs - 9 9 - - -
Total costs per the income statement 195 29 224 153 21 174
The following table reconciles costs per the income statement to the
individual components of costs presented in the segmental results table in
note 3.
Six months ended Six months ended
30 September 2025 30 September 2024
Group Joint ventures Adjustment for non-wholly owned subsidiaries Total Group Joint Adjustment Total
ventures
for non-wholly owned subsidiaries
£m £m £m £m £m £m £m £m
Rents payable 6 - - 6 6 - - 6
Service charge expense 96 6 - 102 74 6 (1) 79
Direct property expenditure 53 2 - 55 50 4 (1) 53
Administrative expenses 30 2 - 32 32 1 - 33
Other operating expense 12 - - 12 - - - -
Depreciation, including amortisation of software 1 - - 1 2 - - 2
Movement in bad and doubtful debts provision (3) - - (3) (9) - - (9)
Costs in the segmental information note 195 10 - 205 155 11 (2) 164
Impairment of trading properties 1 - - 1 4 - - 4
Trading property, development contract and transaction expenditure 18 - - 18 12 - - 12
Depreciation 1 - - 1 1 - - 1
Impairment of amounts due from joint ventures - - - - 2 - - 2
Restructuring and other costs 9 - - 9 - - - -
Costs including Capital and other items 224 10 - 234 174 11 (2) 183
7. Net finance expense
Six months ended Six months ended
30 September 2025 30 September 2024
EPRA earnings Capital and other items Total EPRA earnings Capital and other items Total
£m £m £m £m £m £m
Finance income
Interest receivable from joint ventures 5 - 5 5 - 5
Other interest receivable 2 - 2 2 - 2
7 - 7 7 - 7
Finance expense
Bond and debenture debt (52) - (52) (47) - (47)
Bank and other short-term borrowings (30) - (30) (17) (1) (18)
Fair value movement on derivatives - (6) (6) - (16) (16)
(82) (6) (88) (64) (17) (81)
Interest capitalised in relation to properties under development 20 - 20 13 - 13
(62) (6) (68) (51) (17) (68)
Net finance expense (55) (6) (61) (44) (17) (61)
Joint venture net finance expense (5) (5)
Net finance expense included in EPRA earnings (60) (49)
Finance lease interest payable of £4m (2024: £2m) is included within rents
payable as detailed in note 3.
8. Dividends
Dividends paid Six months ended
30 September
Pence per share 2025 2024
Payment date PID Non-PID Total £m £m
For the year ended 31 March 2024:
Third interim 12 April 2024 9.30 - 9.30 69
Final 26 July 2024 12.10 - 12.10 90
For the year ended 31 March 2025:
Third interim 11 April 2025 9.50 - 9.50 71
Final 25 July 2025 12.30 - 12.30 91
Gross dividends 162 159
Dividends in the statement of changes in equity 162 159
Timing difference on payment of withholding tax (12) (2)
Dividends in the statement of cash flows 150 157
A Dividend Reinvestment Plan (DRIP) is available in respect of all dividends
to be paid during the period.
9. Net cash generated from operations
Reconciliation of operating profit to net cash generated from operations Six months ended Six months ended
30 September 2025 30 September 2024
£m £m
Operating profit 159 304
Adjustments for:
Net deficit/(surplus) on revaluation of investment properties 15 (84)
Loss on disposal of trading properties - 5
Loss on disposal of investment properties 55 5
Share of profit from joint ventures (22) (16)
Share-based payment charge 5 4
Impairment of amounts due from joint ventures - 2
Non-cash development contract and transaction expenditure 18 2
Rents payable 6 4
Depreciation and amortisation 2 2
Impairment of trading properties 1 4
Non-cash restructuring and other costs 5 -
244 232
Changes in working capital:
Increase in receivables (65) (30)
Decrease in payables and provisions (78) (54)
Net cash generated from operations 101 148
Reconciliation to adjusted net cash inflow from operating activities Six months ended Six months ended
30 September 2025 30 September 2024
£m £m
Net cash inflow from operating activities 29 107
Joint ventures net cash inflow from operating activities 3 -
Adjusted net cash inflow from operating activities(1) 32 107
1. Includes cash flows relating to the interest in Liverpool ONE (2024:
MediaCity) which is not owned by the Group as at 30 September 2025, but is
consolidated in the Group numbers.
10. Investment properties
Six months ended Six months ended Six months ended
30 September 2025
31 March 2025
30 September 2024
£m £m £m
Net book value at the beginning of the period 10,034 9,296 9,330
Acquisitions of investment properties((1)) 18 509 133
Net movement in head leases capitalised(2) (1) 87 (1)
Capital expenditure 244 274 199
Capitalised interest 20 15 12
Disposals(3) (315) (18) (461)
Net (deficit)/surplus on revaluation of investment properties (15) 7 84
Transfer to property, plant and equipment - (26) -
Transfer to assets held-for-sale (note 18) (263) (110) -
Net book value at the end of the period 9,722 10,034 9,296
1. Adjusted downward by £9m of transaction and contract related provisions
utilised in the period (see note 15).
2. See note 14 for details of the amounts payable under head leases and note 6
for details of the rents payable in the income statement.
3. Includes impact of disposals of finance leases.
The fair value of investment properties at 30 September 2025 was determined by
the Group's external valuers, CBRE and JLL. The valuations are in accordance
with RICS standards and were arrived at by reference to market evidence of
transactions for similar properties. The valuations performed by the valuers
are reviewed internally by Senior Management and other relevant people within
the business. This process includes discussions of the assumptions used by the
valuers, as well as a review of the resulting valuations. Discussions of the
valuation process and results are held between Senior Management, the Audit
Committee and the valuers on a half-yearly basis. The Group considers all of
its investment properties to fall within 'Level 3', as defined by IFRS 13.
There have been no transfers of properties within the fair value hierarchy in
the financial period.
The market value of the Group's investment properties, as determined by the
Group's external valuers, differs from the net book value presented in the
balance sheet due to the Group presenting tenant finance leases, head leases
and lease incentives separately. The following table reconciles the net book
value of the investment properties to the market value.
30 September 2025 31 March 2025
Group Joint ventures Adjustment for non-wholly owned subsidiaries Combined Portfolio Group Joint Adjustment Combined Portfolio
ventures
for non-
wholly owned subsidiaries
£m £m £m £m £m £m £m £m
Market value 9,836 644 (19) 10,461 10,125 636 (33) 10,728
Less: properties treated as finance leases (14) - - (14) (12) - - (12)
Plus: head leases capitalised 142 1 - 143 158 1 - 159
Less: tenant lease incentives (242) (28) - (270) (237) (29) - (266)
Net book value 9,722 617 (19) 10,320 10,034 608 (33) 10,609
Net (deficit)/surplus on revaluation of investment properties (15) 9 - (6) 91 13 3 107
At 30 September 2025, the Group had contractually committed development
capital expenditure obligations of £245m (31 March 2025: £276m).
11. Trading properties
Development land and infrastructure Residential Total
£m £m £m
At 1 April 2024 72 28 100
Acquisitions 3 - 3
Capital expenditure 3 3 6
Capitalised interest - 1 1
Disposals (9) - (9)
Impairment provision (4) - (4)
At 30 September 2024 65 32 97
Acquisitions 7 - 7
Capital expenditure 2 3 5
Disposals (10) (7) (17)
Transfer to trading property, development contract and transaction expenditure (11) - (11)
At 31 March 2025 53 28 81
Capital expenditure 1 3 4
Impairment provision (1) - (1)
At 30 September 2025 53 31 84
The cumulative impairment provision at 30 September 2025 in respect of
Development land and infrastructure was £32m (31 March 2025: £31m); and in
respect of Residential was £nil (31 March 2025: £nil).
12. Joint arrangements
The Group's principal joint arrangements are described below:
Joint ventures Percentage owned & voting rights(1) Business Year end date(2) Joint venture partner
segment
Held at 30 September 2025
Nova, Victoria(3) 50% Office-led 31 March Suntec Real Estate Investment Trust
Southside Limited Partnership 50% Retail-led 31 March Invesco Real Estate European Fund
Westgate Oxford Alliance Limited Partnership 50% Retail-led 31 March The Crown Estate Commissioners
Harvest(4) 50% Other assets 31 March J Sainsbury plc
The Ebbsfleet Limited Partnership 50% Other assets 31 March Ebbsfleet Property Limited
West India Quay Unit Trust 50% Other assets 31 March Schroder UK Real Estate Fund
Mayfield(5) 50% Residential-led 31 March LCR Limited, Manchester City Council, Transport for Greater Manchester
Curzon Park Limited 50% Other assets 31 March Derwent Developments (Curzon) Limited
Landmark Court Partnership Limited 51% Office-led 31 March TTL Landmark Court Properties Limited
Opportunities for Sittingbourne Limited 50% Other assets 31 March Swale Borough Council
Cathedral (Movement, Greenwich) LLP 52% Other assets 31 March Mr Richard Upton
Circus Street Developments Limited 50% Other assets 31 March High Wire Brighton Limited
Joint operation Ownership interest Business Year end date(2) Joint operation partners
segment
Held at 30 September 2025
Bluewater, Kent 64% Retail-led 31 March M&G Real Estate,
Royal London Asset Management,
Schroders
1. Investments under joint arrangements are not always represented by an equal
percentage holding by each partner. In a number of joint ventures that are not
considered principal joint ventures and therefore not included in the table
above, the Group holds a majority shareholding but has joint control and
therefore the arrangement is accounted for as a joint venture.
2. The year end date shown is the accounting reference date of the joint
arrangement. In all cases, the Group's accounting is performed using financial
information for the Group's own reporting year and reporting date.
3. Nova, Victoria includes the Nova Limited Partnership, Nova Residential
Limited Partnership, Nova GP Limited, Nova Business Manager Limited, Nova
Residential (GP) Limited, Nova Residential Intermediate Limited, Nova Estate
Management Company Limited, Nova Nominee 1 Limited and Nova Nominee 2 Limited.
4. Harvest includes Harvest 2 Limited Partnership, Harvest Development
Management Limited, Harvest 2 Selly Oak Limited, Harvest 2 GP Limited and
Harvest GP Limited.
5. Mayfield includes Mayfield Development Partnership LP and Mayfield
Development (General Partner) Limited.
All of the Group's joint arrangements listed above have their principal place
of business in the United Kingdom. All of the Group's principal joint
arrangements own and operate investment property, with the exception of:
- The Ebbsfleet Limited Partnership, which is a holding company;
- Harvest, which is engaged in long-term development contracts; and
- Curzon Park Limited, Landmark Court Partnership Limited, Opportunities
for Sittingbourne Limited and Circus Street Developments Limited, which are
companies continuing their business of property development.
The activities of all the Group's principal joint arrangements are therefore
strategically important to the business activities of the Group.
All joint ventures listed above are registered in England and Wales with the
exception of Southside Limited Partnership and West India Quay Unit Trust
which are registered in Jersey.
Joint ventures
Total
Net investment Group share
£m
At 1 April 2024 521
Total comprehensive income 16
Cash and other distributions (7)
At 30 September 2024 530
Total comprehensive income 21
Cash and other distributions (5)
Other non-cash movements 2
At 31 March 2025 548
Total comprehensive income 22
Cash and other distributions (4)
Other non-cash movements 1
At 30 September 2025 567
Comprised of:
At 31 March 2025
Non-current assets 551
Non-current liabilities(1) (3)
At 30 September 2025
Non-current assets 568
Non-current liabilities(1) (1)
1. The Group's share of accumulated losses of a joint venture interest are
recognised as net liabilities where there is an obligation to provide for
these losses.
13. Capital structure
30 September 2025 31 March 2025
Group Joint ventures Adjustment for non-wholly owned subsidiaries Combined Group Joint ventures Adjustment for non-wholly owned subsidiaries Combined
£m £m £m £m £m £m £m £m
Property portfolio
Market value of non-current property assets((1)) 10,153 644 (19) 10,778 10,277 636 (33) 10,880
Market value of trading properties 84 - - 84 81 - - 81
Total property portfolio (a) 10,237 644 (19) 10,862 10,358 636 (33) 10,961
Net debt
Borrowings 4,518 - - 4,518 4,396 - (15) 4,381
Monies held in restricted accounts and deposits (13) - - (13) (20) - 1 (19)
Cash and cash equivalents (97) (32) 1 (128) (39) (24) - (63)
Fair value of interest-rate swaps (6) - - (6) (1) - - (1)
Fair value of foreign exchange swaps and forwards (2) - - (2) 5 - - 5
Net debt (b) 4,400 (32) 1 4,369 4,341 (24) (14) 4,303
Add: Fair value of interest-rate swaps 6 - - 6 1 - - 1
Adjusted net debt (c) 4,406 (32) 1 4,375 4,342 (24) (14) 4,304
Adjusted total equity
Total equity (d) 6,435 - (1) 6,434 6,532 - (18) 6,514
Fair value of interest-rate swaps (6) - - (6) (1) - - (1)
Adjusted total equity (e) 6,429 - (1) 6,428 6,531 - (18) 6,513
Gearing (b/d) 68.4% 67.9% 66.5% 66.1%
Adjusted gearing (c/e) 68.5% 68.1% 66.5% 66.1%
Group LTV (c/a) 43.0% 40.3% 41.9% 39.3%
Group LTV (pro-forma)((3)) 38.9% N/A
EPRA LTV(2) 41.3% 41.0%
EPRA LTV (pro-forma)((3)) 40.0% N/A
Security Group LTV 45.7% 41.9%
Weighted average cost of debt 3.6% 3.6% 3.4% 3.4%
1. Includes owner-occupied property and non-current assets held-for-sale.
2. EPRA LTV differs from Group LTV as it includes net payables and receivables
and includes trading properties at fair value and debt instruments at nominal
value rather than book value. Group LTV remains our core performance measure
used by external investors and lenders.
3. Pro-forma figure reflects the post period-end impacts of committed
acquisitions and disposals and transaction-related deferred consideration
receipts/payments until 31 December 2026.
14. Borrowings
30 September 2025 31 March 2025
Secured/ Fixed/ Effective Nominal/ notional value Fair Book Nominal/ notional value Fair Book
unsecured
floating
interest rate
value
value
£m
value £m
value
% £m
£m
£m £m
Current borrowings
Commercial paper
Sterling Unsecured Floating Various((1)) 180 180 180 270 270 270
Euro Unsecured Floating Various((1)) 331 331 331 310 310 310
US Dollar Unsecured Floating Various((1)) 424 424 424 170 170 170
Total current borrowings 935 935 935 750 750 750
Amounts payable under head leases 2 2 2 2 2 2
Total current borrowings including amounts payable under head leases 937 937 937 752 752 752
Non-current borrowings
Medium term notes (MTN)
A16 2.375% MTN due 2029 Secured Fixed 2.5 350 338 349 350 333 349
A6 5.376% MTN due 2029 Secured Fixed 5.4 65 65 65 65 65 65
A13 2.399% MTN due 2031 Secured Fixed 2.4 300 279 300 300 274 300
A7 5.396% MTN due 2032 Secured Fixed 5.4 77 78 77 77 78 77
A18 4.750% MTN due 2033 Secured Fixed 4.9 300 298 296 300 294 295
A17 4.875% MTN due 2034 Secured Fixed 5.0 400 397 395 400 393 396
A11 5.125% MTN due 2036 Secured Fixed 5.1 50 48 50 50 47 50
A19 4.625% MTN due 2036 Secured Fixed 4.9 350 332 346 350 330 346
A14 2.625% MTN due 2039 Secured Fixed 2.6 500 371 495 500 371 495
A15 2.750% MTN due 2059 Secured Fixed 2.7 500 265 495 500 275 495
2,892 2,471 2,868 2,892 2,460 2,868
Syndicated and bilateral bank debt Secured Floating SONIA + margin 715 715 715 778 778 778
Total non-current borrowings 3,607 3,186 3,583 3,670 3,238 3,646
Amounts payable under head leases Unsecured Fixed 5.2 134 230 134 156 230 156
Total non-current borrowings including amounts payable under head leases 3,741 3,416 3,717 3,826 3,468 3,802
Total borrowing including amounts payable under head leases 4,678 4,353 4,654 4,578 4,220 4,554
Total borrowings excluding amounts payable under head leases 4,542 4,121 4,518 4,420 3,988 4,396
1. Non-Sterling commercial paper is immediately swapped into Sterling. The
interest rate is fixed at the time of the issuance for the duration (1 to 3
months) and tracks SONIA swap rates.
Reconciliation of movements in liabilities arising from financing activities Six months ended 30 September 2025
Non-cash changes
At the beginning of the period Cash flows Foreign exchange movements Other changes in fair values Other changes At the end
of the period
£m £m £m £m £m £m
Borrowings 4,554 113 - 9 (22) 4,654
Derivative financial instruments 4 (18) (8) (5) 19 (8)
Redemption liability - - - - 20 20
4,558 95 (8) 4 17 4,666
Year ended 31 March 2025
Borrowings 3,780 401 2 (10) 381 4,554
Derivative financial instruments (25) (6) 11 23 1 4
3,755 395 13 13 382 4,558
The MTNs are secured on the fixed and floating pool of assets of the Security
Group. The Security Group includes wholly owned investment properties,
development properties and a number of the Group's investment in additional
assets, in total valued at £9.9bn at 30 September 2025 (31 March 2025:
£10.0bn). The secured debt structure has a tiered operating covenant regime
which gives the Group substantial flexibility when the LTV and interest cover
in the Security Group are less than 65% and more than 1.45x respectively. If
these limits are exceeded, the operating environment becomes more restrictive
with provisions to encourage a reduction in gearing. The interest rate of each
MTN is fixed until the expected maturity, being two years before the legal
maturity date of the MTN. The interest rate for the last two years may either
become floating on a SONIA basis plus an increased margin (relative to that at
the time of issue), or subject to a fixed coupon uplift, depending on the
terms and conditions of the specific notes.
The effective interest rate is based on the coupon paid and includes the
amortisation of issue costs and discount to redemption value. The MTNs are
listed on the Irish Stock Exchange and their fair values are based on their
respective market prices.
Committed syndicated and bilateral bank debt
Authorised Drawn Undrawn
Maturity as at 30 Sept 2025 31 March 2025 30 Sept 2025 31 March 2025 30 Sept 2025 31 March 2025
30 September 2025
£m £m £m £m £m £m
Syndicated debt 2027-29 2,550 2,490 715 778 1,835 1,712
Bilateral debt 2026 100 100 - - 100 100
2,650 2,590 715 778 1,935 1,812
On 2 May 2025, the Group put in place a new £300m bank facility with a
November 2027 maturity. During the period ended 30 September 2025, the amounts
drawn under the Group's facilities decreased by £63m. At 30 September 2025,
the Group's committed facilities totalled £2,650m (31 March 2025: £2,590m).
All the committed syndicated and bilateral facilities are secured on the
assets of the Security Group.
The terms of the Security Group funding arrangements require undrawn
facilities to be reserved where syndicated and bilateral facilities mature
within one year, or when commercial paper is issued. The total amount of cash
and available undrawn facilities, net of commercial paper, at 30 September
2025 was £1,097m (31 March 2025: £1,101m).
Fair values
The fair value of the Group's net investment in tenant finance leases is
calculated by the Group's external valuer by applying a weighted average
equivalent yield of 7.8% (31 March 2025: 8.8%).
The fair values of any floating rate financial liabilities are assumed to be
equal to their nominal and book value. The fair values of the MTNs fall within
Level 1 of the fair value hierarchy, the syndicated and bilateral facilities,
commercial paper, interest-rate swaps and foreign exchange swaps fall within
Level 2, and the amounts payable and receivable under leases fall within Level
3.
The fair values of the financial instruments have been determined by reference
to relevant market prices, where available. The fair values of the Group's
outstanding interest-rate swaps have been estimated by calculating the present
value of future cash flows, using appropriate market discount rates. These
valuation techniques fall within Level 2.
15. Provisions
Building and fire safety remediation Transaction and contract related Total
£m £m £m
At 1 April 2025 23 51 74
Charge for the period 8 5 13
Utilised during the period - (11) (11)
Reversed during the period (4) - (4)
At 30 September 2025 27 45 72
Current 27 19 46
Non-current - 26 26
At 30 September 2025 27 45 72
16. Contingencies
The Group has contingent liabilities in respect of legal claims, contractor
claims, remediation for building defects, developer contractual arrangements,
defined benefit pension scheme member liabilities((1)), guarantees and
warranties arising in the ordinary course of business. A provision for such
matters is only recognised to the extent that the Group has a legal or
constructive obligation as a result of a past event and it is probable that an
outflow of economic benefit will be required to settle the obligation.
1. Refer to note 36 of the Group's annual financial statements for the year
ended 31 March 2025.
17. Related party transactions
There have been no related party transactions during the period that require
disclosure under Section 4.2.8 (R) of the Disclosure and Transparency Rules or
under IAS 34 Interim Financial Reporting.
18. Assets held for sale
Prior to 30 September 2025, the Group has exchanged contracts for the sale of
corporate entities holding £263m of property assets. Included in these
properties is the Queen Anne's Mansions office block, which has a headline
property price of £245m. Since the risks and returns of ownership have not
fully transferred to the buyers at 30 September 2025, these properties were
classified as Non-current assets held for sale.
19. Events after the reporting period
Subsequent to 30 September 2025, the Group has completed on corporate entity
sales holding £29m of properties in value classified as Non-current assets
held for sale at the reporting date and £61m of investment property
acquisitions.
On 13 October 2025, the Group extended the maturity of its existing syndicated
debt facilities to 2028 and 2030 on the same terms.
No other significant events have occurred after the reporting period but
before the financial statements were authorised for issue.
Alternative performance measures
Table 14: Alternative performance measures
The Group has applied the European Securities and Markets Authority (ESMA)
'Guidelines on Alternative Performance Measures' in these results. In the
context of these results, an alternative performance measure (APM) is a
financial measure of historical or future financial performance, position or
cash flows of the Group which is not a measure defined or specified in IFRS.
The table below summarises the APMs included in these results and where the
reconciliations of these measures can be found. The definitions of APMs are
included in the Glossary.
Alternative performance measure Nearest IFRS measure Reconciliation
EPRA earnings Profit before tax Note 3
EPRA earnings per share Basic earnings per share Note 4
EPRA diluted earnings per share Diluted earnings per share Note 4
EPRA Net Tangible Assets Net assets attributable to shareholders Note 4
EPRA Net Tangible Assets per share Net assets attributable to shareholders Note 4
Total return on equity n/a Note 4
Adjusted net cash inflow from operating activities Net cash inflow from operating activities Note 9
Combined Portfolio Investment properties Note 10
Adjusted net debt Borrowings Note 13
Group LTV n/a Note 13
EPRA LTV n/a Note 13
EPRA disclosures
Table 15: EPRA net asset measures
EPRA net asset measures 30 September 2025
EPRA NRV EPRA NTA EPRA NDV
£m £m £m
Net assets attributable to shareholders 6,434 6,434 6,434
Shortfall of fair value over net investment in finance lease book value (6) (6) (6)
Other intangible asset - (1) -
Fair value of interest-rate swaps (6) (6) -
Shortfall of fair value of debt over book value (note 14) - - 301
Excess of fair value of trading properties over book value 27 27 27
Purchasers' costs(1) 672 - -
Net assets used in per share calculation 7,121 6,448 6,756
EPRA NRV EPRA NTA EPRA NDV
Diluted net assets per share 953p 863p 904p
31 March 2025
EPRA NRV EPRA NTA EPRA NDV
£m £m £m
Net assets attributable to shareholders 6,514 6,514 6,514
Shortfall of fair value over net investment in finance lease book value (8) (8) (8)
Other intangible asset - (2) -
Fair value of interest-rate swaps (1) (1) -
Shortfall of fair value of debt over book value (note 14) - - 334
Excess of fair value of trading properties over book value 27 27 27
Purchasers' costs(1) 668 - -
Net assets used in per share calculation 7,200 6,530 6,867
EPRA NRV EPRA NTA EPRA NDV
Diluted net assets per share 964p 874p 919p
1. EPRA NTA and EPRA NDV reflect IFRS values which are net of purchasers'
costs. Purchasers' costs are added back when calculating EPRA NRV.
Table 16: EPRA performance measures
30 September 2025
Measure Definition for EPRA measure Notes EPRA
measure
EPRA earnings Earnings from core operational activity 4 £192m
EPRA earnings per share EPRA earnings per weighted number of ordinary shares 4 25.8p
EPRA diluted earnings per share EPRA diluted earnings per weighted number of ordinary shares 4 25.6p
EPRA Net Tangible Assets (NTA) Net assets adjusted to exclude the fair value of interest-rate swaps, 4 £6,448m
intangible assets and excess of fair value over net investment in finance
lease book value
EPRA Net Tangible Assets per share Diluted Net Tangible Assets per share 4 863p
EPRA net disposal value (NDV) Net assets adjusted to exclude the fair value of debt and goodwill on deferred 4 £6,756m
tax and to include excess of fair value over net investment in finance lease
book value
EPRA net disposal value per share Diluted net disposal value per share 4 904p
EPRA loan-to-value (LTV) (1) Ratio of adjusted net debt, including net payables, to the sum of the net 13 41.3%
assets, including net receivables, of the Group, its subsidiaries and joint
ventures, all on a proportionate basis, expressed as a percentage
EPRA loan-to-value (pro-forma) EPRA LTV reflecting the post period-end impacts of committed acquisitions and 13 40.0%
disposals and transaction-related deferred consideration receipts/payments
until 31 December 2026
Table
Voids/vacancy rate ERV of vacant space as a % of ERV of Combined Portfolio excluding the 17 2.3%
development programme(2)
Net initial yield (NIY) Annualised rental income less non-recoverable costs as a % of market value 5.5%
plus assumed purchasers' costs(3)
Topped-up NIY NIY adjusted for rent free periods(3) 6.3%
Cost ratio Total costs as a percentage of gross rental income (including direct vacancy 20.4%
costs)(4)
Total costs as a percentage of gross rental income (excluding direct vacancy 17.9%
costs)(4)
1. EPRA LTV differs from the Group LTV presented in note 13 as it includes net
payables and receivables and includes trading properties at fair value and
debt instruments at nominal value rather than book value. Group LTV remains
our core performance measure used by external investors and lenders.
2. This measure reflects voids in the Combined Portfolio excluding only
properties under development.
3. This measure relates to the Combined Portfolio, excluding properties
currently under development, and are calculated by our external valuer.
Topped-up NIY reflects adjustments of £67m for rent free periods and other
incentives.
4. This measure is calculated based on gross rental income after rents payable
and excluding costs recovered through rents but not separately invoiced of
£7m.
Table 17: EPRA vacancy rate
The EPRA vacancy rate is based on the ratio of the estimated market rent for
vacant properties versus total estimated market rent, for the Combined
Portfolio excluding properties under development. There are no significant
distorting factors influencing the EPRA vacancy rate.
30 September 2025
£m
ERV of vacant properties 16
ERV of Combined Portfolio excluding properties under development 704
EPRA vacancy rate (%) 2.3
Table 18: Change in net rental income from the like-for-like portfolio(1)
30 September 2025 30 September 2024((2))
Change
£m £m £m %((3))
Office-led 146 137 9 7
Retail-led 82 78 4 5
Residential-led 4 4 - -
Other assets 20 21 (1) (2)
252 240 12 5
1. Excludes surrender premiums received during the period.
2. Restated for changes in the Group's operating segments as outlined in note
3.
3. Percentage change is disclosed on unrounded figures.
Table 19: Acquisitions, disposals and capital expenditure
Six months ended Six months ended
30 September 2025 30 September
2024
Investment properties Group Joint Adjustment for Combined Combined
ventures
Portfolio
Portfolio
(excl. joint ventures)
non-wholly owned subsidiaries(1)
£m
£m £m
£m £m
Net book value at the beginning of the period 10,034 608 (33) 10,609 9,797
Acquisitions 18 - 14 32 133
Capital expenditure 244 - - 244 202
Capitalised interest 20 - - 20 12
Net movement in head leases capitalised (1) - - (1) (1)
Disposals (315) - - (315) (461)
Net (deficit)/ surplus on revaluation of investment properties (15) 9 - (6) 91
Transfers to non-current assets held for sale (263) - - (263) -
Net book value at the end of the period 9,722 617 (19) 10,320 9,773
Loss on disposal of investment properties (55) - - (55) (5)
Disposal of non-current asset held-for-sale 110 - - 110 -
Trading properties £m £m £m £m £m
Net book value at the beginning of the period 81 - - 81 100
Acquisitions - - - - 3
Capital expenditure 4 - - 3 6
Capitalised interest - - - 1 1
Disposals - - - - (9)
Movement in impairment (1) - - (1) (4)
Net book value at the end of the period 84 - - 84 97
Loss on disposal of trading properties - - - - (5)
Acquisitions, development and other capital expenditure Investment Trading Combined Combined
properties(2) properties Portfolio Portfolio
£m £m £m £m
Acquisitions(3) 32 - 32 136
Development capital expenditure(4) 161 2 163 131
Other capital expenditure 83 1 84 77
Capitalised interest 20 1 21 13
Acquisitions, development and other capital expenditure 296 4 300 357
Disposals £m £m
Net book value - investment property disposals 315 461
Net book value - trading property disposals - 9
Net book value - other net assets of investment property disposals (15) 1
Loss on disposal - investment properties (55) (5)
Loss on disposal - trading properties - (5)
Disposal of non-current asset held-for-sale 110 -
Other 10 1
Total disposal proceeds 365 462
1. This represents the interest in Liverpool ONE (2024: MediaCity) which we do
not own but consolidate in the Group numbers.
2. See EPRA analysis of capital expenditure table 20 for further details.
3. Properties acquired in the period includes £14m for the acquisition of an
additional 2.78% stake in Liverpool One through accretive debt repayment.
4. Development capital expenditure for investment properties comprises
expenditure on the future development pipeline and completed developments.
Table 20: EPRA analysis of capital expenditure
Six months ended 30 September 2025
Other capital expenditure
Acquisitions(1) Development capital expenditure(2) Incremental lettable space(3) No incremental lettable space Tenant improvements Total Capitalised interest Total capital expenditure - Combined Portfolio Total capital expenditure - joint ventures Total capital expenditure - non-wholly owned subsidiaries Total capital expenditure -
£m £m £m £m £m £m £m £m (Group share) £m Group
£m
£m
Office-led
West End offices - - - 17 - 17 1 18 - - 18
City and Southwark offices - - - 18 - 18 2 20 - - 20
Manchester offices - - - 3 - 3 - 3 - - 3
Retail and other - - - 5 - 5 - 5 - - 5
Developments - 141 - - - - 17 158 - - 158
Total Office-led - 141 - 43 - 43 20 204 - - 204
Retail-led
Shopping centres - - 4 21 5 30 - 30 - - 30
Outlets - - - 5 - 5 - 5 - - 5
Total Retail-led - - 4 26 5 35 - 35 - - 35
Residential-led
Developments - 20 - - - - - 20 - - 20
Total Residential-led - 20 - - - - - 20 - - 20
Other assets
Retail and leisure parks 18 - - 1 4 5 - 23 - - 23
Other - - - - - - - - - - -
Total Other assets 18 - - 1 4 5 - 23 - - 23
Total capital expenditure 18 161 4 70 9 83 20 282 - - 282
Timing difference from accrual to cash basis (4) 4 - (8)
Total capital expenditure on a cash basis 278 4 - 274
1. Investment properties acquired in the period.
2. Expenditure on the future development pipeline and completed developments.
3. Capital expenditure where the lettable area increases by at least 10%.
Table 21: Top 12 occupiers at 30 September 2025
% of Group rent(1)
Central Government 5.1
Deloitte 2.1
BBC 1.9
Inditex UK 1.6
Taylor Wessing 1.4
Qube RT 1.4
Boots 1.2
Sainsbury's 0.9
Primark 0.9
H&M 0.9
Cheil Europe Limited 0.8
Cineworld 0.8
19.0
1. On a proportionate basis.
Table 22: Committed development pipeline and trading property development
schemes at 30 September 2025
Property Description Ownership Size Letting Market value Net income/ ERV Estimated completion Total development costs to date Forecast total development cost
of use
interest
status
£m
date
% sq ft
% £m £m £m
'000
Committed development pipeline
Thirty High, SW1 Office 100 299 0 383 30 Q1 FY27 351 420
Timber Square, SE1 Office 100 383 0 354 31 Q4 FY26 374 446
Republic, Manchester Office 100 244 0 24 12 Q4 FY28 33 152
Various projects Retail Various 292 N/A N/A 4 Various 13 43
Property Description Ownership Size Number Sales exchanged by unit Estimated completion Total development costs to date Forecast total development cost
of use
interest
date
% sq ft of units % £m £m
'000
Trading property development schemes
Castle Lane, SW1 Residential 100 52 89 99 Nov-25 47 49
Where the property is not 100% owned, floor areas and letting status shown
above represent the full scheme whereas all other figures represent our
proportionate share. Letting % is measured by ERV and shows letting status at
30 September 2025.
Total development cost
Refer to the Glossary for definition.
Net income/ERV
Net income/ERV represents headline annual rent on let units plus ERV at 30
September 2025 on unlet units, both after rents payable.
Table 23: Combined Portfolio analysis
Total portfolio analysis
Market value(1) Valuation Rental income(1) Annualised rental income(2) Net estimated rental value(3)
movement(1)
30 September 2025 31 March 2025((4)) Surplus/ (deficit) Surplus/ (deficit) 30 September 2025 30 September 2024((4)) 30 September 2025 31 March 2025((4)) 30 September 2025 31 March 2025((4))
£m £m £m % £m £m £m £m £m £m
Office-led
West End offices 3,087 3,124 (52) (1.7) 80 80 166 164 205 202
City and Southwark offices 1,450 1,445 17 1.2 44 35 89 85 105 111
Manchester offices 262 258 2 0.9 12 12 25 22 29 28
Retail and other 1,129 1,139 (15) (1.4) 31 28 62 60 57 60
Developments((5)) 1,171 1,108 (20) (1.7) - 4 - - 87 85
Total Office-led 7,099 7,074 (68) (1.0) 168 159 342 331 483 486
Retail-led
Shopping centres 2,206 2,132 48 2.3 104 78 204 200 206 205
Outlets 646 627 14 2.3 26 24 49 48 53 52
Total Retail-led 2,852 2,759 62 2.3 130 102 253 248 259 257
Residential-led
Developments((5)) 298 275 2 0.6 6 7 12 11 26 14
Total Residential-led 298 275 2 0.6 6 7 12 11 26 14
Other assets
Retail and leisure parks 529 772 (2) (0.5) 27 38 49 67 49 66
Other - - - - - 2 - - - -
Total Other assets 529 772 (2) (0.5) 27 40 49 67 49 66
Combined Portfolio 10,778 10,880 (6) (0.1) 331 308 656 657 817 823
Properties treated as finance leases - - - - - (1)
Combined Portfolio 10,778 10,880 (6) (0.1) 331 307
Represented by:
Investment portfolio 10,134 10,244 (15) (0.2) 289 287 573 575 729 735
Share of joint ventures 644 636 9 1.6 42 20 83 82 88 88
Combined Portfolio 10,778 10,880 (6) (0.1) 331 307 656 657 817 823
Total portfolio
analysis
Notes:
Net initial yield(6) Equivalent yield(7) 1. Refer to Glossary for definition.
30 September 2025 Movement in like-for-like(8) 30 September 2025 Movement in like-for-like(8)
% bps % bps 2. Annualised rental income is annual 'rental income' (as defined in the
Office-led Glossary) at the balance sheet date, except that car park and
West End offices 4.7 17 5.6 20 commercialisation income are included on a net basis (after deduction for
City and Southwark offices 4.0 (18) 6.2 8 operational outgoings). Annualised rental income includes temporary lettings.
Manchester offices 6.9 12 8.5 21
Retail and other 4.4 8 5.0 (11) 3. Net estimated rental value is gross estimated rental value, as
Developments((5)) - n/a 5.6 n/a defined in the Glossary, after deducting expected rent payable.
Total Office-led 4.6 6 5.8 12
Retail-led 4. Restated for changes in the Group's operating segments as outlined in
Shopping centres 7.3 9 7.8 (2) note 3.
Outlets 6.1 (14) 6.8 (11)
Total Retail-led 7.0 4 7.5 (4) 5. Comprises the development pipeline - refer to Glossary for
Residential-led definition.
Developments((5)) 4.0 (15) 6.7 (4)
Total Residential-led 4.0 (15) 6.7 (4) 6. Net initial yield - refer to Glossary for definition. This
Other assets calculation includes all properties including those sites with no income.
Retail and leisure parks 7.7 1 8.3 (6)
Total Other assets 7.7 1 8.3 (6) 7. Equivalent yield - refer to Glossary for definition. Future
Combined Portfolio 5.5 6 6.4 3 developments are excluded from the calculation of equivalent yield on the
Combined Portfolio.
Represented by:
Investment portfolio 5.4 n/a 6.4 n/a 8. The like-for-like portfolio - refer to Glossary for definition.
Share of joint ventures 6.1 n/a 6.2 n/a
Combined Portfolio 5.5 n/a 6.4 n/a
1. Refer to Glossary for definition.
2. Annualised rental income is annual 'rental income' (as defined in the
Glossary) at the balance sheet date, except that car park and
commercialisation income are included on a net basis (after deduction for
operational outgoings). Annualised rental income includes temporary lettings.
3. Net estimated rental value is gross estimated rental value, as
defined in the Glossary, after deducting expected rent payable.
4. Restated for changes in the Group's operating segments as outlined in
note 3.
5. Comprises the development pipeline - refer to Glossary for
definition.
6. Net initial yield - refer to Glossary for definition. This
calculation includes all properties including those sites with no income.
7. Equivalent yield - refer to Glossary for definition. Future
developments are excluded from the calculation of equivalent yield on the
Combined Portfolio.
8. The like-for-like portfolio - refer to Glossary for definition.
Table 24: Floor Areas
30 September 2025
Million sq ft
Office-led
West End offices 3.3
City and Southwark offices 1.4
Manchester offices 0.9
Retail and other 1.2
Developments 0.1
Total Office-led 6.9
Retail-led
Shopping centres 13.1
Outlets 1.0
Total Retail-led 14.1
Residential-led
Developments 0.8
Total Residential-led 0.8
Other assets
Retail and leisure parks 3.9
Total Other assets 3.9
Total 25.7
Table 25: Lease lengths
Weighted average unexpired lease term at 30 September 2025
Like-for-like portfolio, completed developments and acquisitions
Mean(1)
Years
Office-led
West End offices 5.7
City and Southwark offices 7.6
Manchester offices 4.7
Retail and other 5.7
Total Office-led 6.0
Retail-led
Shopping centres 4.8
Outlets 2.9
Total Retail-led 4.4
Residential-led
Developments 6.9
Total Residential-led 6.9
Other assets
Retail and leisure parks 8.6
Total Other assets 8.6
Combined Portfolio 5.6
1. Mean is the rent weighted average of the unexpired lease term across all
leases (excluding short-term leases). Term is defined as the earlier of tenant
break or expiry.
Investor information
1. Company website: landsec.com (http://www.landsec.com)
The Group's half-yearly and annual reports to shareholders, results
announcements and presentations, are available to view and download from the
Company's website. The website also provides details of the Company's current
share price, the latest news about the Group, its properties and operations,
and details of future events and how to obtain further information.
2. Registrar: Equiniti Group PLC
Enquiries concerning shareholdings, dividends and changes in personal details
should be referred to the Company's registrar, Equiniti Limited (Equiniti), in
the first instance. They can be contacted using the details below:
Telephone:
- 0371 384 2128 (from the UK)
- +44 371 384 2128 (from outside the UK)
- Lines are ordinarily open from 08:30 to 17:30, Monday to Friday,
excluding UK public holidays.
Correspondence address:
Equiniti Limited
Aspect House
Spencer Road
Lancing
West Sussex
BN99 6DA
Information on how to manage your shareholding can be found at
https://help.shareview.co.uk (https://help.shareview.co.uk) . If you are not
able to find the answer to your question within the general Help information
page, a personal enquiry can be sent directly through Equiniti's secure e-form
on their website. Please note that you will be asked to provide your name,
address, shareholder reference number and a valid e-mail address.
Alternatively, shareholders can view and manage their shareholding through the
Landsec share portal which is hosted by Equiniti - simply visit
https://portfolio.shareview.co.uk (https://portfolio.shareview.co.uk) and
follow the registration instructions.
3. Shareholder enquiries
If you have an enquiry about the Company's business or about something
affecting you as a shareholder (other than queries which are dealt with by the
Registrar), please email Investor Relations (see details in 7. below).
4. Share dealing services: https://shareview.co.uk
(http://www.shareview.co.uk)
The Company's shares can be traded through most banks, building societies and
stockbrokers. They can also be traded through Equiniti. To use their service,
shareholders should contact Equiniti: 0345 603 7037 from the UK. Lines are
ordinarily open Monday to Friday 08:00 to 16:30 for dealing and until 18:00
for enquiries, excluding UK public holidays.
5. Dividends
The Board has declared an interim dividend for the year ending 31 March 2026
of 19.0p per ordinary share (six months ended 30 September 2024: 18.6p) which
will be paid on 9 January 2026 to shareholders registered at the close of
business on 27 November 2025. This will be paid partly as a Property Income
Distribution (PID) of 13.6p and partly as an ordinary dividend of 5.4p.
6. Dividend related services
Dividend payments to UK shareholders - Dividend mandates
Dividends are no longer paid by cheque. Shareholders whose dividends have
previously been paid by cheque will need to have their dividends paid directly
into their personal bank or building society account or alternatively
participate in our Dividend Reinvestment Plan (see below) to receive dividends
in the form of additional shares. To facilitate this, please contact Equiniti
or complete a mandate instruction available on our website: landsec.com
(http://www.landsec.com) /investors and return it to Equiniti.
Dividend payments to overseas shareholders - Overseas Payment Service (OPS)
Dividends are no longer paid by cheque. Shareholders need to request that
their dividends be paid directly to a personal bank account overseas. For more
information, please contact Equiniti or download an application form online at
https://shareview.co.uk (http://www.shareview.co.uk) .
Dividend Reinvestment Plan (DRIP)
A DRIP is available from Equiniti. This facility provides an opportunity by
which shareholders can conveniently and easily increase their holding in the
Company by using their cash dividends to buy more shares. Participation in the
DRIP will mean that your dividend payments will be reinvested in the Company's
shares and these will be purchased on your behalf in the market on, or as soon
as practical after, the dividend payment date.
You may only participate in the DRIP if you are resident in the UK.
For further information (including terms and conditions) and to register for
any of these dividend-related services, simply visit www.shareview.co.uk
(http://www.shareview.co.uk) .
7. Investor relations enquiries
For investor relations enquiries, please contact Edward Thacker, Head of
Investor Relations at Landsec, by telephone on +44 (0)20 7413 9000 or by email
at enquiries@landsec.com.
Glossary
Adjusted net cash inflow from operating activities
Net cash inflow from operating activities including the Group's share of our
joint ventures' net cash inflow from operating activities.
Adjusted net debt
Net debt excluding cumulative fair value movements on interest-rate swaps and
amounts payable under head leases. It generally includes the net debt of
subsidiaries and joint ventures on a proportionate basis.
Combined Portfolio
The Combined Portfolio comprises the investment properties, owner-occupied
property and non-current assets held-for-sale of the Group's subsidiaries, on
a proportionately consolidated basis when not wholly owned, together with our
share of investment properties held in our joint ventures.
Developments/development pipeline
Development pipeline consists of future developments, committed developments,
projects under construction and developments which have reached practical
completion within the last two years but are not yet 95% let.
Development gross yield on total development cost
Gross ERV, before adjustment for lease incentives, divided by total
development cost. Gross ERV reflects Landsec's or the valuer's view of
expected ERV at completion of the scheme.
EPRA earnings
Profit before tax, excluding profits on the sale of non-current assets and
trading properties, profits on development contracts, valuation movements,
fair value movements on interest-rate swaps and similar instruments used for
hedging purposes, debt restructuring charges, and any other items of an
exceptional nature.
EPRA loan-to-value (LTV)
Ratio of adjusted net debt, including net payables, to the sum of the net
assets, including net receivables, of the Group, its subsidiaries and joint
ventures, all on a proportionate basis, expressed as a percentage. The
calculation includes trading properties at fair value and debt at nominal
value.
EPRA net disposal value (NDV) per share
Diluted net assets per share adjusted to remove the impact of goodwill arising
as a result of deferred tax, and to include the difference between the fair
value and the book value of the net investment in tenant finance leases and
fixed interest rate debt.
EPRA net initial yield
EPRA net initial yield is defined within EPRA's Best Practice Recommendations
as the annualised rental income based on the cash rents passing at the balance
sheet date, less non-recoverable property operating expenses, divided by the
gross market value of the property. It is consistent with the net initial
yield calculated by the Group's external valuer.
EPRA Net Reinstatement Value (NRV) per share
Diluted net assets per share adjusted to remove the cumulative fair value
movements on interest-rate swaps and similar instruments, the carrying value
of deferred tax on intangible assets and to include the difference between the
fair value and the book value of the net investment in tenant finance leases
and add back purchasers' costs.
EPRA Net Tangible Assets (NTA) per share
Diluted net assets per share adjusted to remove the cumulative fair value
movements on interest-rate swaps and similar instruments, the carrying value
of goodwill arising as a result of deferred tax and other intangible assets,
deferred tax on intangible assets and to include the difference between the
fair value and the book value of the net investment in tenant finance leases.
Equivalent yield
Calculated by the Group's external valuer, equivalent yield is the internal
rate of return from an investment property, based on the gross outlays for the
purchase of a property (including purchase costs), reflecting reversions to
current market rent and such items as voids and non-recoverable expenditure
but ignoring future changes in capital value. The calculation assumes rent is
received annually in arrears.
ERV - Gross estimated rental value
The estimated market rental value of lettable space as determined biannually
by the Group's external valuer. For investment properties in the development
programme, which have not yet reached practical completion, the ERV represents
management's view of market rents.
Gearing
Total borrowings, including bank overdrafts, less short-term deposits,
corporate bonds and cash, at book value, plus cumulative fair value movements
on financial derivatives as a percentage of total equity. For adjusted
gearing, see note 13.
Gross market value
Market value plus assumed usual purchaser's costs at the reporting date.
Interest Cover Ratio (ICR)
A calculation of a company's ability to meet its interest payments on
outstanding debt. It is calculated using EPRA earnings before interest,
divided by net interest (excluding the mark-to-market movement on
interest-rate swaps, foreign exchange swaps, capitalised interest and interest
on the pension scheme assets and liabilities). The calculation excludes joint
ventures.
Investment portfolio
The investment portfolio comprises the investment properties of the Group's
subsidiaries on a proportionately consolidated basis where not wholly owned.
Lease incentives
Any incentive offered to occupiers to enter into a lease. Typically, the
incentive will be an initial rent-free period, or a cash contribution to
fit-out or similar costs. For accounting purposes, the value of the incentive
is spread over the non-cancellable life of the lease.
Like-for-like portfolio
The like-for-like portfolio includes all properties which have been in the
portfolio since 1 April 2023 but excluding those which are acquired or sold
since that date. Properties in the development pipeline and completed
developments are also excluded.
Loan-to-value (LTV)
Group LTV is the ratio of adjusted net debt, including subsidiaries and joint
ventures, to the sum of the market value of investment properties and the book
value of trading properties of the Group, its subsidiaries and joint ventures,
all on a proportionate basis, expressed as a percentage. For the Security
Group, LTV is the ratio of net debt lent to the Security Group divided by the
value of secured assets.
Market value
Market value is determined by the Group's external valuer, in accordance with
the RICS Valuation Standards, as an opinion of the estimated amount for which
a property should exchange on the date of valuation between a willing buyer
and a willing seller in an arm's-length transaction after proper marketing.
Net initial yield
Net initial yield is a calculation by the Group's external valuer of the yield
that would be received by a purchaser, based on the Estimated Net Rental
Income expressed as a percentage of the acquisition cost, being the market
value plus assumed usual purchasers' costs at the reporting date. The
calculation is in line with EPRA guidance. Estimated Net Rental Income is
determined by the valuer and is based on the passing cash rent less rent
payable at the balance sheet date, estimated non-recoverable outgoings and
void costs including service charges, insurance costs and void rates.
Net rental income
Net rental income is the net operational income arising from properties, on an
accruals basis, including rental income, finance lease interest, rents
payable, service charge income and expense, other property related income,
direct property expenditure and bad debts. Net rental income is presented on a
proportionate basis.
Net zero carbon building
A building for which an overall balance has been achieved between carbon
emissions produced and those taken out of the atmosphere, including via offset
arrangements. This relates to operational emissions for all buildings while,
for a new building, it also includes supply-chain emissions associated with
its construction.
Passing rent
The estimated annual rent receivable as at the reporting date which includes
estimates of turnover rent and estimates of rent to be agreed in respect of
outstanding rent review or lease renewal negotiations. Passing rent may be
more or less than the ERV (see over-rented, reversionary and ERV). Passing
rent excludes annual rent receivable from units in administration save to the
extent that rents are expected to be received. Void units at the reporting
date are deemed to have no passing rent. Although temporary lets of less than
12 months are treated as void, income from temporary lets is included in
passing rents.
Property Income Distribution (PID)
A PID is a distribution by a REIT to its shareholders paid out of qualifying
profits. A REIT is required to distribute at least 90% of its qualifying
profits as a PID to its shareholders.
Rental income
Rental income is as reported in the income statement, on an accruals basis,
and adjusted for the spreading of lease incentives over the term certain of
the lease in accordance with IFRS 16. It is stated gross, prior to the
deduction of ground rents and without deduction for operational outgoings on
car park and commercialisation activities.
Reversionary or under-rented
Space where the passing rent is below the ERV.
Reversionary yield
The anticipated yield to which the initial yield will rise (or fall) once the
rent reaches the ERV.
Security Group
Security Group is the principal funding vehicle for the Group and properties
held in the Security Group are mortgaged for the benefit of lenders. It has
the flexibility to raise a variety of different forms of finance.
Topped-up net initial yield
Topped-up net initial yield is a calculation by the Group's external valuer.
It is calculated by making an adjustment to net initial yield in respect of
the annualised cash rent foregone through unexpired rent-free periods and
other lease incentives. The calculation is consistent with EPRA guidance.
Total return on equity
Dividend paid per share in the year plus the change in EPRA Net Tangible
Assets per share, divided by EPRA Net Tangible Assets per share at the
beginning of the year.
Total cost ratio
Total cost ratio represents all costs included within EPRA earnings, other
than rents payable, financing costs and provisions for bad and doubtful debts,
expressed as a percentage of gross rental income before rents payable adjusted
for costs recovered through rents but not separately invoiced.
Total development cost (TDC)
Total development cost refers to the book value of the site at the
commencement of the project, the estimated capital expenditure required to
develop the scheme from the start of the financial year in which the property
is added to our development programme, together with capitalised interest,
being the Group's borrowing costs associated with direct expenditure on the
property under development. Interest is also capitalised on the purchase cost
of land or property where it is acquired specifically for redevelopment. The
TDC for trading property development schemes excludes any estimated tax on
disposal.
Trading properties
Properties held for trading purposes and shown as current assets in the
balance sheet.
Vacancy rates
Vacancy rates are expressed as a percentage of ERV and represent all unlet
space, including vacant properties where refurbishment work is being carried
out and vacancy in respect of pre-development properties, unless the scale of
refurbishment is such that the property is not deemed lettable. The screen at
Piccadilly Lights, W1 is excluded from the vacancy rate calculation as it will
always carry advertising although the number and duration of our agreements
with advertisers will vary.
Valuation surplus/deficit
The valuation surplus/deficit represents the increase or decrease in the
market value of the Combined Portfolio, adjusted for net investment and the
effect of accounting for lease incentives under IFRS 16. The market value of
the Combined Portfolio is determined by the Group's external valuer.
Voids
Voids are expressed as a percentage of ERV and represent all unlet space,
including voids where refurbishment work is being carried out and voids in
respect of pre-development properties. Temporary lettings for a period of one
year or less are also treated as voids. The screen at Piccadilly Lights, W1 is
excluded from the void calculation as it will always carry advertising
although the number and duration of our agreements with advertisers will vary.
Commercialisation lettings are also excluded from the void calculation.
Weighted average unexpired lease term
The weighted average of the unexpired term of all leases other than short-term
lettings such as car parks and advertising hoardings, temporary lettings of
less than one year, residential leases and long ground leases.
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