UK's Land Securities FY26 EPRA EPS rises as rents grow

Land Securities

14/05/2026 07:09

Overview

UK real estate investment trust's FY26 EPRA EPS rose 2.2%, driven by rental income growth

Occupancy reached 98.0%, a 20-year high, with rents growing at fastest pace in nearly two decades

Company sold £705 mln of low-returning assets, reducing net debt and improving portfolio quality

Outlook

Landsec expects FY27 like-for-like net rent to grow about 3-5%

Company expects FY27 EPRA EPS to be stable versus FY26, in line with prior guidance

Landsec sees FY28 EPRA EPS growing by a high single-digit percentage

Result Drivers

RENTAL INCOME GROWTH - Like-for-like net rental income rose 4.6%, supported by strong customer demand and rental uplifts on relettings and renewals

COST REDUCTION - Overhead costs fell 15% to £62 mln, one year ahead of target, supporting earnings growth

Company press release: ID:nRSN2400Ea

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
FY EPRA Earnings
GBP 382 mln
FY Pretax Profit
GBP 346 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 8 "hold" and 2 "sell" or "strong sell"

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

Wall Street's median 12-month price target for Land Securities Group PLC is GBp702.50, about 23.1% above its May 13 closing price of GBp570.50

The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 13 three months ago

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