UK's Landsec property valuations beat expectations on robust office, retail demand
14/05/2026 08:01
May 13 (Reuters) - British commercial property company Land Securities LAND.L beat annual rental income and property valuation expectations on Thursday, supported by strong occupancy across its office and retail portfolios. Here are some details on the results and the company's forecast: EPRA net tangible assets, an industry measure reflecting the value of its buildings, was at 882 pence per share at March-end, ahead of expectations of 880 pence, according to a company-compiled poll. EPRA earnings per share came in at 51.4 pence, in line with expectations, supported by a 4.6% rise in net rental income. Like-for-like net rental income up 5.5%, with occupancy up 100 bps to a 20-year high of 97.7%. Landsec expects continued AI adoption to boost demand for premium office space; nearly 80% of lettings at its recently opened Myo King’s Cross site have gone to AI or AI-adjacent businesses. Firm not committing significant capital to new office developments over next 18 months To target retail acquisitions, where rental value growth reached 5.8%, the highest in two decades. For fiscal year 2027, like-for-like net rental expected to rise around 3–5%, with EPRA EPS broadly flat YoY, as underlying growth is offset by the full-year impact of the Queen Anne’s Mansions office sale. For fiscal year 2028, Landsec forecast high single-digit percentage earnings growth. Landsec owns and manages offices in central London and shopping centres across the UK. The company has been selling non-core assets after grappling with depressed valuations last year. (Reporting by Raechel Thankam Job in Bengaluru; Editing by Harikrishnan Nair) ((RaechelThankam.Job@thomsonreuters.com;))