The British Land Company plc (LSE:BLND) delivered a strong performance for the 2026 financial year, supported by record leasing activity of 3.8 million square feet. Portfolio occupancy increased to 96.9%, while like-for-like net rental growth reached 6%.
Underlying profit rose 5% to £294 million and underlying earnings per share improved to 28.9p. The board also proposed a modest increase in the full-year dividend to 23.12p per share. EPRA net tangible assets per share advanced 4% to 590p, reflecting stronger property valuations and operational momentum across the portfolio.
Campuses and retail parks drive growth
British Land’s campuses and retail parks recorded a combined valuation increase of 2.3%, while estimated rental values (ERVs) grew 4.9%. Performance was supported by strong demand for London office space alongside 99% occupancy levels across the company’s retail park and urban logistics assets.
The group continued its capital recycling strategy during the year, completing £106 million of disposals and investing £94 million primarily into retail park acquisitions. British Land also finalised the acquisition of Life Science REIT plc and maintained its ‘A’ credit rating.
Management outlined plans for continued growth in both EPS and ERVs, signalling confidence in medium-term earnings expansion and total return targets despite ongoing macroeconomic uncertainty.
Governance and sustainability initiatives
The company announced several board changes, including the departure of non-executive director Lynn Gladden and the transition of Audit Committee leadership from Loraine Woodhouse to Amanda James.
British Land is also continuing work on its 1.6 million square foot development pipeline while strengthening sustainability credentials across the portfolio. The group said 75% of its assets are now rated EPC A or B, while both standing investments and developments retained GRESB 5-star ratings, reflecting a continued focus on energy-efficient and future-ready properties.
Outlook and market positioning
British Land Company plc’s outlook is supported by strong technical momentum, resilient leasing demand and favourable valuation metrics. Positive investor sentiment following the latest earnings update and recent strategic developments has reinforced confidence in the company’s long-term direction. However, management continues to face risks linked to earnings volatility and uneven cash flow performance, which remain important considerations in a changing economic environment.
More about British Land
The British Land Company plc is a UK property investment and development business focused on London campuses, retail parks and urban logistics assets. The group manages a predominantly London-centred portfolio with high occupancy rates, targeting office, life sciences and retail tenants in supply-constrained markets.
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