British Land Company (BLND) Q2 2027 TU earnings summary

Executive summary

• HY27 showed strong leasing momentum, 12% like-for-like net rental growth and 1.5% portfolio value growth; FY27 Underlying EPS guidance was reiterated at at least 30.5p.

Financial highlights

• Expected HY27 Underlying Profit of £166m versus £155m in HY26, and Underlying EPS of 16.1p versus 15.4p.

• Like-for-like net rental growth was 12%; rental growth, development lease-up and cost efficiencies more than offset lower surrender premiums and higher interest rates.

Outlook and guidance

• FY27 Underlying EPS guidance reiterated at at least 30.5p, representing 6% YoY growth; medium-term EPS growth expectation is 3–6% p.a.

• Future ERV growth guidance reiterated at 3–5% p.a. across the portfolio.