British Land Company (BLND) Trading Update summary

Financial performance and outlook

• Underlying profit reached £155m with underlying EPS of 15.4p for the six months ended 30 September 2025, reflecting strong rental growth and effective cost management.

• Portfolio valuation increased by 1.2%, with Retail & London Urban Logistics up 1.6% and Campuses up 0.9%; ERV growth was 2.4%.

• Total accounting return was 4.0% for the first half, supporting a full-year target of 8-10% per annum.

• FY26 underlying EPS is expected to be at least 28.5p, with at least 6% growth projected for FY27.

Operational highlights

• 1.4m sq ft leased at rates 5.3% above ERV across 251 deals, with a further 1.3m sq ft under offer at 7.5% above ERV.

• Like-for-like net rental growth was 4% overall, with campuses achieving 7% and retail/urban logistics 2%.

• Retail parks are nearly fully occupied at 99%, and London campus EPRA occupancy rose over 500bps to 88%.

• Leasing activity from AI-led businesses is increasing, especially at Regent's Place, supporting the science and technology repositioning.

Capital recycling and development

• £59m of assets disposed at an average of 5% above book value; £52m of retail assets acquired, mainly two retail parks at 8.5% topped up NIY.

• Norton Folgate development is 81% leased or under negotiation; Aldgate build-to-rent scheme is 80% leased, both expected to be fully let by year-end.