British Land Company (BLND) Trading update summary

Operational performance

• Leasing momentum remains strong with 567,000 sq ft completed, 4.8% ahead of ERV and 8.7% above previous passing rent.

• 1.1m sq ft is under offer, 6.8% ahead of ERV and 15.9% above previous passing rent.

• Campuses saw 264,000 sq ft leased, 4.5% ahead of ERV, with high viewing levels and 407,000 sq ft under offer.

• Retail and urban logistics achieved 303,000 sq ft of leasing, including 157,000 sq ft on retail parks, 4.8% ahead of ERV.

• Life Science REIT portfolio integrated with 82,000 sq ft of deals completed and 52,000 sq ft under offer.

Capital recycling

• Sold or exchanged £83m of assets at a 3.2% NIY, with £223m under offer.

• Purchased Telford Bridge retail park for £30m at an 8.3% topped-up NIY.

• Active negotiations ongoing for additional disposals.

Outlook and guidance

• Momentum in core markets supports a positive business outlook.

• Guidance for underlying EPS of at least 30.5p for FY27 is reiterated.

• Like-for-like net rental growth expected at the top end of the 3-5% target range.

• 3-5% ERV growth anticipated across the portfolio.