British Land Company (BLND) Trading update summary

Leasing momentum and operational performance

• Achieved 882,000 sq ft of leasing across 151 deals in Q3, 8.5% ahead of ERV and 10.2% above previous passing rent.

• 1.8m sq ft under offer, 8.1% ahead of ERV and 14.6% above previous passing rent.

• Campus portfolio saw 380,000 sq ft leased, 6.6% ahead of ERV and 19.6% above previous passing rent.

• Retail parks delivered 383,000 sq ft of deals, 12% ahead of ERV, with 99% occupancy and 2.2% footfall growth year on year.

• One Triton Square now 72% let or under offer, with strong demand from science, technology, and healthcare sectors.

Earnings outlook and guidance

• Reiterated expectation of at least 28.5p underlying EPS for FY26.

• Anticipates at least 6% EPS growth for FY27, targeting 30.2p.

• Strong leasing and high occupancy support positive earnings trajectory.

Portfolio and sustainability focus

• Portfolio valued at £15.2bn as of 30 September 2025, with a focus on London campuses and retail parks.

• Sustainability strategy centers on Greener Spaces, Thriving Places, and Responsible Choices.