British Land Company PLC reports strong FY26 performance, driven by market-leading positions in campuses and retail parks. Key highlights include
* **Strong leasing momentum**6% like-for-like net rental growth, with 12% growth in campuses and 2% in retail parks.
* **Earnings growth**Underlying EPS of 28.9p, ahead of guidance, with upgraded FY27 guidance to at least 30.5p.
* **Portfolio performance**95% occupancy in campuses and 99% in retail parks, with ERV growth of 4.9%.
* **Acquisition**Completed acquisition of Life Science REIT, expected to be earnings accretive.
* **Outlook**Reiterated 3-6% p.a. EPS growth and 3-5% p.a. ERV growth expectations.
| Metric | FY25 | FY26 | Change |
|---|---|---|---|
| Underlying Profit (£m) | 279 | 294 | +5.4% |
| Underlying EPS (p) | 28.5 | 28.9 | +1.4% |
| EPRA Net Tangible Assets (p) | 567 | 590 | +4.1% |
| Loan to Value (%) | 38.1 | 39.2 | +2.9% |
| Group Net Debt to EBITDA (x) | 8.0 | 7.7 | -3.8% |
| Like-for-like Net Rental Growth (%) | N/A | 6.0 | N/A |
| Total Accounting Return (%) | N/A | 8.1 | N/A |
| Portfolio Valuation Growth (%) | N/A | +2.3 | N/A |
| ERV Growth (%) | N/A | +4.9 | N/A |