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British Land highlights strong occupational demand
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Half year results from British Land, one of Europe's largest publicly listed real estate companies, saw management highlighting "strong occupational demand." The group signed 573,300 square feet of lettings and renewals in the period, with virtually its entire portfolio full given occupancy of 98.4%. For its Office portfolio, it let or renewed terms on 208,200 square feet of space - management noted "Across the Office portfolio, we are making good progress enhancing and enlivening environments, strengthening long-term demand for our space, and appealing to a broader range of occupiers." For its Retail portfolio, it let or renewed terms on 365,100 square feet of space, with performance aided by stronger markets and the quality of its assets according to the company.
Highlights:
European Public Real Estate Association's (EPRA) Net Asset Value (NAV) rose by 7.5% to 891 pence per share
Underlying or adjusted profit before tax increased by 10.3% to £171 million
Quarterly dividend of 7.09 pence; bringing the half year to 14.18 pence (+2.5%)
Chief Executive Commented:
"We are reporting another strong set of results. In recent years we have positioned our portfolio to benefit from long-term macro trends. This focus has underpinned our performance in the last six months where we have benefited from strong occupational demand and a sound UK economy. Moreover our high quality portfolio and attractive and flexible development opportunities, position us well for the future."
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