British Land’s full-year net rental income rose 6% on a like-like-for-like (LFL) basis to £476mn. This was driven by 12% growth in Campuses and a 2% uplift in Retail & London Urban Logistics.
Underlying profit grew by 5% to £294mn, with rental income growth partly offset by higher financing costs.
The portfolio value grew by 2% to £10.1bn. The loan-to-value ratio rose from 38.1% to 39.2%, reflecting increased development spending.
For the year ahead, LFL net rental growth is expected to be at the top end of the group’s 3-5% target range. The group expects earnings per share is to be at least 30.5p (consensus: 30.6p).
A final dividend of 10.80p per share was announced, taking the full-year total to 23.12p, up 1%.
The shares were broadly flat in early trading.
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British Land key facts
All ratios are sourced from LSEG Datastream, based on previous day’s closing values. Please remember yields are variable and not a reliable indicator of future income. Keep in mind key figures shouldn’t be looked at on their own – it’s important to understand the big picture.
This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by LSEG. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Investments rise and fall in value so investors could make a loss.
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