British Land’s estimated rental value rose 2.4% in the first half, towards the top end of its 3-5% growth guidance on an annual basis. Portfolio values rose 1.2% in the period and occupancy rates have been improving.
Underlying profit is expected to rise by around 8% to £155mn when half-year results are announced in November. This translates to underlying earnings per share (EPS) of 15.4p, 4% ahead of market forecasts.
As a result, full-year underlying EPS guidance has been upgraded to “at least” 28.5p (previously: 28.5p).
The shares rose 3.6% in early trading.
Our view
HL view to follow.
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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