British Land Company plc (LSE:BLND) has reported a 12% increase in like-for-like net rental income for the six months ended 30 September 2026, supported by leasing activity across its London campus properties and retail park portfolio.
The UK commercial property group expects underlying earnings per share (EPS) of 16.1p for the first half of its 2027 financial year, representing a 5% increase compared with the corresponding period last year.
British Land also reaffirmed its full-year guidance for underlying EPS growth of at least 6%, reflecting its expectations for rental income and operational performance across the portfolio.
Property valuations increased by 1.5% during the reporting period, alongside a 3% rise in estimated rental values (ERV), which measure the rental income properties could achieve under prevailing market conditions.
The company completed approximately 1.4 million square feet of leasing activity during the first half, with agreements secured at rents above both estimated rental values and previous contracted rental levels.
Its London campus portfolio recorded 25% like-for-like rental growth, reflecting leasing activity and rental adjustments across its office and mixed-use properties.
Meanwhile, occupancy across British Land’s retail park portfolio reached 99%, with the company continuing to report demand for space from retail occupiers.
Alongside its operational activities, British Land continued to adjust its property portfolio through acquisitions and disposals.
The group completed £247 million of asset sales during the period, with transactions taking place broadly in line with the properties’ reported book values.
British Land also acquired Telford Bridge Retail Park and completed its purchase of Life Science REIT, adding assets to its existing commercial property holdings.
The transactions form part of the company’s capital recycling strategy, which involves disposing of selected properties and reallocating proceeds towards assets aligned with its investment priorities.
British Land continues to concentrate its investment activities on London campuses and retail parks, using property development, leasing and asset management initiatives to support rental income and portfolio performance.
The company said its first-half results and current trading expectations support its existing forecast for at least 6% underlying earnings per share growth in FY27.
About British Land Company plc
British Land Company plc (LSE:BLND) is a UK commercial property investment and development company with a portfolio valued at approximately £15.8 billion.
The group’s principal activities focus on London office and mixed-use campuses, alongside retail parks across the United Kingdom.
British Land manages its properties through leasing, development, refurbishment and asset management programmes, while undertaking acquisitions and disposals as part of its portfolio strategy.
The company focuses on generating rental income and long-term property returns through its commercial real estate holdings, with investment decisions centred on occupier demand, asset performance and capital allocation.
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