British Land Co plc (BLND) Ordinary 25p
6.80p
(1.77%)
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6.80p
(1.77%)
Deal for just £11.95 per trade in a
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Lifetime ISA
,
SIPP
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Fund and Share Account
6.80p
(1.77%)
Deal for just £11.95 per trade in a
Stocks and Shares ISA,
Lifetime ISA
,
SIPP
or
Fund and Share Account
HL comment (20 November 2024)
No recommendation - No news or research item is a personal recommendation to deal. All investments can fall as well as rise in value so you could get back less than you invest.
British Land’s half-year net rental income fell 5.6% to £218mn, driven by disposals and some asset refurbishments. Like-for-like rental growth of 3% was driven by campus and urban logistic sites. Higher rents, along with lower relative costs, helped underlying profit rise 1% to £143mn.
Estimated rental value (ERV) rose 2.5% (potential property income under ideal conditions). Total occupancy across the portfolio was 98%.
The portfolio value grew 0.2% to £8.9bn as yields stabilised over the half. The portfolio’s loan-to-value rose to 38.7% from 37.3%, reflecting higher development investment.
Since 1 April, there have been £456mn worth of disposals, and £711mn of acquisitions in the retail park space.
For the full year, ERV growth is expected to be 3-5% across all markets.
The board has proposed a dividend of 12.24p per share, up 1%.
The shares fell 1.9% in early trading.
Our view
HL view to follow.
British Land key facts
Forward price/book ratio (next 12 months): 0.63
Ten year average forward price/book ratio: 0.72
Prospective dividend yield (next 12 months): 6.1%
Ten year average prospective dividend yield: 4.9%
All ratios are sourced from Refinitiv, 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 Refinitiv. 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.
This article is not advice or a recommendation to buy, sell or hold any investment. No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment. This article has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is considered a marketing communication. Non-independent research is not subject to FCA rules prohibiting dealing ahead of research, however HL has put controls in place (including dealing restrictions, physical and information barriers) to manage potential conflicts of interest presented by such dealing. Please see our full non-independent research disclosure for more information.
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