Land Securities Group PLC (LAND), the UK's largest listed commercial property REIT, reported half-year results for the six months ended 30 September 2026, posting IFRS profit before tax of £243m against £98m a year earlier. The company completed post-period acquisitions of Metrocentre and an additional stake in Bluewater for a combined £611m, funded in part by a £500m equity raise. The board declared an interim dividend of 19.4 pence per share, up 2.1% year-on-year, underpinned by stable EPRA earnings of £192m and strengthened guidance through to FY30.

Key Points

  • Land Securities Group PLC (LAND) — UK's largest listed commercial property REIT operating prime office and retail assets
  • EPRA EPS of 25.9 pence (HY25: 25.8 pence); interim dividend raised 2.1% to 19.4 pence per share
  • Post-period £611m acquisition of Metrocentre and further Bluewater stake at a blended net yield of 7.9%; £500m equity raise completed
  • Investors may be watching FY28 guidance for high-single-digit EPRA EPS growth and the trajectory toward c. 62 pence EPRA EPS by FY30

EPRA Earnings Stable at £192m as LFL Income Growth of 6.2% Offsets QAM Disposal Impact

Landsec delivered EPRA earnings of £192m for the half year ended 30 September 2026, unchanged from the same period a year earlier. The announcement states that 6.2% like-for-like net rental income growth and a 9% reduction in overhead costs offset a £10m earnings impact from the prior-year sale of QAM. IFRS profit before tax rose sharply to £243m from £98m, driven by an £88m valuation surplus compared with a £6m deficit in HY25. EPRA NTA per share increased to 893 pence from 882 pence at the full-year position, though on a pro-forma basis including the equity raise this stands at 863 pence. The company's overhead cost base is now described as the lowest in over 20 years.

£611m Metrocentre and Bluewater Acquisitions Reshape Landsec's Retail Portfolio Post Period-End

Following the period-end, Landsec invested £611m to acquire Metrocentre and an additional 10% stake in Bluewater, two top-10 UK retail destinations, at a blended net rental income yield of 7.9%. The transactions were part-funded by a £500m equity raise, which the announcement states reduced net debt/EBITDA by 0.5x on a pro-forma basis to 7.7x and LTV to 37.1%. The company simultaneously sold or exchanged contracts to sell £338m of assets since the start of the year, including older office and pre-development properties. Expected income growth from the acquired retail assets is in line with the company's existing c. 4.5–7% CAGR target for its retail portfolio through to FY30.

Office Portfolio Reaches 97.7% Occupancy With Completed Developments 88% Let or Under Offer

Landsec's London office portfolio, concentrated in the West End, City of London, and Bankside, delivered LFL net rental income growth of 5.4% for the half year, with rental uplifts on relettings and renewals running at 11% above previous rents. Three recently completed developments — Timber Square, Myo Kings Cross, and Oval — moved from 54% let or under offer in May to 88% by the period-end, with £13m of new annualised rent signed or under offer. EPRA office occupancy of 97.7% compares favourably against the central London market average of 93.7%. The company notes that completion of its fourth scheme, Thirty High, has been delayed by up to six months due to a commissioning issue, though it states there is no material impact on cost or earnings guidance.

FY27 EPRA EPS Guided Stable With High-Single-Digit Growth Expected for FY28 and c. 5% CAGR to FY30

Landsec reaffirmed guidance for FY27 EPRA EPS to be stable relative to FY26, as underlying growth of approximately 4% is expected to be offset by the ongoing earnings impact from the QAM disposal. For FY28, the company upgraded its guidance to high-single-digit percentage EPRA EPS growth, citing contributions from recent retail acquisitions and leasing progress across its London office development pipeline. Looking further ahead, the announcement states improved visibility on the potential for EPRA EPS to reach approximately 62 pence by FY30, implying a c. 5% CAGR from FY27, with c. 90% of this now derived from the existing portfolio and platform. The company also expects net debt/EBITDA to fall comfortably below 7x as income grows and committed development exposure reduces.