20 May 2026
If you are covering British Land’s latest financial results, please find below a comment from Oli Creasey, head of property research at Quilter Cheviot:
“British Land's full year results show the company is in good health. Earnings per share has hit its guidance of 1% growth, which was recently upgraded, and the dividend has been raised similarly. More interesting for investors is guidance for the current year, which is suggesting earnings growth of at least 5%, and then reiterating the longer-term outlook for 3-6% growth in subsequent years. That is good news for investors, particularly those seeking income with British Land’s current dividend yield of 6%.
“Property values grew 2% in the year, supporting 4% growth in the company's reported net asset value. That positive growth is encouraging, although there are signs of strength and weakness within the company's relatively diverse portfolio. Large retail destinations have performed especially well in 2025/26, with both retail parks and shopping centres providing a double-digit total return (a solid income yield aided by capital value growth). Similarly, the company's London City office portfolio (9% total return) bucked the trend for the region, where general valuation sentiment has been relatively weak. However, the company's West End portfolio (up 4%) lagged index performance, and the company's large Canada Water development project saw meaningful outward yield shift, as did other retail locations, dragging both sectors down as a result.
“Perhaps most notable is the performance of the company's small and very centrally located London logistics assets, which saw rents fall by 4%, and total return for the sector drop to 0%. Management remains positive for the longer-term supply-demand dynamics of the sector, but think it is working through a cyclical trough at present.”
