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Investing.com -- Shares of British Land (LSE:LON:BLND) fell by 5.5% on Thursday after the company released its financial update, which showed underlying profit and earnings per share maintaining levels despite significant development activity.
The company’s EPRA Net Tangible Assets per share saw a marginal increase of 1%, and the loan-to-value (LTV) ratio stood at 38.1%, slightly higher than the previous fiscal year’s 37.3%.
British Land reported a total property return of 6.9% and a total accounting return of 5.0%.
The company’s balance sheet reflected £2.2 billion in financing activity, with £1.3 billion in new finance raised and £1.8 billion in undrawn facilities and cash, indicating no refinancing requirements until late 2028.
Despite the positive operational metrics and a reiteration of guidance for 3-5% per annum ERV growth across the portfolio, British Land anticipates FY26 Underlying earnings per share to be broadly flat, equating to an Underlying Profit growth of 2%.
The company expects 3-6% per annum earnings growth in subsequent years, including approximately 4p of Underlying earnings per share from developments in FY27.
The report also detailed a dividend policy aligned with 80% of Underlying EPS, proposing a final dividend for the year ended 31 March 2025 of 10.56p per share, totaling 22.80p per share for the year.
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