British Land share price: Company announces final results

on May 14, 2015
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The British Land Company (LON:BLND) today released its full-year results.

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**Highlights from the company’s statement:**
Strong full year results: Total accounting return of 24.5% (2014: 20.0%); Underlying PBT +5.4% to £313 million; IFRS PBT of £1,789 million (2014: £1,110 million); EPRA NAV +20.5% to 829 pence; IFRS Net Assets at £8.6 billion (2014: £7.1 billion); Quarterly dividend of 6.92 pence per share; bringing the full year to 27.68 pence (2014: 27.0 pence per share); First quarter dividend of 7.09 pence per share proposed for 2016, an increase of 2.5%

Valuation uplift reflecting strong markets and our own actions; continuing to outperform; Total portfolio valuation +12.1%; standing investments +11.1%; developments +25.9%; Strong uplift in Offices & Residential +18.8% reflecting buoyant markets; good uplift in Retail & Leisure +7.5%; ERV growth of 4.6%; strengthening rental growth in Offices and Retail; Outperforming IPD: all property total returns +130 bps; capital returns +190 bps

Exceptional leasing activity; portfolio close to full occupancy; 2.4 million sq ft of leasing activity across Retail and Offices; 1.1 million sq ft of Retail lettings and renewals, 8.7% ahead of ERV; further 348,000 sq ft under offer; 809,500 sq ft of Office lettings and renewals, 10.8% ahead of ERV; further 151,700 sq ft under offer

Continued repositioning of the portfolio with £2.4 billion of gross investment activity1; £210 million acquisition of One Sheldon Square post year end, increasing ownership at Paddington Central; £733 million property exchange with Tesco, increasing weighting towards multi-let assets in the South, and reducing weighting to standalone foodstores to under 7%; Acquired additional £169 million interest in the HUT portfolio, increasing our ownership to 69.2%; Total residential sales of £370 million; includes £259 million at Clarges Mayfair; £903 million of mature asset disposals (including Tesco property exchange)
Progressing the development pipeline focusing on London and our strongest retail assets; Profits of £1.1 billion on space delivered since 2010, an IRR of over 30%; The Leadenhall Building completed; 84% let or under offer, achieving rental highs for the City; On site at 4 Kingdom Street with 147,000 sq ft office development; Planning permission received on 517,000 sq ft at 100 Liverpool Street and an application submitted for 347,000 sq ft at Blossom Street, Shoreditch; Around £100 million invested in improving and extending Retail assets in the year

Replenishing long-term pipeline with a major regeneration opportunity at Canada Water; £135 million acquisition of Surrey Quays Leisure Park completing 46 acre site in Zone 2; Total investment cost of £250 million, around £5.5 million per acre

Financing costs significantly reduced; £1.9 billion of financing activity; reducing weighted average interest rate by 30 bps to 3.8; Proportionally consolidated LTV lower at 35% (2014: 40%); LTV of 32% pro-forma for 2017 Convertible Bond
**More to follow…**

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