British Land share price: Group posts quarterly update

on Jan 19, 2016
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British Land (LON:BLND) has this morning updated investors on its quarterly performance.

**Highlights from the company statement:**
Chris Grigg, Chief Executive said: “We had another strong quarter: our occupational markets remained robust and we continued to be active in the investment markets. In Retail, our operational performance was good, with outperformance on footfall particularly of note. We continued to sell single-let assets at prices ahead of book value and re-invest in our multi-let portfolio where we see potential to drive further value. In Offices, our portfolio is now virtually full with lettings completed ahead of valuers’ assumptions and at Canada Water we agreed Heads of Terms with Southwark Council. Looking forward, while we are mindful that the economic and political outlook is clearly more uncertain since the half year, we are confident in the underlying strength of our business.”

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Robust occupational demand; completing lettings ahead of ERV
• 312,000 sq ft of leasing across Retail and Offices; investment lettings/renewals 8.5% ahead of Sept 2015 ERV
• 290,000 sq ft of Retail lettings/renewals; investment lettings/renewals 7.3% ahead of ERV; over 300,000 sq ft under offer
• Retail footfall +2.0% (+650bps vs market) with Meadowhall +4.0%; outperformance boosted by investment; retailer same store sales +0.9%
• 22,000 sq ft of Office lettings/renewals; investment lettings/renewals 11.2% ahead of ERV; a further 46,000 sq ft under offer 10.3% ahead of ERV; reduced volumes reflecting high occupancy
• The Leadenhall Building now 94% let/under-offer (from 91% at half year) including restaurant unit; recent lettings 10% ahead of ERV and only three floors left to let
Strong financial position
• Proportionally consolidated LTV at 33% based on September 2015 valuations (LTV of 30% pro-forma for 2012 convertible bond)
• WAIR reduced by 20 bps to 3.4%; £110 million buyback of 6.75% First Mortgage Debenture Bonds key driver
• Third quarter dividend confirmed at 7.09 pence, 2.5% ahead of prior year

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