British Land delivered Underlying Profit of £294 million and Underlying earnings per share (EPS) of 28.9p (diluted) for the financial year ended 31 March 2026, representing increases of 5% and 1% respectively versus the prior year (Underlying Profit: £279 million; Underlying EPS: 28.5p). The growth in Underlying EPS was lower than the growth in Underlying Profit due to the increased share count following the October 2024 equity placing. Like-for-like net rental growth of 6% was the primary driver of earnings growth, supported by a 4% increase in fee income and a 9% reduction in administrative expenses to £75 million, which more than offset higher finance costs of £133 million.
British Land increased its Underlying EPS guidance for the financial year ending 31 March 2027 to at least 30.5p, revised upwards from at least 30.2p following the completion of the acquisition of Life Science REIT plc on 20 April 2026. This guidance reflects the occupational strengths of British Land's markets, continued focus on cost control, near-term visibility into development lease-up, and the earnings accretion from the Life Science REIT acquisition, which is expected to contribute 0.3p of EPS accretion in FY27. The company expects to deliver at the top end of its like-for-like net rental growth range of 3–5% in FY27.
British Land's net rental income increased by £37 million to £476 million for the year ended 31 March 2026, driven by five principal factors. Like-for-like net rents grew 6%, contributing £21 million, with campuses delivering their strongest like-for-like performance in over a decade at 12% growth. Development lease-up added £14 million from buildings including 1 Broadgate, The Optic, and the Aldgate build-to-rent residential scheme. Surrender premia contributed £13 million (up £13 million year-on-year to £33 million in total). Capital recycling contributed a net £10 million, with £27 million from acquisitions offset by £17 million from disposals. These gains were partially offset by a negative £21 million impact from movements in provisions for debtors and tenant incentives, reflecting prior-year provision releases that did not recur, and higher void-related costs as developments completed and entered their lease-up phase.
British Land's EPRA Net Tangible Assets (NTA) per share was 590p as at 31 March 2026, an increase of 4% from 567p at 31 March 2025. The increase reflects a 2.3% uplift in portfolio valuations (contributing 20p per share), retained earnings (contributing 29p per share), and the dividend paid in the year (deducting 23p per share). IFRS net assets were £5,932 million at 31 March 2026, compared with £5,710 million at 31 March 2025. EPRA NTA is considered by British Land to be the most relevant measure of net assets, as it assumes entities buy and sell assets and excludes the mark-to-market on derivatives and related debt adjustments, the carrying value of intangibles, and deferred taxation on property and derivative valuations.
British Land delivered a total accounting return (TAR) of 8.1% for the financial year ended 31 March 2026, comprising a 23p per share increase in EPRA NTA and 22.9p per share of dividends paid in the year, expressed as a percentage of the opening EPRA NTA per share of 567p. This is the first time since 2022 that British Land has delivered a TAR within its stated target range of 8–10% through the cycle. The prior year TAR was 5.0%. The company targets an income-focused total accounting return of 8–10% through the cycle, underpinned by sustainable EPS growth of 3–6% per annum.
British Land's total property portfolio was valued at £10,062 million (British Land share: £10,062 million on a proportionally consolidated basis) as at 31 March 2026, compared with £9,486 million at 31 March 2025, representing a valuation increase of 2.3% in the year. The portfolio comprises campuses valued at £5,852 million (58% of total) and Retail & London Urban Logistics valued at £4,210 million (42% of total). On a wholly-owned basis, the Group property portfolio valuation attributable to shareholders was £6,316 million. The overall portfolio is owned or managed by British Land at a total value of £15.8 billion (British Land share: £10.1 billion).
British Land delivered estimated rental value (ERV) growth of 4.9% across the total portfolio for the year ended 31 March 2026, at the top end of the company's guided range of 3–5%. By sector, campus ERV growth was 6.5%, comprising City campus ERV growth of 7.5% and West End campus ERV growth of 6.2%. Retail park ERV growth was 4.4%, shopping centre ERV growth was 2.7%, and London urban logistics ERV values declined by 4.3%. Across the total portfolio, yield shift was -4 basis points, resulting in a valuation movement of 2.3%.
British Land's overall portfolio occupancy was 96.9% as at 31 March 2026 (31 March 2025: 97.7%), on a proportionally consolidated basis. Retail & London Urban Logistics occupancy was 99.0%, with retail parks virtually full at 99.1% occupancy. Campus occupancy was 94.7%, down 180 basis points since 31 March 2025, primarily reflecting the inclusion of Dock Shed within the standing portfolio following completion; EPRA occupancy for campuses increased 8 percentage points to 91% as newly delivered and refurbished space was leased. Occupancy figures exclude space under offer or subject to asset management initiatives and recently completed developments. If units in administration are treated as vacant, total occupancy would reduce from 96.9% to 96.5%.
British Land's total property return of 7.4% for the year ended 31 March 2026 outperformed the MSCI All Property total return index by over 180 basis points. By sector, campuses delivered a total property return of 5.5%, outperforming the MSCI All Offices benchmark by 90 basis points. The Retail & London Urban Logistics portfolio delivered a total property return of 10.1%, outperforming the MSCI All Retail benchmark by 210 basis points. The retail park portfolio has delivered a total property return of 12.3% per annum over the last five years, outperforming the wider retail park sector by 410 basis points over that period.
The weighted average lease length to first break across British Land's total portfolio was 5.4 years as at 31 March 2026 (31 March 2025: 5.3 years), on a proportionally consolidated basis. By sector, campuses had a weighted average lease length to first break of 6.3 years (to expiry: 8.0 years), and Retail & London Urban Logistics had a weighted average lease length to first break of 4.7 years (to expiry: 6.1 years). The weighted average lease length of new deals signed in the year was 8.6 years for campuses and 6.9 years for Retail & London Urban Logistics.
British Land completed £492 million of gross capital activity in the financial year ended 31 March 2026, on a proportionally consolidated basis, comprising £94 million of acquisitions, £106 million of disposals, £292 million of development spend, and £93 million of capital spend on asset management initiatives. Key acquisitions included three fully let high-quality retail parks (including Turbury Retail Park for £27 million at a net initial yield of 7.4%), two fully let retail units adjacent to the SouthGate scheme in Bath, and the acquisition of the joint venture partner's 50% stake in Eden Walk. Disposals of £106 million were achieved at 4% ahead of March 2025 book value, including the non-income-producing development opportunity at International House, Ealing, and residential sales proceeds at Canada Water. Post year end, British Land had exchanged or was under offer on £176 million of asset sales and was in active negotiations on a number of other disposals.
British Land's capital allocation strategy is focused on recycling capital from mature, lower-returning assets into higher-returning opportunities across three primary channels. First, retail park acquisitions: British Land targets acquisitions at 7%+ day-one cash yields, below replacement cost, with growing rents and low capital expenditure requirements; retail parks now represent 32% of the portfolio, up from 15% in 2021. Second, best-in-class campus developments: British Land advances developments on a de-risked, capital-light basis, securing major pre-lets, achieving cost certainty at commitment, and partnering with joint venture partners to accelerate delivery; development exposure is maintained within an internal risk parameter of 12.5% of portfolio gross asset value. Third, inorganic growth: British Land pursues earnings-accretive acquisitions where they enhance the portfolio, as demonstrated by the acquisition of Life Science REIT plc (completed 20 April 2026), which was immediately earnings accretive and NTA per share neutral. Any surplus proceeds are rigorously assessed against share buybacks and other uses of capital.
British Land's committed development pipeline stands at 1,645,000 square feet (100% basis) as at 31 March 2026, with a current value of £489 million, cost to complete of £328 million, and total estimated rental value (ERV) of £64 million, of which 45% (£29 million) is already let or under offer. The four committed schemes are: Broadgate Tower (394,000 sq ft, 50% British Land share, due Q1 2027, gross yield on cost 8.2%, 59% let or under offer); 2 Finsbury Avenue (749,000 sq ft, 25% British Land share, due Q2 2027, gross yield on cost 7.8%, 50% let or under option); 1 Appold Street (408,000 sq ft, 50% British Land share, due Q1 2029, gross yield on cost 7.8%, fully pre-let or under option for office space to Herbert Smith Freehills Kramer); and West One (94,000 sq ft, 25% British Land share, due Q1 2029, gross yield on cost 7.4%). Total development exposure is 3.3% of portfolio gross asset value, with speculative exposure at 5.0% of portfolio ERV, within the internal risk parameter of 12.5%.
British Land completed the acquisition of Life Science REIT plc on 20 April 2026, post the financial year end. The total consideration was £146 million, comprising £49 million in cash and £97 million of new British Land shares (24.5 million new shares issued). The acquisition comprises five assets located within the Golden Triangle (Oxford, Cambridge, and London), which are expected to generate FY27 net rental income of £18 million, rising to a stabilised annual £25 million through the lease-up of newly delivered space and capturing reversion. The transaction is immediately earnings accretive, contributing 0.3p of EPS accretion in FY27, and is NTA per share neutral. Post-acquisition, British Land has repaid the legacy Life Science REIT debt with cheaper British Land facilities and integrated the five assets into the portfolio with minimal incremental cost. Science and Technology occupiers now represent 35% of British Land's campus rent roll on a pro forma basis, up from 23% in 2024.
British Land's loan-to-value (LTV) ratio on a proportionally consolidated basis was 39.2% as at 31 March 2026, up from 38.1% at 31 March 2025, driven primarily by development spend (+190 basis points), partially offset by property revaluations (-90 basis points). Group LTV was 32.1% (31 March 2025: 31.7%). Group Net Debt to EBITDA was 7.7x (31 March 2025: 8.0x). Adjusted net debt on a proportionally consolidated basis was £3,962 million (31 March 2025: £3,637 million). The Group retains significant headroom to its debt covenants, with the portfolio able to withstand a fall in asset values of 34% before a financial covenant breach, prior to any mitigating actions. British Land has £1.6 billion of undrawn facilities and cash and no requirement to refinance until early 2029.
British Land holds a Senior Unsecured credit rating of 'A' from Fitch Ratings, with stable outlook, a long-term Issuer Default Rating of 'A-', and a short-term rating of 'F1', all affirmed in July 2025 and February 2026. These ratings have been held since 2018/19. Total financing activity since 31 March 2025 was £3.1 billion, comprising £1 billion of new finance in British Land, £1.1 billion of extensions to existing revolving credit facilities (extended by one year to 2030/31), and £1 billion of finance in joint ventures. Key transactions included: five bilateral bank Term Loans renewed and increased to a total of £500 million for five years at reduced pricing; new bilateral bank facilities of £250 million; a £1 billion Euro Commercial Paper (ECP) programme launched in February 2026 (£274 million outstanding at 31 March 2026); and two 'covenant light' Green Loans in the Broadgate joint venture — £450 million secured on 1 Broadgate and £475 million secured on 100 Liverpool Street. British Land has £3.3 billion (British Land share: £2.8 billion) of Green and Sustainable/ESG-linked financing.
British Land's weighted average interest rate on a proportionally consolidated basis was 3.9% as at 31 March 2026, up 30 basis points from 3.6% at 31 March 2025, reflecting the impact of higher market rates on incremental debt raised to fund development activity. The interest rate on British Land's debt is 94% hedged for the year ending 31 March 2027, and 71% hedged on average over the next five years, with a decreasing profile over that period. The weighted average maturity of drawn debt on a proportionally consolidated basis is 5.1 years. The Group uses interest rate swaps and caps to hedge exposure to variability in cash flows on floating rate debt. The weighted average interest rate on Sterling fixed rate debt is 4.4%, with the rate fixed for an average period of 5.5 years.
British Land's dividend policy is to pay a semi-annual dividend calculated at 80% of Underlying EPS based on the most recently completed six-month period. For the financial year ended 31 March 2026, the Board has proposed a final dividend of 10.80p per share, bringing the total dividend for the year to 23.12p per share, 1% ahead of the prior year (22.80p). Payment of the final dividend will be made on Friday 24 July 2026 to shareholders on the register at close of business on Friday 19 June 2026. Of the total dividend, 9.34p will be payable as a Property Income Distribution (PID) and 1.46p as a non-Property Income Distribution. A Dividend Reinvestment Plan (DRIP) is available through Equiniti Financial Services Limited.
British Land's total shareholder return (TSR) as at 31 March 2026 was 1.8% over one year, 10.2% over three years, and -7.9% over five years. Over the three-year period, British Land delivered top-quartile TSR within the FTSE 350 Real Estate Index. Since the invasion of Ukraine in February 2022, British Land has delivered top-quartile total shareholder returns within the FTSE 350 Real Estate Index, with ERV growth tracking inflation over that period, reflecting the company's focus on well-located, high-quality assets in supply-constrained markets.
British Land completed 3.8 million square feet of leasing activity (lettings and renewals over one year) in the financial year ended 31 March 2026, 7.2% ahead of ERV and 20% ahead of previous passing rent on average across the portfolio. This represents a record year of leasing, up from 3.3 million square feet in FY25. Campus leasing totalled 1,692,000 square feet, 6.3% ahead of ERV and 20.0% ahead of previous passing rent, with the weighted average lease length of new deals at 8.6 years. Retail & London Urban Logistics leasing totalled 2,100,000 square feet, 8.4% ahead of ERV, with a weighted average lease length of new deals of 6.9 years. As at 31 March 2026, British Land had a further 838,000 square feet under offer across the portfolio, 10.3% ahead of ERV.
The London prime office market is characterised by strong demand and severely constrained supply. Net absorption of space is at its strongest level since records began, with four times as many businesses expanding as downsizing across London in 2025. Demand is 57% above the long-term average, driven by a clear return-to-office trend, continued expansion by professional and financial services firms, and a new wave of demand from AI and innovation-led businesses. British Land is tracking 2.5 million square feet of active requirements from AI and innovation-led companies. On the supply side, it is estimated that there is a 10.4 million square foot shortfall of new or substantially refurbished space to 2030 across London, with City vacancy for new and refurbished space forecast to fall below 2% and remain there for the next four years. British Land represents approximately 5% of the London office market but accounted for 15% of total leasing recorded in the last year and 33% of the last quarter, demonstrating a disproportionate share of demand capture.
British Land is a UK commercial property company, founded in 1856, focused on real estate sectors with the strongest operational fundamentals: London campuses and retail parks. We own or manage a portfolio valued at £15.8 billion (British Land share: £10.1 billion) as at 31 March 2026. Our purpose is to create and manage Places People Prefer — outstanding places that deliver positive outcomes for all our stakeholders on a long-term, sustainable basis. Our strategy, set out in 2021, is a value-add approach focused on two core strengths: market-leading positions in London campuses and UK retail parks, and active, hands-on asset management. We target an income-focused total accounting return of 8–10% through the cycle, underpinned by sustainable EPS growth of 3–6% per annum. We do this by sourcing value-add opportunities, developing and actively managing our portfolio, and recycling capital from mature assets into higher-returning opportunities.
As at 31 March 2026, British Land's largest disclosed shareholders (notified under the Disclosure Guidance and Transparency Rules) were: BlackRock, Inc. (7.86%, 73,048,930 shares); Janus Henderson Group PLC (5.69%, 56,849,636 shares); Caxton Associates LLP (5.11%, 51,145,712 shares); Schroders (5.04%, 50,388,268 shares); APG Asset Management N.V. (4.95%, 49,469,584 shares); Invesco Ltd. (4.95%, 45,871,686 shares); and Bank of America Corporation (4.04%, 40,380,114 shares). Institutional and nominee investors collectively hold approximately 99.16% of British Land's shares, with individual shareholders holding approximately 0.84%. The total number of ordinary shares in issue as at 31 March 2026 was 1,011,161,613 (excluding 11,266,245 shares held in treasury).
Simon Carter served as Chief Executive of British Land throughout the financial year ended 31 March 2026, having held the role since November 2020. In January 2026, Simon Carter notified the Board of his intention to step down as Chief Executive to take up the same role at P3 Logistics Parks. The Board has commenced a comprehensive search for a successor, led by Russell Reynolds Associates, and is focused on appointing a leader with the experience and strategic capability to continue to deliver British Land's strategy and long-term value for shareholders. David Walker serves as Chief Financial Officer, appointed in November 2024. Key Non-Executive Director changes include the appointment of Raj Shah as Non-Executive Director in January 2026, and the planned departure of Lynn Gladden at the conclusion of the 2026 AGM (14 July 2026) after 11 years on the Board. Amanda James will succeed Loraine Woodhouse as Chair of the Audit Committee (to be renamed the Audit & Risk Committee) from the conclusion of the 2026 AGM.
British Land's 2026 Annual General Meeting (AGM) will be held at 11:30am on Tuesday 14 July 2026 at Ashurst LLP, London Fruit & Wool Exchange, 1 Duval Square, London, E1 6PW. Full details of the event and the proposed resolutions are included in the Notice of Meeting, which is available on the British Land website at https://www.britishland.com/investors/shareholder-information/agm/