Sustained Leasing Momentum

Research evidence excerpt

Sustained Leasing Momentum

Update

July 14, 2026 06:15 AM GMT

Morgan Stanley & Co. International plc+MBritish Land | Europe Bart Gysens, CFA

Equity Analyst

Sustained Leasing Momentum Bart.Gysens@morganstanley.comAna Escalante +44 20 7425-5862

Ana.Escalante@morganstanley.com +44 20 7425-3271

Reaction to earnings Paula Bayer

Research Associate

Unchanged In-line Largely unchanged Paula.Bayer@morganstanley.com +44 20 7425-3053

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

British Land (BLND.L, BLND LN)

Source: Company data, Morgan Stanley Research

Property | United Kingdom

British Land published a trading update for the three months to StockIndustryRatingView OverweightAttractive

end June. We are Overweight. Price target 480p

Shr price, close (Jul 13, 2026) 422p

52-Week Range 432-319p

Key Takeaways MktNet debtcap, curr(03/27e)(mn) (mn)* £4,241£4,031

EV, curr (mn)* £8,106

Sustained strong leasing data

* = GAAP or approximated based on GAAP

Reiterating EPS and market rental growth guidance

Strong leasing, again. After last financial year’s record leasing (see here), British

Land said that "Leasing momentum has continued into the first quarter, with 0.6

million sq ft of leasing completed", 5% ahead of estimated rental values and 9%

ahead of previous passing rent. It added that a further 1.1 million sq ft is under offer,

7% ahead of estimated rental values and 16% ahead of previous passing rent.

Reiterating guidance. Management also reiterated guidance for EPS of at least

30.5p for FY27 (Visible Alpha and MSe 30.7p) adding this is "underpinned by like-for-

like net rental growth at the top end of its 3-5% target range" and supported by 3-

5% growth market rents (estimated rental values or ERVs) "across the portfolio."