Landsec FY26 Conf. call: Polarisation at the top continues; embedded growth to drive confident outlook

研报英文原文证据摘录

Landsec FY26 Conf. call: Polarisation at the top continues; embedded growth to drive confident outlook

C A Z E N O V E Europe Equity Research

14 May 2026

Landsec Neutral

LAND.L, LAND LN

FY26 Conf. call: Polarisation at the top continues; Price (13 May 26):571p

embedded growth to drive confident outlook Price Target (Dec-27):710p

We present our key take-aways from today’s conference call. European Property

Neil Green, CFA AC

• CEO: Operational performance remains robust, with occupancy reaching (44-20) 7134-4478

~98% and rent uplifts on renewals and lettings doubling to ~15%, driving 4.6% neil.d.green@jpmorgan.com

like‑for‑like income growth, ahead of guidance. The portfolio continues to J.P. Morgan Securities plc

display strong reversionary potential, supporting visibility on future income Vanessa M Guy

growth despite macro uncertainty. (44-20) 7742-4521

• Demand is increasingly polarised toward prime assets, both in retail and vanessa.guy@jpmorgan.comJ.P. Morgan Securities plc

offices, as occupiers prioritise top‑quality space to maximise customer reach

Krishna Sathwik Beechu

and attract talent. At the same time, supply remains heavily constrained due to (91-22) 6157 5847

development viability pressures, driving occupancy to multi‑decade highs and krishna.s.beechu@jpmchase.com

ERV growth to the fastest pace since the GFC. J.P. Morgan India Private Limited

• In retail, dominant destinations are capturing a disproportionate share of

spend, with top assets benefiting from strong brand concentration, rising

footfall and outsized sales growth significantly ahead of the national average.

This reinforces a virtuous cycle of higher occupancy, rental growth and

continued brand demand, underpinned by negligible new supply given high

replacement costs.