British Land: FY26 First Take – Clean print. Outlook in line. Rates drive the equity

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British Land: FY26 First Take – Clean print. Outlook in line. Rates drive the equity

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British Land

FY26 First Take – Clean print. Outlook in

line. Rates drive the equity

Reiterate Rating: NEUTRAL | PO: 450.00 GBp | Price: 374.60 GBp

All in line. No surprise. No upgrade 20 May 2026

FY26 is a clean print as most has already been disclosed in Q4 trading statement on 21- Equity

Apr. EPRA EPS up 1% yoy to 28.9p, in line with consensus and 1% ahead of BofA. Rental

growth is strong at 6.0%, led by Offices at 12%, confirming London leasing momentum, Marc Mozzi >>

while Retail & Urban remain more muted at 2%. A record leasing year drives ERV + 4.9% Research Analyst

BofASE (France)

and income growth, but this is already well flagged. EPRA NTA rises 4% yoy to 590p in +33 1 8770 0374

line with the street and 1% above BofA. And DPS edges up 1% to 28.12p, marginal marc.mozzi@bofa.com

0.12p beat. Asset values increase 2.3%, EPRA net initial yield compresses 50bp to 4.5% Thomas Hynes >>

Research Analyst

while topped-up yield remained unchanged at 5.5%, and disposals crystallise value at 4% MLI (UK)

above book—good execution, limited surprise. Solid, but fully priced with current UK +44thomas.hynes2@bofa.com20 7995 9037

rates volatility. Markus Kulessa >>

BofASE (France)Strong operations. Soft guidance +33 1 8770 0382

Occupier markets are tight. Demand is strong. Offices and retail parks prime markets are markus.kulessa@bofa.com

tight. Guidance softens the story. Expect FY27 EPS of at least 30.5p, up 6% yoy, is 1%

below consensus and BofA. Medium-term EPS growth guidance of 3–6% trails the

Street at 7% and only matches BofA’s 6% over the three years period 2026-29E—no Stock Data

acceleration as increase in financing headings lower EPS by circa 2% per year. The