British Land (BLND.L) - Company Research

Last Updated: 16 September 2026

The British Land Company PLC is a FTSE 100 UK real estate investment trust with a £10.1bn portfolio concentrated in two places: London campuses and out-of-town retail parks. Since 2021 it has deliberately narrowed, selling mature offices and buying retail parks until those two categories reached roughly 90% of the book. The year to 31 March 2026 delivered the strongest operational numbers of that cycle — underlying profit up 5% to £294m, EPRA net tangible assets per share up 4% to 590p, record leasing of 3.8m sq ft at 7.2% ahead of estimated rental value, and portfolio occupancy of 96.9%. The company completed the acquisition of Life Science REIT in April 2026 and, on 14 September 2026, Joanne McNamara took over as chief executive from Simon Carter. This report sets out the disclosed numbers. It contains no analyst ratings and no price targets.

1. Company Snapshot

Field	Value
Ticker / exchange	BLND — London Stock Exchange (FTSE 100)
Structure	UK Real Estate Investment Trust (REIT); dividends split between Property Income Distributions and non-PID
Headquarters	London, United Kingdom
Founded	1856
Fiscal year end	31 March
CEO / Leadership	Joanne McNamara, Chief Executive Officer (joined 14 September 2026, succeeding Simon Carter); David Walker, Chief Financial Officer; William Rucker, Chair
Employees	599 (average monthly Group headcount in FY2026 including staff at properties whose costs are recharged to tenants; 311 employed directly by the Company)
Revenue (FY2026, year to 31 March 2026)	£523m on an IFRS basis, up 15.2% year on year. Gross rental income on a proportionally consolidated basis, including the Group's share of joint ventures, was £551m.
Underlying Profit (FY2026)	£294m, up 5% year on year
IFRS profit after tax (FY2026)	£454m (FY2025: £338m)
Underlying earnings per share (FY2026)	28.9p (FY2025: 28.5p); IFRS basic EPS 45.4p
Dividend per share (FY2026)	23.12p, up 1% (final dividend 10.80p, paid 24 July 2026)
Portfolio value	£10,062m at 31 March 2026, proportionally consolidated, up 2.3%; £15.8bn including assets managed for joint-venture partners
EPRA net tangible assets per share	590p at 31 March 2026 (FY2025: 567p)
Loan to value	39.2% proportionally consolidated; 32.1% at Group level
Market capitalisation	Approximately £4.05bn at a share price of 395.6p, 16 September 2026

Figures are from British Land's full-year results for the year ended 31 March 2026 (published 20 May 2026) and its Annual Report and Accounts 2026. Live pricing for BLND and the rest of the UK REIT sector is on the ChartsView Live Charts page.

2. Bull Case and Bear Case

Bull Case

• The operating numbers are accelerating: FY2026 delivered 6% like-for-like net rental growth (Campuses +12%), 4.9% estimated rental value growth, record leasing of 3.8m sq ft at 7.2% ahead of ERV, and 1.1m sq ft under offer at 12.9% ahead of ERV. Occupancy is 96.9%. Rental growth of that order is what drives earnings in a REIT.
• Management has raised the earnings floor: FY2027 underlying EPS guidance was lifted to at least 30.5p from at least 30.2p following the Life Science REIT acquisition, with like-for-like net rental growth expected at the top of the 3–5% range and 3–6% annual EPS growth targeted thereafter. That is a 5.5% step up from FY2026's 28.9p.
• The shares trade at a wide discount to stated assets: EPRA net tangible assets were 590p per share at 31 March 2026 against a 395.6p share price on 16 September 2026 — a discount of roughly 33%, despite the portfolio valuation having risen 2.3% over the year and the net equivalent yield having tightened four basis points.
• Debt is long, cheap and not due: no refinancing requirement until early 2029, £1.6bn of undrawn facilities and cash, a 5.1-year weighted average drawn maturity, a 3.9% weighted average interest rate and a Fitch senior unsecured rating of A, affirmed in February 2026. The company discloses it could absorb a 34% fall in asset values before breaching covenants.
• A funded, largely pre-let development pipeline: 1.645m sq ft committed at a 7.9% gross yield on cost, 45% let or under offer, with £328m still to spend against £64m of ERV. 1 Appold Street is fully pre-let or under option to Herbert Smith Freehills Kramer to 2029, and Broadgate Tower is 59% let or under offer.

Bear Case

• Leverage has been rising, not falling: proportionally consolidated loan to value moved up to 39.2% from 38.1% and adjusted net debt rose to £3,962m from £3,637m. Management itself describes LTV and net debt to EBITDA at 7.7x as being at the upper end of its internal range.
• Financing costs are eating the rental growth: net financing costs rose to £133m from £103m and the weighted average interest rate moved to 3.9% from 3.6%. British Land's own EPS bridge assumes a 10–20 basis point annual finance cost drag worth roughly minus 2% a year to earnings, which is why 5% like-for-like rental growth converts to only about 4% core EPS growth.
• Growth has leaned on issuing shares: weighted average shares in issue rose to 1,002m from 965m after the October 2024 £301m placing, and a further 24.5m shares were issued in April 2026 for Life Science REIT. Underlying profit rose 5% in FY2026 but underlying EPS rose only 1%.
• Office demand carries a structural question: British Land's own risk register rates Campuses market risk as Medium and names AI-driven structural change as a longer-term risk to occupier demand. Campuses are 58.2% of the portfolio and occupancy there is 94.7%, against 99.0% in retail and logistics.
• A brand-new chief executive at a turning point: Joanne McNamara started on 14 September 2026, succeeding Simon Carter after five years in the role and eighteen at the company. Strategy continuity through a leadership change at a point of elevated leverage and an unresolved UK fiscal outlook is not guaranteed.

3. Revenue Segments

Segment / category	% of revenue	What it is
Campuses	58.2% of portfolio value (£5,852m)	Large multi-building London estates — Broadgate, Regent's Place, Paddington Central, Canada Water and Euston Tower — split City £2,968m, West End £2,173m and Canada Water and other £711m. Like-for-like net rental growth +12%, ERV growth 6.5%, occupancy 94.7%, net equivalent yield 5.6%.
Retail Parks	31.7% of portfolio value (£3,193m)	Out-of-town retail parks, the single largest category after Campuses and grown from 15% of the Group in 2021. British Land is the largest owner and operator of UK retail parks. Acquisitions in FY2026 were made at a 7.2% topped-up net initial yield.
Shopping Centres and Other Retail	6.8% of portfolio value (£684m)	Legacy shopping centres (£481m) and other retail assets (£203m), a shrinking residual following the FY2025 disposal of the Meadowhall joint-venture interest.
London Urban Logistics	3.3% of portfolio value (£333m)	Last-mile urban logistics sites inside London, the smallest and newest category, targeted at mid-teens internal rates of return with three schemes in the medium-term development pipeline.

British Land reports its portfolio in two segments — Campuses, and Retail and London Urban Logistics — and the table breaks the second of those into its disclosed components. Percentages are of portfolio value at 31 March 2026 on a proportionally consolidated basis, since the company discloses its business mix by valuation rather than by revenue line. On an income basis, Retail and London Urban Logistics together produced 2% like-for-like net rental growth against 12% for Campuses.

4. Business Model and Moat

How it makes money. British Land collects rent. Gross rental income of £551m on a proportionally consolidated basis converted to £476m of net rental income after £75m of property operating costs, then to £294m of Underlying Profit after £26m of fees and other income, £75m of administrative expenses and £133m of net financing costs. As a REIT it pays no corporation tax on qualifying property income provided it distributes at least 90% of it, which is why the FY2026 dividend of 23.12p was split 9.34p Property Income Distribution and 1.46p non-PID at the final stage. Underlying Profit, not IFRS profit, is the number the dividend is set against — IFRS profit of £454m swings with property valuations and is not distributable earnings.

Where the returns come from. Management sets out five levers, with indicative annual EPS contributions: like-for-like rental growth at the mid-point of 3–5% guidance is worth about +5%; fee income growth of 10% a year about +1%; administrative cost control offsets inflation; finance cost drag is about minus 2%. That nets to roughly 4% core EPS growth a year, with upside to 6% from development completions (£200m a year at a 2% spread to funding cost, about +1%) and capital recycling (£300m a year at a 1% yield spread, about +1%).

The moat is concentration, not scale. British Land is not the largest UK REIT — Segro is roughly three times its market capitalisation. What it has is a dominant position in two specific sub-markets. It is the largest owner and operator of UK retail parks, a format that offers low-cost, flexible, click-and-collect-friendly space that online retail did not kill, and it owns whole London campuses rather than individual buildings, which gives it control over placemaking, amenity and phased redevelopment that a single-asset owner cannot replicate. The 3.8m sq ft of FY2026 leasing at 7.2% ahead of ERV is the evidence that this pricing power is real.

How development is de-risked. Speculative development exposure is disclosed at 5.0% of portfolio gross asset value against an internal limit of 12.5%, with total development exposure at 3.3%. Schemes are pre-let where possible, built under fixed-price construction contracts and frequently shared with joint-venture partners such as Norges Bank Investment Management at West One, which caps the downside on any one project.

5. Financial Health

The annual table uses IFRS Group revenue as reported in British Land's consolidated income statement. Underlying earnings per share is British Land's own adjusted measure, calculated from Underlying Profit after underlying tax; it is the figure the dividend policy is set against.

Fiscal Year	Revenue (£m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2022 (to 31 Mar 2022)	412	-12.0%	103.8p	27.0p	21.92p	£2,562m
FY2023 (to 31 Mar 2023)	418	+1.5%	-112.0p	28.3p	22.64p	£2,250m
FY2024 (to 31 Mar 2024)	575	+37.6%	-0.1p	28.5p	22.80p	£2,225m
FY2025 (to 31 Mar 2025)	454	-21.0%	35.1p	28.5p	22.80p	£2,740m
FY2026 (to 31 Mar 2026)	523	+15.2%	45.4p	28.9p	23.12p	£3,006m

Long-term debt is the principal amount of Group gross debt at each year end, as disclosed in the respective results announcements. On a proportionally consolidated basis, including the Group's share of joint-venture borrowings, principal gross debt was £4,157m at 31 March 2026 against £3,738m a year earlier. The FY2024 revenue spike and the FY2025 fall reflect £174m of capital and other revenue recognised in FY2024, largely trading-property activity, which did not repeat. GAAP EPS is volatile because IFRS earnings include portfolio valuation movements: a £798m valuation writedown produced the FY2023 loss, while a £107m valuation uplift contributed to FY2026's 45.4p.

British Land reports in half-years rather than quarters. The table shows the most recent period first; second-half figures are derived by deducting the reported first half from the audited full year.

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
H2 FY2026 (Oct 2025 – Mar 2026, derived)	£263m	13.5p	23.5p
H1 FY2026 (six months to 30 Sep 2025)	£260m	15.4p	21.9p
H2 FY2025 (Oct 2024 – Mar 2025, derived)	£238m	13.2p	23.4p
H1 FY2025 (six months to 30 Sep 2024)	£216m	15.3p	11.7p
FY2026 total (year to 31 Mar 2026)	£523m	28.9p	45.4p

Balance sheet and cash flow, FY2026. At 31 March 2026 the Group held £176m of cash and cash equivalents against £521m of short-term borrowings and overdrafts and £2,475m of debentures and loans — total IFRS borrowings of £2,996m. Investment and development properties were carried at £6,398m on the Group balance sheet with a further £2,611m of investments in joint ventures; total assets were £9,360m and IFRS net assets £5,932m. Net cash inflow from operating activities was £309m (FY2025: £270m), against £124m of development and other capital expenditure and £83m of investment property purchases. Property, plant and equipment is just £14m and investment property is held at fair value under IAS 40 rather than depreciated, so there is no material depreciation and amortisation charge. Financing activities were roughly neutral at a £12m inflow, with £229m of dividends paid offset by net borrowing drawdowns.

6. Valuation Metrics

Raw metrics, September 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~£4.05bn (share price 395.6p, approximately 1,025m shares in issue after the April 2026 issue of 24.5m shares for Life Science REIT, 16 September 2026)
Trailing P/E (GAAP)	~8.7x (395.6p ÷ FY2026 IFRS basic EPS of 45.4p). On British Land's own Underlying EPS of 28.9p — the adjusted measure the dividend is set against, and the more meaningful basis for a REIT because it strips out property revaluations — the multiple is about 13.7x.
P/E (forward)	~13.0x on management's FY2027 guidance of at least 30.5p of Underlying EPS (395.6p ÷ 30.5p). Consensus-based data from Yahoo Finance as at 16 September 2026 implies about 12.3x.
P/S (TTM)	~7.75x (market cap £4.05bn ÷ FY2026 IFRS revenue of £523m). On proportionally consolidated gross rental income of £551m the ratio is about 7.4x.
Price / EPRA NTA	~0.67x (395.6p ÷ EPRA net tangible assets per share of 590p at 31 March 2026) — a discount to net tangible assets of roughly 33%
Price/book	~0.68x (market cap £4.05bn ÷ IFRS net assets of £5,932m at 31 March 2026)
Enterprise value	~£6.88bn (market cap ~£4.05bn + total debt £2,996m, being £521m short-term borrowings and overdrafts plus £2,475m debentures and loans, − cash and cash equivalents of £176m, all per the Group balance sheet at 31 March 2026). Including the Group's share of joint-venture borrowings, proportionally consolidated principal gross debt of £4,157m would put enterprise value nearer £8.0bn.
EV/EBITDA (TTM)	~18.1x (EV ~£6,875m ÷ EBITDA £379m). EBITDA is taken as Underlying Profit of £294m plus net financing charges of £85m on the IFRS Group basis; British Land holds investment property at fair value under IAS 40 so it is not depreciated, and with property, plant and equipment of only £14m there is no material depreciation and amortisation add-back. For cross-reference, the company discloses Group net debt to EBITDA of 7.7x and 9.2x on a proportionally consolidated basis.
P/FCF	~21.9x (market cap ~£4.05bn ÷ free cash flow £185m; FCF = net cash inflow from operating activities of £309m − development and other capital expenditure of £124m, per the FY2026 consolidated statement of cash flows). Including the £83m of investment property purchases as capital spend, FCF would be £102m and the multiple about 40x.
Dividend yield	~5.8% (FY2026 dividend of 23.12p ÷ 395.6p). Policy is to distribute 80% of Underlying EPS; the final 10.80p was paid on 24 July 2026.
52-week high	451.6p, reached 5 August 2026
52-week low	331.6p, reached 15 September 2025
Short interest (% of float)	3.84% as at 10 September 2026, per the FCA aggregate net short position published via Shortregister. Since July 2026 the FCA publishes only an anonymised aggregate rather than individually named positions.
Days to cover	~11 days (derived: 3.84% of approximately 1,025m shares ÷ three-month average daily volume of about 3.7m shares). The FCA aggregate regime does not publish an official days-to-cover figure, so this is an estimate rather than a disclosed statistic.

7. What Are They Building

The committed pipeline. At 31 March 2026 British Land had 1.645m sq ft committed, carried at £489m with £328m of cost to complete, generating £64m of ERV at a 7.9% gross yield on cost, and already 45% let or under offer. The named schemes are 2 Finsbury Avenue, completing in the second quarter of 2027 and around 50% let or under option; Broadgate Tower, completing in the first quarter of 2027 and 59% let or under offer; 1 Appold Street, completing in the first quarter of 2029 and fully pre-let or under option to Herbert Smith Freehills Kramer; and West One, a joint venture with Norges completing in the first quarter of 2029.

The longer pipeline. Beyond the committed schemes sit a 0.126m sq ft near-term pipeline — principally affordable housing at Canada Water, with a £17m commitment — and a 6.269m sq ft medium-term pipeline including the 568,000 sq ft consented Euston Tower, three London Urban Logistics schemes and future Canada Water phases. Total pipeline is 8.04m sq ft with £3,981m of cost to complete. Return hurdles are internal rates of return of 12–14% for campuses and mid-teens for London Urban Logistics, with gross yield on cost targets above 7%.

Life sciences, bought rather than built. The Life Science REIT acquisition completed on 20 April 2026, funded with 24.5m new British Land shares plus £49m of cash. It brings five assets in the Oxford–Cambridge–London golden triangle, expected to generate £18m of net rental income in FY2027 rising to a stabilised £25m. The company describes it as immediately accretive, worth about 0.3p to FY2027 underlying EPS, and neutral to net tangible assets.

Capital recycling. FY2026 saw £106m of disposals at 4% above March 2025 book value on a 2.9% net initial yield, against £94m of acquisitions — three retail parks, two retail units in Bath and a joint-venture partner's 50% stake in Eden Walk — at a 7.2% topped-up net initial yield. A further £176m of disposals had been exchanged or placed under offer after the year end. The intent is to fund the development programme by selling mature, lower-yielding London offices into higher-yielding retail park acquisitions.

Decarbonisation. On 21 July 2026 British Land announced a new set of decarbonisation targets. Alongside the 2026 business rates revaluation, which cut the standard multiplier from 55.5p to 48p while raising it for properties with a rateable value at or above £500,000, this is a mixed cost picture: British Land reports a roughly 5% decline in business rates across its retail parks since 1 April 2026, offset by a heavier burden on the largest campus assets.

8. Competitive Landscape

Peer	Market cap (September 2026)	Key 2025 metric
Segro (SGRO.L)	~£12.65bn (16 September 2026)	FY2025, calendar year: adjusted EPS 36.6p, up 6.1%; adjusted pre-tax profit £509m, up 8.3%; adjusted NAV per share 925p, up 2.0%; dividend 31.1p, up 6.1%. The UK's largest listed REIT, three times British Land's size, and focused on industrial and logistics rather than offices and retail.
Landsec (LAND.L)	~£4.66bn (16 September 2026)	FY2026, to 31 March 2026: EPRA EPS 51.4p, up 2.2%; IFRS profit before tax £346m; NTA per share up 0.9%; LTV down 60 basis points to 38.7%; net debt to EBITDA 8.4x; ERV growth accelerating to 6.4%. The closest direct comparator in size, mix and fiscal year.
Derwent London (DLN.L)	~£1.98bn (16 September 2026)	FY2025, calendar year: EPRA NTA per share 3,225p, up 2.4%; total accounting return 5.0%; total net assets £3,615m, up 2.1%; EPRA EPS 98.4p, down from 106.5p on higher finance costs after a mid-year refinancing. A pure central London office developer with no retail exposure.
Great Portland Estates (GPE.L)	~£1.20bn (16 September 2026)	FY2026, to 31 March 2026: EPRA EPS up 63.5% to 8.5p on EPRA earnings of £34.5m; net assets per share up 6.1% to 524p; portfolio valuation up 4.3% to £3.0bn; LTV reduced from 30.8% to 28.6%; total dividend 8.2p. The most lightly geared of the London office landlords.

British Land sits between Landsec, its nearest structural comparator, and the smaller pure-play London office landlords. Its FY2026 ERV growth of 4.9% was below Landsec's 6.4%, but its 6% like-for-like net rental growth and 12% Campuses figure were ahead of the sector, and its 39.2% loan to value is marginally above Landsec's 38.7% and materially above Great Portland's 28.6%. The material sector development is at Segro, where press reports in 2026 have described the board as prepared to recommend a takeover proposal from Prologis Inc including a London listing commitment — a live situation readers should verify directly against Segro's own regulatory announcements before drawing conclusions. Market capitalisations above were taken live on 16 September 2026.

9. Insider Activity

British Land's chief executive is Joanne McNamara, who joined on 14 September 2026 from Oxford Properties, where she was executive vice-president for Europe; she is the first woman to lead the company in its 170-year history and succeeded Simon Carter, who had been chief executive for five years and with the company for eighteen. David Walker remains chief financial officer and William Rucker has chaired the board since the 2024 annual general meeting. Disclosed 2026 dealings are routine Share Incentive Plan transactions rather than discretionary open-market purchases; the largest single filing is set out below.

Name	Date	Type	Shares	Price	Value	Plan Type
Kelly Cleveland (Executive Committee member)	24 Jul 2026	Buy	581	437.96p	£2,544.55	Share Incentive Plan dividend reinvestment
David Lockyer (Executive Committee member)	24 Jul 2026	Buy	597	437.96p	£2,614.62	Share Incentive Plan dividend reinvestment
Emma Cariaga (Executive Committee member)	24 Jul 2026	Buy	463	437.96p	£2,027.75	Share Incentive Plan dividend reinvestment
Brona McKeown (Executive Committee member)	24 Jul 2026	Buy	337	437.96p	£1,475.92	Share Incentive Plan dividend reinvestment
Simon Carter (then Chief Executive Officer)	24 Jul 2026	Buy	314	437.96p	£1,375.19	Share Incentive Plan dividend reinvestment
David Walker (Chief Financial Officer)	24 Jul 2026	Buy	282	437.96p	£1,235.05	Share Incentive Plan dividend reinvestment
Michael Wiseman (Executive Committee member)	24 Jul 2026	Buy	240	437.96p	£1,051.10	Share Incentive Plan dividend reinvestment

Further Share Incentive Plan partnership and matching share purchases by executive directors and persons discharging managerial responsibilities were notified on 15 June 2026 and 14 August 2026. No discretionary open-market director purchases or disposals were identified in the 2026 filings reviewed. Because these are automatic plan transactions funded from salary and dividends, they carry little signalling value either way.

10. Key Risks

• Interest rates and refinancing: the weighted average interest rate rose to 3.9% from 3.6% and net financing costs to £133m from £103m in a single year. There is no refinancing requirement until early 2029 and £1.6bn of undrawn facilities and cash, but the company's own EPS model builds in a 10–20 basis point annual cost drag. A sustained rise in gilt yields would compress both earnings and valuations.
• Leverage at the top of the internal range: proportionally consolidated loan to value of 39.2% and net debt to EBITDA of 7.7x at Group level are both described by management as at the upper end of their range. Covenant headroom is disclosed as sufficient to absorb a 34% fall in values, but the buffer between comfortable and constrained is thinner than at Great Portland or Derwent.
• Office demand and structural change: Campuses are 58.2% of the portfolio and occupancy there is 94.7%, against 99.0% in retail and logistics. British Land's own risk register rates Campuses market risk as Medium and explicitly names AI-driven structural change as a longer-term risk to occupier demand for office space.
• Macroeconomic and political risk: the company rates both macroeconomic risk and political, legal and regulatory risk as Medium to High with a stable trend, citing UK macro uncertainty, geopolitical tension, trade tariffs and potential government intervention in lease structures. The autumn 2026 UK Budget falls after the FY2026 reporting date and is not addressed in the company's own materials.
• Development and letting risk: £328m remains to be spent on committed schemes that are 45% let or under offer, and a further £3,981m sits behind the medium-term pipeline. Speculative exposure is capped at 5.0% of gross asset value against a 12.5% internal limit, but a letting market that stalls between now and the 2027 and 2029 completions would leave that space empty on completion.
• Dilution from equity-funded growth: the October 2024 £301m placing and the April 2026 issue of 24.5m shares for Life Science REIT lifted the share count materially. Underlying profit grew 5% in FY2026 while underlying EPS grew 1%; continued acquisition funded by equity at a discount to net tangible assets transfers value from existing shareholders.

11. Recent Developments

• 14 Sep 2026 — Joanne McNamara starts as chief executive. Announced in June 2026 and with her start date brought forward, McNamara joined from Oxford Properties, where she was executive vice-president for Europe managing a portfolio of around £8bn. She succeeds Simon Carter and is the first woman to lead British Land.
• 21 Jul 2026 — New decarbonisation targets announced. British Land set out a revised set of carbon reduction commitments across its portfolio.
• 14 Jul 2026 — AGM and first-quarter trading update. Covering the three months to 30 June 2026, the update reiterated FY2027 underlying EPS guidance of at least 30.5p and said like-for-like net rental growth was expected at the top of the 3–5% guided range. All AGM resolutions passed.
• 11 Jun 2026 — Wingstop UKI takes seven units across the retail park portfolio. A multi-site letting to the fast-food operator, illustrating the food-and-beverage demand British Land cites as a driver of retail park rental growth.
• 20 May 2026 — FY2026 results. Underlying Profit of £294m was up 5%, underlying EPS 28.9p up 1%, EPRA NTA per share 590p up 4%, the dividend 23.12p up 1%, portfolio value £10,062m up 2.3%, and total accounting return 8.1%. FY2027 underlying EPS guidance was set at at least 30.5p.
• 20 Apr 2026 — Life Science REIT acquisition completes. Funded with 24.5m new shares plus £49m cash, bringing five golden-triangle life science assets expected to produce £18m of FY2027 net rental income rising to a stabilised £25m.

12. Key Dates to Watch

• 18 Nov 2026 — half-year results for the six months to 30 September 2026, per British Land's published financial calendar. The first full set of numbers under Joanne McNamara and the first read on whether FY2027 is tracking the at-least-30.5p underlying EPS guidance.
• 31 Mar 2027 — financial year end for FY2027, the year for which management has guided at least 30.5p of underlying EPS and like-for-like net rental growth at the top of the 3–5% range.
• Expected May 2027 — FY2027 full-year results announcement. British Land has reported its full year in mid-to-late May in recent years; a date has not yet been published.
• Expected Jul 2027 — 2027 annual general meeting and first-quarter trading update, following the 14 July 2026 pattern. No date has been confirmed.
• Expected Q2 2027 — completion of 2 Finsbury Avenue, around 50% let or under option at the FY2026 year end.
• Expected Q1 2027 — completion of Broadgate Tower, 59% let or under offer at the FY2026 year end.
• Expected Q1 2029 — completion of 1 Appold Street, fully pre-let or under option to Herbert Smith Freehills Kramer, and of West One in joint venture with Norges.
• TBC — interim dividend declaration and ex-dividend date for H1 FY2027. The FY2026 final dividend of 10.80p went ex on 18 June 2026 and was paid on 24 July 2026.

The UK autumn Budget and Bank of England rate decisions are the macro events with the most direct bearing on REIT valuations; both are tracked on the ChartsView Economic Calendar, and members discuss UK property and REITs in the ChartsView Forum.

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