Land Securities Group Plc (LAND) Earnings Call Transcripts

Land Securities Group Plc's Latest Earnings Call - May 14, 2026

In the fiscal year 2026, Land Securities Group Plc (LAND:GB) reported strong operational performance, with like-for-like net rental income growth of 4.6%, exceeding initial guidance. The company achieved a 2.2% increase in EPRA EPS, despite a 1.8% impact from the earlier-than-planned sale of Queen Anne's Mansions. Management maintained guidance for stable EPS in FY '27, but signaled high single-digit growth for FY '28, supported by a robust leasing pipeline and rising rental values. The company also highlighted a significant reduction in overhead costs and a strong balance sheet, with an LTV ratio of 38.7%.

Reported metrics

Guidance from management

Management expects EPS for FY '27 to be stable, with high single-digit growth anticipated for FY '28, driven by leasing activity and ongoing income growth.

What management said

Given a current income return on NTA of 5.8%, the capacity to generate roughly 5% EPS growth each year from now through FY30 underpins a compelling total return prospect for shareholders. Ladies and gentlemen, many thanks. At this point I'll open the floor for Q&A. As we normally do, we'll begin with questions from the room here. Handheld mics are available, so please just wait for one once you've put your hand up. A...

I wouldn't claim that many assets struck us as simply too expensive, but we are a disciplined buyer. As I mentioned, we still expect assets to come to market—around the £3 billion where we'd have visibility. It's fair to say those assets are held by owners who aren't natural long-term holders, and they'll be weighing how best to crystallize an exit that delivers value for their investors. They must be considering exe...

What analysts pressed on

Analysts expressed concerns regarding the viability of residential developments and the potential impact of rising interest rates on investment decisions. There were questions about the company's capital allocation strategy and how it plans to manage risks associated with market volatility.

Main topics on the call

• Strong Rental Growth — Landsec reported a 4.6% increase in like-for-like net rental income, driven by high occupancy rates and rising rents, with uplifts on relettings and renewals nearly doubling to 15%. Management stated, "Customer demand fo...
• Operational Efficiency — Overhead costs were reduced by 15% to GBP 62 million, significantly below the guidance of GBP 70 million. Management noted, "We have brought our overhead costs down to their lowest level in 20 years," which enhances the ...
• Future EPS Growth Guidance — Management expects EPS for FY '28 to grow by a high single-digit percentage, supported by ongoing income growth and leasing of new developments. They stated, "We expect EPS this year to be stable versus last year, with u...
• Portfolio Quality and Demand — The company emphasized the strength of its portfolio, with occupancy nearing 99% in offices and significant reversionary potential of 17%. Management highlighted, "The upward pressure on rents has continued to build and ...

Read the full Land Securities Group Plc transcript (May 14, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 41 Land Securities Group Plc earnings call transcripts on record, spanning February 20, 2020 to November 13, 2026. Based on this history, Land Securities Group Plc reports quarterly. The most recent call on file is dated November 13, 2026. The full list is below — each row opens the transcript.

Ticker

LAND

Exchange

London Stock Exchange

Country

GB

Sector

Real Estate

Industry

Diversified REITs

Calls on record

41

First call

February 20, 2020

Most recent

November 13, 2026

Reporting cadence

quarterly