British Land Company plc (BLND) AI Stock Analysis

• Market Cap: £3.91B
• Dividend Yield: 5.85%
• Average Volume (3M): 4.29M
• Price to Earnings (P/E): 11.1
• Beta (1Y): 0.98
• Revenue Growth: -20.83%
• EPS Growth: N/A
• Country: UK
• Employees: 645
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Diversified
• EPS (TTM): 0.15
• Shares Outstanding: 999,819,640
• 10 Day Avg. Volume: 3,646,896
• 30 Day Avg. Volume: 4,285,906
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.62
• Price to Sales (P/S): 7.83
• P/FCF Ratio: 65.81
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: £447.67
• Price Target Upside: 14.14% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 11
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 75 Outperform
• Price Target: 450.00p ▲(14.74% Upside)

British Land Company plc is well-positioned with strong technical momentum and attractive valuation metrics. The positive sentiment from the latest earnings call and recent corporate events further bolster confidence in the company's strategic direction. However, financial performance volatility and cash flow inconsistencies present risks that need careful management.

Positive Factors

Strong Financial Performance

The increase in underlying profit and EPS reflects effective cost management and operational efficiency, supporting long-term profitability.

Record Occupancy Rates

High occupancy rates in key properties like Broadgate indicate strong demand and effective asset management, ensuring stable rental income.

Retail Parks Growth

Growth in Retail Parks footfall and successful acquisitions with high IRRs demonstrate strategic positioning and potential for sustained returns.

Negative Factors

Volatile Revenue Trends

Inconsistent revenue trends can hinder long-term planning and stability, affecting the company's ability to forecast and manage resources effectively.

Increased Finance Costs

Rising finance costs reduce profitability and may limit future investment capacity, impacting the company's financial flexibility and growth potential.

Challenges in Development Leasing

Slower lease-up of developments increases void costs, affecting profitability and potentially delaying revenue realization from new projects.

British Land Company plc Business Overview & Revenue Model

Company Description

Our portfolio of high quality UK commercial property is focused on London Offices and Retail around the UK. We own or manage a portfolio valued at £13.7bn (British Land share: £10.3bn) as at 30 September 2020 making us one of Europe's largest listed real estate investment companies. Our strategy is to provide places which meet the needs of our customers and respond to changing lifestyles - Places People Prefer. We do this by creating great environments both inside and outside our buildings and use our scale and placemaking skills to enhance and enliven them. This expands their appeal to a broader range of occupiers, creating enduring demand and driving sustainable, long term performance. Our Offices portfolio comprises three office-led campuses in central London as well as high quality standalone buildings and accounts for 65% of our portfolio. Our Retail portfolio is focused on retail parks and shopping centres, and accounts for 31% of our portfolio. Increasingly our focus is on providing a mix of uses and this is most evident at Canada Water, our 53 acre redevelopment opportunity where we have plans to create a new neighbourhood for London. Sustainability is embedded throughout our business. Our places, which are designed to meet high sustainability standards, become part of local communities, provide opportunities for skills development and employment and promote wellbeing. In April 2016 British Land received the Queen's Award for Enterprise: Sustainable Development, the UK's highest accolade for business success for economic, social and environmental achievements over a period of five years.

How the Company Makes Money

British Land generates revenue primarily through rental income from its extensive portfolio of commercial properties. The company leases space to a variety of tenants, including retailers, office users, and leisure businesses, creating a stable income stream. Additionally, BLND earns money from property development projects, where it either develops properties for sale or for rental purposes. The company may also engage in asset management and capital recycling, which involves selling mature assets to reinvest in new development opportunities. Strategic partnerships with retailers and other businesses further enhance revenue opportunities, allowing BLND to maintain a diversified income profile while focusing on high-quality real estate assets.

British Land Company plc Financial Statement Overview

Summary

British Land Company plc shows strong profitability metrics and a stable equity position. However, volatility in revenue and net income, along with inconsistent cash flow metrics, highlight potential risks. The company maintains a solid equity base typical of REITs, but careful management of leverage and cash flow is essential.

Income Statement

The income statement shows a volatile revenue trend, with significant fluctuations in revenue growth rates. The gross profit margin is relatively strong at 72.91%, but the net profit margin is inconsistent, reflecting both positive and negative net incomes in recent years. The EBIT and EBITDA margins indicate a reasonable level of profitability, but the inconsistency in net income poses a challenge for stability.

Balance Sheet

The balance sheet reveals a stable equity position with an equity ratio of 64.34%. However, the debt-to-equity ratio of 0.50 suggests moderate leverage, which is typical for a REIT but could pose risks if not managed carefully. Return on Equity (ROE) is strong for the latest year at 5.92%, showing effective use of equity to generate profits, despite historical volatility.

Cash Flow

Cash flow analysis shows a positive operating cash flow to net income ratio, indicating effective cash generation from operations relative to net income. The free cash flow growth rate is highly volatile, with recent declines, raising concerns about sustainability. The free cash flow to net income ratio is inconsistent, reflecting challenges in maintaining stable cash flow.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	505.00M	454.00M	575.00M	418.00M	412.00M	520.00M
Gross Profit	382.00M	331.00M	429.00M	321.00M	279.00M	340.00M
EBITDA	292.00M	454.00M	122.00M	-944.00M	1.05B	270.00M
Net Income	338.00M	338.00M	-1.00M	-1.04B	963.00M	-1.03B
Balance Sheet
Total Assets	8.88B	8.88B	7.97B	8.29B	9.91B	8.88B
Cash, Cash Equivalents and Short-Term Investments	57.00M	57.00M	88.00M	125.00M	111.00M	154.00M
Total Debt	2.84B	2.84B	2.34B	2.39B	2.75B	2.54B
Total Liabilities	3.17B	3.17B	2.66B	2.77B	3.14B	2.89B
Stockholders Equity	5.71B	5.71B	5.30B	5.51B	6.75B	5.92B
Cash Flow
Free Cash Flow	54.00M	54.00M	97.00M	31.00M	-14.00M	-23.00M
Operating Cash Flow	270.00M	270.00M	409.00M	240.00M	245.00M	149.00M
Investing Cash Flow	-853.00M	-853.00M	-172.00M	326.00M	-423.00M	910.00M
Financing Cash Flow	552.00M	552.00M	-274.00M	-552.00M	98.00M	-1.10B

British Land Company plc Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 392.20
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:BLND, the sentiment is Positive. The current price of 392.2 is above the 20-day moving average (MA) of 391.30, above the 50-day MA of 380.69, and above the 200-day MA of 357.18, indicating a bullish trend. The MACD of 2.84 indicates Positive momentum. The RSI at 58.14 is Neutral, neither overbought nor oversold. The STOCH value of 68.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:BLND.

British Land Company plc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LMP	80 Outperform	£4.34B	12.45	7.22%	6.67%	43.70%	40.28%
BLND	75 Outperform	£3.91B	11.13	6.14%	5.85%	-20.83%	―
LAND	73 Outperform	£4.49B	18.07	3.85%	6.34%	10.69%	135.58%
CREI	73 Outperform	£374.75M	7.19	11.71%	7.17%	1.60%	211.81%
UTG	72 Outperform	£2.68B	7.73	7.57%	5.71%	12.77%	14.86%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
PCTN	60 Neutral	£375.21M	9.61	7.51%	5.15%	-3.98%	412.08%

British Land Company plc Corporate Events

British Land Updates Share Capital and Voting Rights

British Land Company plc announced that as of November 28, 2025, its issued share capital consists of 1,011,085,878 ordinary shares, with 11,266,245 held in Treasury. This results in a total of 999,819,633 shares with voting rights. This information is crucial for shareholders and other stakeholders to determine their voting rights percentage, in compliance with the FCA’s Disclosure Guidance and Transparency Rules.

British Land Reports Robust Half-Year Results with Strategic Gains

British Land Company plc reported strong operational and financial performance for the first half of 2025, with a 4% increase in like-for-like net rental income and an 8% rise in underlying profit. The company achieved a 12% reduction in administrative expenses, offsetting higher funding costs, and maintained high occupancy rates across its portfolio. Strategic decisions made in 2021 have positioned the company well to capitalize on market trends, with expectations of continued earnings growth and a total accounting return target of 8-10% through the cycle.

British Land Executives Increase Stake Through Share Incentive Plan

British Land Company plc announced that several of its executive directors and persons discharging managerial responsibilities have purchased ordinary shares and were awarded matching shares under the company’s Share Incentive Plan. This move, involving key figures such as the CEO and CFO, reflects a commitment to aligning management interests with shareholder value, potentially strengthening stakeholder confidence in the company’s strategic direction.

British Land Announces Voting Rights and Share Capital Update

British Land Company plc has announced that as of 31 October 2025, its issued share capital consists of 1,011,049,648 ordinary shares, with 11,266,245 held in Treasury. This results in a total of 999,783,403 shares with voting rights. This information is crucial for shareholders and others to determine their voting rights percentage, in compliance with the FCA’s Disclosure Guidance and Transparency Rules.

British Land Appoints Raj Shah as Non-Executive Director

British Land has appointed Raj Shah as a Non-Executive Director effective January 2026. Raj Shah, with a background in healthcare investment and experience at Nordic Capital and Goldman Sachs, will also join the Innovation Advisory Council at British Land. His expertise in healthcare and technology investments is expected to provide valuable insights as the company continues to develop spaces at the intersection of technology, AI, and medicine, enhancing its value-add strategy.

British Land Executives Increase Stake in Company

British Land Company PLC announced that several of its executive directors and persons discharging managerial responsibilities have purchased ordinary shares and were awarded matching shares under the company’s Share Incentive Plan. This move, involving key figures such as the CEO and CFO, highlights the company’s commitment to aligning management interests with shareholder value, potentially strengthening stakeholder confidence and enhancing the company’s market position.

British Land Reports Strong Half-Year Performance Amid High Demand

British Land Company plc reported strong performance for the six-month period ending September 2025, driven by robust occupational fundamentals in its London office campuses and retail parks. The company achieved significant leasing activity, with 1.4 million sq ft leased at rates above estimated rental values, and anticipates continued earnings growth. The positive trends in rental growth and occupancy have contributed to a 1.2% increase in portfolio valuations, aligning with their target of an 8-10% total accounting return for the year. The company is optimistic about future growth, projecting a minimum 6% increase in underlying EPS for FY27, supported by strong demand in sectors like AI and technology.

British Land Allots Shares to Non-Executive Director

British Land Company plc announced the allotment of 2,780 ordinary shares to Non-Executive Director Mark Aedy, as part of his compensation, at a price of 351.08 pence per share. This transaction, conducted outside a trading venue, aligns with UK Market Abuse Regulation, reflecting the company’s ongoing governance and compensation practices.

British Land Updates Share Capital and Voting Rights

British Land Company plc announced that as of 30 September 2025, its issued share capital consists of 1,011,026,862 ordinary shares, with 11,266,245 held in Treasury. This results in a total of 999,760,617 shares with voting rights. This disclosure is in line with FCA’s requirements and assists shareholders in determining their voting rights percentage, impacting their notification obligations to the company and FCA.

British Land Executives Strengthen Stake Through Share Incentive Plan

British Land Company PLC announced that several executive directors and persons discharging managerial responsibilities have purchased ordinary shares and were awarded matching shares under the company’s Share Incentive Plan. This move, involving key figures such as the CEO and CFO, reflects a strategic effort to align the interests of the company’s leadership with its shareholders, potentially enhancing stakeholder confidence and reinforcing the company’s market position.