Land Securities Group plc REIT (GB:LAND)
LSE:LAND
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Land Securities Group plc REIT
(LSE:LAND)
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Rating:73Outperform
Price Target:
616.00 p
â–²(4.94% Upside)
Action:ReiteratedDate:12/07/25
Land Securities Group plc demonstrates strong financial performance and positive technical indicators, supported by a favorable earnings call. The company's strategic focus on retail and office leasing, along with attractive valuation metrics, contribute to a positive outlook. However, caution is warranted due to increased debt levels.
Positive Factors
High occupancy & LFL income growth
Consistent 5.2% like-for-like income growth alongside almost full office occupancy materially strengthens recurring rental cashflows. Near‑full occupancy reduces vacancy risk, stabilizes net rental income and supports predictable distributable cash for the REIT over the medium term.
Negative Factors
Increased leverage
Higher net debt to EBITDA and an increase in total borrowings heighten refinancing and interest expense risk, constraining financial flexibility. Elevated leverage may limit the pace of reinvestment and dividend sustainability until deleveraging targets are met, raising execution risk over the next 2‑3 years.
Read all positive and negative factors
Positive Factors
Negative Factors
High occupancy & LFL income growth
Consistent 5.2% like-for-like income growth alongside almost full office occupancy materially strengthens recurring rental cashflows. Near‑full occupancy reduces vacancy risk, stabilizes net rental income and supports predictable distributable cash for the REIT over the medium term.
Read all positive factors
Land Securities Group plc REIT (LAND) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£4.36B
Dividend Yield6.34%
Average Volume (3M)4.28M
Price to Earnings (P/E)11.2
Beta (1Y)1.04
Revenue Growth10.69%
EPS Growth135.58%
CountryUK
Employees598
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)0.26
Shares Outstanding745,042,050
10 Day Avg. Volume3,924,613
30 Day Avg. Volume4,276,238
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)0.63
Price to Sales (P/S)4.94
P/FCF Ratio44.19
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£690.41Price Target Upside17.62% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)0.52
Revenue Forecast (FY)£653.88M
Land Securities Group plc REIT Business Overview & Revenue Model
Company Description
At Landsec, we build and invest in buildings, spaces and partnerships to create sustainable places, connect communities and realise potential. We are one of the largest real estate companies in Europe, with a £11 billion portfolio of retail, leisu...
How the Company Makes Money
Landsec makes money primarily from rental income generated by letting space in its commercial properties to tenants under lease agreements. This rental revenue is typically supported by service charge recoveries (where tenants reimburse certain pr...
Land Securities Group plc REIT Earnings Call Summary
Earnings Call Date:Nov 14, 2025
(Q2-2026)
| % Change Since: |
Next Earnings Date:May 19, 2026
Earnings Call Sentiment Positive
The earnings call reflected a strong operational performance with significant growth in like-for-like income and EPS, supported by strategic asset sales and cost reductions. However, there are challenges with a slight decline in NTA per share and the impact of the QAM sale on EPS. Overall, the company's strategic focus on retail and office leasing presents a positive outlook for future growth.Positive Updates
Strong Like-for-Like Income Growth
Landsec achieved a 5.2% growth in like-for-like income, with office occupancy reaching nearly 99%, significantly ahead of the overall London market at 92%.
Negative Updates
Slight Decline in NTA per Share
NTA per share was down slightly by 1.3%, driven by the sale of nearly GBP 650 million of low-returning assets.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Like-for-Like Income Growth
Landsec achieved a 5.2% growth in like-for-like income, with office occupancy reaching nearly 99%, significantly ahead of the overall London market at 92%.
Read all positive updates
Company Guidance
During the call, Landsec provided comprehensive guidance on various financial metrics and strategic initiatives. The company reported a 5.2% growth in like-for-like income, with office occupancy reaching nearly 99%, significantly surpassing the London market average of 92%. They raised their guidance for EPS growth to the top end of their 2% to 4% range, anticipating further income and EPS growth driven by a robust retail portfolio and reduced overhead costs. Landsec aims to decrease its net debt-to-EBITDA ratio to below 7x within the next two years and expects to reduce its loan-to-value (LTV) to below 35%. The company plans to recycle capital by selling lower-return assets, including London offices, to fund investments in major retail spaces. Additionally, they raised their overhead cost savings target to over GBP 10 million for the next financial year and expect strong retail income growth, projecting a compound annual growth in net rental income of 4.5% to 7% over the next five years.Land Securities Group plc REIT Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
70
Positive
Cash Flow
60
Neutral
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 890.00M | 832.00M | 824.00M | 791.00M | 679.00M | 635.00M |
| Gross Profit | 533.00M | 510.00M | 500.00M | 412.00M | 372.00M | 416.00M |
| EBITDA | 437.00M | 511.00M | -233.00M | -527.00M | 388.00M | -1.31B |
| Net Income | 249.00M | 396.00M | -319.00M | -619.00M | 869.00M | -1.39B |
Balance Sheet | ||||||
| Total Assets | 11.58B | 11.62B | 10.66B | 10.97B | 12.89B | 10.99B |
| Cash, Cash Equivalents and Short-Term Investments | 110.00M | 39.00M | 78.00M | 41.00M | 146.00M | 5.00M |
| Total Debt | 4.65B | 4.55B | 3.78B | 3.54B | 4.55B | 3.52B |
| Total Liabilities | 5.15B | 5.09B | 4.22B | 3.89B | 4.90B | 3.78B |
| Stockholders Equity | 6.43B | 6.51B | 6.40B | 7.00B | 7.92B | 7.21B |
Cash Flow | ||||||
| Free Cash Flow | 182.00M | 93.00M | 212.00M | 240.00M | 339.00M | 15.00M |
| Operating Cash Flow | 182.00M | 256.00M | 338.00M | 342.00M | 381.00M | 233.00M |
| Investing Cash Flow | -363.00M | -383.00M | -272.00M | 834.00M | -607.00M | 334.00M |
| Financing Cash Flow | 234.00M | 88.00M | -29.00M | -1.28B | 362.00M | -1.91B |
Land Securities Group plc REIT Technical Analysis
Neutral
587.00
Price Trends
616.46
Negative
613.75
Negative
592.75
Negative
Market Momentum
-14.20
Negative
52.25
Neutral
79.48
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:LAND, the sentiment is Neutral. The current price of 587 is above the 20-day moving average (MA) of 567.93, below the 50-day MA of 616.46, and below the 200-day MA of 592.75, indicating a neutral trend. The MACD of -14.20 indicates Negative momentum. The RSI at 52.25 is Neutral, neither overbought nor oversold. The STOCH value of 79.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for GB:LAND.
Land Securities Group plc REIT Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | £4.49B | 7.70 | 7.16% | 6.67% | 43.70% | 40.28% | |
75 Outperform | £3.81B | 3.98 | 7.75% | 5.85% | -20.83% | ― | |
73 Outperform | £4.36B | 11.16 | 3.85% | 6.34% | 10.69% | 135.58% | |
72 Outperform | £420.67M | 3.34 | 11.57% | 7.17% | 1.60% | 211.81% | |
67 Neutral | £241.38M | 5.97 | 9.81% | 6.64% | ― | ― | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
60 Neutral | £409.59M | 6.81 | 7.51% | 5.15% | -3.98% | 412.08% |
* Real Estate Sector Average
GB:LAND
Land Securities Group plc REIT
587.00
112.52
23.72%
GB:BLND
British Land Company plc
381.20
68.52
21.92%
GB:CREI
Custodian REIT
86.20
22.55
35.43%
GB:LMP
LondonMetric Property
192.50
32.28
20.15%
GB:SREI
Schroder Real Estate ate ate Investment
49.35
7.88
18.99%
GB:PCTN
Picton Property Income
80.20
18.68
30.36%
Land Securities Group plc REIT Corporate Events
Regulatory Filings and Compliance
Landsec Updates Share Capital and Voting Rights Total for March 2026
Neutral
Apr 1, 2026
Land Securities Group PLC has reported that, as of 31 March 2026, its issued ordinary share capital stands at 751,831,297 shares, of which 6,789,236 are held in treasury without voting or dividend rights. This leaves a total of 745,042,061 voting ...
Business Operations and StrategyRegulatory Filings and Compliance
Land Securities Updates Sharesave Block Listing, 60,067 Shares Allotted
Neutral
Apr 1, 2026
Land Securities Group PLC has reported its latest six-month block listing return for its 2012 and 2022 Sharesave Schemes, covering the period from 1 October 2025 to 31 March 2026. During this time, 60,067 shares were issued or allotted to particip...
Regulatory Filings and Compliance
Landsec director reshuffles stake with same-day share sale and ISA purchase
Neutral
Mar 30, 2026
Landsec reported that non-executive director James Bowling carried out two transactions in the company’s ordinary shares on 30 March 2026. The disclosure falls under regulatory requirements for reporting dealings by persons discharging manag...
Business Operations and StrategyPrivate Placements and Financing
Landsec Issues New Shares to Satisfy Employee SAYE Scheme
Neutral
Mar 23, 2026
Land Securities Group plc has issued and allotted 20,033 new ordinary shares of 10 2/3 p each to satisfy options exercised under its Save As You Earn (SAYE) employee share scheme. The shares, issued between 22 January and 20 March 2026, have been ...
Business Operations and Strategy
Landsec Secures bp as Anchor Tenant for Timber Square Global HQ
Positive
Mar 19, 2026
Landsec has agreed a 192,000 sq ft lease with bp for the entire 15-storey Ink building at its newly completed Timber Square development in Bankside, SE1, which will serve as bp’s new global headquarters and leaves the scheme 54% let. The dea...
Other
Land Securities executives add to holdings under share incentive plan
Neutral
Mar 6, 2026
Land Securities Group plc has disclosed routine dealings in its ordinary shares by senior executives under the company’s Share Incentive Plan. Chief executive Mark Allan and chief financial officer Vanessa Simms both acquired small numbers o...
Regulatory Filings and Compliance
Landsec Updates Share Capital and Voting Rights Ahead of Transparency Disclosures
Neutral
Mar 2, 2026
Land Securities Group PLC has reported that, as of 27 February 2026, its issued ordinary share capital comprised 751,827,314 shares, of which 6,789,236 are held in treasury without voting or dividend rights. This leaves a total of 745,038,078 voti...
Business Operations and StrategyRegulatory Filings and Compliance
Land Securities Executives Boost Holdings via Share Incentive Plan
Positive
Feb 6, 2026
Land Securities Group plc has disclosed routine share transactions by its top executives under the company’s Share Incentive Plan. On 4 February 2026, chief executive Mark Allan and chief financial officer Vanessa Simms each acquired small n...
Regulatory Filings and Compliance
Landsec Confirms Total Voting Rights at 745 Million Shares
Neutral
Feb 2, 2026
Land Securities Group plc has confirmed that, as of the close of business on 30 January 2026, its issued ordinary share capital comprised 751,820,293 shares, of which 6,789,236 are held in treasury with their voting and dividend rights waived. Thi...
Executive/Board Changes
Landsec Announces Board Change as Manjiry Tamhane Steps Down
Neutral
Jan 29, 2026
Landsec has announced a change to its board, with non-executive director Manjiry Tamhane set to step down from the Board and the Remuneration Committee on 31 March 2026 after five years of service, during which she contributed significantly to the...
Executive/Board Changes
Landsec Announces Board Change as Manjiry Tamhane Steps Down
Neutral
Jan 29, 2026
Landsec, the UK real estate investment trust, has announced a board change with non-executive director Manjiry Tamhane set to step down from the Board and Remuneration Committee on 31 March 2026 after five years of service, during which she played...
Other
Land Securities Executives Increase Holdings Through Share Incentive Plan
Neutral
Jan 7, 2026
Land Securities Group plc has disclosed routine share transactions by its senior management under the company’s Share Incentive Plan. Chief executive Mark Allan and chief financial officer Vanessa Simms each purchased 24 partnership shares a...
Regulatory Filings and Compliance
Landsec Updates Share Capital and Voting Rights Totals
Neutral
Jan 2, 2026
Land Securities Group plc has confirmed that, as of 31 December 2025, its issued ordinary share capital comprised 751,805,484 shares, of which 6,789,236 are held in treasury without voting or dividend rights, leaving 745,016,248 shares carrying vo...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.