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Land Securities Group plc REIT (GB:LAND)
LSE:LAND

Land Securities Group plc REIT (LAND) AI Stock Analysis

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GB:LAND

Land Securities Group plc REIT

(LSE:LAND)

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Outperform 73 (OpenAI - 4o)
Rating:73Outperform
Price Target:
688.00p
▲(13.63% Upside)
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
Revenue Growth
Consistent revenue growth, especially in like-for-like income, indicates strong demand and effective property management, supporting long-term business stability.
Occupancy Rates
High occupancy rates reflect strong tenant demand and effective leasing strategies, enhancing revenue stability and market position.
Debt Management Strategy
Proactive debt management and capital recycling improve financial flexibility, reducing risk and supporting future growth investments.
Negative Factors
Increased Debt Levels
Higher debt levels from investments in non-income-producing assets can strain cash flow, posing risks to financial stability if not managed carefully.
Decline in NTA per Share
A decline in NTA per share could indicate a reduction in asset value, potentially impacting shareholder equity and long-term valuation.
Impact of Asset Sales on EPS
Asset sales impacting EPS can reduce profitability, affecting investor returns and potentially limiting reinvestment opportunities.

Land Securities Group plc REIT (LAND) vs. iShares MSCI United Kingdom ETF (EWC)

Land Securities Group plc REIT Business Overview & Revenue Model

Company DescriptionAt 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, leisure, workspace and residential hubs. Landsec is shaping a better future by leading our industry on environmental and social sustainability while delivering value for our shareholders, great experiences for our guests and positive change for our communities.
How the Company Makes MoneyLand Securities generates revenue primarily through rental income from its diverse portfolio of commercial properties. The company leases its properties to a wide range of tenants, including retail chains, corporations, and government entities, ensuring a steady stream of income. Additionally, Land Securities engages in property development, which involves constructing new buildings or renovating existing properties to increase their value and leasing potential. The company also benefits from property sales by divesting non-core assets or completed development projects. Strategic partnerships with local authorities and businesses further enhance its ability to create value and drive occupancy rates, contributing to overall earnings.

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.
Q2-2026 Updates
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%.
Increased EPS and Dividend
EPS was up 3.2%, and the interim dividend increased by 2.2%, supported by strong operational performance and overhead cost reductions.
Retail Portfolio Performance
Sales across the retail portfolio are up nearly 20%, and rental uplifts continue to rise, with occupancy nearly full at 97%.
Capital Recycling and Debt Management
Landsec sold nearly GBP 650 million of low-returning assets, with plans to reduce net debt to EBITDA to below 7x and LTV to below 35% over the next 2 years.
Positive Retail and Office Leasing
Retail leasing is trending 10% ahead of ERV, and office leasing is 9% ahead of ERV, driving strong income growth.
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.
Net Debt to EBITDA Increase
Net debt to EBITDA increased as expected, due to GBP 1 billion of capital invested in non-income-producing assets.
Impact of QAM Sale on EPS
The sale of Queen Anne's Mansions is expected to reduce reported EPS by GBP 7 million this year, with further reductions in subsequent years.
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
Land Securities Group plc exhibits a strong financial position with consistent revenue growth and improved profitability margins. The balance sheet demonstrates stability with a healthy equity base, although increased debt levels warrant caution. Cash flows remain robust, providing a solid foundation for operational liquidity. Despite some fluctuations in profitability and operational efficiency, the company's financial health is generally sound, positioning it well for future growth opportunities.
Income Statement
68
Positive
Land Securities Group plc has demonstrated consistent revenue growth, with a notable increase in Total Revenue from 2022 to 2025. The Gross Profit Margin and Net Profit Margin have improved significantly, indicating enhanced profitability. However, the fluctuations in EBIT and EBITDA margins suggest some instability in operational efficiency, with negative figures in 2024 impacting overall performance.
Balance Sheet
70
Positive
The company's Debt-to-Equity ratio shows a manageable level of leverage, supported by strong equity levels. The Return on Equity has improved, reflecting better profitability. The Equity Ratio remains healthy, indicating financial stability. However, the increase in total debt from 2024 to 2025 could pose potential risks if not managed effectively.
Cash Flow
60
Neutral
Operating Cash Flow has been positive and relatively stable, with a consistent ability to generate Free Cash Flow despite fluctuations in capital expenditures. The Free Cash Flow to Net Income ratio indicates efficiency in converting income to cash flow, although the overall growth rate of Free Cash Flow has been mixed, showing a decline in 2025 compared to 2024.
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue890.00M832.00M824.00M791.00M679.00M635.00M
Gross Profit279.00M510.00M500.00M412.00M372.00M416.00M
EBITDA437.00M511.00M-233.00M-527.00M388.00M-1.31B
Net Income249.00M396.00M-319.00M-619.00M869.00M-1.39B
Balance Sheet
Total Assets11.58B11.62B10.66B10.97B12.89B10.99B
Cash, Cash Equivalents and Short-Term Investments110.00M39.00M78.00M41.00M146.00M5.00M
Total Debt4.65B4.55B3.78B3.54B4.55B3.52B
Total Liabilities5.15B5.09B4.22B3.89B4.90B3.78B
Stockholders Equity6.43B6.51B6.40B7.00B7.92B7.21B
Cash Flow
Free Cash Flow182.00M93.00M212.00M240.00M339.00M15.00M
Operating Cash Flow182.00M256.00M338.00M342.00M381.00M233.00M
Investing Cash Flow-363.00M-383.00M-272.00M834.00M-607.00M334.00M
Financing Cash Flow234.00M88.00M-29.00M-1.28B362.00M-1.91B

Land Securities Group plc REIT Technical Analysis

Technical Analysis Sentiment
Positive
Last Price605.50
Price Trends
50DMA
602.96
Positive
100DMA
577.70
Positive
200DMA
570.67
Positive
Market Momentum
MACD
0.80
Negative
RSI
55.52
Neutral
STOCH
88.90
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:LAND, the sentiment is Positive. The current price of 605.5 is above the 20-day moving average (MA) of 599.80, above the 50-day MA of 602.96, and above the 200-day MA of 570.67, indicating a bullish trend. The MACD of 0.80 indicates Negative momentum. The RSI at 55.52 is Neutral, neither overbought nor oversold. The STOCH value of 88.90 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:LAND.

Land Securities Group plc REIT Peers Comparison

Overall Rating
UnderperformOutperform
Sector (65)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
80
Outperform
£4.35B12.457.22%6.66%43.70%40.28%
75
Outperform
£3.91B11.136.14%5.85%-20.83%
73
Outperform
£4.48B18.073.85%6.34%10.69%135.58%
73
Outperform
£381.18M7.1911.71%7.35%1.60%211.81%
72
Outperform
£2.69B7.737.57%5.71%12.77%14.86%
65
Neutral
$2.17B12.193.79%4.94%3.15%1.96%
60
Neutral
£376.23M9.617.51%5.14%-3.98%412.08%
* Real Estate Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
GB:LAND
Land Securities Group plc REIT
605.50
61.57
11.32%
GB:BLND
British Land Company plc
391.00
53.95
16.01%
GB:CREI
Custodian REIT
81.60
11.21
15.93%
GB:LMP
LondonMetric Property
186.00
17.90
10.65%
GB:UTG
Unite Group plc
547.50
-221.38
-28.79%
GB:PCTN
Picton Property Income
73.30
13.11
21.79%

Land Securities Group plc REIT Corporate Events

Executive/Board ChangesBusiness Operations and Strategy
Land Securities Group PLC Announces Executive Share Transactions
Neutral
Dec 5, 2025

Land Securities Group PLC announced recent transactions involving its Chief Executive Officer, Mark Allan, and Chief Financial Officer, Vanessa Simms, as part of the company’s Share Incentive Plan. The transactions included the monthly purchase and award of shares, reflecting ongoing participation in the company’s incentive schemes. These transactions, conducted on the London Stock Exchange, underscore the company’s commitment to aligning managerial interests with shareholder value.

Regulatory Filings and Compliance
Land Securities Updates Share Capital and Voting Rights
Neutral
Dec 1, 2025

Land Securities Group PLC has announced its updated share capital and voting rights as of November 28, 2025. The company reported an issued ordinary share capital of 751,789,139 shares, with 6,789,236 shares held in treasury, which do not carry voting rights or dividend entitlements. Consequently, the total number of voting rights stands at 744,999,903. This information is crucial for shareholders to determine their notification requirements under the Disclosure Guidance and Transparency Rules.

Other
Land Securities Group PLC Announces Director Share Purchase
Neutral
Nov 17, 2025

Land Securities Group PLC announced a transaction involving Baroness Louise Casey, a Non-Executive Director, who purchased 500 ordinary shares at a price of £6.151 each, totaling £3075.50. This transaction, conducted on the London Stock Exchange, reflects the company’s ongoing commitment to transparency in managerial dealings, potentially reinforcing stakeholder confidence in its governance practices.

Dividends
Landsec Corrects Interim Dividend Record Date
Neutral
Nov 14, 2025

Land Securities Group PLC has announced a correction to the Record Date for its interim dividend for the year ending 31 March 2026. The correct Record Date is 28 November 2025, with the dividend comprising a Property Income Distribution and an ordinary dividend. This update ensures stakeholders have accurate information regarding dividend distribution.

Business Operations and StrategyFinancial Disclosures
Landsec Boosts EPS Outlook Amid Strong Income Growth
Positive
Nov 14, 2025

Land Securities Group PLC reported strong income growth for the half-year ending 30 September 2025, leading to an increase in their EPS outlook. The company has seen positive momentum across its business segments, driven by a strategic repositioning of its portfolio and a focus on sustainable EPS growth. Financial highlights include a 3.2% increase in EPRA EPS, a 5.2% growth in like-for-like net rental income, and a reduction in overhead costs. The company has also raised its guidance for FY26 and FY30, reflecting confidence in continued income growth and operational efficiency. Landsec’s proactive capital recycling and investment strategy aim to enhance returns and strengthen its capital base, with a focus on retail investments and a reduced commitment to new developments in the near term.

Business Operations and Strategy
Land Securities Group PLC Announces Executive Share Transactions
Positive
Nov 6, 2025

Land Securities Group PLC has announced a notification of transactions by its Chief Executive Officer, Mark Allan, and Chief Financial Officer, Vanessa Simms, under the company’s Share Incentive Plan. The transactions involved the purchase and award of ordinary shares, reflecting the company’s ongoing commitment to aligning managerial interests with shareholder value. This move is likely to reinforce investor confidence and demonstrate the leadership’s dedication to the company’s growth and stability.

Regulatory Filings and Compliance
Land Securities Updates Voting Rights and Capital Structure
Neutral
Nov 3, 2025

Land Securities Group PLC has announced its updated voting rights and capital structure as of October 31, 2025, with an issued ordinary share capital of 751,780,110 shares. After accounting for shares held in Treasury, the total number of voting rights stands at 744,990,874. This information is crucial for shareholders to calculate their interests under the Disclosure Guidance and Transparency Rules.

Business Operations and Strategy
Land Securities Executives Engage in Share Incentive Transactions
Positive
Oct 8, 2025

Land Securities Group PLC has announced transactions involving its Chief Executive Officer, Mark Allan, and Chief Financial Officer, Vanessa Simms, as part of the company’s Share Incentive Plan. These transactions, which include the purchase of partnership shares and the award of matching shares, reflect ongoing engagement in the company’s equity plans by its top executives, potentially signaling confidence in the company’s future performance and aligning management interests with those of shareholders.

Regulatory Filings and Compliance
Land Securities Group PLC Updates on Voting Rights and Share Capital
Neutral
Oct 1, 2025

Land Securities Group PLC announced that as of September 30, 2025, its issued ordinary share capital consisted of 751,771,230 shares, with 6,789,236 shares held in Treasury. The total number of voting rights available is 744,981,994, which shareholders can use to calculate their interests under the Disclosure Guidance and Transparency Rules. This update is crucial for stakeholders to understand their voting power and any necessary notifications regarding changes in their shareholding.

Financial Disclosures
Landsec to Announce Half-Year Results on 14 November 2025
Neutral
Sep 29, 2025

Landsec has announced that it will release its half-year results for the period ending 30 September 2025 on 14 November 2025. This announcement is significant for stakeholders as it provides insights into the company’s financial performance and strategic direction, potentially impacting its market positioning and investor relations.

Business Operations and StrategyFinancial Disclosures
Landsec Highlights Strong Growth and Strategic Focus at Capital Markets Event
Positive
Sep 23, 2025

Landsec hosted a capital markets event in Liverpool, highlighting its strong operational performance and strategic focus on sustainable income and EPS growth. The company reported significant growth in its major retail and central London portfolios, with rental uplifts and sales growth surpassing national averages. Landsec is targeting a 4.5-7% CAGR in net rental income from its retail portfolio by FY30, supported by investments in high-yielding projects. The company has also made progress in capital recycling, selling £644m of low-returning assets to reinvest in major retail, while reducing its development pipeline to prioritize income-generating assets.

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.Date of analysis: Dec 07, 2025