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:61Neutral
Price Target:
616.00 p
â–¼(-1.28% Downside)
Action:Downgraded
Date:05/15/26
The score is anchored by stabilizing financial performance (improving revenue/profitability and balance sheet support) but constrained by sharply weaker free cash flow. Valuation is supportive with a high dividend yield and moderate P/E, while technical indicators remain notably weak and keep the overall score from being higher. Earnings call commentary was broadly positive with raised EPS guidance and strong occupancy, partially offset by NTA and leverage-related headwinds.
Positive Factors
High occupancy & leasing momentum
Near-peak office occupancy and positive like-for-like income indicate durable tenant demand for prime space. Sustained high occupancy reduces vacancy risk, supports steady rental cash flows, and strengthens the base for long-term income resilience and predictable lease renewals.
Negative Factors
Deteriorating free cash flow
The collapse in free cash flow materially reduces financial flexibility for reinvestment, debt reduction, and shareholder distributions. Even with positive operating cash flow, near-zero FCF makes the business more dependent on asset sales or external financing for strategic spending and de-risking.
Read all positive and negative factors
Positive Factors
Negative Factors
High occupancy & leasing momentum
Near-peak office occupancy and positive like-for-like income indicate durable tenant demand for prime space. Sustained high occupancy reduces vacancy risk, supports steady rental cash flows, and strengthens the base for long-term income resilience and predictable lease renewals.
Read all positive factors
Land Securities Group plc REIT (LAND) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£4.59B
Dividend Yield6.34%
Average Volume (3M)4.28M
Price to Earnings (P/E)12.0
Beta (1Y)1.15
Revenue Growth7.21%
EPS Growth-13.40%
CountryUK
Employees598
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)0.46
Shares Outstanding745,042,050
10 Day Avg. Volume3,924,613
30 Day Avg. Volume4,276,238
Financial Highlights & Ratios
PEG Ratio-0.91
Price to Book (P/B)0.63
Price to Sales (P/S)4.61
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£697.56Price Target Upside11.79% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)0.52
Revenue Forecast (FY)£659.93M
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:Nov 17, 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
62
Positive
Balance Sheet
68
Positive
Cash Flow
52
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 892.00M | 832.00M | 824.00M | 791.00M | 679.00M |
| Gross Profit | 516.00M | 510.00M | 500.00M | 412.00M | 372.00M |
| EBITDA | 473.00M | 511.00M | -233.00M | -527.00M | 388.00M |
| Net Income | 343.00M | 396.00M | -319.00M | -619.00M | 869.00M |
Balance Sheet | |||||
| Total Assets | 11.54B | 11.62B | 10.66B | 10.97B | 12.89B |
| Cash, Cash Equivalents and Short-Term Investments | 117.00M | 39.00M | 78.00M | 41.00M | 146.00M |
| Total Debt | 4.50B | 4.55B | 3.78B | 3.54B | 4.55B |
| Total Liabilities | 5.00B | 5.09B | 4.22B | 3.89B | 4.90B |
| Stockholders Equity | 6.54B | 6.51B | 6.40B | 7.00B | 7.92B |
Cash Flow | |||||
| Free Cash Flow | 0.00 | 93.00M | 212.00M | 240.00M | 339.00M |
| Operating Cash Flow | 225.00M | 256.00M | 338.00M | 342.00M | 381.00M |
| Investing Cash Flow | 205.00M | -383.00M | -272.00M | 834.00M | -607.00M |
| Financing Cash Flow | -372.00M | 88.00M | -29.00M | -1.28B | 362.00M |
Land Securities Group plc REIT Technical Analysis
Positive
624.00
Price Trends
584.07
Positive
613.37
Positive
596.03
Positive
Market Momentum
5.11
Negative
63.85
Neutral
97.51
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 624 is above the 20-day moving average (MA) of 591.25, above the 50-day MA of 584.07, and above the 200-day MA of 596.03, indicating a bullish trend. The MACD of 5.11 indicates Negative momentum. The RSI at 63.85 is Neutral, neither overbought nor oversold. The STOCH value of 97.51 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
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | £3.98B | 7.83 | 7.75% | 5.85% | 15.13% | 29.20% | |
72 Outperform | £417.39M | 3.34 | 11.57% | 7.17% | 1.60% | 211.81% | |
70 Outperform | £4.40B | 13.93 | 7.16% | 6.67% | 17.12% | -23.67% | |
67 Neutral | £233.79M | 5.97 | 9.81% | 6.64% | 8.12% | 163.48% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
61 Neutral | £4.59B | 11.98 | 5.29% | 6.34% | 7.21% | -13.40% | |
60 Neutral | £373.84M | 6.81 | 7.51% | 5.15% | -3.98% | 412.08% |
* Real Estate Sector Average
GB:LAND
Land Securities Group plc REIT
630.00
49.97
8.62%
GB:BLND
British Land Company plc
396.20
34.78
9.62%
GB:CREI
Custodian REIT
84.90
11.85
16.23%
GB:LMP
LondonMetric Property
186.80
1.83
0.99%
GB:SREI
Schroder Real Estate ate ate Investment
48.15
0.98
2.07%
GB:PCTN
Picton Property Income
73.30
3.27
4.66%
Land Securities Group plc REIT Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
Landsec Delivers 20-Year High Occupancy and Strong Rent Growth as It Tightens Capital Base
Positive
May 14, 2026
Landsec reported full-year results to 31 March 2026 showing its portfolio positioned for a higher inflation and interest rate environment, with like-for-like net rental income up 4.6% and EPRA earnings per share rising 2.2% to 51.4p, at the top en...
Other
Land Securities Executives Increase Stakes Through Share Incentive Plan
Neutral
May 7, 2026
Land Securities Group plc has disclosed routine share transactions by chief executive Mark Allan and chief financial officer Vanessa Simms under the company’s Share Incentive Plan. The notified dealings include monthly purchases of partnersh...
Regulatory Filings and Compliance
Landsec Updates Share Capital and Voting Rights Totals for April 2026
Neutral
May 1, 2026
Land Securities Group PLC has reported that as of 30 April 2026 its issued ordinary share capital comprised 751,831,297 shares, of which 6,789,236 are held in treasury without voting rights or dividend entitlements. This leaves a total of 745,042,...
Financial Disclosures
Landsec Sets Date for Full-Year 2026 Results Announcement
Neutral
Apr 10, 2026
Landsec has scheduled the announcement of its full year results for the year ended 31 March 2026 for Thursday 14 May 2026, with a presentation at 10:00am BST. The timing signals the next key update for investors and stakeholders on the performance...
Regulatory Filings and Compliance
Land Securities executives boost stakes through monthly share incentive awards
Neutral
Apr 9, 2026
Land Securities Group plc has disclosed routine share transactions by its top executives under the company’s Share Incentive Plan. Chief executive Mark Allan and chief financial officer Vanessa Simms each acquired 26 partnership shares at &#...
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...
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.