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Land Securities Group Plc R.E.I.T (GB:LAND)
:LAND
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Land Securities Group plc REIT (LAND) AI Stock Analysis

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GB:LAND

Land Securities Group plc REIT

(LSE:LAND)

Rating:66Neutral
Price Target:
613.00p
▲(14.79% Upside)
Land Securities Group plc's overall score is driven by strong financial performance and a positive earnings call, highlighting growth and strategic investments. However, technical indicators suggest bearish momentum, and rising debt levels pose risks. The attractive valuation with a high dividend yield supports the stock's appeal.
Positive Factors
Earnings Growth
Management is increasing EPS guidance, indicating that the company is well placed to deliver growth and attractive returns.
Share Re-rating
The 8-10% total accounting returns Landsec has been guiding to suggest that a further share re-rating is likely, as the NAV trough now seems behind.
Negative Factors
Share Valuation
LandSec's shares are trading at a 33% discount to the end-September NTA announced today, aligned with peer British Land.

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 commercial properties, which include offices, retail spaces, and mixed-use developments. The company leases these properties to tenants under long-term agreements, providing a stable income stream. Additionally, Land Securities engages in property development, where it invests in new projects or refurbishments that increase the value of its portfolio. The company also benefits from property sales, where it divests non-core assets or completes development projects for profit. Significant partnerships with local authorities and businesses enhance its development capabilities and market presence, while ongoing management of its properties ensures consistent occupancy rates and rental yields, contributing to its overall earnings.

Land Securities Group plc REIT Earnings Call Summary

Earnings Call Date:May 16, 2025
(Q4-2025)
|
% Change Since: |
Next Earnings Date:Nov 18, 2025
Earnings Call Sentiment Positive
The earnings call revealed a strong operational performance with significant income growth in key areas and a positive outlook for EPS growth. However, challenges such as rising net debt, leverage, and interest costs were noted. Despite these challenges, strategic investments and high occupancy levels contribute to a positive sentiment.
Q4-2025 Updates
Positive Updates
Strong Operational Performance
Landsec reported high like-for-like income growth across both London and retail, which combined make up 83% of the business, with overall like-for-like income growth over the year up 5% and uplifts on relettings and renewals in retail and London rising to 8%.
EPS Growth and Positive Outlook
The company expects around 20% growth in EPS over the next five years despite a 10% EPS headwind from rising interest costs and finance lease expiry. The near-term EPS growth outlook is firmly positive due to strong portfolio positioning and efficiency savings.
High Occupancy Rates
Landsec reported a 100 basis point increase in occupancy to 97.2%, with high occupancy in London up to 98% and retail up to 97%.
Significant Investments and Asset Sales
Landsec invested over GBP600 million in Liverpool ONE and Bluewater at highly accretive yields and sold around GBP655 million of assets, primarily in subscale sectors.
Steady Recovery in the London Office Market
The positive outlook for rents in the best assets has started to attract new investor demand in London, with occupier demand for the best space continuing to grow.
Retail Portfolio Outperformance
Landsec's retail portfolio saw like-for-like income up 5.1% and occupancy up 110 basis points, with rental uplifts trending higher and occupancy ahead of pre-COVID levels.
Negative Updates
Rising Net Debt and Leverage
Net debt increased due to acquisitions, with LTV just over 38% and net debt to EBITDA at 7.7 times. The company expects to slightly exceed the target net debt to EBITDA of 8 times in the current year.
Impact of Rising Interest Costs
The company anticipates a roughly 10% EPS headwind from rising interest costs and a finance lease expiry at QAM, which will be spread over several years.
Mixed Use Asset Value Decline
Mixed use assets were down 5% in value for the year, reflecting a reduction in value at MediaCity and predevelopment CapEx incurred at other mixed-use schemes.
Limited Development Exposure
Landsec plans to limit overall development exposure due to limited near-term income growth benefits and focus on projects that provide an attractive margin.
Company Guidance
During the call, Landsec provided guidance for the fiscal year 2025, emphasizing their strategic focus on sustainable income and EPS growth. They reported a 5% overall like-for-like income growth, with retail and London portfolios showing uplifts of 8%. Occupancy increased by 100 basis points to 97.2%. Landsec anticipates EPS growth of 2% to 4% this year, contributing to their goal of approximately 20% EPS growth by 2030, despite a 10% EPS headwind from rising interest costs. The company is targeting net debt to EBITDA of less than 8 times, with a loan-to-value ratio around the mid-30s. They plan to invest GBP1 billion more into high-quality retail over the next three years, having already invested GBP600 million into Liverpool ONE and Bluewater. Additionally, they aim to establish a substantial residential platform, expecting residential income growth to closely track inflation. Their strategic capital allocation priorities aim to maintain a strong capital base, with a current LTV of 38.4% and net debt to EBITDA at 7.7 times. Landsec's operational momentum and efficiency savings are expected to drive further EPS growth, supported by a robust balance sheet and a clear strategic focus.

Land Securities Group plc REIT Financial Statement Overview

Summary
Land Securities Group plc shows consistent revenue growth and improved profitability margins. The balance sheet is stable with a healthy equity base, though increased debt levels require caution. Cash flows are robust, supporting operational liquidity despite some profitability fluctuations.
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 Revenue842.00M832.00M824.00M791.00M679.00M635.00M
Gross Profit516.00M510.00M500.00M412.00M372.00M416.00M
EBITDA438.00M511.00M-231.00M-527.00M388.00M-1.31B
Net Income396.00M396.00M-319.00M-619.00M869.00M-1.39B
Balance Sheet
Total Assets11.62B11.62B10.66B10.97B12.89B10.99B
Cash, Cash Equivalents and Short-Term Investments39.00M39.00M78.00M41.00M146.00M5.00M
Total Debt4.55B4.55B3.78B3.54B4.55B3.52B
Total Liabilities5.09B5.09B4.22B3.89B4.90B3.78B
Stockholders Equity6.51B6.51B6.40B7.00B7.92B7.21B
Cash Flow
Free Cash Flow256.00M93.00M212.00M240.00M339.00M15.00M
Operating Cash Flow256.00M256.00M338.00M342.00M381.00M233.00M
Investing Cash Flow-383.00M-383.00M-272.00M834.00M-607.00M334.00M
Financing Cash Flow88.00M88.00M-29.00M-1.28B362.00M-1.91B

Land Securities Group plc REIT Technical Analysis

Technical Analysis Sentiment
Negative
Last Price534.00
Price Trends
50DMA
582.84
Negative
100DMA
588.12
Negative
200DMA
570.32
Negative
Market Momentum
MACD
-11.14
Positive
RSI
27.32
Positive
STOCH
8.06
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:LAND, the sentiment is Negative. The current price of 534 is below the 20-day moving average (MA) of 568.73, below the 50-day MA of 582.84, and below the 200-day MA of 570.32, indicating a bearish trend. The MACD of -11.14 indicates Positive momentum. The RSI at 27.32 is Positive, neither overbought nor oversold. The STOCH value of 8.06 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:LAND.

Land Securities Group plc REIT Peers Comparison

Overall Rating
UnderperformOutperform
Sector (63)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
74
Outperform
£4.14B10.408.66%6.87%122.74%60.58%
73
Outperform
£348.48M8.729.14%7.93%3.79%
71
Outperform
£3.45B9.527.57%3.97%12.77%14.86%
69
Neutral
£3.21B9.146.14%6.95%-20.83%
66
Neutral
£3.93B9.926.13%6.22%0.97%
63
Neutral
$7.02B13.29-0.50%6.92%4.08%-25.24%
$498.81M12.007.04%
* Real Estate Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
GB:LAND
Land Securities Group plc REIT
535.50
-84.33
-13.61%
GB:BLND
British Land Company plc
328.20
-81.02
-19.80%
GB:CREI
Custodian REIT
75.70
0.60
0.80%
GB:LMP
LondonMetric Property
177.50
-11.34
-6.01%
GB:UTG
Unite Group plc
696.50
-218.85
-23.91%
PCTNF
Picton Property Income
1.05
0.12
12.90%

Land Securities Group plc REIT Corporate Events

M&A TransactionsBusiness Operations and Strategy
Landsec Sells Queen Anne’s Mansions for £245 Million, Advancing Strategic Goals
Positive
Aug 18, 2025

Landsec has announced the sale of its Queen Anne’s Mansions office block to Arora Group for £245 million, marking significant progress towards its goal of releasing £2 billion of capital from office assets by 2030. The sale, which is expected to complete in December 2025, will impact EPRA earnings for FY26 and FY27, but is seen as a positive step in Landsec’s strategy to focus on assets that deliver sustainable income and growth. The transaction also reflects a recovery in the central London investment market and contributes to Landsec’s overall disposals exceeding initial expectations.

Other
Land Securities Executives Engage in Share Incentive Transactions
Neutral
Aug 6, 2025

Land Securities Group PLC has announced transactions involving its Chief Executive Officer, Mark Allan, and Chief Financial Officer, Vanessa Simms, under the company’s Share Incentive Plan. Both executives have participated in monthly purchases and awards of shares, reflecting their continued commitment and investment in the company. These transactions are part of regular share incentive activities, indicating a stable and ongoing engagement of top management with the company’s equity, which could reassure stakeholders of the leadership’s confidence in the company’s future performance.

Regulatory Filings and Compliance
Land Securities Updates Voting Rights and Capital Structure
Neutral
Aug 1, 2025

Land Securities Group PLC has announced its updated voting rights and capital structure as of July 31, 2025. The company has an issued ordinary share capital of 751,736,450 shares, with 6,789,236 shares held in Treasury, for which voting rights and dividend entitlements are waived. This results in a total of 744,947,214 voting rights available to shareholders. This update is significant for shareholders as it affects how they calculate their interests under the Disclosure Guidance and Transparency Rules.

Executive/Board ChangesFinancial Disclosures
Land Securities Executives Engage in Significant Share Transactions
Neutral
Jul 29, 2025

Land Securities Group PLC announced transactions involving its CEO, Mark Allan, and CFO, Vanessa Simms, who exercised options and subsequently acquired and sold ordinary shares in the company. These transactions were part of the company’s 2015 Deferred Share Bonus Plan and Long-Term Incentive Plan. The sales were executed to cover tax liabilities and resulted in significant financial movements, with Allan selling shares worth over £912,000 and Simms selling shares worth over £505,000. This activity highlights the ongoing management of executive compensation and tax obligations within the company.

Business Operations and Strategy
Land Securities Group PLC Announces Director’s Purchase of ADRs
Positive
Jul 28, 2025

Land Securities Group PLC announced a transaction involving the purchase of American Depositary Receipts (ADRs) by Michael Campbell, a Non-Executive Director. The transaction, conducted in the US over-the-counter market, involved the acquisition of 1,175 ADRs at a price of $8.0535 each, totaling $9,462.8625. This move reflects a strategic investment decision by a key company figure, potentially signaling confidence in the company’s market position and future prospects.

Shareholder MeetingsStock Buyback
Land Securities Group PLC Reports Successful AGM with Strong Shareholder Support
Positive
Jul 10, 2025

Land Securities Group PLC announced the successful passage of all resolutions at its Annual General Meeting, held on July 10, 2025. The resolutions included the approval of the 2025 Annual Report, the election and re-election of directors, and the authorization for the company to make market purchases of its own shares. The high approval rates for resolutions indicate strong shareholder support, which could positively impact the company’s governance and strategic initiatives. The meeting saw a 79.31% turnout, reflecting active shareholder engagement.

Executive/Board ChangesBusiness Operations and Strategy
Land Securities Executives Increase Shareholdings in Strategic Move
Positive
Jul 7, 2025

Land Securities Group PLC announced transactions involving its Chief Executive Officer, Mark Allan, and Chief Financial Officer, Vanessa Simms, as part of the company’s Share Incentive Plan. Both executives acquired shares through monthly purchases and awards, reflecting their ongoing commitment to the company’s growth and alignment with shareholder interests. These transactions, conducted on the London Stock Exchange, underscore the leadership’s confidence in the company’s strategic direction and potential for long-term value creation.

Regulatory Filings and Compliance
Land Securities Updates Voting Rights and Capital Structure
Neutral
Jul 1, 2025

Land Securities Group PLC has announced its updated voting rights and capital structure as of June 30, 2025. The company reports an issued ordinary share capital of 751,732,462 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 744,943,226. This information is crucial for shareholders to determine their notification obligations under the Disclosure Guidance and Transparency Rules.

Executive/Board ChangesBusiness Operations and Strategy
Land Securities Grants Share Options to Executive Directors
Positive
Jun 26, 2025

Land Securities Group PLC announced that its Executive Directors, Mark Allan and Vanessa Simms, have been granted options over the company’s shares under the Omnibus Share Plan Rules 2024. These options are part of the Deferred Share Bonus Award and Performance Share Award schemes, which are contingent upon continued employment and the company’s performance in areas such as shareholder return and ESG targets. This move aligns with the company’s strategic focus on incentivizing leadership to drive long-term value and sustainability, potentially impacting its market positioning and stakeholder interests.

Executive/Board ChangesBusiness Operations and Strategy
Land Securities Executives Engage in Share Incentive Transactions
Positive
Jun 5, 2025

Land Securities Group PLC announced transactions involving its Chief Executive Officer, Mark Allan, and Chief Financial Officer, Vanessa Simms, under the company’s Share Incentive Plan. Both executives participated in the monthly purchase of partnership shares and were awarded matching shares, reflecting their ongoing commitment to the company’s growth and alignment with shareholder interests. These transactions, conducted on the London Stock Exchange, underscore the company’s strategic initiatives to enhance stakeholder value.

Shareholder MeetingsFinancial DisclosuresRegulatory Filings and Compliance
Land Securities Publishes 2025 Annual Report and AGM Notice
Neutral
Jun 3, 2025

Land Securities Group PLC has published its 2025 Annual Report and Notice of Annual General Meeting (AGM), which are now available to shareholders and have been submitted to the National Storage Mechanism for inspection. The AGM is scheduled for 10 July 2025, and shareholders are encouraged to attend in person or submit questions in advance. This announcement underscores the company’s commitment to transparency and shareholder engagement, aligning with regulatory requirements and reinforcing its position in the real estate sector.

Regulatory Filings and Compliance
Land Securities Group PLC Updates on Voting Rights and Share Capital
Neutral
Jun 2, 2025

Land Securities Group PLC announced that as of May 30, 2025, its issued ordinary share capital consisted of 751,732,064 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 available to shareholders is 744,942,828, a figure that stakeholders can use to assess their shareholding interests under the Disclosure Guidance and Transparency Rules.

Business Operations and StrategyRegulatory Filings and Compliance
BlackRock Adjusts Stake in Land Securities Group PLC
Neutral
May 19, 2025

Land Securities Group PLC, a UK-based real estate investment trust, has announced a change in major holdings. BlackRock, Inc., a US-based investment management corporation, has adjusted its voting rights in Land Securities Group PLC, now holding 10.32% of the total voting rights. This change reflects BlackRock’s continued strategic interest in the company, potentially impacting the company’s governance and shareholder dynamics.

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: Aug 19, 2025