British Land Co PLC (OTCPK:BTLCY)

$ 5.02 -0.03 (-0.59%) Market Cap: 4.66 Bil Enterprise Value: 7.28 Bil PE Ratio: 0 PB Ratio: 0.70 GF Score: 77/100

Half Year 2024 British Land Company PLC Earnings Call Transcript
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Half Year 2024 British Land Company PLC Earnings Call Transcript

Nov 13, 2023 / 09:00AM GMT

Release Date Price: $3.86 (+1.05%)

Transcript

Simon G. Carter

British Land Company PLC - CEO & Director

Good morning, everyone, and thank you very much for joining us for our half year results. Well done for battling in against the storm Debi. We appreciate you coming today. We'll follow the usual running order. Bhavesh will take you through the financials, Darren the operational performance, and I'll wrap up on the strategy and the outlook.

But before we do that, I just wanted to share the headlines. We're really pleased with the operational performance in this half. We've continued to lease well right across the business with 1.6 million square feet of leasing, 12% ahead of ERV. We've also controlled costs well despite inflation. And taken together, this has led to profit growth of 3%. The macroeconomic and geopolitical backdrop remains uncertain as we know, and interest rates have increased since we last reported. As a result, we've seen further outward yield shift of 23 basis points, though this slowed during the period.

Importantly, rental growth has accelerated with ERV up more than 3% across all 3 of our submarkets.

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