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Land Securities Group plc REIT
(LSE:LAND)
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Rating:68Neutral
Price Target:
768.00 p
â–˛(10.27% Upside)
Action:Reiterated
Date:06/13/26
The score is driven by stabilizing financial performance (improving revenue and profitability with a solid equity base) but is held back by near-zero recent free cash flow and earnings volatility. Technicals are supportive with strong trend and positive momentum, and valuation is helped by a high dividend yield and a reasonable P/E.
Positive Factors
Re-accelerating revenue and restored profitability
Stronger top-line growth and renewed profitability indicate improved operating momentum. If sustained through leasing, asset management and development activity, this can support recurring earnings and strengthen long-term capital generation.
Negative Factors
Free cash flow has deteriorated to near zero
Near-zero free cash flow reduces capacity to reinvest, repay debt or sustain distributions without relying on asset disposals or additional financing. This weakens financial flexibility and makes cash conversion a key medium-term risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Re-accelerating revenue and restored profitability
Stronger top-line growth and renewed profitability indicate improved operating momentum. If sustained through leasing, asset management and development activity, this can support recurring earnings and strengthen long-term capital generation.
Read all positive factors
Land Securities Group plc REIT (LAND) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
ÂŁ4.67B
Dividend Yield6.53%
Average Volume (3M)2.84M
Price to Earnings (P/E)13.7
Beta (1Y)1.25
Revenue Growth7.21%
EPS Growth-13.23%
CountryUK
Employees700
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)0.46
Shares Outstanding745,155,760
10 Day Avg. Volume2,742,143
30 Day Avg. Volume2,843,412
Financial Highlights & Ratios
PEG Ratio-0.91
Price to Book (P/B)0.63
Price to Sales (P/S)4.61
P/FCF Ratio61.33
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
ÂŁ741.50Price Target Upside6.46% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)0.52
Revenue Forecast (FY)ÂŁ641.82M
Land Securities Group plc REIT Business Overview & Revenue Model
Company Description
We identify and shape places that create opportunity, enhance quality of life, and bring joy to the people connected to them. This is how we've created the UK's leading portfolio of urban places and one of the largest real estate companies in Euro...
How the Company Makes Money
Landsec primarily makes money from owning and operating income-producing commercial real estate. Its main revenue stream is rental income paid by tenants under lease agreements across its portfolio, which can include base rent and, where applicabl...
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 | 67.00M | 93.00M | 212.00M | 240.00M | 339.00M |
| Operating Cash Flow | 214.00M | 256.00M | 338.00M | 342.00M | 381.00M |
| Investing Cash Flow | 216.00M | -383.00M | -272.00M | 834.00M | -607.00M |
| Financing Cash Flow | -363.00M | 88.00M | -29.00M | -1.28B | 362.00M |
Land Securities Group plc REIT Technical Analysis
Negative
696.50
Price Trends
685.81
Negative
643.75
Negative
618.84
Positive
Market Momentum
-12.39
Positive
25.61
Positive
9.10
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 696.5 is above the 20-day moving average (MA) of 677.95, above the 50-day MA of 685.81, and above the 200-day MA of 618.84, indicating a neutral trend. The MACD of -12.39 indicates Positive momentum. The RSI at 25.61 is Positive, neither overbought nor oversold. The STOCH value of 9.10 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
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | ÂŁ4.16B | 13.66 | 6.29% | 7.05% | 17.12% | -23.84% | |
68 Neutral | ÂŁ4.67B | 13.71 | 5.29% | 6.53% | 7.21% | -13.23% | |
67 Neutral | ÂŁ4.09B | 8.67 | 7.73% | 5.79% | 15.13% | 29.40% | |
67 Neutral | ÂŁ395.45M | 7.74 | 10.24% | 7.39% | 9.07% | 21.13% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
61 Neutral | ÂŁ201.27M | 14.09 | 4.68% | 8.87% | 7.06% | -54.80% | |
60 Neutral | ÂŁ357.50M | 14.06 | 4.93% | 5.06% | -5.46% | -27.41% |
* Real Estate Sector Average
GB:LAND
Land Securities Group plc REIT
630.50
120.79
23.70%
GB:BLND
British Land Company plc
399.00
84.04
26.68%
GB:CREI
Custodian REIT
81.20
6.42
8.59%
GB:LMP
LondonMetric Property
178.00
10.25
6.11%
GB:SREI
Schroder Real Estate ate ate Investment
40.45
-4.53
-10.08%
GB:PCTN
Picton Property Income
70.00
-2.44
-3.37%
Land Securities Group plc REIT Corporate Events
Other
Land Securities Executives Add to Holdings Under Share Incentive Plan
Neutral
Aug 7, 2026
Land Securities Group plc has reported routine share transactions by chief executive Mark Allan and chief financial officer Vanessa Simms under the company’s Share Incentive Plan. Allan and Simms each acquired 21 partnership shares at £...
Business Operations and StrategyDelistings and Listing Changes
Landsec Seeks Admission of 100,000 Shares for Employee Options
Positive
Aug 6, 2026
Landsec has applied for the admission of 100,000 new ordinary shares to trading on the main market of the London Stock Exchange, with admission expected on 7 August 2026. The shares, each with a nominal value of 10 2/3 pence, will be reserved unde...
Business Operations and StrategyRegulatory Filings and Compliance
Landsec Updates Share Capital and Voting Rights Following July Issuances
Neutral
Aug 3, 2026
Landsec has confirmed that as of 31 July 2026 its issued ordinary share capital stands at 751,838,621 ordinary shares, of which 6,789,236 are held in Treasury without voting or dividend rights. This leaves 745,049,385 voting shares in circulation,...
Other
Land Securities Executives Boost Shareholdings After Option Exercises
Neutral
Jul 29, 2026
Land Securities has disclosed a series of share transactions by Chief Executive Officer Mark Allan and Chief Financial Officer Vanessa Simms, reflecting changes in their personal holdings in the company. Following these moves, Allan’s stake ...
Business Operations and StrategyExecutive/Board Changes
Landsec CEO Mark Allan to Join Whitbread Board as Non-Executive Director
Positive
Jul 23, 2026
Landsec has announced that its Chief Executive Officer and Executive Director Mark Allan will join the Board of Whitbread PLC as a non-executive director from 1 October 2026. The appointment broadens Allan’s external board experience and may...
Business Operations and StrategyStock BuybackDividendsShareholder Meetings
Landsec shareholders back all AGM resolutions, approve dividend and capital powers
Positive
Jul 9, 2026
Land Securities Group plc reported the results of its Annual General Meeting held in London, confirming that all 20 resolutions put to shareholders were passed by poll with the required majorities. The meeting included approval of the 2026 Annual ...
Other
Land Securities executives add to holdings through monthly share plan
Positive
Jul 7, 2026
Land Securities Group plc, a leading U.K. real estate investment trust, owns and manages a large portfolio of commercial properties including offices, retail and mixed-use developments. Its market focus is on prime British real estate and long-ter...
Regulatory Filings and Compliance
Landsec Updates Share Capital and Voting Rights Following June Issuances
Neutral
Jul 1, 2026
Land Securities Group plc reported that its issued ordinary share capital stood at 751,836,201 shares as of 30 June 2026, with 6,789,236 shares held in treasury for which voting and dividend rights are waived. Following these adjustments and recen...
Business Operations and StrategyExecutive/Board Changes
Landsec Grants Long‑Term Share Options to Top Executives Under 2024 Plan
Neutral
Jun 25, 2026
Landsec has granted nil‑cost share options to chief executive Mark Allan and chief financial officer Vanessa Simms under its 2024 Omnibus Share Plan, with option values calculated using a £6.51 reference share price. The awards comprise...
Executive/Board ChangesRegulatory Filings and Compliance
Landsec executives boost holdings through routine share incentive awards
Positive
Jun 5, 2026
Land Securities Group plc has reported routine share dealings by its top executives under the company’s Share Incentive Plan, reflecting ongoing alignment between management and shareholders. Chief executive Mark Allan now holds 635,882 ordi...
Financial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
Land Securities Publishes 2026 Annual Report and Sets July AGM
Neutral
Jun 2, 2026
Land Securities Group PLC has published its 2026 Annual Report for the year ended 31 March 2026, along with the Notice of Annual General Meeting and proxy form, making these documents available to shareholders via the National Storage Mechanism an...
Business Operations and StrategyRegulatory Filings and Compliance
Landsec updates market on share capital and voting rights after SAYE issuance
Neutral
Jun 1, 2026
Land Securities Group plc has updated the market on its share capital and voting rights position following recent share issuances under its Save As You Earn (SAYE) employee share scheme. As of 29 May 2026, the company’s issued ordinary share...
Regulatory Filings and Compliance
Landsec CEO Mark Allan Sells 42,500 Shares in Regulatory-Reported Trade
Neutral
May 19, 2026
Landsec reported that its Chief Executive Officer, Mark Allan, executed a sale of ordinary shares in the company, as disclosed under regulatory requirements for persons discharging managerial responsibilities. The transaction involved the sale of ...
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.