KEITH CRAWFORD | PEEL HUNT
British Land’s arguably overleveraged position constrains improvement opportunities whilst Land Securities majors on medium-run developments... Land Securities, despite the previous two dull results, offers relative appeal and we think is the better stock over the medium and long term.
MARK HUGHES | PANMURE GORDON
You own British Land in the current environment because as we have said in the past, “it does what it says on the tin”. Its stable portfolio and predictable income stream continue to deliver IPD outperformance and a predictable and attractive dividend yield (5.1 per cent). We remain Buyers.
ALISON WATSON | LIBERUM
Whilst the group has the longest-dated income streams in the sector, an above sector average 5.1 per cent dividend yield and a solid balance sheet, its high level of gearing remains a risk in our view. The tough retail occupational market, highlighted by the spate of tenant failures, remains a challenge.