ANALYST VIEWS: WERE BRITISH LAND’S QUARTERLY RESULTS ON TRACK?
JAMES CARSWELL | PEEL HUNT
We think retail, operationally, performed well, but the small valuation declines might be further signs of things to come. Their development pipeline is very well de-risked. They have de-risked over 50 per cent through pre-lets like Aon which is clearly a huge advantage over their competitors.
ALISON WATSON | LIBERUM
NAV, earnings and dividend results were broadly in-line with our expectations… A solid operational performance with occupancy recording an increase over the quarter to 98 per cent from 97.8 per cent at the half year and lettings and re-gears continued to be achieved well ahead of estimated rental value.
MARTIN ALLEN | DEUTSCHE BANK
The essentially unchanged values reported by the group in the quarter to end-December comprised essentially flat market rents…Valuations in the quarter benefited from the pre-let to Aon at The Leadenhall Building, which helped boost the valuation of the group’s City holdings from “virtually flat” to +0.8 per cent.