British Land Share Price (BLND)

Barclays broker upgrade today good to see, new price target 465p.

The only limit here is those age old external factors of gilt yields/inflation, undoubtedly much hinges on that in the short term, but aside from factors the company can't control, real sense they're firing on all cylinders here.

Perhaps it's starting to dawn on market that demand for high quality London office space is only going one way, and with supply seemingly more constrained than ever, BLND looks very well positioned to capitalise. Very bullish to see vacancies near zero. Plus if we consider calibre of tenants with US tech giants renting our properties, including recently signed Anthropic, these guys so awash with cash they could go just about anywhere. Good sign they've chosen this.

BLND is not really a safe hold though. It has lost money on almost all time bases. If you bought and held 30, 20 or 10 years ago, your investment is underwater. That is terrible performance. I have traded this fairly often for 20 years but it is not a safe hold. Yield of around 5% gross is ok.

.wealthoracle.co.uk/company-results

A record leasing year underpins a stronger earnings trajectory. Underlying profit rose 5% to £294m and underlying EPS 1% to 28.9p, with a 4% uplift in EPRA NTA to 590p and total accounting return of 8.1%. Portfolio values rose 2.3% with ERV growth of 4.9%, led by campuses at 6.5% and 12% like-for-like net rental growth excluding Storey. The company leased 3.8m sq ft, 7.2% ahead of ERV with another 1.1m sq ft under offer 12.9% above. Crucially BLND guided FY27 EPS of at least 30.5p, supported by like-for-like net rental growth at the top of its 3-5% range. Life Science REIT acquisition completed 20 April. IN-LINE.

.wealthoracle.co.uk/company-results

Another solid update. Continued comfy hold in uncertain times.

Yep - nothing not to like in that update. Quality outfit sweating their high quality assets nicely. Lovely. Always feels a safe hold.