Land Securities Group PLC (LDSCY) (FY 2025) Earnings Call Highlights: Strong Operational ...
EPS Growth: Expected 20% growth in EPS over the next five years, with a 2% to 4% increase anticipated for the current year.
Like-for-Like Income Growth: Overall growth of 5% for the year, with retail and London sectors rising to 8%.
Occupancy Rate: Increased by 100 basis points to 97.2%.
Net Debt-to-EBITDA: 7.7 times, with a target of less than 8 times.
Loan to Value (LTV): Just over 38%, with a target to reduce to the mid-30s.
Dividend Growth: Increased by 2%, in line with guidance.
Return on Equity: Positive at 6.4%.
Net Tangible Asset (NTA) per Share: Up 1.7%.
ERV Growth: 4.2% growth driven by strong leasing activity.
Capital Investment: Over GBP600 million invested in retail destinations, with GBP655 million in asset sales.
Overhead Cost Reduction: Down 5% for the year, with a further reduction target of 10% over the next two years.
Warning! GuruFocus has detected 6 Warning Signs with LDSCY.
Release Date: May 16, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Land Securities Group PLC (LDSCY) reported strong operational performance with high like-for-like income growth across both London and retail, which make up 83% of their business.
The company expects to drive around 20% growth in EPS over the next five years, despite a 10% EPS headwind from rising interest costs.
Occupancy rates increased by 100 basis points to 97.2%, indicating strong demand for their properties.
Land Securities Group PLC (LDSCY) invested over GBP600 million into prime retail destinations, Liverpool One and Bluewater, at highly accretive yields.
The company has a clear strategy to deliver sustainable income and EPS growth, with a focus on high-quality assets and efficiency savings.
Rising interest costs and a finance lease expiry at Quam are expected to create a 10% EPS headwind.
Net debt increased due to acquisitions, with LTV now just over 38%, which is higher than their target of mid-30s.
The company faces challenges in maintaining EPS growth due to the time required to shift their portfolio mix.
There is a risk of cost overruns and slippage in completion dates for under-construction developments.
The mixed-use assets segment saw a 5% decrease in value, partly due to predevelopment CapEx not yet reflected in valuation uplifts.
Q: What are the key factors needed to achieve the 2030 EPS growth target, and what risks could prevent reaching it? A: Mark Allan, CEO, explained that most growth will come from the current portfolio, focusing on capturing reversion in the office portfolio and rental growth in retail. Cost efficiencies, largely technology-driven, are also crucial. Towards the end of the period, capital recycling will play a role, assuming a recovery in investor demand for office assets.
Q: What are the expected returns on residential developments, and how do they compare to stabilized yields in the market? A: Mark Allan noted that residential projects are expected to yield a net return in the low 5% range, depending on location. Stabilized yields currently range from 4.25% to 4.75%. The strong correlation of rental growth to inflation and political support for housing development are key factors supporting these projects.
Q: Has there been any change in the expected completion dates for under-construction developments? A: Mark Allan confirmed that the projects are expected to complete around the end of the financial year, with some slippage from initial timelines. Timber Square is likely to see pre-let demand sooner, while 30 high will attract interest closer to completion.
Q: How is the retail investment market evolving, and what are the plans for the GBP1 billion investment in retail over the next three years? A: Mark Allan stated that GBP200 million will be invested in expanding existing retail spaces, with the remaining GBP800 million likely involving two acquisitions. The focus is on top-tier shopping centers, with limited new supply supporting investment prospects.
Q: What impact do potential disposals have on overheads, and how does the market respond to Landsec's strategic intentions? A: Mark Allan indicated that overheads are not significantly impacted by disposals, as cost reductions are driven by technology investments. The market has shown positive interest in Landsec's strategic plans, with various options for participation, including joint ventures and direct investments.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
This article first appeared on GuruFocus.
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Cabeau Bamboo Compression Socks With code SUMMER 15, save 15% on Cabeau's bamboo compression socks. They're great for wearing on the plane, sporting under clothes during your vacay and more. State Bags Hart Toiletry Kit Keep all their razors, toothbrushes, deodorants and more in this handy hanging toiletry kit. Plus, its compact size means it won't take up precious packing space. July Carry On Trunk Save up to 20% on sleek suitcases from July. Peruse glossy or matte finishes for the frequent flyer who likes to jet away in style. The hi-tech luggage even builds in an ejectable battery with USB-C. • Briggs & Riley: The maker behind some of our favorite soft-sided carry-on luggage is hosting 20% off select styles. • Cabeau: The maker of our favorite travel pillow is having a summer sale with 15% off sitewide using code SUMMER15. • Comrad: Last chance compression socks are up to 40% off at Comrad. Post surgery, associate editor, Elena Matarazzo, bought $100 worth of socks and they look good as new, almost two years later. • Delsey: Effortlessly chic and editor approved suitcases are 15% off when buying two or more. • Ekster: Smart, trackable wallets and more are up to 40% off sitewide. • July: From sleek commuter backpacks to secure hardshell luggage, July makes pieces that'll last a lifetime. Now, you can save up to 20% on its entire site for Father's Day. • Monos: The luggage brand's Father's Day promotion offers a complimentary gift when you shop a set worth $400 and up. • Lo & Sons: Get up to 40% off select luggage. • Ostrichpillow: For the traveling dad, consider Ostrichpillow's on-the-go essentials and save 25%. • Samsonite: In time for summer vacations, take up to 30% off Samsonite bestsellers. • State Bags: Dad-approved carry-ons, in luggage accessories and more are up to 70% off in the brand's sale section. • Tumi: Tumi's semi-annual sale arrived just in time for Father's Day. Take up to 30% off travel backpacks, luxury luggage and more. Litter-Robot 4 Warranty Bundle Litter-Robots have become all the rage and rightfully so. It means you never have to stoop and scoop up cat messes, while doubling down with self-cleaning and odor control. This bundle, along with other models, are $100 off. Read our review West & Willow Pet Portrait West & Willow's custom pet portraits make a perfect gift for any animal lover. These hand illustrations and their modern frames won't clash with your design aesthetic either. Furbo 360° Dog Camera Toss treats and keep an eye on your pets with this popular dog camera. It's marked down by over $40 at Amazon and at Furbo. Smart features like a bark sensor alert you when your pet is up to mischief. Chewy Lamb Chop Squeaky Plush Dog Toy Quite truly the dog toy, the Lamp Chop, is just $4 at Chewy. Do the spoiling for Dad and keep their pets plenty entertained with its plush fabric and squeaker. Tractive Dog GPS Tracker Help them keep track of their bestie with this handy GPS monitor. It fits on any size collar and is 40% off in the whit finish. You can even monitor your pet's activity and how many calories they're burning throughout the day. Youly Tinsel Kitten & Cat Collar in Blue If you're constantly playing cat and mouse with your pet, consider a thin collar with a bell attached. You'll be able to hear when they're trotting around the house and this sparkly blue version is 50% off. • Chewy: The package room in deals editor Jacqueline Saguin's apartment building is frequently filled with Chewy packages. The go-to destination has daily deals on toys, accessories and more. • Diggs: The Revol Crate Bundle that comes with a bed and water bowl is 10% off. • Furbo: Keep an eye on Fido with one of the bestselling pet cameras out there, the Furbo. It's discounted when you buy the camera alone or bundle with a warranty. • Petco: Stock up on essentials for their feline friend and save up to 35% on treats, litter and the like. • West & Willow: West & Willow's custom pet portraits (and more) make a perfect gift for any animal-loving dad. Until June 8, take 20% off sitewide. • Whisker: Cat dads will love Whisker's innovative self-cleaning litter boxes and now select Litter-Robot 4 bundles are up to $200 off. Whether you're shopping for a grill master, tech enthusiast or just the dad who insists he 'doesn't need anything,' now's the time to snag a deal on something better than a 'World's Best Dad' mug. Retailers are rolling out generous discounts across everything from smart gadgets and sneakers to grooming gear and backyard essentials. Our team of bargain hunters has a combined decades-long experience with deal vetting to help give our readers savvy buying advice. Advocating for shoppers is what our deals editors are all about, ensuring we only recommend the best prices on top-performing products. Each member of our team, including senior deals editor Rikka Altland, deals editor Jacqueline Saguin and associate deals editor Elena Matarazzo, specializes in a different area of interest to help whittle down the latest and greatest deals.
