British Land Company PLC (LSE:BLND) exceeded earnings expectations for the past year, though guidance for the coming year was not any more than analysts were expecting.
Underlying profits of £268 million for the year to 31 March were up 2% on a year earlier, while the EPRA cost ratio was cut to 16.4% from 19.5%
EPRA earnings per share rose 1% to 28.5p, exceeding the consensus estimate of 27.9p.
A dividend per share of 22.8p was up 1%.
The FTSE 250-listed property developer company gave guidance that 2025 EPS is expected to decline slightly due to one-off impacts such as recouped Arcadia rent and the recent disposal of a 50% Meadowhall stake.
CEO Simon Carter said: "Our strategy of focusing on campuses, retail parks and London urban logistics is delivering."
Rental value growth outperformed the MSCI benchmark by 300 basis points and values were stable in the second half, he said, adding that "operational momentum continues".
He said the joint venture at 1 Triton Square, the commitment to 2 Finsbury Avenue following the record breaking pre-let to Citadel, and the sale of the Meadowhall stake were "all good examples of our active approach to capital recycling" with 93% of the portfolio is now in its chosen markets.
"Although the geopolitical and economic landscape remains uncertain, with a portfolio net equivalent yield over 6%, 3-5% forecast rental growth and development upside, we expect to generate attractive future returns."
Shares in BLND were up 1.2% at midday.
Analysts at UBS said they expect stronger medium-term EPS growth, with new developments projected to add 4.5p to earnings, 2.4p of which will be realized in FY26.