Land Securities Group PLC (LSE:LAND) full-year results on Friday, 16 May, come with investors keenly watching for updates on the company’s strategic execution, asset sales, and earnings outlook.
It will be the first update from Landsec since its capital markets day in February, where the company laid out a strategy to refocus its portfolio through disposals of retail parks and selected office development sites.
Analysts at UBS expects that the retail parks will be sold at or above book value, while development sites may see a slight discount estimated at around 10%.
A key point of interest will be any significant changes in the book value of development sites, as valuers could now have fresh market evidence from recent bids, while management might give a view on how much of a discount they are willing to accept on these disposals.
At the half-year stage, Landsec’s outlook for like-for-like growth was upgraded to around 4% for FY25, and investors will be watching to see if this momentum has been maintained.
Updates are also awaited on leasing progress at the Thirty High and Timber Square developments in London's Victoria and Southwark areas, both of which are due for completion before the end of the year. With negotiations now well advanced, the market will want to hear about pre-leasing levels for these high-profile projects.
Full-year earnings per share of 50.2p is the market consensus, marginally ahead of the prior year’s 50.1p, in line with management’s guidance.
Looking further ahead, City analysts expect 2026 EPS of 51.8p, with UBS predicting Landsec could set a guidance range of 51p-52p to account for variables like the pace of leasing and the timing of acquisitions and disposals.
The company’s 2030 target of 60p EPS remains a key goal, and UBS expects clarity on the path to achieving this.