British Land Company PLC (LSE:BLND) shares rose 4.3% after the property developer said it expected flat earnings per share for the current year but growth in the following year.
An underlying profit of roughly £155 million is anticipated for the six months to 30 September, up from £143 million a year earlier, with underlying earnings per share of 15.4p compared to 15.3p.
The owner of retail parks and 'campuses' in London such as Broadgate, Paddington Central and Canada Water, said its portfolio had seen "strong occupational fundamentals", with 2.4% growth in estimated rental value compared to the second half of last year.
Retail parks were at 99% occupancy, while the London campus assets saw occupancy increase from 83% to 88%.
CEO Simon Carter said: "Office attendance is accelerating, retailers are expanding out of town, and supply remains very constrained across both markets. We are taking advantage of these positive trends through proactive asset management and development".
As a result of rental growth and lower admin expenses, the board now anticipates full-year underlying EPS of at least 28.5p, with growth of "at least 6%" projected for the 2027 financial year, compared to a previous guidance for the top end of the 3-6% range.
"Alongside this earnings outlook, going forward we expect to deliver a total accounting return of 8-10% per annum, of which 4% was achieved in the first half."
Analysts at UBS said their main takeaway from this trading update "was the sharpened earnings outlook" for this year and next.
"The level of detail was substantially more than a typical trading update - specific valuation and earnings numbers are not usually shared ahead of full results.
"But in a concerted effort to drive ongoing engagement with analysts and investors, releasing the additional level of detail in the trading update will allow management to discuss the high level performance numbers during the close period.
"At the same time it frees up the results to focus more on strategy and detail. We're supportive of this approach, particularly with the razor sharp focus on earnings that has emerged in recent years."