AR_2024_Banner_Mobile
LANDSEC ANNUAL REPORT 2024
Central London Retail Mixed-use urban

Building our organisational capability and shaping best-in-class assets, in the markets with the highest growth potential


A common theme has run throughout our 80-year heritage - the ability to create value for people through places. From once helping rebuild cities damaged by war, to today’s need to create sustainable places where people live, eat, shop, work or enjoy their leisure time. Through our ability to continually adapt, we are well placed to thrive, now and in the future, and we enter the coming year with a renewed sense of clarity and purpose.

Over the past three years, we have focused on increasing our investments in best-in-class assets where our competitive advantages can support long-term growth, and on preserving our balance sheet strength. The success of our strategy is reflected in our continued like-for-like income growth and rising occupancy, significantly outperforming market averages. Owning the right real estate has never been more important, and future performance across the entire sector will be much more driven by asset quality than generic themes. The successful execution of our current strategy means Landsec is well positioned in this respect, with a portfolio built on high-quality places with scarcity value. Customer demand for our high-quality product has remained robust despite the unsettled political and economic backdrop, concerns about hybrid working and cost-of-living pressures for consumers. We expect high demand for best-in-class space to endure and, as supply of this space remains limited, this will continue to support income growth. In addition, after a period of proactive asset recycling, we have meaningful capacity to reinvest proceeds in acquiring high-quality assets at an attractive point in the cycle.

*Underlying EPRA EPS excluding the benefit of increased surrender premiums during FY23; EPRA EPS including this benefit was 53.1 pence

Mark Allan, Chief Executive
Download Chief Executive's statement PDF

39.6p

Dividend per share, up 2.6%

50.1p

EPRA earnings per share, (2023: 50.1p*)

859p

EPRA net tangible assets per share, down 8.2%

-4.0%

Total return on equity, (2023: -8.3%)

Over the past three years, we have focused on increasing our investments in best-in-class assets where our competitive advantages can support long-term growth, and on preserving our balance sheet strength. The success of our strategy is reflected in our continued like-for-like income growth and rising occupancy, significantly outperforming market averages. Owning the right real estate has never been more important, and future performance across the entire sector will be much more driven by asset quality than generic themes. The successful execution of our current strategy means Landsec is well positioned in this respect, with a portfolio built on high-quality places with scarcity value. Customer demand for our high-quality product has remained robust despite the unsettled political and economic backdrop, concerns about hybrid working and cost-of-living pressures for consumers. We expect high demand for best-in-class space to endure and, as supply of this space remains limited, this will continue to support income growth. In addition, after a period of proactive asset recycling, we have meaningful capacity to reinvest proceeds in acquiring high-quality assets at an attractive point in the cycle.

*Underlying EPRA EPS excluding the benefit of increased surrender premiums during FY23; EPRA EPS including this benefit was 53.1 pence

39.6p

Dividend per share, up 2.6%

50.1p

EPRA earnings per share, (2023: 50.1p*)

859p

EPRA net tangible assets per share, down 8.2%

-4.0%

Total return on equity, (2023: -8.3%)

Our strategy

Landsec focuses on three areas of the UK real estate market where we can apply our unique competitive advantages and can maximise the value from our portfolio and our talent in shaping and sustaining places: Central London offices; Major retail destinations; and Mixed-use urban neighbourhoods.

What binds these three areas together is the importance of a sense of place to their enduring success, and to that of their surrounding areas. We strive to create, curate, and activate places that inspire people, generating value for all our stakeholders. In executing our strategy, we continue to be led by three things: working sustainably, meeting the needs of our customers, and being disciplined with our capital.
 

Read more

Download Our Strategy PDF

Our portfolio

Our combined portfolio was valued at £10.0bn as of March, comprising the following segments:

Download Our Operating and Portfolio Review PDF

Our people and culture

Our employees, approximately 600 in number, play a fundamental role in our success and in achieving our purpose - which is building sustainable places, connecting communities, and realising potential. In the People team, we focus on creating an inclusive environment for growth, where everyone can thrive while moving our culture forward, which is essential to achieving our purpose. Our curated training for all, alongside our targeted development programmes, strengthens our ability to attract and retain talented people. 

Read more
AR_2024-culture

Our approach to sustainability

We design, develop and manage buildings in ways that will enhance the health of our environment and improve quality of life for our people, customers and communities, now and for future generations. We recognise that maintaining strong sustainability performance remains key to the value of our business. Our sustainability strategy – Build well, Live well, Act well – continues to focus our work on the ESG issues where we know we can have the biggest impact.

Read more
Download Our Approach to Sustainability PDF
	AR_2024

More on our business

Sustainability

At Landsec we do more than build, manage and operate buildings. We build communities and workforces, and improve lives.

Read more

Performance

We set KPIs in line with our strategy. They provide direction for our people, and offer clear links to remuneration.

Read more

Corporate governance

Good governance is fundamental to the long-term success of our company, and has a key role to play in the culture we want to create.

Read more

Investor relations

Edward Thacker

Edward Thacker

Investor Relations - equity

+44 (0) 20 7413 9000