GB : British Land - Shifting sands

British Land’s FY results are in line with our expectations, with FY NTA down 16% y/y to 648p, vs our 643p forecast. A LfL valuation movement of -10.8% was better than peer Landsec, with Retail -25% and Office -4%. The H2 Office decline was much more moderate than H1. EPS is 42.5% lower y/y at 18.8p, largely impacted by Covid-related charges. Significant net disposals leave LTV lower at 32%. A new strategy will focus the business on Campuses and Retail & Fulfilment; two key themes in three areas. The shares trade at a 20% discount to March NTA which is 9ppts tighter than LAND, offering a 3.6% prospective dividend yield.

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