GB : Land Securities - Entering the recovery phase

Landsec’s FY21 results are in line with our expectations, reflecting a 17.4% decline in EPRA NTA for the 12 months to March 2021. Overall property values declined by 14% with shopping centres (-38.2%) falling hardest whilst Central London (-6.5%) was more resilient, which is no surprise. EPRA EPS was down 39% with LfL rental income falling 30.4% due to CV-19 impacts. LTV at 32% is up only marginally, vs 31% at FY20. We expect more near-term capital recycling to strengthen the balance sheet further. Overall, we continue to believe Landsec has a credible plan to create value over the medium term. The shares currently trade at a 27% discount to March 2021 NTAps, vs main peer British Land at a 19% spot discount.

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