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.
- 1 Macro Analysis/Global G7 reiterates support for SDR allocation and seeks to boost its impact
- 2 Strategy Note/Global G7's 'Build Back Better World' is not an answer to China's Belt and Road
- 3 Strategy Note/Vietnam Vietnam: The best emerging market is still spoilt by foreign ownership limits
- 4 Strategy Note/Global Egypt's military spend is not securing the Nile in its dispute with Ethiopia
- 5 Strategy Note/India India sues Twitter
This publication is being distributed by Tellimer solely for information purposes irrespective of a particular user's means, financial situation or investment objectives. The information does not con...