are property prices on the way down because blnd is showing a slide to the down side

Summary from Jefferies who reckon the property bubble has burst:
"All our BUY recommendations are repealed with FIVE new ‘SELLS’
· British Land, Unite Gp & CapCo are downgraded to SELL (BUY) with the highest income gearing risk

· Retail specialists intu & Hammerson are least favoured and downgraded to SELL (HOLD)

· Land Securities, Derwent London, Workspace, Big Yellow, Safestore, Grainger, LondonMetric are downgraded to HOLD (BUY)

· Gt Portland, Hansteen, Shaftesbury, SEGRO & Unibail remain HOLD

StockMarketWire.com
British Land had a strong third quarter trading update and says while it is mindful the economic and political outlook is more uncertain since the half year, it is confident in the underlying strength of its business.

Chief executive Chris Grigg said: "We had another strong quarter: our occupational markets remained robust and we continued to be active in the investment markets.

"In Retail, our operational performance was good, with outperformance on footfall particularly of note. We continued to sell single-let assets at prices ahead of book value and re-invest in our multi-let portfolio where we see potential to drive further value.

"In Offices, our portfolio is now virtually full with lettings completed ahead of valuers' assumptions and at Canada Water we agreed Heads of Terms with Southwark Council. Looking forward, while we are mindful that the economic and political outlook is clearly more uncertain since the half year, we are confident in the underlying strength of our business."

Credit Suisse today reaffirms its underperform investment rating on British Land Co PLC (LON:BLND) and cut its price target to 505p (from 715p).

Barclays Capital today reaffirms its overweight investment rating on British Land Co PLC (LON:BLND) and cut its price target to 720p (from 900p).

StockMarketWire.com
British Land has exchanged contracts for the sale of Debenhams flagship store in Oxford Street to a private investor for £400 million.

The seven storey building is near Bond Street underground station in London's core West End shopping district and is let in its entirety to Debenhams until 2039.

In addition, British Land has exchanged on £99 million of further retail disposals since 31 March, including £79 million of superstores, 3.1% ahead of March valuations. These transactions bring total retail disposals since the year end to £499 million.

Since the EU referendum, British Land has exchanged 11 long term retail leases totalling 50,000 sq ft and £2.1 million of rent on terms agreed prior to the referendum.

The leases are spread across its Regional and Local portfolios to a range of occupiers including Yo! Sushi, Nando's, River Island, Pret A Manger, Byron and Waterstones. In aggregate these lettings are 4.7% ahead of March 2016 ERVs. A further 210,000 sq ft of Retail lettings are under offer.

Chief executive Chris Grigg said: "The disposal of Debenhams on Oxford Street reflects our strategic focus on multi-let assets within the Retail portfolio. British Land has entered this period of post-referendum uncertainty in a robust position. We have a strong, resilient business with a clear strategy.

"We have a modern portfolio which is well suited to current and future customer needs. The portfolio is 99% occupied with a wide range of quality occupiers on long leases. Our finances are strong with an LTV of 29.7%, pro forma for exchanged disposals, and the group has no refinancing requirement for over four years. Our speculative development commitments are low at 4% of the portfolio and we have considerable flexibility in our development pipeline."

British Land will announce its Q1 trading update on the 18 July 2016.

StockMarketWire.com
British Land reports good first half results with a significant increase in underlying profits.

Underlying pre-tax profits rose by 16.4% to £199 million driven by like-for-like income growth of 3.4% and reductions in finance and operating costs; IFRS PBT of £(205) million (H1 2016: £823 million)

Other highlights: - EPRA NAV reduced by 3.0% to 891p; IFRS Net Assets at £9.2 billion (March 2016: £9.6 billion)

- Quarterly dividend of 7.3 pence bringing the half year dividend to 14.6 pence (+3.0%)

- Total accounting return of -1.5% (H1 2016: +9.1%)

Chief executive Chris Grigg said: "We've delivered a good set of results with a significant increase in underlying profits reflecting our actions and continued leasing momentum. We're mindful of future uncertainty but are confident that our secure income streams and strong finances will ensure our business remains resilient.

"As occupiers become more discerning we expect our high quality portfolio to benefit from increasing polarisation. The evolving environment will be reflected in our tactical decisions, particularly on development where we expect to proceed more cautiously. We have modest speculative development commitments currently, even following our decision to redevelop 100 Liverpool Street. This is a great example of the opportunities within our portfolio which provide a source of future value."

StockMarketWire.com
British Land has reported a positive quarter which, it said, reflected the strong positioning of its portfolio and its engagement with occupiers and consumers.

It said it completed over 400,000 sq ft of lettings across the business and that it was progressing discussions with a broad range of occupiers.

Chief executive Chris Grigg said: "Retail footfall and sales growth continue to outperform industry benchmarks and we have made further disposals of non-core assets and residential units ahead of valuation.

"The business is well placed; we remain mindful of potential headwinds going forward."

Highlights:
- 314,000 sq ft of Retail lettings and renewals, 8.7% ahead of ERV; a further 189,000 sq ft under offer.

- Retailer sales for the quarter were up 0.6% year on year outperforming the benchmark by 200 bps; footfall for the quarter was -0.6% year on year outperforming the benchmark by 220 bps.

- 51,000 sq ft of Office lettings and renewals, in-line with ERV. 7 Clarges Street offices now over 80% let or under offer at an average rent of £113 psf, in line with pre-referendum ERVs.

- Leasing discussions with a wide range of occupiers are progressing across our London campuses; ten major discussions are under way totalling 1.4 million sq ft.

- Enabling works commenced on the 520,000 sq ft redevelopment of 100 Liverpool Street.

The British Land Company PLC Full Year Results

17 May 2017

Chris Grigg, Chief Executive said: "We are reporting a good set of results today despite an uncertain environment over the last 12 months. We are particularly pleased by the increase in underlying profits, by our strong leasing performance across the business and by the very successful sales we have made. The increase in valuations in the second half is also better than many expected six months ago. These results reflect the continuing execution of our strategy, providing space that responds to changing lifestyles and really fulfils customers' needs. We expect to be operating in an uncertain environment for some time; in this context we will benefit from the resilience of our business, the quality of our portfolio and the strength of our finances. We also look forward with cautious optimism as we believe that we can generate incremental returns by allocating capital to development opportunities we have created, whilst keeping risk at an appropriate level and maintaining flexibility to respond to changes in our markets."

Good financial performance reflecting an active year executing our strategy
• Underlying profit +7.4% to £390 million (2015/16: £363 million); IFRS PBT of £195 million (2015/16: £1,331 million)
• EPRA NAV -0.4% to 915 pence; IFRS Net Assets at £9.5 billion (2015/16 £9.6 billion)
• Final quarterly dividend of 7.3 pence (+3.0%); bringing the full year to 29.2 pence (+3.0%)
• 2017/18 full year dividend of 30.08 pence per share proposed, +3.0%; first quarter 7.52 pence
• Total accounting return of +2.7% (2015/16: +14.2%)

Modest reduction in valuation, improving performance in the second half and continuing ERV growth
• Portfolio valuation -1.4%; +1.6% gain in H2; 15 bps yield expansion in the year
• Offices valuation -0.7%; ERVs +0.5%
• Retail valuation -1.8%; ERVs +1.6% with multi-let +2.4%

Strong leasing and operational performance, evidencing good demand for the places we create
• 1.7 million sq ft of lettings and renewals across the portfolio, 8.0% ahead of ERV, adding £22 million of rent
• Occupancy 98%, with average lease length of 8.3 years
• 1.3 million sq ft of Retail lettings and renewals, 10.8% ahead of ERV; letting more space on better terms, to a broader range of occupiers than a year ago
• Outperforming benchmarks on footfall by +240 bps and in-store sales growth by +220 bps
• 279,000 sq ft of Office lettings and renewals, 1.4% ahead of ERV, letting up standalone developments
• Under offer or in advanced negotiations on a further 700,000 sq ft at our campuses, including 310,000 sq ft pre-let of proposed redevelopment of 1 Triton Square, Regent's Place; further 850,000 sq ft of discussions
• 44% reduction in carbon intensity versus 2009 (2015/16: 40%) as we progress towards our 55% reduction target by 2020

£2 billion of gross capital activity - well positioned to exploit optionality in our pipeline
• £1.5 billion of disposals, 9% ahead of valuation; includes sale of 50% interest in The Leadenhall Building for £575 million which is expected to complete post year end in May 2017
• Retail disposals of £881 million at an average yield of 4.3%; includes Debenhams, Oxford Street for £400 million and £226 million of superstore sales reducing weighting of superstores to 4% of the total portfolio
• £195 million acquisitions focusing on adjacencies; £292 million capital spend; net divestment £1.1 billion
• Speculative development commitment below 4%; £1.7 billion pipeline across a range of uses benefiting from 2.3 million sq ft of planning consents secured in the year, plus Canada Water

Improved financial position with continued access to low cost finance
• LTV at 29.9% (March 2016: 32.1%) and weighted average interest rate at 3.1% (March 2016: 3.3%); LTV at 26.9% and weighted average interest rate at 3.4% pro-forma for sale of The Leadenhall Building
• Based on current commitments, the Group has no requirement to refinance until early 2021

more.....

Fairly safe. 30p dividend = 4.9% yield at £6.13.

Looking to hold long term, collect the dividends and watch it rise.

They seem to be very London focused. I wonder if when the big multinationals start relocating their workforce into Europe that BLND might start to struggle to let some of their properties. No immediate worry, but results in a few years might not be so healthy.
The comment "We also look forward with cautious optimism....." sums it up for me.

For the short term range traders. BLND seems to be stuck in a range of 605 to 625 since mid July.
Also a share buyback of £300b going on to support the price.

StockMarketWire.com
British Land acquired the Woolwich Estate, covering 4.9 acres in south east London for £103 million, representing a net initial yield of 4.1%.

The move was said to build on the company's portfolio of places benefitting from the Elizabeth Line, including Broadgate, Paddington Central and Ealing Broadway, and provides significant potential to drive growth and returns.

The Woolwich estate covers 360,000 sq ft of space in central Woolwich. Predominantly retail, it includes over 50,000 sq ft of residential and 3,000 sq ft of office space.

The estate is currently 95% occupied, with an average lease length of under four years, and average rent of £17 psf, providing British Land with an attractive opportunity to strengthen the offer and mix in line with the improving catchment.

Charles Maudsley, Head of Retail, Leisure & Residential at British Land, said: 'This acquisition provides a unique opportunity to create a thriving retail-anchored centre, benefitting from a mix of uses in an exciting, increasingly well connected and rapidly regenerating part of London.'

'We have a long term vision for the estate which will deliver space that works for retailers and their customers; which generates clear benefits for local communities and drives value for British Land.'

'Across our London campuses and our multi-let retail properties, we have developed a clear and distinct advantage in managing mixed use environments with development potential, and in enhancing and enlivening our space through placemaking. This acquisition plays very well to those skills.'

'The Woolwich Estate comprises 56 retail units and has footfall of 6 million. It benefits from an improving local demographic with over 40% of residents falling within the top three most affluent groups, per CACI consumer classification.'

'Coinciding with the arrival of the Elizabeth Line, Greenwich Council are investing £31 million to deliver a new "Creative District" which will transform five historic buildings into theatre and concert space, with offices and restaurants.'

StockMarketWire.com
British Land Group said Tuesday its financial position remained 'strong,' as it further reduced loan-to-value to 26% but the retail market remained 'challenging'.

The company completed the sale of 5 Broadgate for £1bn, in line with book value and increased its share buybacks by £200m.

Leasing activity in Offices had continued to be 'good', with the portfolio 98% occupied and with 64% of the total development pipeline let or under offer, up from 55% at the time of preliminary results in May, the company said.

The retail market remained 'challenging,' however, amid short-term trading headwinds brought on by long-term structural change driven by the internet.

The combined impact of administrations and CVAs since 1 April 2017 was 1.6% of total group contracted rent, up from 1% at the time of the company's preliminary results in May and retail occupancy stood at 96.4%.

The first interim dividend payment for the quarter ended 30 June 2018 would be 7.75 pence per share, an increase of 3.0% on the first interim dividend last year, the company confirmed.