I think this from the 22nd June '09 sums up this one:
"Business Financial Newswire
Evolution's real estate team of Harry Stokes, Alan Carter and Paul Pulze, who joined from Citigroup, have initiated coverage of the FTSE-100 UK Reits.

'The four companies have raised 2.7bn of new equity and sold assets but none of them stands out as indicating much likelihood of using the proceeds,' they say.

None of the companies looks particularly good value. 'We are by no means bullish on the real estate sector near-term and remain conservative in our earnings and NAV assumptions. On average, the four companies are trading around fair value.'

Hammerson is top pick with an attractive blend of long leases, earnings momentum from its French portfolio and newly-delivered developments, and a share price trading at a small discount to analysts' end-2009 NAV estimate. Started with a buy recommendation, 360p price target.

British Land is rated an add, target price 400p; Land Securities reduce, 460p, and Liberty International a sell, 387p. "

NOW over 600p

LAND - LAND SECURITIES trading statement tuesday 19/1/2010



Fundies Backup..

11-Jan-10 Land Securities Group LAND Goldman Sachs Buy 693.50p 750.00p 801.00p Reiteration

new target 801p

Broker update late yesterday...

Land Securities Group Financial Buy 740 688.5 7.5% BofAML

Target 740p.

Another buy reco out today..

13-Jan-10 Land Securities Group LAND Bank of America Buy

sure sign BofA have stock to dump.

14 Jan 2010 - 06:52

Jan 14 (Reuters) - UK REITs: * Nomura cuts UK reits sector view to bearish from neutral * Nomura raises British Land price target to 477P from 399P * Nomura raises Derwent London price target to 1296P from 1017P * Nomura raises Great Portland price target to 297P from 255P * Nomura raises Hammerson price target to 427P from 362P * Nomura raises Land Securities price target to 709P from 633P * Nomura raises Liberty International PLC price target to 496P from

382P * Nomura cuts London & Stamford price target to 128P from 132P * Nomura raises SEGRO Plc price target to 379P from 325P * Nomura raises Shaftesbury PLC price target to 444P from 303P

Third Quarter Interim Management Statement

Key Highlights:

Sustained momentum on development lettings

· £10.8m of development lettings signed since 1 October 2012
· London Portfolio - £5.8m of development lettings with a further £8.6m in solicitors' hands
· One New Change, EC4 - offices now fully let
· 20 Fenchurch Street, EC3 - 52% pre-let or in solicitors' hands
· 123 Victoria Street, SW1 - 77% let or in solicitors' hands
· 62 Buckingham Gate, SW1, 10% in solicitors' hands
· Retail Portfolio - £5.0m of development lettings with a further £1.4m in solicitors' hands
· Trinity Leeds now 90% pre-let or in solicitors' hands
· 185-221 Buchanan Street, Glasgow 99% pre-let

Operational excellence

· £9.2m of investment lettings in total with a further £7.8m of lettings in solicitors' hands
· Voids in the like-for-like portfolio up at 2.9% at 31 December 2012 (2.6% at 30 September 2012) due to the vacating of 1 New Street Square, EC4, a pre-development property
· The void level includes units let on a temporary basis at 0.8% with a further 0.6% in solicitors' hands
· Excluding 1 New Street Square, EC4, voids were down at 2.5%
· Retail Portfolio voids up marginally at 3.2% (3.1% at 30 September 2012). Within this figure, units let on a temporary basis represented 1.5% with a further 0.4% in solicitors' hands.
· London Portfolio voids up at 2.4% (2.0% at 30 September 2012). Excluding 1 New Street Square, EC4, the London Portfolio void level was down at 1.5%
· Units in administration in the like-for-like portfolio down at 0.8% at 31 December 2012 (1.0% at 30 September 2012)
· Retail Portfolio units in administration were marginally down at 1.5% (1.8% at 30 September 2012) with 22% of this still trading. (Including Jessops, HMV and Blockbuster, units in administration are 2.2% with 45% of this still trading)
· London Portfolio units in administration flat at 0.1%
· Overall occupancy rate for the Retail Portfolio is 97.1%
· Total investment in the quarter of £248.1m, including capital expenditure on developments of £76.8m
· Acquisitions since 1 October 2012 totalled £140.8m at an average yield of 4.7%
· One investment property disposal in the period for £17.5m

Third Quarter Interim Management Statement

THIRD QUARTER INTERIM MANAGEMENT STATEMENT

Land Securities reports continued high levels of activity across its business, and announces two new central London development starts.

Key Highlights:

Good progress on developments
· £7.3m of development lettings signed since 1 October 2013 with a further £7.9m in solicitors' hands
· 123 Victoria Street, SW1, 93% let
· 62 Buckingham Gate, SW1, 57% let with a further 10% in solicitors' hands
· 20 Fenchurch Street, EC3, 64% pre-let with a further 23% in solicitors' hands
· Successful launch of Trinity Kitchen and Primark at Trinity Leeds
· Completion of pre-let retail development at Crawley
· Construction commenced at Taplow, 79% pre-let with a further 12% in solicitors' hands
· £243m of new developments commenced at 1 New Street Square, EC4 and 20 Eastbourne Terrace, W2
· Positive planning decisions at Ealing Filmworks and White Rose, Leeds

Improved occupancy
· £5.4m of investment lettings signed since 1 October 2013, with a further £5.0m of lettings in solicitors' hands
· Voids in the like-for-like portfolio down from 2.0% at 30 September 2013 to 1.8% at 31 December 2013
· Retail Portfolio like-for-like voids down from 3.0% at 30 September 2013 to 2.5% at
31 December 2013. Of this figure, units let on a temporary basis represented 1.4%
· London Portfolio like-for-like voids up from 0.9% at 30 September 2013 to 1.1% at
31 December 2013
· Units in administration up from 0.6% at 30 September 2013 to 0.7% at 31 December 2013 (Retail Portfolio 1.3%, London Portfolio 0.0%)
· Overall occupancy rate for the Retail Portfolio up to 98.3% from 97.8% at 30 September 2013

Strong balance sheet
· Group LTV on a proportionate basis at 31 December 2013, based on 30 September 2013 asset values, was 34.6% (37.0% at 30 September 2013)
· Net proceeds from investment property disposals since 1 October 2013 totalled £428m
· Capital expenditure on developments of £53m

SUPERB UPDATE.....

EXCELENT UPDATE THIS MORNING.........

22 January 2014

Land Securities Group PLC ("Land Securities" / "the Group" / "the Company")

THIRD QUARTER INTERIM MANAGEMENT STATEMENT

Land Securities reports continued high levels of activity across its business, and announces two new central London development starts.

Key Highlights:

Good progress on developments
· £7.3m of development lettings signed since 1 October 2013 with a further £7.9m in solicitors' hands
· 123 Victoria Street, SW1, 93% let
· 62 Buckingham Gate, SW1, 57% let with a further 10% in solicitors' hands
· 20 Fenchurch Street, EC3, 64% pre-let with a further 23% in solicitors' hands
· Successful launch of Trinity Kitchen and Primark at Trinity Leeds
· Completion of pre-let retail development at Crawley
· Construction commenced at Taplow, 79% pre-let with a further 12% in solicitors' hands
· £243m of new developments commenced at 1 New Street Square, EC4 and 20 Eastbourne Terrace, W2
· Positive planning decisions at Ealing Filmworks and White Rose, Leeds

StockMarketWire.com
Land Securities Group posts a profit before tax of £1,031.1m for the six months to the end of September -up from £397.9m a year ago.

The company says the result was driven by a valuation surplus of £880.2m (including the proportionate share of subsidiaries and joint ventures). Basic earnings per share were 130.6p compared with 50.8p.

Underlying earnings were also up; revenue profit was £170.0m compared with £156.5m in the comparative period and adjusted diluted earnings per share improved to 21.4p from 19.9p. It adds: "Our combined portfolio increased in value from £11.9bn at 31 March 2014 to £13.2bn as a result of net capital investment and our valuation surplus of £880.2m. Net assets per share increased by 10.7% to 1,183p at 30 September 2014.

"Adjusted diluted net assets per share were up by 11.5% over the six months, increasing from 1,013p to 1,129p. This 116p increase in adjusted diluted net assets per share together with the dividend paid in the period represents a 13.0% total business return."

LAND... LAND SECURITIES excelent trading update tues saw stock move to a 6 year high and breakout, VOL is heavy having broken out from a long term horizontal range. Momentum behind these at the moment.

StockMarketWire.com
Land Securities Group expects interest in its schemes to remain strong despite political uncertainty at home and abroad.

Chief executive Robert Noel said: "Our business and markets are in good shape. In London, rental values are rising due to a shortage of new commercial space just as we are delivering a major programme of office and retail space to the market. Interest in our developments is strong and on terms ahead of our valuers' most recent estimates.

"In Retail, we have completed the transformation of our shopping centre portfolio under our strategic focus of dominance, experience and convenience. Footfall is up and sales are up. Although there is political uncertainty at home and abroad, we expect interest in our schemes to remain strong, reflecting both the quality of our portfolio and the lack of supply in London."

Key highlights: Portfolio changes

· Sales of £701.6m during the quarter bringing the total to £886.4m for the nine months to 31 December

· Sales for the nine months to 31 December 15% ahead of March 2014 valuation

· Acquisitions of £234.6m during the quarter and £933.9m for the nine months to 31 December

· Development and refurbishment expenditure of £95.7m for the quarter and £316.1m for the nine months to 31 December

· Shopping centre transformation completed during the quarter: - sale of Cabot Circus, Bristol for £267.8m; - sale of The Centre and Almondvale West Retail Park, Livingston for £224.1m; - sale of Princesshay, Exeter for £127.9m - acquisition of remaining 50% interest in Buchanan Galleries, Glasgow for £137.5m

· Sale of Mark Lane, EC3 for £73.2m

· Acquisition of remaining 50% stake in Thomas More Square, E1 for £85.3m

Development momentum
· Of the 1.4 million sq ft remaining to be let in our committed programme, 87,000 sq ft is currently in solicitors' hands

· 1 & 2 New Ludgate, EC4 on target for practical completion in April

· The Zig Zag Building and Kings Gate, both SW1 on target for practical completion in July

Strong occupancy
· £10.9m of investment lettings signed in quarter, with a further £8.0m of lettings currently in solicitors' hands

· Voids in the like-for-like portfolio 2.7% (30 September 2.5%)

· Retail Portfolio like-for-like voids 2.7% (30 September 2.3%)

· London Portfolio like-for-like voids 2.7% (30 September 2.8%)

· Units in administration 0.5% (Retail Portfolio 1.0%, London Portfolio nil%) down from 0.6% at 30 September

· On a same store like-for-like basis, retailer sales were up 3.2% this quarter on the same quarter last year. On a total sales growth basis, retailer sales were up 3.8% over the same period

Strong balance sheet and growing dividend
· Adjusted net debt of £4,179m (30 September £4,623m)

· Group LTV on a proportionate basis at 31 December 2014, based on 30 September 2014 asset values, 31.4% compared with 33.6% at 30 September 2014

· Weighted average cost of debt 4.6%, average duration of 8.5 years

· Third interim dividend of 7.9 pence per share. It will be paid on 10 April 2015, entirely as a Property Income Distribution (PID), to shareholders on the register at 13 March 2015.

StockMarketWire.com
Land Securities has unconditionally agreed to purchase the leasehold interest in a 1.9 acre site at 21 Moorfields, EC2, for £16.5m excluding vendor's overage.

The site, comprising vacated 1970s offices and a TfL worksite, is located at the western entrance to Liverpool Street Crossrail station.

Land Securities entered into a conditional agreement to acquire the site in December 2012 and has since acted as asset manager for EY, in their capacity as Administrators of Souzel Properties Limited (in Administration), the current leasehold owners.

In order to finalise the purchase, Land Securities needed to agree a new development head lease with TfL and conclude compulsory purchase compensation arrangements on behalf of the administrator for land required by Crossrail for its development.

Following completion of both agreements, Land Securities has unconditionally agreed to purchase the site and has submitted a planning application for two new buildings totalling approximately 500,000 sq ft of predominantly office space with some retail at ground level as well as public realm. Land Securities will own the site on two separate 250 year leases at ground rents of 5% of the net rents received.

At the point of committing to construction, TfL will have the option of participating in the development with a financial interest of 15-25%. If TfL takes up the option it will share all costs pari passu. An overage agreement exists with the vendor for a proportion of returns after a priority return to the developer has been achieved.

StockMarketWire.com
Land Securities has announced a new £1,255m secured Revolving Credit Facility (RCF) at an initial LIBOR margin of 75 basis points with stepped margin increases dependent on utilisation amounts.

The facility has a term of five years which may be extended to a maximum of seven years at Land Securities' request and upon approval from each participating bank.

The facility has the option to add further lenders and discussions will continue with other interested parties.

It replaces the existing £1,085m syndicated RCF. In addition to this new facility, Land Securities has retained another £985m of existing bilateral arrangements.

Martin Greenslade, chief financial officer at Land Securities said: "We are pleased with this new refinancing arrangement, which extends the duration of our bank facilities, reduces costs and provides great flexibility.

"Our strong relationships with our core banking group, combined with our clear and consistent strategy have been the key elements in achieving these competitive terms."

Canaccord Genuity reiterates buy on Land Securities Group, target raised from 1407p to 1563p.

StockMarketWire.com
Land Securities Group's revenue profit and net asset value per share rose in the year to the end of March and the recommended final dividend of 10.55p takes the total to 35.0p - up 9.9%.

Revenue profit rose by 10% to GBP362.1m and basic NAV per share increased by 10.3% to 1,482p.

Group LTV ratio was 22.0% compared with 28.5% a year ago and pre-tax profits of GBP1,335.6m were down from GBP2,416.5m.

Chief Executive Robert Noel said: "We are pleased to report a strong performance for the year. Revenue profit and net asset value per share are up, lease terms are longer and, as planned, speculative development exposure and net debt are lower. Continued leasing momentum in our development programme combined with smart asset management and balance sheet discipline has put the business in a strong position. Our confidence is demonstrated by a proposed 9.9% increase to the dividend.

"In London, we continued to lease up our well timed and well executed speculative development programme with over 0.5m sq ft of new lettings and made progress on our future pipeline with 0.9m sq ft of planning consents. We also took advantage of the strong market conditions during the year to sell some assets. "In Retail, we have sold selectively. Our operational focus is delivering results, with voids down and both footfall and same store retailer sales up in contrast to national benchmarks. Our development at Westgate Oxford looks very promising with a healthy level of retailer support and is almost 50% pre-let 18 months ahead of opening. "Our strategy is delivering value for our shareholders, great space for our customers and positive change for our communities. We have a strong balance sheet with better assets and longer income streams. Despite the current political and economic uncertainty, Land Securities is well placed."

StockMarketWire.com
Barclays Capital as revisited its stance on the European Real Estate sector, following the surprising result of the UK referendum and the ensuing unanswered questions and unknowns.

Equity research analysts said: "As always, markets have reacted negatively to uncertainty.

"We believe that those who can look through the volatility and uncertainty can underwrite investments in the UK REIT space on large discounted entry points that we believe already reflect a very hard landing for the UK economy and an acrimonious divorce from the EU."

Land Securities (LON:LAND) has been upgraded to overweight (from equal weight), while Capital & Counties (LON:CAPC) was downgraded to equal weight (from overweight).

Price target have been cut to 1,230 pence a share (from 1,370 pence) and to 320 pence (from 400 pence), respectively.

StockMarketWire.com
At Land Securities' AGM, Chief Executive Robert Noel will make the following statement:
"We expect business uncertainty to persist until there is more clarity on both the timing and terms of the UK's exit from the EU.

"This process may take some time.

"Demand from occupiers is likely to be subdued until confidence returns and this may have an impact on rental values.

"Land Securities' portfolio of quality office properties and retail destinations, together with our very low leverage, high levels of occupancy and long lease terms by historical standards, put us in an excellent position.

"With our strong cash flows, we have the confidence to propose a 9.9% increase in the total dividend for the year and our significant undrawn banking facilities leave us well prepared for future asset purchases."

Big buys by one Director... could this be a signal? Yield is abt 4% so not excessive...but PE ratio 64 = too high for me. So I wonder why one director would put so much cash into this, currently 933p.... thoughts?
EDIT (6Dec2017)- Thanks CC - but a "huge disc. to NAV" might suggest it's the valuation that's wrong? Land /properties are only "Worth" what the Market will stand and time means investors have longer to wait. Their PE ratio at 64 may be wrong, but that says the income is not justifying the spice...er, IMHO. But then I'm often wrong...look at [ASOS] and BitCoin... both completely mad, IMHO.