Landsec Asset Values Beat Forecasts, Shares +2%

Landsec reported EPRA earnings per share of 51.4 pence, matching consensus and UBS estimate, with total EPRA earnings of £382 million.
Like‑for‑like capital growth reached 1.2%, surpassing the 0.3% consensus and UBS’s –0.4% forecast, while net rental income fell 2.8% to £562 million.
Disposals totaled £705 million (≈90% in H1), including £346 million offices, £261 million retail parks and £72 million pre‑development land.
UBS kept a “buy” rating, pricing the stock at 571 pence (34.9% discount to book) with a 12‑month target of 705 pence.