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BRIEF-British Land says FY underlying profit up 7.4 pct to 390 mln stg
May 17, 2017 / 6:30 AM / 7 months ago

BRIEF-British Land says FY underlying profit up 7.4 pct to 390 mln stg

May 17 (Reuters) - British Land Company Plc:

* FY underlying profit +7.4 pct to 390 mln stg (2015/16: 363 mln stg)

* FY EPRA NAV -0.4 pct to 915 pence; IFRS net assets at 9.5 bln stg(2015/16 9.6 bln stg)

* Final quarterly dividend of 7.3 pence (+3.0 pct); bringing full year to 29.2 pence (+3.0 pct)

* 2017/18 full year dividend of 30.08 pence per share proposed, +3.0 pct; Q1 7.52 pence

* FY portfolio valuation -1.4 pct

* FY 1.7 million sq ft of lettings and renewals across portfolio, 8.0 pct ahead of ERV, adding 22 mln stg of rent

* FY occupancy 98 pct, with average lease length of 8.3 years

* Speculative development commitment below 4 pct; 1.7 bln pipeline across a range of uses

* Based on current commitments, group has no requirement to refinance until early 2021

* CEO says investment markets improved in second half as UK economy proved resilient

* CEO says nearly one year after referendum, co sees clear signs that impact of technology transformation is accelerating

* In offices post BREXIT, have seen occupiers continuing to commit, but often after longer and more thoughtful decision making processes

* Co says for its office-led developments commitment is likely to be influenced by progress of pre-let discussions

* Co says BREXIT process has begun but uncertainty will continue for some considerable time.

* Conversations with London occupiers, especially financial institutions, tells co that a large majority continue to value London Source text for Eikon: Further company coverage: (Bengaluru Newsroom)

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