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UK-listed REIT owning and managing office, retail and mixed-use properties in London and major UK cities.
UK-listed REIT owning and managing office, retail and mixed-use properties in London and major UK cities.
Earns rent on long leases, so income follows occupancy and rental values rather than sales. London offices, largely around Victoria and Southwark, and big shopping centres are the main assets, and it recycles money by selling older buildings to fund development.
In one line: A UK diversified REIT, like a smaller Vornado Realty Trust.
Moat: narrow (scale, installed base). A prime London office and major UK retail-destination portfolio is hard to replicate, but returns track property cycles.
Headquarters: London, UK · Founded: 1944 · Employees: 700
Size Land Securities (LAND.L) is a United Kingdom Real Estate company (Real Estate Investment Trusts) with a market value of $7.51B, the 62nd largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £678.00 on 6 Nov 2026.
Performance Over six months the shares gained 20.3%, against -0.2% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 7.2% over the last twelve months (peer median +3.3%); the operating margin is 47.6% (peer median 38.8%).
Valuation It trades at 0.77× book value against a peer median of 1.42× (2nd cheapest of 21).
Price implies The share price implies a return on equity of about 11.9%; Land Securities delivers 5.3%, so the price asks more than the business earns today.
Credit Land Securities has 3 bonds outstanding ($1.87B), rated AA by the agencies.
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £892M | £892M | £832M | £824M | £791M |
| Revenue growth | — | +7% | +1% | +4% | — |
| Gross profit | £613M | £613M | £598M | £577M | £587M |
| EBITDA | £427M | £427M | £414M | £414M | £464M |
| Net income | £343M | £343M | £396M | -£319M | -£619M |
| Free cash flow | £225M | £225M | £268M | £355M | £356M |
| Capital expenditure | £0 | £0 | £0 | £0 | £0 |
| Total debt | n/a | £4.50B | £4.55B | £3.78B | £3.54B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Land Securities LAND.L | $7.51B | +20% | +7% | 5% | 0.77× | 11.9% |
| British Land BLND.L | $5.94B | +17% | +15% | 8% | 0.73× | 11.6% |
| SEGRO SGRO.L | $16.6B | +33% | +7% | 2% | 1.03× | 14.8% |
| Derwent London DLN.L | $2.87B | +15% | +45% | 1% | 0.62× | 10.0% |
| Vornado Realty Trust VNO | $6.70B | +11% | +2% | 0% | 1.44× | 17.3% |
| Great Portland Estates GPE.L | $1.90B | +17% | +24% | 7% | 0.66× | 9.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LAND.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.8% | +4.4% | 5th highest of 21 |
| 6-month return | +20.3% | -0.2% | highest of 21 |
| Return on equity | 5.3% | 7.3% | 9th lowest of 21 |
| Price / book | 0.77× | 1.42× | 2nd cheapest of 21 |
| Trailing P/E | 14.7× | 19.7× | 6th cheapest of 14 |
| ROE the price implies | 11.9% | 11.8% | 11th least demanding of 21 |
| ROE delivered | 5.3% | 7.3% | 9th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Land Securities LAND.L | United Kingdom | $7.51B | +20% | +7% | 5% | 0.77× | 11.9% | 5.3% |
| COPT Defense Properties CDP | United States | $7.43B | +4% | +7% | 11% | 2.42× | 17.3% | 11.2% |
| Stockland SGP.AX | Australia | $7.74B | +15% | +15% | 10% | 1.04× | 11.7% | 9.5% |
| Charter Hall CHC.AX | Australia | $7.26B | +14% | -19% | 37% | 18.01× | 213.5% | 36.9% |
| Alexandria Real Estate Equities ARE | United States | $7.80B | -2% | -10% | -9% | 0.52× | 7.0% | -9.1% |
| Terreno Realty TRNO | United States | $7.24B | 0% | +18% | 9% | 1.61× | 14.0% | 9.2% |
| NNN REIT NNN | United States | $7.89B | -7% | +7% | 9% | 1.75× | 12.9% | 8.9% |
| First Industrial Realty Trust FR | United States | $7.13B | -14% | +9% | 13% | 2.57× | 20.9% | 13.2% |
| Choice Properties Real Estate Investment Trust CHP-UN.TO | Canada | $7.95B | -1% | +4% | -2% | 2.66× | 14.7% | -1.7% |
| STAG Industrial STAG | United States | $7.06B | -6% | +9% | 8% | 1.93× | 15.5% | 7.6% |
| Vicinity Centres VCX.AX | Australia | $8.01B | 0% | +3% | 12% | 0.94× | 9.7% | 12.0% |
| Macerich MAC | United States | $7.04B | +14% | +9% | -14% | 2.50× | 33.9% | -14.5% |
| Rexford Industrial Realty REXR | United States | $8.02B | +4% | -2% | -6% | 1.16× | 11.7% | -5.9% |
| MERLIN Properties SOCIMI MRL.MC | Spain | $8.05B | -23% | +13% | 10% | 0.77× | 8.0% | 9.9% |
| GPT GPT.AX | Australia | $6.88B | +11% | -8% | 10% | 0.92× | 11.0% | 10.0% |
| Nippon Building Fund 8951.T | Japan | $6.75B | -8% | -21% | 6% | 1.41× | 5.3% | 5.9% |
| Vornado Realty Trust VNO | United States | $6.70B | +11% | +2% | 0% | 1.44× | 17.3% | 0.2% |
| Healthcare Realty Trust HR | United States | $6.50B | -5% | -6% | -2% | 1.56× | 11.9% | -2.0% |
| Rayonier RYN | United States | $6.45B | +6% | -13% | 2% | 1.23× | 10.9% | 2.0% |
| CapitaLand Ascendas REIT A17U.SI | Singapore | $8.83B | -9% | +7% | 7% | 0.99× | 5.2% | 7.0% |
| Lineage LINE | United States | $8.91B | -2% | +1% | -2% | 1.13× | 9.9% | -2.0% |
Land Securities has 3 bonds outstanding with $1.87B face value. The agencies rate it AA.