Retail Failures Weigh on British Land, Despite London Bounce
(Bloomberg) -- The impact of store closures and rent cuts for struggling retailers more than offset a buoyant London office market, hitting earnings for British Land Co.
- Retailer failures and enforced rent cuts combined to deliver a 6-million pound ($6.8 million) hit to British Land’s earnings.
- The lost rent from sales of major buildings including UBS Group AG’s London headquarters also had an impact.
- A share buyback and a better-than-expected London office market that lifted rents failed to offset the reduction in earnings.
- British Land reported earnings per share of 17.2 pence, missing the average analyst estimate of 17.8 pence
- The shares fell as much as 2.7 percent in London and were trading at 609.8 pence at 8:20 a.m.
- To read the earnings statement, click here.
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