Summary of British Land Company Update / Briefing (November 25, 2025) Company Overview - **Company**: British Land Company (OTCPK:BRLA.F) - **Focus**: Market-leading position in campuses and retail parks, representing 90% of the business [2][60] Key Industry Insights - **Occupational Fundamentals**: Strong demand and constrained supply in the office and retail sectors, leading to affordable rents [2][60] - **Investment Trends**: Increased investor allocations to retail and office sectors due to attractive total return profiles [2][7] - **Office Market Dynamics**: - Return to office utilization exceeds pre-pandemic levels, with midweek usage above 2019 figures [2] - Active demand for office space is 50% above the long-term average, with a predicted vacancy rate below 2% for new and refurbished spaces [3] - Historical trends indicate potential for double-digit rental growth when vacancy rates are this low [3] Financial Performance Highlights - **Underlying Profit**: Increased by 8% to GBP 155 million [9] - **Earnings Per Share (EPS)**: Up 1% to GBP 15.40, with a corresponding 1% increase in dividends [10] - **Net Asset Value (NTA)**: Increased by 2% to GBP 579 per share, reflecting a 1.2% rise in property values [12] - **Total Accounting Return**: Achieved 4% for the half-year, on track for a full-year target of 8-10% [12] Growth Drivers and Earnings Levers - **Like-for-Like Rental Growth**: Achieved 4% growth, with expectations of 3-5% for the full year [17] - **Fee Income**: Flat at GBP 13 million in the first half, but projected to grow by 10% for the full year [18] - **Cost Control**: Admin costs reduced by GBP 5 million (12% decrease) [10] - **Development Leasing**: Benefiting from schemes like One Broadgate and The Optic, with ongoing leasing activity [19] - **Capital Recycling**: Focus on disposing of lower-returning assets to reinvest in higher-return opportunities [15] Retail Parks Insights - **Market Position**: Largest owner and operator of multi-let retail parks in the U.K., with a portfolio accessible to half the U.K. population within a 30-minute drive [5] - **Retailer Demand**: Strong demand from retailers like M&S, Lidl, and Aldi, with no new supply expected in the next decade [5][6] - **Occupancy Cost Ratios**: Improved from 17% in 2016 to around 9% today, allowing retailers to operate profitably [55] Future Outlook - **EPS Growth Guidance**: Expected to be at least GBP 0.285 for FY2026, with at least 6% growth for FY2027 [34][38] - **Sustainable Earnings Growth**: Projected sustainable EPS growth of 3-6% over the medium term, driven by strong occupational fundamentals [19][60] - **Investment Strategy**: Continued focus on retail parks and campus developments, with a capital-light approach to reduce risk [15][42] Additional Considerations - **Technological Enhancements**: Implementation of digital technologies for improved building experiences, such as contactless entry [56] - **Sustainability Initiatives**: Focus on low-cost interventions to enhance building sustainability, which also improves rental values [58] - **Market Adaptation**: Observations of changing tenant mixes, with increased demand from tech and AI sectors [46][47] This summary encapsulates the key points from the British Land Company update, highlighting the company's strategic focus, financial performance, and market dynamics.

Core Insights - Johnson Controls is celebrating its 140th anniversary, marking a significant milestone in its history of innovation and leadership in the building technology sector [1][2][3] Company Achievements - The company has a rich history of achievements, including the introduction of the first automatic sprinkler and room thermostat, and currently holds nearly 8,000 patents [1][2] - Johnson Controls has invested billions of dollars in engineering, research, and development to enhance its product offerings and services [2] Product and Service Portfolio - Johnson Controls offers one of the largest portfolios of heating, ventilation, and air conditioning (HVAC) equipment and controls globally, along with fire protection and smart security solutions [1][4] - The company is focused on serving a diverse range of customers, including data centers, advanced manufacturing, education, hospitals, and pharmaceutical labs [1][4] Future Outlook - The CEO emphasized the company's commitment to accelerating technology-based innovation and continuous improvement, aiming to transform the industry for the next 140 years [4] - Johnson Controls is integrating IoT, AI, and machine learning into its services, providing enhanced real-time analytics to create smarter buildings [4][7] Digital Transformation - The company is leveraging its OpenBlue digital offering to deliver comprehensive solutions for various industries, including healthcare, schools, and manufacturing [7] - Johnson Controls aims to simplify its portfolio while enhancing customer service, ultimately helping customers save money, energy, and time [4]