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British Land Profit Gains From Acquisitions Booster to Rents

Feb. 9 (Bloomberg) -- British Land Co., the U.K.’s second-largest real estate investment trust, said third-quarter earnings before items rose 11 percent as acquisitions and property openings lifted rental income.

Profit excluding changes in asset values and one-time items increased to 69 million pounds ($109 million), or 7.5 pence a share, in the three months through December from 62 million pounds, or 7 pence, a year earlier, the London-based company said in a statement today. Net income fell to 68 million pounds from 261 million pounds.

Chief Executive Officer Chris Grigg made 332 million pounds of acquisitions in the first half of British Land’s fiscal year, lifting annual rental income by 21 million pounds. Earnings were also lifted by income generated by extra space in stores and offices. Net rental income rose by 5.3 percent.

Net asset value rose to 593 pence a share from 591 pence three months earlier, according to the statement.

British Land rose 3 pence to 508 pence in London trading yesterday, valuing the company at 4.5 billion pounds. The stock has climbed about 10 percent this year, exceeding the 8.5 percent gain for the 11-member FTSE 350 Real Estate Investment Trust Index.

To contact the reporter on this story: Simon Packard in London at packard@bloomberg.net.

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net.

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