Private company

Land Securities

Logo: Land Securities Group plc, Public domain, via Wikimedia Commons3

British real estate investment trust

Land Securities Group plc, trading as Landsec, is the largest commercial property development and investment company in the United Kingdom. The firm became a real estate investment trust (REIT) when REITs were introduced in the United Kingdom in January 2007.2 From Wikipedia, CC BY-SA 4.0

Last updated Oct 16, 2026.

Overview

1944Founded1
  • Tickeron London Stock Exchange1
  • Industryreal estate industry1
  • HeadquartersLondon1
  • Websitewww.landsecurities.co.uk
  • Legal formpublic limited company1
  • Listed onLondon Stock Exchange (LAND)1

Land Securities Group plc, trading as Landsec, is the largest commercial property development and investment company in the United Kingdom. The firm became a real estate investment trust (REIT) when REITs were introduced in the United Kingdom in January 2007. It is headquartered in London, England, and traded on the London Stock Exchange, and is a constituent of the FTSE 100 Index.2

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

111.2%Net margin5
2.0%Return on equity5
0.71×Debt to equity5

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue41¢$9.6M
  • Profit59¢$13.5M

Out of $12.2M in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid100¢$20.5M

Out of $7.0M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.5

Financial statements

Revenue67895$12.2M in 2025−70% since 2019
0$25.0M$50.0M$75.0M$100.0M2019: $40.7M$40.7M20192020: $57.0M$57.0M2020+40%2021: $75.3M$75.3M2021+32%2022: $89.2M$89.2M2022+18%2023: $0$020232024: $0$020242025: $12.2M$12.2M2025
Net income67895$13.5M in 2025+677% since 2019
0$5.0M$10.0M$15.0M2019: $1.7M$1.7M20192020: $4.9M$4.9M2020+183%2021: $3.5M$3.5M2021−29%2022: $4.7M$4.7M2022+35%2023: $14.6M$14.6M2023+209%2024: $13.3M$13.3M2024−9%2025: $13.5M$13.5M2025+2%

Every line of the income statement in the latest annual report, as filed.5

Period ending2025-12-312024-12-312023-12-31
Lease revenue, net$76.1M$84.8M$90.3M
Crop sales$12.2M$0$0
Other operating revenue$50.0K$453.0K$79.0K
Total operating revenues$88.3M$85.2M$90.4M
Depreciation and amortization$34.5M$35.1M$37.2M
Property operating expenses$6.7M$5.3M$4.2M
Cost of sales$9.6M$0$0
Base management fee$8.0M$8.4M$8.6M
Incentive fee$2.7M$109.0K$1.8M
Administration fee$2.6M$2.5M$2.3M
General and administrative expenses$2.3M$2.6M$2.9M
Write-off of costs associated with offering of Series E cumulative redeemable preferred stock$547.0K$0$0
Impairment charge$3.9M$2.1M$0
Total operating expenses$71.0M$56.1M$56.9M
Incentive fee waiver-$2.7M-$109.0K$0
Total operating expenses, net of credits to fees$68.3M$55.9M$56.9M
Other income$2.5M$3.4M$3.6M
Interest expense-$20.0M-$21.9M-$23.7M
Dividends declared on cumulative term preferred stock-$3.0M-$3.0M-$3.0M
Gain on dispositions of real estate assets, net$13.9M$5.9M$5.2M
Property and casualty recovery (loss), net$137.0K-$284.0K-$1.0M
Loss from investments in unconsolidated entities-$26.0K-$60.0K-$59.0K
Total other expense, net-$6.5M-$16.0M-$18.9M
Dividends declared on cumulative redeemable preferred stock-$24.0M-$24.2M-$24.4M
(Loss) gain on extinguishment of cumulative redeemable preferred stock, net-$5.0K$505.0K-$46.0K
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS-$10.5M-$10.5M-$9.9M
Basic (in dollars per share)-$0.29-$0.29-$0.28
Diluted (in dollars per share)-$0.29-$0.29-$0.28
Basic (in shares)36.5M shares35.9M shares35.7M shares
Diluted (in shares)36.5M shares35.9M shares35.7M shares
NET INCOME:$13.5M$13.3M$14.6M
Change in fair value related to interest rate hedging instruments-$2.7M$266.0K-$1.6M
COMPREHENSIVE INCOME ATTRIBUTABLE TO THE COMPANY$10.8M$13.6M$12.9M

Compare Land Securities with another company

The story

The company traces its origins to 1944, when its founder Harold Samuel purchased Land Securities Investment Trust Limited, which owned three houses in Kensington and some government stock. Further acquisitions followed shortly afterwards and from 1947 the company concentrated on commercial property. In the early days some non-UK investments were acquired, but in 1971 these were sold off and the company decided to focus solely on the UK market. The company name was changed to Land Securities plc in 1982.

After buying Trillium in 2000, in 2002 it formed a 50/50 joint venture company (Telereal Trillium) with William Pears Group (WPG) to buy the property portfolio of British Telecom: after selling its shares in Telereal to WPG in 2007, Land Securities sold Trillium to WPG in 2009.

On 31 March 2012, Francis Salway was succeeded as chief executive by Robert Noel. Noel was managing director of the company's London properties, having joined Land Securities in January 2010 from Great Portland Estates plc.

On 12 June 2017, Land Securities rebranded as Landsec, although the registered company name remained Land Securities Group PLC.

In 2019, Landsec launched a series of open plan offices under the brand "Myo". The first Myo office opened that year, at 123 Victoria Street, London, followed by the second Myo office, at Liverpool Street, in May 2021.

In November 2020, amid the COVID-19 pandemic in the United Kingdom, Landsec announced plans to sell £4 billion of assets in the next four to five years, including hotels, leisure properties and retail parks affected by pandemic.

In November 2021, Landsec announced it was to acquire urban regeneration specialist U+I for £190 million.

In December 2021, Landsec increased its 30% ownership in the Bluewater Shopping Centre by acquiring a further 25% share from Lendlease Retail Partnership for £172 million. At the same time Landsec confirmed the sale of 25% of the newly acquired shares to M&G, one of Bluewater's co-owners. Landsec's overall share increased to 48.75%.

From Wikipedia’s article on Landsec, shared under CC BY-SA 4.0.4

Leadership

Who has led Land Securities, and when. Pick a name to see everywhere that person has worked.

Products and brands

  • real estate development

Listed on Wikidata.1

Landsec owns and manages more than 24,000,000 sq ft (2,200,000 m2) of commercial property, from London offices and high street shops to major shopping centres and out-of-town retail parks. On 31 March 2026 the company's property portfolio was valued at £10.0 billion. The company owns the Piccadilly Lights in Piccadilly Circus in London. It has also led Project Nova, the development of the area around London Victoria station.

In 2010, Landsec purchased a number of tenement blocks in Victoria, central London, which had previously been used as a homeless shelter, and subsequently received multiple planning permissions for the site. As of 2021, after the buildings had remained empty for over a decade, the company said it planned to convert the buildings into flats.

From Wikipedia’s article on Landsec, shared under CC BY-SA 4.0.4

Subsidiaries and ownership

Also owns

  • Bon Accord Centre
  • Cabot Circus
  • Cardinal Place
  • Gunwharf Quays
  • Lewisham Shopping Centre
  • MediaCityUK
  • One New Change
  • The Galleria, Hatfield
  • Westwood Cross
  • White Rose Centre

From Wikidata.1

Timeline

  1. Apr 14, 2020New chief executive Mark Allan becomes CEO1
  2. 1944Founded Founded1