British Land : Annual Report & Accounts for the year ended 31 March 2024

B R I T I S H L A N D

Annual Report and Accounts 2024

CONTENTS

PLACES PEOPLE PREFER

Glasgow Fort

Paddington Central

Presentation of financial information

The financial statements for the year ended 31 March 2024 have been prepared on the historical cost basis, except for the revaluation of properties, investments classified as fair value through profit or loss and derivatives. The financial statements have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. As outlined in Note 1 of the financial statements, the Group has adopted a number of new standards and amendments to standards for the year ended 31 March 2024, none of which have had a material impact on the Group. The accounting polices used are consistent with those contained in the Group's previous Annual Report and Accounts for the year ended 31 March 2023.

Management considers the business principally on a proportionally consolidated basis when setting the strategy, determining annual priorities, making investment and financing decisions and reviewing performance. This includes the Group's share of joint ventures on a line-by-line basis and excludes non-controlling interests in the Group's subsidiaries. The financial key performance indicators are also presented on this basis. Further analysis of the IFRS results has been disclosed in the Financial review. We supplement our IFRS figures with non-GAAP measures, which management uses internally. IFRS measures are labelled as such. See our supplementary disclosures which start on page 220 for reconciliations, in addition to Note 2 in the financial statements and the glossary found at britishland.com/glossary

Integrated reporting

We integrate environmental and social information throughout this Report in line with the International Integrated Reporting Framework. This reflects how sustainability is integrated throughout our business. Our approach is focused on three key pillars: Greener Spaces, Thriving Places and Responsible Choices. For detailed social and environmental case studies and data, see our Sustainability Progress Report found at britishland.com/data

Read more about our approach to sustainability

on our website atbritishland.com

Strategic Report

1. Our key performance indicators
2. 2024 performance highlights
3. Our business at a glance

6 Our portfolio

1. Non-ExecutiveChair's statement

1. How we create value

1. How stakeholders benefit and s.172 statement

1. Chief Executive's review

1. Business review

1. Financial review

1. Financial policies and principles

1. Risk management

1. Principal risks

1. Viability statement
2. Sustainability review

1. Task Force on Climate-related Financial Disclosures (TCFD)

1. Streamlined Energy and Carbon Reporting (SECR)

1. Non-financialand sustainability information statement

Corporate

Governance

92 Non-Executive Chair's introduction

1. Key investor relations activities

1. Board of Directors

1. Governance at a glance

1. Report of the Environmental Social Governance Committee

1. Report of the Nomination Committee

1. Report of the Audit Committee

1. Directors' Remuneration Report

1. Directors' Report and additional disclosures

1. Statement of Directors' Responsibilities

Financial Statements

1. Independent auditors' report

1. Primary statements and notes

1. Company balance sheet

1. Supplementary disclosures

1. Other information (unaudited)

1. EPRA best practice recommendations on sustainability reporting
2. 10-yearrecord
3. Shareholder information

STRATEGIC REPORT

BRITISH LAND - ANNUAL REPORT AND ACCOUNTS 2024

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OUR KEY PERFORMANCE INDICATORS

Financial KPIs

Underlying Profit	Total property return	Total accounting return

2024	£268m	2024		2.0%	2024

(0.5)%

2023		£264m	2023	(9.5)%	2023	(16.3)%
2022	£247m		2022		11.7%	2022		14.6%

Total shareholder return	Net debt to EBITDA					Loan to value (LTV)
				(Group)					(proportionally consolidated)
2024		9.2%	20241	Pro forma	6.4x			20241	Pro forma	34.6%
										2024
2023	(23.0)%			2024		6.8x			37.3%
2022		8.5%		2023		6.4x		2023		36.0%
				2022				7.9x	2022		32.9%

Links to remuneration

Long Term Incentive Plan

Annual Incentive Plan

1. Pro forma following the sale of our 50% stake in the Meadowhall joint venture post year end.

R E A D M O R E A B O U T O U R	E X P L A N AT I O N S F O R
R E S U LT S O N PA G E S 1 6 T O	F I N A N C I A L T E R M S C A N B E
3 9 A N D S T R AT E G Y O N	F O U N D I N O U R G L O S S A R Y
PA G E S 1 0 T O 1 1	AT B R I T I S H L A N D . C O M /
	G L O S S A R Y

Non-financial KPIs

Environment	Social impact	People
GRESB rating		Direct social value generated		Staff engagement
5*		£9.4m	78%
GRESB for Development		2023: n/a3	2023: 78%
and Standing Investments
2023: 5*/4*
Reduction in energy intensity		Number of education and		Ethnicity pay gap
of managed portfolio since FY19		employment initiatives
18%¹	86	17.4%
2023: 17%	2023: 94	2023: 14.2%
EPC rated A or B		Value of affordable space		Gender pay gap
		provided
58%²		£1m	19.4%
2023: 45%		2023:£1.9m	2023: 21.9%
R E A D M O R E A B O U T O U R		R E A D M O R E A B O U T O U R		R E A D M O R E A B O U T O U R
E N V I R O N M E N TA L S T R AT E G Y		S O C I A L I M PA C T S T R AT E G Y		P E O P L E O N PA G E 7 2 A N D AT
O N PA G E 6 4 A N D AT		O N PA G E 6 8 A N D AT		B R I T I S H L A N D . C O M / D ATA
B R I T I S H L A N D . C O M / D ATA		B R I T I S H L A N D . C O M / D ATA

1. Performance is versus an indexed FY19 baseline, for more information see page 66
2. EPC rated A or B is reported as a proportion of ERV

2 3. Social value reporting was expanded in FY24 so no comparable FY23 data

2024 PERFORMANCE HIGHLIGHTS

Financial highlights

Underlying Profit	Underlying EPS (diluted)	Dividend per share
£268m	28.5p	22.80p
2023: £264m	2023: 28.3p	2023: 22.64p
IFRS profit after tax	IFRS EPS	IFRS net assets
£1m	(0.1)p	£5,312m
2023: £(1,039)m	2023: (112.0)p	2023: £5,525m
EPRA NTA per share	Senior unsecured	Years until
	credit rating	refinance date
562p	A	3.0yrs
2023: 588p	2023: A	2023: 3.0yrs
Operational highlights
Leasing activity	ERV growth	Capital activity
3.3m sq ft	5.9%	£0.9bn
2023: 3.4m sq ft	2023: 2.8%	2023: £1.3bn
Average embodied	Occupancy	Committed and recently
carbon in current		completed developments
office developments
625kg CO2e per sqm	97%¹	2.8m sq ft
2023: 646kg CO2e per sqm	2023: 97%	2023: 1.8m sq ft

1. Occupancy excludes space under offer or subject to asset management and recently completed developments of Norton Folgate and 3 Sheldon Square

STRATEGIC REPORT

BRITISH LAND - ANNUAL REPORT AND ACCOUNTS 2024

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OUR BUSINESS AT A GLANCE

PLACES

PEOPLE

PREFER

Our purpose is to create and manage outstanding places that deliver positive outcomes for all our stakeholders on a long term, sustainable basis.

We do this by understanding the evolving needs of the people and the organisations who use our places as well as the communities who live around them.

The deep connections we create between our customers, communities, partners and people help our places to thrive.

Canada Water

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Our portfolio

Our portfolio of high quality UK commercial property is focused on campuses in London and retail & London urban logistics.

Portfolio by value

Campuses	61%
Retail & London urban logistics	39%

R E A D M O R E A B O U T O U R

P O R T F O L I O O N PA G E 6

Paddington

What we do

We are developers and asset managers with a value-add strategy. We are a diversified business and invest in segments with strong rental growth prospects where we can leverage our strengths in asset management and development to generate a total accounting return (TAR) of 8-10% through the cycle.

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Broadgate

How we do it responsibly

Sustainability is embedded throughout the business. Our approach is focused on three key pillars where British Land can create the most benefit.

Greener Spaces

R E A D M O R E O N PA G E 6 4

Thriving Places

R E A D M O R E O N PA G E 6 8

Responsible Choices

R E A D M O R E O N PA G E 7 2

R E A D M O R E A B O U T

O U R S U S TA I N A B I L I T Y

S T R AT E G Y O N PA G E 6 0

Regent's Place

STRATEGIC REPORT

BRITISH LAND - ANNUAL REPORT AND ACCOUNTS 2024

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OUR PORTFOLIO

WE OWN A

• 8.7BN HIGH QUALITY PORTFOLIO

Campuses: 61% of portfolio by value

We are the leading owner and operator of campuses in the UK, with a particular focus on London. Our campuses are located close to key transport hubs and bring together best in class office, retail and residential buildings with leading sustainability and design credentials, surrounded by attractive public spaces and a range of amenities.

Sustainability is important to us and our customers. We are committed to achieving net zero across our portfolio and target BREEAM1 Outstanding and EPC A for our new office developments.

We have assembled an 8.6m sq ft development pipeline of best-in-class sustainable space across our campuses, of which 2.1m sq ft is already committed and progressing on site.

Our campuses are:

Broadgate (39% of the campus portfolio) is a

32 acre office-led campus in the City of London owned in a 50:50 joint venture with GIC. It has excellent connectivity, and is located next to Liverpool Street Station and the Elizabeth Line. Its proximity to Shoreditch attracts a breadth of customers from financial services, law firms, fin-tech, media and other growth sectors.

As part of our transformation of Broadgate, we have invested significantly into the buildings and public realm. Most recently, we committed to develop 2 Finsbury Avenue, a 750,000 sq ft world class building, which is due to complete in 2027, and will create a new benchmark for highly sustainable workspace in central London.

Regent's Place

6

Regent's Place (31% of the campus portfolio) is a 13 acre campus. The campus has excellent transport links with Euston and King's Cross stations nearby. It is located in London's growing Knowledge Quarter, close to a range of academic and research institutions, including University College London, The Wellcome Trust and The Francis Crick Institute. Given its location, in this growing part of London, we are repositioning the campus for growth in science and technology.

The campus is 100% owned by us with the exception of the recently announced joint venture with Royal London Asset Management to accelerate the delivery of 1 Triton Square as a world class science and technology building. 1 Triton Square will offer a mix of fitted and lab- enabled space as well as the potential to incorporate serviced offices to accommodate flexible requirements at the lower levels, with best in class office space on upper floors.

1 Triton Square

Regent's Place

Paddington Central (6% of the campus portfolio) is an 11 acre office-led campus in London's West End owned in a 25:75 joint venture with GIC. It sits next to Paddington Station with access to the Elizabeth Line and the Heathrow Express. Its central location and accessibility, attracts a broad range of corporates in financial services, telecommunications and technology. We have made significant investments in the public realm and our latest development is the full refurbishment of 3 Sheldon Square, a 140,000 sq ft office building, which completed in early 2024.

Canal

Paddington Central

Paper Yard

Canada Water

Canada Water (6% of the campus portfolio) is a 53 acre mixed use campus owned in a 50:50 joint venture with AustralianSuper. It is one of the largest mixed use developments in the UK and is located on the Jubilee Line and the London Overground, making it easily accessible to London Bridge, the West End, the City and tech hubs around Shoreditch.

The Canada Water Masterplan is flexible and will deliver a mix of workspace, retail, leisure, entertainment, education and community space, as well as residential of which part will be affordable housing.

The Peterhouse Campus (1% of the campus portfolio) is a

14 acre innovation-led campus in Cambridge, fully owned by us. Part of the campus is let to ARM and in 2023, we committed to the development of the newest part of the site, a 96,000 sq ft lab- enabled and lab-fitted building due to complete in 2025.

The balance of our campus portfolio is a mixture of standalone offices primarily in the West End and residential buildings including

our development at Aldgate.

Retail & London urban logistics: 39% of portfolio by value

Retail parks account for 62% of this segment of the portfolio. We are one of the UK's largest owners and operators with c.8% of the retail park market.2

Retail parks are the preferred format for retailers due to their affordability, adaptability and accessibility. We will continue to grow our retail park portfolio. They provide an attractive

Southgate

Bath

day one cash yield given their low capex requirements and at 99% occupancy our parks portfolio is delivering strong rental growth.

We also own a small, non core, portfolio of shopping centres which account for 22% of this segment of the portfolio.3

Our London urban logistics portfolio (9% of this segment) is focused on Zone 1 and multistorey developments within the M25. Our pipeline has a gross development value of £1.5bn and will deliver one of London's most environmentally sustainable and centrally located urban logistics portfolios. Demand for this product is strong due to the long term growth of e-commerce and rising consumer expectations for priority delivery, which, combined with little supply is driving rental growth.

Last mile logistics solutions are also increasingly sought after due to their strong environmental sustainability credentials given they reduce large vehicle movements and allow the use of e-vehicles for the last mile delivery to the end customer.

The balance of the portfolio is in other retail which includes retail subsectors in which we do not have material holdings, including high street retail and other small solus retail assets.

1. Building Research Establishment Environmental Assessment Method BREEAM standards aim to minimise harmful carbon emissions, improve water usage and reduce material waste. The rating enables comparability between projects and provides assurance on performance, quality and value of the asset
2. Based on sq ft
3. Includes the 50% stake in Meadowhall Shopping Centre which was sold post year end

STRATEGIC REPORT

BRITISH LAND - ANNUAL REPORT AND ACCOUNTS 2024

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NON-EXECUTIVE CHAIR'S STATEMENT

EXCELLENT STRATEGIC AND OPERATIONAL PROGRESS

Tim Score

Non-Executive Chair

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