RVBA-BLNDReal Estate & REITs

British Land — in detail

Full extracted data, every event in the company's history we've captured, and (soon) external news. The full ratios diagnostic with peer benchmarks lives at /ratios.

Reference sources (3/5)

Source documents
Recent disclosure
Multi-year metrics
Targets
Certifications

External news

No ESG-relevant news ingested yet for this company. Run python -m pipeline.news_gdelt to backfill. Sourced from GDELT 2.0 (3-month trailing window).

Data by year· every metric + key events per year

Each year shows the firm's reported metrics on the left and the most material events on the right. Up to 10 events per year; the full event log is one click further.

2025

annual report ↗

P&L highlights (USD)

Revenue	123.6M
Cost of revenue	(32.4M)
Gross profit	91.2M
Operating expenses (S&M + G&A)	(112M)
Operating income	-20.9M
Net income	-8.1M

Balance sheet highlights (USD)

Property, plant & equipment	24.4M
Total assets	170M
Total debt	159.5M
Cash & equivalents	43.6M
Minority interest	0

Market & shares

Market cap (FY-end)	787.2M
Shares outstanding	258.9M

2024

annual report ↗cdp response ↗

Climate · carbon footprint (tCO2e)

Scope 1	5,923
Scope 2 (market-based)	1,555
Scope 3	131,451
Cat 1 · Purchased goods	15,533
Cat 6 · Business travel	221
Cat 7 · Employee commuting	71
Cat 13 · Downstream leased	84,184
Gross carbon footprint	138,929
Net carbon footprint	138,929

Energy (kWh)

Renewable energy %

94%

P&L highlights (USD)

Headcount (FTE)	634people
Revenue	162M
Cost of revenue	(71.5M)
Gross profit	90.5M
Operating expenses (S&M + G&A)	(140.2M)
Operating income	-49.6M
Net income	-49.6M

Balance sheet highlights (USD)

Property, plant & equipment	13.8M
Total assets	178M
Total debt	0
Cash & equivalents	42.2M
Minority interest	52.4M

Market & shares

Market cap (FY-end)	1.1B
Shares outstanding	253.9M

Events 2024· 13

Started reporting embodied carbon in-use (RICS B1-B5)

In FY24, British Land began reporting Scope 3 Category 1 emissions resulting from a building's maintenance, repair and refurbishment activities (RICS modules B1-B5), expanding the scope of disclosed emissions.

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SBTi targets being updated to align with Buildings sector guidance

British Land is in the process of updating its existing SBTi targets to set longer-term targets aligned with the SBTi Buildings sector guidance once published. The internal 2030 targets remain unchanged in the interim.

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Limited assurance maintained over Scope 1, 2 and 3 emissions

Third-party limited assurance under ISAE3000 for Scope 1, 2 and Scope 3 emissions covering 100% of reported emissions. Annual process.

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5% annual water intensity reduction targets set for offices and retail

New annual targets set in FY24 for 5% improvement in water consumption intensity at managed offices (12.49 → 11.87 m3/FTE) and at managed retail sites (9.88 → 9.39 m3/footfall) by FY25.

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Updated emission factors to BEIS 2023

Change in BEIS electricity and gas grid emission factors between 2022 and 2023 factor sets resulted in a 1.64% (~324 tCO2e) decrease in Scope 1+2 emissions vs prior year.

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New £200m social and economic value target to 2030

In March 2024 British Land launched its first social value target, committing to generate £200m of direct social and economic value in the 10 years to 2030, including £100m enabled via the £25m Social Impact Fund and £100m via SME spend. Additionally targeting £100m indirect.

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Added retail occupier-procured energy to whole-portfolio intensity reporting

For the first time, British Land obtained retail occupier-procured energy data for FY23 and FY24, enabling whole-building portfolio-wide intensity reporting. An additional 205 MWh of energy consumption (representing 60% of total energy consumed across managed portfolio) was brought into scope of the 2030 Strategy. Conversion factors were also updated in line with BBP guidelines. FY22 baseline restated using indexing methodology.

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Started reporting embodied carbon in-use (RICS B1-B5)

This year British Land widened its Scope 3 reporting to include embodied carbon in-use (RICS B1-B5) covering emissions from buying equipment and maintaining buildings over their life cycle, including landlord-controlled retrofitting projects and M&E replacements. Heat pump installation embodied carbon (e.g. 289 tCO2e at York House) now included.

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New embodied carbon target for urban logistics developments (650kg CO2e/sqm)

In FY24, British Land set an embodied carbon target for urban logistics developments of 650kg CO2e per sqm, developed from whole life carbon assessments on the urban logistics pipeline in the absence of industry benchmarks.

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New 17.5% minoritised ethnic representation target by 2025

British Land adopted a senior management minoritised ethnic colleagues target of 15% (Parker Review aligned) and a company-wide target of 17.5% by 2025. Achieved 17.7% across company in FY24.

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see 3 more events →

2023

sustainability report ↗cdp response ↗cdp response ↗cdp response ↗

Climate · carbon footprint (tCO2e)

Scope 1	8,025
Scope 2 (market-based)	3,686
Scope 3	130,625
Cat 6 · Business travel	236
Cat 7 · Employee commuting	68
Gross carbon footprint	142,336
Net carbon footprint	142,336

Energy (kWh)

Renewable energy %

88%

P&L highlights (USD)

Headcount (FTE)	641people
Revenue	156.8M
Cost of revenue	(75.7M)
Gross profit	81.1M
Operating expenses (S&M + G&A)	(237.4M)
Operating income	-156.2M
Net income	-185.3M

Balance sheet highlights (USD)

Property, plant & equipment	12.5M
Total assets	206.1M
Total debt	138.3M
Cash & equivalents	31M
Minority interest	46.2M

Market & shares

Market cap (FY-end)	625.3M
Shares outstanding	245.2M

Events 2023· 9

Embodied carbon methodology updated to exclude completed developments

Embodied carbon emissions methodology now excludes developments completed in the year; all committed and near term schemes are included in the average calculation. FY22 data was restated to reflect this change.

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Fourth year of DNV limited assurance under ISAE 3000

DNV provided independent limited assurance over selected FY23 sustainability data including Scope 1, 2, 3 emissions. CHY Consultancy provides assurance for social value data; Korn Ferry for pay gap data.

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Increased ethnic minority representation target to 17.5% by 2025

Updated target for 17.5% ethnic minority representation across the Company by 2025 (with 20% stretch target).

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Renewable electricity proportion fell from 93% to 88%

Renewable electricity dropped from 93% to 88% in FY23, primarily due to onboarding new assets where it takes time to transfer to a renewable tariff. Renewable gas rose from 85% to 90%.

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Business travel emissions surged 472% as travel returned post-Covid

Air, rail and road business travel emissions increased from 41 tCO2e in FY22 to 236 tCO2e in FY23, reflecting the return to pre-Covid-19 travel conditions.

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Rolled out occupier-procured energy data collection in retail

In FY23 rolled out solution to obtain occupier-procured energy consumption data in retail let space. Full year data received for 51 of 53 managed retail assets (~2,000 units), increasing proportion of actual data to 76% in FY23 and FY24.

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Restated FY22 Scope 3 to include Residential energy emissions

2022 numbers have been restated to include the GHG emissions associated with energy consumption in Residential properties. This expands the Scope 3 reporting boundary.

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Rolled out occupier-procured energy data collection in retail let space

In FY23 we rolled out a solution to obtain occupier-procured energy consumption data in retail let space. Full year consumption data was received for 51 out of 53 managed retail assets (c. 2,000 units). Whole building retail data will be reported from FY24.

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£25m Social Impact Fund commitment by 2030

In February 2023, British Land committed to a £25m Social Impact Fund to 2030, comprising at least £15m cash contributions and £10m affordable space. New education and employment targets to 2030 also set.

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2022

sustainability report ↗

Climate · carbon footprint (tCO2e)

Scope 1	8,025
Scope 2 (market-based)	3,686
Scope 3	156,415
Cat 1 · Purchased goods	15,698
Cat 6 · Business travel	236
Cat 7 · Employee commuting	68
Cat 13 · Downstream leased	108,643
Gross carbon footprint	168,126
Net carbon footprint	168,126

Energy (kWh)

Renewable energy %

88%

P&L highlights (USD)

Headcount (FTE)	618people
Revenue	235.2M
Cost of revenue	(145.6M)
Gross profit	89.7M
Operating expenses (S&M + G&A)	(835.8M)
Operating income	-746.2M
Net income	-768.6M

Balance sheet highlights (USD)

Property, plant & equipment	17.4M
Total assets	432.8M
Total debt	216.8M
Cash & equivalents	124.2M
Minority interest	40.7M

Market & shares

Market cap (FY-end)	337.2M
Shares outstanding	234.2M

Events 2022· 9

Business travel emissions reflect post-Covid return to travel

The significant increase in business travel emissions reflects the return to pre-Covid-19 travel conditions.

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Completed second net zero carbon development at 1 Triton Square

Embodied carbon at 1 Triton Square was below the 2030 target at 436 kg CO2e per sqm and was offset through certified schemes including teak afforestation in Mexico and community reforestation in Ghana.

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Net zero audits completed across portfolio

Completed 29 net zero audits covering major assets, identifying initiatives that would deliver at least 25% improvement in whole building energy efficiency. Now have a pathway for each major asset.

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Third-party limited assurance (ISAE3000) by DNV across Scopes 1, 2 and 3

DNV provided ISAE3000 limited assurance on Scope 1, Scope 2 (location and market) and Scope 3 categories including Purchased goods, Capital goods, Fuel/energy, Waste, Business travel, Employee commuting and Downstream leased assets. 100% of reported emissions verified.

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Pre-purchasing carbon credits strategy launched

This year, British Land created a new strategy of pre-purchasing carbon credits to mitigate price volatility risk for offsetting residual embodied carbon. Has pre-purchased credits for ~67% of embodied carbon in committed development pipeline.

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Reclassified operational embodied carbon from Capital Goods to Purchased Goods

To align with the design of our SBTi, the operational embodied carbon of our managed portfolio has been reclassified from 'Capital Goods' to 'Purchased goods and services'.

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Retail occupier energy estimation assumes regular operations

In 2021/22, estimated energy consumption in retail units assumes regular operations, vs prior year assumption of only 50% operation due to COVID lockdowns. This causes a significant rise in reported Scope 3 emissions.

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Added embodied carbon of 1 Triton Square at practical completion

This year's totals include the embodied carbon of 1 Triton Square following its practical completion, increasing reported emissions.

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Improved actual data coverage for downstream leased assets in retail

In FY23 BL rolled out a solution to obtain occupier-procured energy consumption data in retail let space. Full year consumption data was received for 51 of 53 managed retail assets, increasing the proportion of actual data to 76% from 30% last year.

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2021

sustainability report ↗

Climate · carbon footprint (tCO2e)

Scope 1	7,339
Scope 2 (market-based)	1,665
Scope 3	130,114
Cat 6 · Business travel	1
Cat 7 · Employee commuting	418
Cat 13 · Downstream leased	80,686
Gross carbon footprint	139,118
Net carbon footprint	139,118

Energy (kWh)

Renewable energy %

93%

P&L highlights (USD)

Headcount (FTE)	613people
Revenue	234.5M
Cost of revenue	(118.5M)
Gross profit	116M
Operating expenses (S&M + G&A)	(313.2M)
Operating income	-197.2M
Net income	-171.3M

Balance sheet highlights (USD)

Property, plant & equipment	20.9M
Total assets	1.1B
Total debt	213.8M
Cash & equivalents	213.1M
Minority interest	35.9M

Market & shares

Market cap (FY-end)	1.7B
Shares outstanding	230.3M

Events 2021· 13

Employee numbers restated to headcount including fixed-term

From 2021, employee numbers based on headcount rather than FTE and include fixed-term employees. Data for 2020 and 2019 restated to reflect this change.

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SBTi 1.5°C-aligned targets validated

In FY21, SBTi validated British Land's climate commitments as in line with a 1.5°C trajectory: 51% absolute reduction in Scope 1+2 by FY2030 from FY2020 base year, and 55% reduction in Scope 3 emissions intensity per sqm NLA over the same timeframe.

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Science Based Targets validated by SBTi (1.5°C aligned)

British Land's Scope 1, 2, and 3 targets were validated by SBTi as being aligned to a 1.5 degree global warming scenario in 2021. Targets: 51% reduction in Scope 1 and 2 emissions vs 2020, and 55% reduction in Scope 3 emissions intensity per sqm vs 2020. Validated targets are valid until 2026.

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SBTi-validated science based targets

Science Based Targets initiative validated British Land's carbon reduction targets in 2021: 51% reduction in Scope 1 and 2 emissions vs 2020 baseline and 55% reduction in Scope 3 intensity per sqm vs 2020.

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Net zero carbon portfolio by 2030 target

Committed to achieving a net zero carbon portfolio by 2030. Includes 75% operational carbon intensity reduction vs 2019 and 50% embodied carbon reduction vs 2019 industry benchmarks.

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Employee working-from-home reported in place of commuting

For FY21, emissions from employees working from home reported instead of employee commuting due to Covid-19 lockdown impact.

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Expanded Scope 3 reporting categories

This year updated reporting structure to more fully align with GHG Protocol Value Chain (Scope 3) Standard, incorporating RICS Whole Life Carbon Assessment. Now includes embodied carbon in use (B1-B5) at 15,834 tCO2e and broader downstream leased assets.

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Market-based Scope 2 reporting introduced

From 2020, reporting Scope 2 emissions according to both location-based and market-based methods. 98% of purchased electricity backed by REGOs and 80% of purchased fuel backed by RGGOs.

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Covid-19 materially affected operating metrics

Covid-19 lockdowns dramatically reduced building occupancy, leading to anomalous declines in energy use, emissions, water use and accident rates. Many performance metrics not directly comparable to prior years.

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DNV second year as assurance provider

DNV's second year as assurance partner; previous nine years of assurance was undertaken by PwC. Limited assurance per ISAE 3000 (Revised).

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see 3 more events →

2020

Climate · carbon footprint (tCO2e)

Scope 1	6,945
Scope 2 (market-based)	669
Scope 3	161,191
Cat 1 · Purchased goods	13,872
Cat 6 · Business travel	200
Cat 7 · Employee commuting	104
Cat 13 · Downstream leased	138,163
Gross carbon footprint	168,805
Net carbon footprint	168,805

Energy (kWh)

Renewable energy %

96%

P&L highlights (USD)

Headcount (FTE)	611people
Revenue	96M
Cost of revenue	(34.3M)
Gross profit	61.7M
Operating expenses (S&M + G&A)	(137M)
Operating income	-75.3M
Net income	-74.6M

Balance sheet highlights (USD)

Property, plant & equipment	17.3M
Total assets	215.7M
Total debt	0
Cash & equivalents	41.1M
Minority interest	0

Market & shares

Market cap (FY-end)	4.6B
Shares outstanding	219.6M

Events 2020· 9

Internal carbon levy of £60/tonne introduced

Introduced internal carbon levy of £60 per tonne on embodied carbon in developments, with £20 directed to offsetting and £40 to the Transition Vehicle for energy efficiency retrofits.

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Net zero carbon portfolio by 2030 commitment

Launched 2030 sustainability strategy with commitment to be net zero carbon by 2030. Includes 75% operational carbon intensity reduction vs 2019 and 50% reduction in embodied carbon at developments.

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Changed assurance provider from PwC to DNV

This is DNV's third year as our assurance partner. The previous nine years of assurance on selected sustainability data was undertaken by PwC.

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2030 Net Zero Carbon target and SBTi-validated targets

In May 2020 British Land launched 2030 sustainability strategy: net zero carbon by 2030, 50% reduction in embodied carbon intensity by 2030, 75% reduction in operational carbon emissions across portfolio by 2030. SBTi validated: scope 1&2 absolute 51% reduction by FY2030 from FY2020 base year; Scope 3 55% per sqm reduction.

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Net zero carbon portfolio commitment by 2030

British Land committed to achieving a net zero carbon portfolio by 2030, including 75% reduction in operational carbon intensity and 50% reduction in embodied carbon, with offsetting of residual embodied carbon for all developments from April 2020.

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SBTi-validated 1.5°C absolute Scope 1+2 target: 51% reduction by 2030

Absolute target set in 2020, approved by SBTi as 1.5°C aligned: reduce Scope 1 & 2 emissions by 51% by 2030 vs 2020 baseline (6,945 tCO2e Scope 1; 15,373 tCO2e Scope 2 location-based).

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Scope 3 intensity target: 55% reduction kgCO2e/sqm by 2030

SBTi-approved Scope 3 intensity target to reduce emissions from purchased goods, capital goods and downstream leased assets by 55% per sqm of net lettable area by 2030 vs 2020 baseline.

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Net zero carbon portfolio by 2030

British Land has committed to achieving a net zero carbon portfolio by 2030, covering both embodied and operational carbon. Includes 75% reduction in operational carbon intensity and 25% energy efficiency improvement vs 2019 baseline.

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RE100 commitment: 100% renewable landlord-supplied electricity by 2030

Target rolled forward as part of 2030 strategy after original 100% target expired in FY20 having reached 96%. Currently at 88% in 2022/23.

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