Dan Coatsworth, head of markets at AJ Bell, said: “Office and retail landlord Landsec might have expected a slap on the back rather than a slap in the face from the market after raising guidance in its first-half results.
“The company is not helped by a negative backdrop for domestic-facing businesses as investors react badly to news Rachel Reeves is set to U-turn on an increase in income tax in the upcoming Budget.
“The underlying picture for Landsec is positive with high occupancy, rent increases and material earnings growth.
“Having taken some pain while getting rid of the lower quality parts of its portfolio, Landsec will hope that over time it gets credit from the market for having a better collection of assets with more significant earnings potential.”
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