St Modwen Properties increases interim dividend by 16.1% to 3.6pence
· NAV per share up 1.3% to 476.4 pence (Nov 2018: 470.2 pence).
· Total accounting return up to 2.2% (2018: 2.0%) despite a 1.2ppt drag from residual non-core retail.
· Adjusted EPRA EPS up 15.9% to 7.3 pence (2018: 6.3 pence) notwithstanding major disposals during 2018.
· Interim dividend up 16.1% to 3.6 pence (2018: 3.1 pence) reflecting solid growth in earnings.
· See-through LTV up 3.8ppt to 20.7% (Nov 2018: 16.9%) due to reinvestment of disposal proceeds.
St Modwen properties has shown progressive growth in all 3 of its operational sectors, Industrial & logistics, St Modwen Homes and Strategic land & regeneration.
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In line with the Anglo American Group's established dividend policy to pay out 40% of underlying earnings, the Board has proposed a dividend of $0.47 per share, bringing the total dividends paid and proposed in respect of 2019 to $1.09 per share (2018: $1.00 per share).Read more