British Land announce interim dividend of 8.4p per share

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British Land announce interim dividend of 8.4p per share

The British Land board confirm that they will be resuming dividend payments with an interim dividend of 8.4p per share, which is set at 80% of Underlying EPS. Going forward, dividends will be paid semi-annually as opposed to quarterly, to be announced at the interim and full year results based on the most recently completed six-month period. This policy ensures dividends will reflect the impact of development completions, acquisitions, disposals and trading conditions as they change over time.  It maximises future strategic and financial flexibility. 

Other financial highlights include:

Financial performance: reflecting the impact of Covid-19 

Underlying EPS reduced 34.8% primarily reflecting an increase in provisions for rent receivables 

Portfolio value down 7.3%; Offices down 3.1%; Retail down 14.9%; Developments broadly flat

EPRA Net Tangible Assets (NTA) reduced 10.3% to 693p

Strong and flexible balance sheet, dividend resumed

£456m retail assets sold since April 2020, 6.7% ahead of book value 

£219m of standalone offices sold in November, including Clarges Mayfair for £177m (which was 7.6% ahead of book value)

£1bn undrawn facilities and cash with no requirement to refinance until 2024

LTV at 35.7%; 42% headroom to Group debt covenants

Interim dividend of 8.4p per share, representing 80% of underlying EPS 

Fitch Ratings affirmed unsecured credit rating at 'A'

Continued strong performance on Sustainability benchmarks 

100 Liverpool Street completed, with embodied carbon under 400 kg CO2e per m2, ahead of 2030 targets 

GRESB 4* and awarded a green star rating for the 10th consecutive year

AAA MSCI rating, ranking within the top 9% overall

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