In October, British Lands announced the intention to resume paying dividends semi-annually, calculated at 80% of Underlying EPS based on the most recently completed six-month period. Applying this policy, the Board are proposing a final dividend for the year ended 31 March 2021 of 6.64p per share. Payment will be made on Friday 6 August 2021 to shareholders on the register at close of business on Friday 25 June 2021. The dividend will be a Property Income Distribution and no SCRIP alternative will be offered.
Other financial highlights include:
Underlying profit reduced 34.3% primarily reflecting an increase in provisions for rent receivables
83% of FY21 rent collected. 99% Offices; 71% Retail
Portfolio value down 10.8%; Offices down 3.8%, with moderate decline of 0.8% in the second half; Retail down 24.7% with the rate of decline slowing in Retail Parks; Developments broadly flat
EPRA Net Tangible Assets (NTA) reduced 16.3% to 648p