In October 2020, British Land Company PLC announced their new dividend policy, setting the dividend as semi-annual and calculated at 80% of Underlying EPS based on the most recently completed six-month period. Applying this policy, the Board are proposing an interim dividend for the six-month period ended 30 September 2021 of 10.32p per share. Payment will be made on Friday 7 January 2022 to shareholders on the register at close of business on Friday 26 November 2021. The dividend will be a Property Income Distribution and no SCRIP alternative will be offered.
Other financial highlights include:
- Underlying EPS up 22.9% reflecting a significant reduction in provisions in the half
- EPRA Net Tangible Assets (NTA) up 5.1% to 681p
- 6.1% Total Accounting Return for the half
- LTV at 33.4% with 43% headroom to Group debt covenants
- £1.5bn undrawn facilities and cash with no requirement to refinance until late 2024
- Fitch affirmed senior unsecured credit rating at 'A'