On 6 October 2023, the Land Securities Group Plc paid a first interim dividend in respect of the current financial year of 9.0p per ordinary share (2022: 8.6p), wholly as a Property Income Distribution (PID), representing £67m in total (2022: £64m).
The Board has declared a second interim dividend of 9.2p per ordinary share to be payable wholly as a PID (2022: 9.0p) on 2 January 2024 to shareholders registered at the close of business on 24 November 2023.
A Dividend Reinvestment Plan (DRIP) has been available in respect of all dividends paid during the period. The last day for DRIP elections for the second interim dividend is close of business on 8 December 2023.
Other Financial Highlights:
- EPRA EPS(2)(3) stable at 26.7p, in line with FY guidance, as positive leasing, margin improvement and 2.8% LFL income growth offset impact of deleveraging through asset sales during prior year.
- Total return on equity improved to -2.4%, with loss before tax of £193m (after a £375m, or -3.6%, adjustment in portfolio value) resulting in a 4.6% reduction in EPRA NTA per share(2) (3) to 893p
- Maintained sector-leading balance sheet strength, with AA/AA- credit rating, 7.2x net debt/EBITDA, Group LTV(2)(3) of 34.4% and weighted average debt maturity of 9.3 years
- Continue to expect EPRA EPS for full year to be broadly stable vs last year's underlying 50.1 pence and low to mid single digit percentage growth in rental values in London and Major Retail