Mark Allan, Chief Executive of Landsec, commented:
"Our continued operational outperformance, with rising occupancy and positive rental uplifts in retail and London, is driving robust like-for-like rental income growth and demonstrates the importance of owning and operating the best-in-class real estate. Around 80% of our portfolio is now invested in twelve places with significant scarcity value, where our competitive advantages in shaping and curating these places mean we expect like-for-like rents to continue to grow.
"Following a reset of values over the past two years driven by rising interest rates, the stabilisation in rates and evidence of continued rental growth is starting to attract increased investor interest for the best assets. Around 60% of our portfolio already showed stable values in the second half and overall yields were largely stable in the final quarter, pointing to a positive outlook for our overall return on equity.
"The quality and return prospects of our portfolio are further bolstered by our strong balance sheet. After a period of proactive capital recycling, most recently with over £600m of non-core assets sold in the past seven months, we have meaningful capacity to invest in high quality assets that add to our best-in-class portfolio at what we believe to be an attractive point in the cycle."
And later;
Dividends
The Board has recommended a final dividend for the year ended 31 March 2024 of 12.1p per ordinary share to be paid as Property Income Distribution (PID). Subject to shareholders' approval at the Annual General Meeting, the final dividend will be paid on 26 July 2024 to shareholders registered at the close of business on 14 June 2024. The last date for Dividend Reinvestment Plan (DRIP) elections will be 28 June 2024. The total dividend paid and payable in respect of the year ended 31 March 2024 is 39.6p (2023: 38.6p).
The first quarterly dividend for the year ending 31 March 2025 will be paid in October 2024 and will be announced in due course.
https://www.investegate.co.uk/announcem ... ts/8203157
Also posted on Company News here; viewtopic.php?p=664610#p664610
I hold these in my HYP, and know others here do too, so this may be of interest here.
Ian.