The Lemon Fool

Dividend

During the year we reinstated quarterly dividends, having suspended them due to the pandemic. We did not declare a first quarterly dividend, but paid a second quarterly dividend of 12.0p per share which we viewed as a combined first and second quarterly dividend at a level of 6.0p per quarter. A third quarterly dividend of 6.0p per share was paid on 30 March 2021. We are now recommending a final dividend of 9.0p per share to be paid on 23 July 2021 to shareholders registered at the close of business on 18 June 2021. Together with the final dividend, our full year dividend is 27.0p or £200m, up 16.4%. The first quarterly dividend, payable in October 2021, will be announced nearer the time.

At 31 March 2021, the Company had distributable reserves of £2.7bn. We do not anticipate that the level of distributable reserves will limit distributions for the foreseeable future.

A third quarterly interim dividend of 6p per ordinary share, or £44m in total (2020: Nil), was paid on 30 March 2021 as a Property Income Distribution (PID). The Board has recommended a final dividend for the year ended 31 March 2021 of 9p per ordinary share (2020: £Nil) to be paid as a PID. This final dividend will result in a further estimated distribution of £67m (2020: £Nil). Subject to shareholders' approval at the Annual General Meeting, the final dividend will be paid on 23 July 2021 to shareholders registered at the close of business on 18 June 2021.

The total dividend paid and recommended in respect of the year ended 31 March 2021 is 27p per ordinary share (2020: 23.2p) resulting in a total estimated distribution of £200m (2020: £172m).

The first quarterly dividend for the year ending 31 March 2022 will be paid in October 2021 and will be announced in due course.