The Lemon Fool

Land Securities Group PLC RNS Announcements may be found here:

https://www.investegate.co.uk/CompData. ... ouncements

https://www.londonstockexchange.com/exc ... 0GBGBXSET1

The “Investors” section of the company’s website is here:

https://landsec.com/investors

The “Dividend information” section is here :

https://landsec.com/investors/sharehold ... nformation

Future dividend dates are here (including the intended payment date for the Final on 25 July 2019):

https://landsec.com/investors/financial-calendar

The company's Companies House filing history is here:

https://beta.companieshouse.gov.uk/comp ... ng-history (formerly HACKPLIMCO (NO.104) PUBLIC LIMITED COMPANY)


(If I should use ; ( instead of : ) please let me know)

Final Results
RNS Number : 8898Y
Land Securities Group PLC
14 May 2019

https://www.investegate.co.uk/land-sec- ... 00068898Y/ including:

Dividend

We're recommending a final dividend of 11.65p to be paid on 25 July 2019 entirely as a Property Income Distribution to shareholders registered at the close of business on 21 June 2019. Taken together with the three quarterly dividends of 11.3p per share already paid, our full year dividend will be up 3.1% at 45.55p per share (2018: 44.2p) or £338m (2018: £332m). The first quarterly dividend for 2019/20 will be 11.6p per share (2018: 11.3p).

Landsec has a progressive dividend policy, which aims to deliver sustainable growth in dividends over time, broadly in line with our underlying earnings growth as measured by our adjusted earnings per share. ...


The first quarterly dividend for the year ending 31 March 2020 will be 11.6p. It will be paid on 4 October 2019 to shareholders on the register at the close of business on 6 September 2019.

First interim reconfirmed and entirely a pid:

https://www.londonstockexchange.com/exc ... 70262.html

I only bought into LAND last week, so a newbie for me. They put this out today;

Confirmation of half-yearly results date

Landsec will be announcing its half-yearly results for the six months to 30 September 2019 on Tuesday 12 November 2019. A presentation will be held at 9:00am GMT and conference call details will be confirmed shortly.

Landsec will be announcing its annual results for the year to 31 March 2020 on Tuesday 12 May 2020.

Upcoming events:

12 November 2019 - Half-yearly results announcement
12 May 2020 - Annual results announcement

https://www.investegate.co.uk/land-sec- ... 30524056Q/

idpickering wrote:I only bought into LAND last week, so a newbie for me. They put this out today;

Confirmation of half-yearly results date

Landsec will be announcing its half-yearly results for the six months to 30 September 2019 on Tuesday 12 November 2019. A presentation will be held at 9:00am GMT and conference call details will be confirmed shortly.

Landsec will be announcing its annual results for the year to 31 March 2020 on Tuesday 12 May 2020.

Upcoming events:

12 November 2019 - Half-yearly results announcement
12 May 2020 - Annual results announcement

https://www.investegate.co.uk/land-sec- ... 30524056Q/

I'd be interested to know what induced you into buying them, Ian. I have held for quite a long time and it's been a bit of a rough ride. What made you think they were a good buy at this moment? (Am not saying they are not and obviously hope that is the case.) I thought you were not planning to add to your holdings so I can't help feeling I must have missed some news; for various reasons I have not been keeping up to date recently.

Bouleversee wrote:

idpickering wrote:I only bought into LAND last week, so a newbie for me. They put this out today;

Confirmation of half-yearly results date

Landsec will be announcing its half-yearly results for the six months to 30 September 2019 on Tuesday 12 November 2019. A presentation will be held at 9:00am GMT and conference call details will be confirmed shortly.

Landsec will be announcing its annual results for the year to 31 March 2020 on Tuesday 12 May 2020.

Upcoming events:

12 November 2019 - Half-yearly results announcement
12 May 2020 - Annual results announcement

https://www.investegate.co.uk/land-sec- ... 30524056Q/

I'd be interested to know what induced you into buying them, Ian. I have held for quite a long time and it's been a bit of a rough ride. What made you think they were a good buy at this moment? (Am not saying they are not and obviously hope that is the case.) I thought you were not planning to add to your holdings so I can't help feeling I must have missed some news; for various reasons I have not been keeping up to date recently.

Hi Lorna, I hope you are well. With regards to LAND, I recently put up my HYP on the HYP Practical board and as a result of chatting about it, AV. We’re disposed of, IG Group added, and someone suggested doubling up in REITs. I had BLND already, and LAND was suggested. I checked them out, liked what I saw, and went for it. I have no intention of buying anything else new currently.

Ian.

I must say that over many years, I have never had any satisfaction from B Land or Land Securities and that was long before either the huge changes that are taking place in the retail landscape or Brexit were even clouds on the horizon. The result is that I place them with BT as shares I am simply not interested in looking at. In the property market I hold only two, Segro which has done very well and Primary Health Properties, which, whilst there are aspects of it that I do not like much, is in about the steadiest business for property income that it could be, health centres.

Dod

See IDP's "HYP Adjustment" post 255791(link below).

Direct Line dropped and replaced with Land...October 4th.

viewtopic.php?p=255791#p255791

Might have been good timing..article from the Telegraph on Oct 13th

https://www.telegraph.co.uk/business/20 ... practices/

"Analysts have claimed that Direct Line could be heavily exposed to the City watchdog’s plan to crack down on alleged overcharging of loyal customers, with the company facing a probable one-off hit to its earnings and possible damage to its brand once regulators announce final measures next year. "

"after the Financial Conduct Authority (FCA) announced a ban on companies unfairly hiking prices for existing customers – a practice known as “price walking” or the “loyalty penalty”

Of course, other insurers will also potentially be affected. It does say it is "probably " a one off hit ( but I don't see how it can be).

Thanks for the explanation, Ian. I also hold BLND and Aviva and both have been disappointing. Let's hope they will continue to improve from now on. Much may depend on Brexit and goodness knows how that will pan out. OTOH my WH Smith and Greggs have done extremely well and even Next is back in profit for me and providing very good dividends on my purchase price but no guarantee that will last either.

Interims; https://www.investegate.co.uk/land-sec- ... 00040342T/

Also posted on HYP Practical, for HYPer chat over there.

Ian.

Net assets per share now reduced slightly to 1296p against a share price of 884p, that's still a very large discount which shows the potential for appreciation should the market decide it is the party that is "wrong", not the professional valuers.

Digging into the numbers a little more it is clear it is once again the Retail sector, although significantly less so around London, that is driving the negative valuation. Yields are out, with Regional Retail taking a 9.4% decline in valuation, and Retail Parks a 11.1% decline. There are some valuation uplifts in other segments and the Directors sound positive on development.

Personally I prefer BLND, but am interested generally in how the REIT sector plays out as the "Brexit" outcome plays out and becomes less of an influence generally across the investment community, and fundamentals once more are the point of focus.

New Chief Executive appointment

Land Securities Group PLC ("Landsec" or the "Company") is pleased to announce that Mark Allan is to be appointed as its next Chief Executive Officer ("CEO"). Mark Allan is currently Chief Executive Officer of St Modwen Properties Plc, a role he has held since 1 November 2016. He joined St Modwen Properties Plc from The Unite Group plc, where he was CEO from 2006 until May 2016. Mark is a qualified Chartered Accountant and a member of the Royal Institution of Chartered Surveyors. He will take up the new role, and become an Executive Director, with effect from a date to be confirmed but by no later than 1 June 2020.

https://www.investegate.co.uk/land-sec- ... 00083009U/

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/LAND/14411701.html

Confirmation of third interim dividend for the year ending 31 March 2020

Landsec today confirms that the third interim dividend for the 2019/20 financial year will be 11.6p per Ordinary Share and will be paid on 9 April 2020 to shareholders on the register at the close of business on 13 March 2020. The dividend will be paid entirely as a Property Income Distribution. The last date for DRIP elections is 19 March 2020.

Amount as for Q1 and Q2.

Annual results for the year ended 31 March 2020.

Here, https://landsec.com/sites/default/files ... 202020.pdf

nb, includes info re cancelation of final dividend.

Also posted on HYP Practical.

Update on June rent collection

https://www.investegate.co.uk/land-sec- ... 00059182R/

Including this on dividends too;

Balance sheet and dividend

Landsec remains in a financially robust position. At 30 June 2020, our adjusted net debt was £3.92bn compared with £3.93bn at 31 March 2020, pro-forma group LTV was 30.6% using March 2020 valuations (31 March 2020: 30.7%), and we had £1.20bn of cash and available facilities.

The Board has reviewed the position on future dividend payments and intends to reinstate payments following the half-yearly results announcement on 10 November 2020. The size and timing of our interim dividend will be confirmed with the publication of the half-yearly results.

The comments about the dividend will no doubt be welcome news for holders but is not really surprising as this is a REIT and thus has an obligation to pay on its property income if it is to maintain that status. But let's hope that we get a few more bits of guidance like that from the half year results which will be coming later this month and next.

Dod

Dod101 wrote:The comments about the dividend will no doubt be welcome news for holders but is not really surprising as this is a REIT and thus has an obligation to pay on its property income if it is to maintain that status. ...

From the Annual results for the year ended 31 March 2020, see the table on page 16 https://landsec.com/sites/default/files/2020-05/Annual%20Results%20announcement%20-%2012%2005%202020.pdf which contains Minimum PID to be paid by 31 March 2021 £78m for ye 31 March 2020, which is followed with:

If the minimum PID is not paid within 12 months of the end of an accounting period, tax is payable on the
underpaid amount at the current corporation tax rate. Therefore, the potential tax charge if no PID is
made before 31 March 2021 is £15m. It is our preference not to pay such a charge but to pay the
dividends instead, which would mean a distribution by 31 March 2021 of a minimum of £78m, or 10.5p
per share.

Within the REIT regulations, there are additional requirements which the Group must satisfy including
interest cover and balance of business tests, either to avoid a tax charge or the loss of REIT status. While
the Group is confident it will continue to satisfy the requirements for REIT status, our discussions with
HMRC indicate that they are likely to make allowance for any Covid-19 related breach of these
requirements by REITs.

Not sure if you are making a new point or whether your extract (which has been previously covered) is simply to reinforce the point I was making that the fact that Land Securities will consider a dividend at the Interim stage is not really surprising.

Dod

Please feel free to point to where, specifically, those extracts were previously been covered in this thread.

I am not prepared to enter into a pedantic discussion but I did not say that it had been discussed on this thread. Must be the lockdown that is making people tetchy! That point too has been recently commented on, although not on this thread.

Dod