Robust financial performance
· Underlying EPS down 6.7% to 34.9p due primarily to one off surrender premia received last year and impact of asset sales; buybacks contributing 1.2p
· LFL rental growth of £15m; more than offsetting the £14m impact of Retail CVAs
· Portfolio value down 4.8%; Retail down 11.1%, Offices up 1.1% and developments up 10.8%
· EPRA NAV down 6.4% at 905p, with buybacks contributing 10p
· Full year dividend up 3.0% at 31p; total accounting return -3.3%
· Proposed FY20 dividend increase of 3%
And later;
Dividends
As previously announced, we have increased the dividend by 3.0% for the year to 31 March 2019 bringing the full year dividend to 31 March 2019 to 31.0p. The dividend pay-out ratio is 89% for the period (2017/18: 80%). British Land will recommend to shareholders a final dividend payment for the year ended 31 March 2019 of 7.75p. Subject to approval by shareholders, payment will be made on 2 August 2019 to shareholders on the register at close of business on 28 June 2019. The final dividend will consist of two components: a Property Income Distribution of 3.875 pence and a Non-Property Income Distribution of 3.875 pence. No SCRIP alternative will be offered.
https://www.investegate.co.uk/british-l ... 00120373Z/