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Prices & Quotes - UK Markets - Land Securities Group (LAND)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Down 502.00p
Change Today:
-3.00p
Market Cap:
3,722.20m
Sector:
Real Estate Investment Trusts

Land Securities to reinstate dividends later this year

By Frank Prenesti

Date: Friday 03 Jul 2020

LONDON (ShareCast) - (Sharecast News) - Commercial property owner Land Securities said it planned to reinstate dividends later this year as tenants reopened premises after the easing of coronavirus lockdowns.
The company on Friday said it had received 60% of June net rent due after concessions and deferrals, compared with 94% a year ago.

Dividends would resume after half-year results in November, it added.

"In line with government guidance, our shopping centres, outlets and retail parks are open, with encouraging levels of footfall. Our high-quality office estate is open and we are seeing early signs of growing occupancy as customers return to work," the company said.

Landsec said it was in "financially robust" position, with adjusted net debt of 3.92bn June 30 compared with 3.93bn at the end of March and 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 company said.

"Covid-19 has resulted in some customers taking longer to pay their rent and we continue to have supportive and constructive dialogue with our customers."

Tenants had paid 75% of rent due on March 25, up from 65% collected after five working days with an increase across all segments, particularly in offices, which were now at 98%.

Overall, 30m of rent due on March 25 remained outstanding of which 5m related to concessions and deferred payments which had been agreed with customers, Landsec said.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

LAND Market Data

Currency UK Pounds
Price 502.00p
Change Today -3.00p
52 Week High 1,001.50p
52 Week Low 489.05p
Volume 963,615
Shares Issued 741.47m
Market Cap 3,722.20m

Performance Indicators

Compare performance with the sector and the market.

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Income
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Dividend Yield
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EPS Growth
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Operating Margin
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What The Brokers Say

Strong Buy 7
Buy 1
Neutral 7
Sell 2
Strong Sell 1
Total 18
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

LAND Dividends

  Latest Previous
  Q2 Q1
Ex-Div 28-Nov-19 05-Sep-19
Paid 03-Jan-20 04-Oct-19
Amount 11.60p 11.60p

Trades for 30-Oct-2020

Time Volume / Share Price
15:22 407 @ 502.00p
15:22 204 @ 502.00p
15:22 396 @ 502.00p
15:22 101 @ 502.10p
15:21 463 @ 501.80p

LAND Key Personnel

CFO Martin F Greenslade
Chair Cressida Hogg
CEO Mark Allan