Land Securities Group PLC Dividend declaration and rent collection update (6858E)

TIDMLAND

RNS Number : 6858E

Land Securities Group PLC

09 July 2021

9 July 2021

Land Securities Group PLC ('Landsec')

Dividend declaration and June 2021 quarter day rent collection data

Dividend

Landsec today confirms that the first quarterly dividend for the 2021/22 financial year will be 7.0p per ordinary share, paid entirely as a property income distribution, and will be paid on 8 October 2021 to shareholders on the register at the close of business on 27 August 2021.

June 2021 quarter day rent collection data

We have made good progress on rent collection. As at 7 July 2021 - collection day 10 - 81% of the net rent due on 24 June had been paid. The breakdown of the rent collection by segment is as follows:

24 June 2021 quarter (1)(2) - Rent collection days 5 and 10

 
                                                  Net 
                          Gross                                                                            Day 5 
                        amounts    Monthly    amounts                                                     amount 
                            due    payment        due                                                   received 
                                                           Day 10      Day 10       Day 5       Day 5 
                                     terms                 amount      amount      amount      amount 
                        24 June     agreed    24 June    received    received    received    received     Mar 21 
                           GBPm       GBPm       GBPm        GBPm           %        GBPm           %          % 
--------------------  ---------  ---------  ---------  ----------  ----------  ----------  ----------  --------- 
Offices                      60        (1)         59          56         95%          53         90%        87% 
Rest of Central 
 London                       8        (1)          7           5         71%           4         57%        29% 
Regional 
 retail                      14        (3)         11           8         73%           7         64%        38% 
Urban opportunities           5        (1)          4           2         50%           2         50%        40% 
Subscale 
 sectors                     16        (2)         14           6         43%           6         43%        36% 
                                                                               ----------  ----------  --------- 
                            103        (8)         95          77         81%          72         76%        67% 
--------------------  ---------  ---------  ---------  ----------  ----------  ----------  ----------  --------- 
 
   1.     Including our proportionate share of subsidiaries and joint ventures. 

2. All amounts are shown gross of VAT. Where an amount billed remains uncollected and is subsequently written off, the VAT component will be recovered by the Group.

Of the GBP18m of rent outstanding, GBP6m relates to customers who have withheld payment pending documentation of agreed concessions.

We continue to take a proactive approach to addressing the challenges the pandemic presents to our people, our customers and our business. In early April 2020, we established a customer support fund of GBP80m for occupiers who most need our help. To date, GBP50m of rent concessions has been allocated to customers.

Ends

About Landsec

At Landsec, we build and invest in buildings, spaces and partnerships to create sustainable places, connect communities and realise potential. We are one of the largest real estate companies in Europe, with a GBP10.8 billion portfolio of retail, leisure, workspace and residential hubs. Landsec is shaping a better future by leading our industry on environmental and social sustainability while delivering value for our shareholders, great experiences for our guests and positive change for our communities.

Find out more at landsec.com

 
 Please contact: 
 Press                     Investors 
                          --------------------------- 
 Jonathan Sibun (Tulchan   Ed Thacker 
  Group) 
                          --------------------------- 
 [phone]      [phone] 
                          --------------------------- 
 [e-mail]   [e-mail] 
                          --------------------------- 
 
 
 
 
 

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July 09, 2021 02:00 ET (06:00 GMT)