Dividends
We recognise the importance of dividends to investors. Long, secure income combined with fixed-rate debt provides a strong underpinning to the dividend.
Over the last 5 years the dividend has doubled reflecting increased distributions following REIT conversion and strong growth in underlying earnings. For the year to March 2010, the quarterly dividend will continue at the rate of 6.5 pence per share, equivalent to 26 pence per share for the full year.
For shareholders who wish to re-invest their dividends in the company, we are offering an Enhanced Scrip Dividend Scheme which enables shareholders to receive New Ordinary Shares in place of the cash dividend.
As a Real Estate Investment Trust (“REIT”), the British Land Company PLC and its subsidiaries are obliged to distribute 90 per cent of the profits (calculated under UK Tax principles) of the property rental business. These dividends, which are referred to as PIDs, will be paid subject to withholding tax (unless the shareholder is eligible for payment of a dividend gross and completes either a Beneficial Owner Declaration of Eligibility for Gross PID Payments or an Intermediary Declaration of Eligibility for Gross PID Payments form and sends it to our registrars, Equiniti). The split of dividends declared will vary between PID and Non-PID over time. Shareholders should note that the tax treatment of PID and non-PID dividends differs.
| Dividend | Ex-div date | Payment date | Enhanced scrip offered | PID element 1 | Non-PID element | Total | Restated total 2 |
|---|
| 2009/10 | | | | | | | |
|---|
| 4th Interim | | Aug 10 | | | | 6.50p | |
| 3rd Interim | 7 April 10 | 14 May 10 |  | | 6.50p | 6.50p | |
| 2nd Interim | 13 Jan 10 | 12 Feb 10 | | | 6.50p | 6.50p | |
| 1st Interim | 14 Oct 09 | 13 Nov 09 | | | 6.50p | 6.50p | 6.50p |
| 2008/09 | | | | | | | |
|---|
| 4th Interim 3 | 8 July 09 | 14 Aug 09 | | 6.50p | | 6.50p | 6.50p |
| 3rd Interim | 25 Feb 09 | 15 May 09 | | 9.375p | | 9.375p | 7.77p |
| 2nd Interim | 12 Jan 09 | 13 Feb 09 | | 2p | 7.375p | 9.375p | 7.76p |
| 1st Interim | 15 Oct 08 | 14 Nov 08 | | 6.70p | 2.675p | 9.375p | 7.77p |
| 2007/08 | | | | | | | |
|---|
| 4th Interim | 16 July 08 | 15 Aug 08 | | 8.75p | | 8.75p | 7.25p |
| 3rd Interim | 16 Apr 08 | 19 May 08 | | 4.25p | 4.50p | 8.75p | 7.25p |
| 2nd Interim | 16 Jan 08 | 15 Feb 08 | | 4.25p | 4.50p | 8.75p | 7.25p |
| 1st Interim | 17 Oct 07 | 16 Nov 07 | | 4.25p | 4.50p | 8.75p | 7.25p |
1 The PID element of the cash dividend will be paid net of 20% (22% pre 5 April 2008) tax, unless a shareholder is eligible for payment of dividend gross (see above).
2 Dividends declared before the March 2009 Rights Issue have been restated for the bonus element of this 341m share issue.
3 The Enhanced Scrip Dividend is not a PID.
Dividend History
| Dividend per share 1 | 2009 | 2008 | 2007 | 2006 | 2005 |
|---|
| Declared | 29.8p | 29.0p | 16.9p | 14.1p | 13.0p |
| Paid | 30.03p | 26.8p | 14.4p | 13.3p | 12.3p |
| Dividend Cover 2 | 1.4 | 1.7 | 2.5 | 2.2 | 1.9 |
1 Adjusted for the Rights Issue of 341m shares in March 2009
2 Underlying profit after tax / total dividend paid
If you receive unsolicited communications from someone suggesting they are acting for British Land or our registrars, before taking any action, please check their details with our registrars, the Financial Services Authority or British Land, as they may be attempting to defraud you. See the section “ Boiler Room Scams PDF ” for more information.