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REITs

British Land became a Real Estate Investment Trust (REIT) from 1 January 2007

The REITs regime reinforces the competitive position of quoted property companies like British Land, offering focused real estate investment with a pre-eminent combination of performance, scale and accessibility.

British Land is well suited to the REIT regime with no significant changes of structure to the Company required in order to meet the REIT conditions. The principal effects of becoming a REIT are:

  • The Group no longer pays UK corporation tax on profits and gains from the UK qualifying property rental business.
  • As a REIT, the Company is required to distribute to shareholders at least 90% of the income profits arising from the tax-exempt business
  • British Land paid an entry charge broadly equal to 2% of the aggregate market value of properties and other assets of the UK qualifying property rental business at the date of conversion

The final dividend being paid on 17 August 2007 is a normal dividend - no PID element is being paid.

The first dividend that was paid with a PID element was the dividend paid on 16 November 2007.

Relevant links

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REITs - Tax Consequences > (27KB)
REIT declaration - beneficial owner form > (19KB)
REIT declaration - intermediary form > (19KB)
EGM Circular PDF > (103KB)
Results of EGM >
Interim Results 2006/7 – REITs slides PDF > (51KB)
Interim Statement 2006/7 – REITs extracts >
REIT World UK Presentation Nov 2006 PDF > (128KB)
A Guide to UK REITs (December 2006) PDF version > (3MB) | Interactive version >
Dividends >
Reita.org >
London Stock Exchange >