Dividends

Dividend policy

We plan to increase our dividend payout ratio to 80% of European Public Real Estate Association (EPRA) earnings as market conditions stabilise. This level of payout enables the Company to retain capital to invest in growth opportunities, improvement of the operational portfolio and delivery of our sustainability strategy, including our 2030 target for net-zero carbon.

Scrip Scheme
A Scrip Dividend Scheme was introduced in May 2018. It provides shareholders with the opportunity to receive dividends as new ordinary shares instead of cash. This enables us to retain more cash for reinvestment into our business, which would otherwise be paid as cash dividends. At the Company’s Annual General Meeting, held in May 2021, shareholders renewed the implementation of the Scrip Scheme.

The mandate form and the guide to the scheme, accessible through the links below, provide information on the scheme and how to participate.

2021 interim dividend
The Company announced its half-year results for the six months to 30 June 2021 on 27 July 2021 and declared an interim dividend of 6.5 pence per share (the “2021 interim dividend”), which will be fully paid as a Property Income Distribution (“PID”).

The 2021 interim dividend will be paid in either cash or new ordinary shares under the Scrip Scheme on 29 October 2021 to shareholders on the register at the close of business on 17 September 2021.

Key dividend dates
The timetable in relation to the 2021 interim dividend is shown below:

Historic scrip dividends
The table below gives details of past dividends on which the Scrip Scheme was offered.

If you have any questions about the Scrip Scheme, please contact the Company’s Registrar, Computershare Investor Services plc, on +44 (0) 370 707 1376. The helpline is open between 8.00 a.m. and 6.30 p.m. (GMT), Monday to Friday, excluding public holidays in England and Wales.