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Land Securities losses widen on coronavirus hit to portfolio; pulls final dividend recommendation

By BFN News | 07:39 AM | Tuesday 12 May, 2020


Property company Land Securities said it would not propose a final dividend as it reported wider losses on a decline in its portfolio as the Covid-19 pandemic exacerbated an already challenging environment for retailers. Following its decision in early April to canceled its third interim dividend, the company said it was also not proposing the payment of a final dividend as there had limited change to significant uncertainty surrounding Covid-19. That meant combined dividend payments for the year had dropped 49.1% to 23.2p per share. For 2019, pre-tax losses widened to £837m from £123m on-year and revenue fell 6.3% to £414m. Like-for-like net rental income, before provisions related to next year's rent, was down £4m or 0.7% amid high occupancy with like-for-like voids unchanged at 2.4%. The company's property portfolio was valued at £1.18bn, down 8.8%, with the majority of the valuation deficit attributable to its retail segment, which suffered a 20.5% decline. Story provided by StockMarketWire.com

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