British Land Co

British Land Co Dividend Analysis and Summary

• Company: The British Land Company plc (BLND)
• Dividend: 12.32p per share (interim)
• Type: Property Income Distribution (PID)
• Ex-dividend date: 04/12/2025 (derived from the record date)
• Record date: 05/12/2025
• Payment date: 14/01/2026
• Policy: Semi-annual; set at 80% of Underlying EPS for the most recent six-month period
• Coverage: H1 Underlying EPS 15.4p vs dividend 12.32p ? ~1.25x earnings cover for the interim
• Growth: DPS up ~1% year-on-year (12.32p vs 12.24p)
• DRIP: Available via Equiniti Financial Services

• Earnings support: H1 Underlying Profit rose 8% to £155m; Underlying EPS up 1% to 15.4p. Like-for-like net rental income up 4%; portfolio values up 1.2%.
• Balance sheet and liquidity: LTV 39.1% (slightly higher ytd), Group Net Debt/EBITDA improved to 7.2x (from 8.0x). Liquidity strong with £1.7bn undrawn/cash and no refinancing needs until mid-2029; Fitch rating A (stable). These support dividend continuity.
• Payout discipline: Policy-capped at 80% of Underlying EPS provides a buffer and leads to the observed ~1.25x cover on the interim.
• Forward trajectory: Company guides FY26 Underlying EPS of at least 28.5p and at least 6% growth for FY27. If policy is maintained, this implies scope for dividend growth in FY26–FY27 (indicative full-year DPS ˜ 80% of EPS guidance).