British Land Co

British Land Co Dividend Analysis and Summary

• Final dividend per share: 10.80p
• Ex-dividend date: 18/06/2026
• Record date: 19/06/2026 (one business day after ex-date)
• Payment date: 24/07/2026
• Breakdown (final dividend): 9.34p PID and 1.46p non-PID
• Total DPS for FY26: 23.12p (up 1% YoY; FY25: 22.80p)
• Policy and cover: semi-annual dividend set at 80% of underlying EPS; FY26 underlying EPS 28.9p implies cover of ~1.25x
• DRIP available via Equiniti

• Coverage and cash generation: The 80% payout yields ~1.25x cover on FY26 underlying EPS, appropriate for a UK REIT. Total accounting return 8.1% and like-for-like net rental growth +6% support distributable earnings.
• Earnings trajectory: Guidance for FY27 EPS of at least 30.5p and 3–6% pa thereafter indicates scope for dividend growth under the formulaic policy. On guidance, an indicative FY27 DPS of c.24.4p (0.8 × 30.5p) would be a modest uplift versus FY26.
• Operational underpin: High occupancy (96.9%) with record leasing (3.8m sq ft, 7.2% ahead of ERV) and accelerating campus demand bolster near-term rental growth and EPS visibility.
• Balance sheet and liquidity: LTV 39.2%, Net Debt/EBITDA 7.7x, undrawn facilities and cash £1.6bn, no refinancing required until early 2029, and Fitch rating A (stable) together provide resilience for the payout, albeit with moderate leverage.