Land Securities Group

Website: Land Securities Group
Index: FTSE 100
EPIC: LAND
Supersector: Real Estate
Sector: Real Estate Investment Trusts
Subsector: Industrial and Office REITs
Market Cap: £4.92B
Payout Frequency: Semi-Annual

Land Securities Group Dividend Analysis and Summary

Key Dividend Details

Final dividend declared: 22.2p per share (to be paid as a PID).
Ex-dividend date: 18/06/2026 (derived from record date below).
Record date: 19/06/2026.
Payment date: 24/07/2026.
DRIP election deadline: 03/07/2026.
FY26 total dividend: 41.2p (up +2.0% YoY); interim paid 9 Jan 2026 was 19.0p (of which 13.6p PID and 5.4p non-PID).
FY26 EPRA EPS: 51.4p; stated dividend policy coverage: 1.2–1.3x on an annual basis; FY26 actual coverage c. 1.25x.

Dividend Sustainability and Coverage

Coverage: FY26 dividend of 41.2p is covered ~1.25x by EPRA EPS of 51.4p, in line with the 1.2–1.3x policy.
Near-term earnings outlook: Management guides FY27 EPRA EPS to be stable vs FY26 (c.51.4p), with a -4% EPS headwind from the full-year effect of the QAM finance lease sale and a temporary £6–8m drag from interest no longer capitalised post development completion. This implies dividend cover likely remains near the lower end of policy in FY27.
Medium-term: FY28 EPRA EPS expected to grow by a high single-digit % as developments lease up; potential to reach c. 62p EPRA EPS by FY30 (~5% CAGR FY27–FY30), supporting ongoing dividend growth.
Balance sheet and liquidity: LTV 38.7% (guidance to <35% over time); net debt/EBITDA 8.4x now, targeted to <7x within two years; average debt maturity 8.6 years, 89% fixed/hedged, no refinancing required until 2028. These factors support dividend resilience.

Financial and Operational Support

Income momentum: Like-for-like net rental income up +4.6%; EPRA occupancy at 98.0%; reletting uplifts/renewals at +15%. FY27 LFL net rent growth guided to ~3–5%.
Cost discipline: Overheads down 15% to £62m (20-year low), aiding earnings flow-through to dividends.
Capital allocation: £705m of disposals of lower-returning assets; committed development capex reduced to £185m; prioritising high-yield retail investments over new speculative office developments. Reduced development exposure lowers earnings/financing risk, aiding dividend stability.

Policy, Timetable and Outlook

Distribution form: Final dividend is a PID (REIT taxable in shareholders’ hands). The interim FY26 dividend included both PID and non-PID elements.
Payment cadence change: From FY27, the company will move to two half-yearly dividends (likely January and July 2027), a timing change that may alter cashflow seasonality for income investors but not necessarily the annual payout trajectory.
Guidance: Management indicates continued dividend growth supported by EPS progression and strong operational metrics, within the stated coverage policy.

Structural Changes and Notable Items Affecting Future Dividends

Asset recycling: Disposal of Queen Anne’s Mansions (QAM) converts finance lease income to a capital receipt; creates a -4% EPS headwind in FY27 but simplifies the income base and frees capital.
Development rollover: London office developments completing; short-term earnings drag from de-capitalised interest in FY27, offset by expected lease-up driving EPS in FY28. Lower forward development exposure (~£185m) reduces risk to payouts.
Dividend timetable shift: Transition to semi-annual dividends from FY27 (see above).

Risks and Flags for Dividend Stability

Near-term EPS headwinds: Full-year impact of QAM sale and temporary interest expense drag post completion compress FY27 cover toward the low end of policy.
Macro/interest-rate volatility: Could slow investment markets and affect valuations; partially mitigated by long debt maturity and high hedge ratio.
Leverage: LTV at 38.7% is within guidelines but above the long-term target; planned deleveraging (<35% over time) is supportive if execution remains on track.
Geopolitical risks and retail consumer environment remain uncertainties, though current demand at top-tier assets is robust.

Land Securities Group Annual Dividend Yield - 6.29%

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
27/11/2025	09/01/2026	Interim	19.0000p	GBX
18/06/2026	24/07/2026	Final	22.2000p	GBX

Total (Annual Dividends Per Share): 41.20p

Dividend Yield = Annual Dividends Per Share (41.20p) ÷ Share Price (654.5p) = 6.29%

Ex Dividend Date	Payment Date	Type	Amount	Currency
18/06/2026	24/07/2026	Final	22.2000p	GBX
27/11/2025	09/01/2026	Interim	19.0000p	GBX
12/06/2025	25/07/2025	Final	12.30p	GBX
20/02/2025	11/04/2025	Q3	9.50p	GBX
28/11/2024	08/01/2025	Q2	9.40p	GBX
22/08/2024	04/10/2024	Q1	9.20p	GBX
13/06/2024	26/07/2024	Final	12.10p	GBX
22/02/2024	12/04/2024	Q3	9.30p	GBX
23/11/2023	02/01/2024	Q2	9.20p	GBX
24/08/2023	06/10/2023	Q1	9.00p	GBX
15/06/2023	21/07/2023	Final	12.00p	GBX
23/02/2023	06/04/2023	Q3	9.00p	GBX
24/11/2022	03/01/2023	Q2	9.00p	GBX
25/08/2022	07/10/2022	Q1	8.60p	GBX
16/06/2022	22/07/2022	Final	13.00p	GBX
10/03/2022	07/04/2022	Q3	8.50p	GBX
25/11/2021	04/01/2022	Q2	8.50p	GBX
26/08/2021	08/10/2021	Q1	7.00p	GBX
17/06/2021	23/07/2021	Final	9.00p	GBX
25/02/2021	30/03/2021	Q3	6.00p	GBX
26/11/2020	04/01/2021	Q2	12.00p	GBX
28/11/2019	03/01/2020	Q2	11.60p	GBX
05/09/2019	04/10/2019	Q1	11.60p	GBX
20/06/2019	25/07/2019	Q4	11.65p	GBX
14/03/2019	12/04/2019	Q3	11.30p	GBX
29/11/2018	14/01/2019	Q2	11.30p	GBX
06/09/2018	05/10/2018	Q1	11.30p	GBX
21/06/2018	27/07/2018	Q4	14.65p	GBX
08/03/2018	06/04/2018	Q3	9.85p	GBX
30/11/2017	05/01/2018	Q2	9.85p	GBX
07/09/2017	06/10/2017	Q1	9.85p	GBX
22/06/2017	27/07/2017	Q4	11.70p	GBX
09/03/2017	07/04/2017	Q3	8.95p	GBX
01/12/2016	06/01/2017	Q2	8.95p	GBX
08/09/2016	07/10/2016	Q1	8.95p	GBX
23/06/2016	28/07/2016	Q4	10.55p	GBX
10/03/2016	08/04/2016	Q3	8.15p	GBX
03/12/2015	07/01/2016	Q2	8.15p	GBX
10/09/2015	09/10/2015	Q1	8.15p	GBX
18/06/2015	24/07/2015	Q4	8.15p	GBX
12/03/2015	10/04/2015	Q3	7.90p	GBX
04/12/2014	08/01/2015	Q2	7.90p	GBX
10/09/2014	10/10/2014	Q1	7.90p	GBX
18/06/2014	22/07/2014	Q4	7.90p	GBX
12/03/2014	11/04/2014	Q3	7.60p	GBX
04/12/2013	09/01/2014	Q2	7.60p	GBX
11/09/2013	11/10/2013	Q1	7.60p	GBX
19/06/2013	19/07/2013	Q4	7.60p	GBX
13/03/2013	17/04/2013	Q3	7.40p	GBX
05/12/2012	10/01/2013	Q2	7.40p	GBX
12/09/2012	12/10/2012	Q1	7.40p	GBX
20/06/2012	26/07/2012	Final	7.40p	GBX
14/03/2012	26/04/2012	Q3	7.20p	GBX
30/11/2011	09/01/2012	Q2	7.20p	GBX
14/09/2011	24/10/2011	Q1	7.20p	GBX
22/06/2011	28/07/2011	Final	7.20p	GBX
16/03/2011	26/04/2011	Q3	7.00p	GBX
01/12/2010	10/01/2011	Q2	7.00p	GBX
15/09/2010	25/10/2010	Q1	7.00p	GBX
23/06/2010	30/07/2010	Final	7.00p	GBX
24/02/2010	01/04/2010	Q3	7.00p	GBX
02/12/2009	15/01/2010	Q2	7.00p	GBX
16/09/2009	23/10/2009	Q1	7.00p	GBX
17/06/2009	24/07/2009	Final	7.00p	GBX
18/03/2009	24/04/2009	Q3	16.50p	GBX
03/12/2008	12/01/2009	Q2	16.50p	GBX
17/09/2008	24/10/2008	Q1	16.50p	GBX
18/06/2008	28/07/2008	Final	16.00p	GBX
12/03/2008	25/04/2008	Q3	16.00p	GBX
05/12/2007	07/01/2008	Q2	16.00p	GBX
19/09/2007	26/10/2007	Q1	16.00p	GBX
20/06/2007	23/07/2007	Final	34.00p	GBX
06/12/2006	08/01/2007	Interim	19.00p	GBX
21/06/2006	24/07/2006	Final	28.55p	GBX
07/12/2005	09/01/2006	Interim	18.15p	GBX
22/06/2005	25/07/2005	Final	32.85p	GBX
01/12/2004	10/01/2005	Interim	10.40p	GBX
23/06/2004	26/07/2004	Final	27.20p	GBX
03/12/2003	05/01/2004	Interim	9.90p	GBX
25/06/2003	28/07/2003	Final	27.20p	GBX

Year	Interim	Final	Currency	Total	Change
2024		12.100	GBX	40.000	2.040
2023		12.000	GBX	39.200	0.250
2022		13.000	GBX	39.100	28.190
2021		9.000	GBX	30.500	154.160
2020			GBX	12.000	-73.990
2019			GBX	46.150	-2.010
2018			GBX	47.100	16.720
2017			GBX	40.350	10.240
2016			GBX	36.600	13.130
2015			GBX	32.350	3.350
2014			GBX	31.300	3.640
2013			GBX	30.200	2.720
2012		7.400	GBX	29.400	2.790
2011		7.200	GBX	28.600	2.140
2010		7.000	GBX	28.000	-25.330
2009		7.000	GBX	37.500	-42.300
2008		16.000	GBX	65.000	-1.510
2007		34.000	GBX	66.000	38.800
2006	19.000	28.550	GBX	47.550	-6.760
2005	18.150	32.850	GBX	51.000	35.630
2004	10.400	27.200	GBX	37.600	1.340
2003	9.900	27.200	GBX	37.100

Land Securities Group Dividend Calculator

Number of Shares:

Payment	Paid	Amount
Next	–	–
Previous	–	–

Land Securities Group Dividend Growth

Dividend Growth (1Y)	32.05%
Dividend CAGR (5Y)	8.82%
Years of Growth	5
Payout Ratio	84.55%
Buyback Yield	–
Shareholder Yield	6.74%

P/E Ratio (TTM)	14.38
Forward P/E	12.8
P/FCF	–
Earnings Yield	6.98%
FCF Yield	–
ROE	5.26%
ROCE	4.17%
Profit Margin	38.45%
Operating Margin	48.43%
Gross Margin	58.18%