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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.

We offer a scrip alternative to dividend through our Scrip Scheme.

Scrip Scheme
A Scrip Dividend Scheme (“Scrip Scheme”) was introduced in May 2018. The Scrip Scheme 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 adjacent links, 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:

27 July 2021
Announcement of 2021 interim dividend
16 September 2021
Ex-dividend date
17 September 2021
Record date
16 September to 22 September 2021 (inclusive)
Scrip Reference Share Price calculation period
23 September 2021
Scrip Reference Share Price announcement date
8 October 2021
Final day to elect to participate in the Scrip Scheme
29 October 2021
Dividend payment date

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

Ex-div date
Record date
Payment date
PID (p)
Non-PID (p)
Total (p)
Final dividend period ended 30 December 2020
15 April 2021
16 April 2021
21 May 2021
Interim dividend period ended 30 June 2019
19 September 2019
20 September 2019
01 November 2019
Final dividend period ended 30 December 2018
11 April 2019
12 April 2019
17 May 2019
Interim dividend period ended 30 June 2018
20 September 2018
21 September 2018
2 November 2018
Final dividend period ended 30 December 2017
12 April 2018
13 April 2018
18 May 2018

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.