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British Land posts positive Q3'16 results, dividend up 3% YOY

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British Land posts positive Q3'16 results, dividend up 3% YOY

British Land Co. Plc said its interim dividend payment for the quarter ended Sept. 30, 2016, was confirmed at 7.30 pence per share, reflecting a 3.0% year-over-year increase.

The third interim dividend will be paid May 5, 2017, to shareholders on the register March 31, 2017. The company's proportionally consolidated loan-to-value ratio was at 30.5%, based on September 2016 valuations.

According to CEO Chris Grigg, British Land completed over 400,000 square feet of lettings across the business and is in advance stages of discussions with a wide range of occupiers, reflecting a positive quarter with strong portfolio positioning, and its robust engagement with occupiers and consumers.

Approximately 314,000 square feet of retail lettings and renewals were signed, 8.7% ahead of its estimated rental value, and a further 189,000 square feet is still under offer across its portfolio. Occupancy across the portfolio fell to 97% on the quarter from 98%, while the average lease length was recorded at 8 years.

Additionally, 10 major leasing discussions are underway for 1.4 million square feet of space, according to the Jan. 19 business update.

Earlier in January, the company sold its 50% stake in The Leadenhall Building in London for £500 million in order to channel funds toward the redevelopment of the 520,000-square-foot 100 Liverpool Street-Broadgate.

In retail, the company made £119 million worth of disposals during the quarter, including £85 million from the sale of noncore retail and office assets. British Land also reported that residential sales during the quarter stood at £34 million.