British Land confirms higher dividend

British Land Co. PLC (BLND.LN) said Tuesday that it is in a strong financial position in the first quarter with a 26% decrease in loan-to-value ratio across its portfolio.

The property development and investment company said leasing activity in its offices businesses was good, with 98% of its portfolio occupied. The company also said that 64% of its total development pipeline either let or under-offer, up from 55% at the time of its preliminary results in May.

The company warned that the retail market remains challenging due to the impact of long-term structural change driven by the internet and short-term market headwinds.

British Land Co. also confirmed that its interim dividend for the first quarter ended June 30 will be 7.75 pence per share, up 3% on the first-quarter dividend last year, and that the payment will be made on Nov. 9.

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