REIT Status

Real Estate Investment Trust Status

On 31 December 2014 the company converted to a Real Estate Investment Trust (REIT). REIT status offers the Company significant benefits, as detailed in the Notice of General Meeting issued in November 2014.

Impact on dividends

The first REIT entitlement was in respect of trading for the half-year to 30 June 2015, and was paid on 29 October  2015.

Dividend entitlements may be composed of two elements:

Non-PID Dividends element will be treated in exactly the same way as dividends prior to becoming a REIT and in the same way as dividends received from non-REIT companies. Accordingly a tax credit of 10% will be deemed to have been deducted from the non-PID dividend payment.

Property Income Distributions (PIDs) will generally be paid out after deduction of withholding tax at the basic rate (currently 20%).

Certain categories of shareholder can claim exemption from withholding tax on their PID entitlement. Examples of such classes of shareholders are:-

  • UK companies
  • Charities
  • Local Authorities
  • UK Pension Schemes
  • Managers of PEPs, ISAs and Child Trust Funds

Individual private shareholders will NOT be eligible to claim exemption from deduction of withholding tax.

Shareholders who wish to claim exemption from withholding tax on PID dividend payments should complete one of the forms available on the link below (there are separate forms for use by shareholders and intermediaries acting on behalf of shareholders).

The completed WHT exemption forms should be submitted to the Company's Registrars, Equiniti Limited, Dividend Planning Team, Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA United Kingdom.

Note: WHT forms are deemed to be 'evergreen'.

Links:

Please click the links below to access the following documents: