UK diversified listed landlords: 5.37–6.08% of PID dividends on 23–44% discounts to NTA
Composite-board score: 6.6 · Where it is strong: Net cash flow, Stability & rule of law · methodology
The FTSE diversified landlords carry this site's highest evidence grade: dividends are declared under a published policy of about 80% of EPRA/underlying EPS, are paid predominantly as PIDs (Property Income Distributions), and every figure sits in an LSE filing. Landsec: an FY26 dividend of 41.2p (+2.0%; the final 22.2p expressly to be paid in full as a PID), EPRA EPS of 51.4p (+2.2%), a payout of about 80% with 1.25× cover — 6.08% at the 678p price, at about a 23% discount to EPRA NTA of 882p. British Land: an FY26 dividend of 23.12p (+1%, set by stated policy at 80% of underlying EPS; the interim 12.32p expressly declared a PID) — 5.37% at 430.60p, at about a 27% discount to NTA of 590p, with LTV of 39.2%. Derwent London (a central-London office pure play): an interim dividend of 26.0p (+2.0% — raised every year since the 2007 merger) and the basket's deepest discount at about 44% to NTA of 3,157p; its full-year DPS total was not captured to filing standard in this pass, so this site does not print a per-name yield for it (only the interim, the raising record and the discount). In-hand for a non-resident (PID withholding at the current 20%) is about 4.3–4.9% (this site's derivation); PID withholding rises to 22% from 6 April 2027 (explained on this site's UK REIT page and cross-referenced here). All three names' dividends are earnings distributions with no return-of-capital component — the mirror image of the Spanish SOCIMI premium-refund pattern. Verdict: do, on conditions — the condition is not the distributions (the hardest evidence on this site) but the expectation: the discounts are about a decade old and may never close, and the income growth is management guidance (Landsec's 5% EPS CAGR target to 2030, BLND's FY27 floor of 30.5p), not printed numbers. Anyone pricing on the distributions can buy; anyone pricing on discount repair must first explain the decade.
In short: four lines first
Listed shares, from any amount (LSE access)
5.37–6.08%（UK diversified listed landlords basket dividend yields (LSE filing basis)）
Very hands-off (listed route)
The discount may never close: the sector's discount to NTA is about a decade old (an industry de-rating, not a name problem) — the base case for total return is the distributions themselves, and any pricing that books discount convergence first owes an explanation.
The numbers that matter
Why we think it makes money
The evidence grade is this site's ceiling: RNS-filed EPS, DPS, NTA, payout policy and PID character, item by item — not one number in this entry needs an aggregator.
The payout policies are stated arithmetic: both anchors publish 'about 80% of EPS' as policy and print the cover (1.25×) — distribution sustainability here is computation, not attitude.
With entry No. 15 (UK listed storage) it completes the UK's listed picture: storage is a single-sector operating story, the landlord basket is a diversified-asset discount story — under one REIT tax regime (PID withholding), two entirely different reasons to buy.
How to actually get in
- Listed route: buy LAND/BLND/DLN through any broker with LSE access, unrestricted for non-residents, with large-cap liquidity (Derwent is mid-cap). Withholding applies at source to the PID portion (20% now, 22% from 6 Apr 2027); any non-PID portion is not withheld — broker statements split the two.
What it costs, what it earns
Entry amount: Listed shares, from any amount (LSE access)
How much work for you: Very hands-off (listed route)
- Sterling exposure: distributions and principal are in GBP.
- The opportunity cost of a persistent discount: on a decade's evidence, discount repair must not be in the base-case return — treating it as an option is this entry's cost discipline.
Basis: this site uses full-cost net returns only — income minus vacancy, management, maintenance, taxes and insurance, then financing interest, with entry costs in the denominator. See the methodology。
Identity & tax
Status (residency / citizenship)
This asset does not count toward the channel No status channel
Threshold: —
买英国上市地主、买英国房产都不给居留身份。本条目纯按现金流评估。
Source: 英国内政部移民规则
Tax (investor level)
股息以 PID（物业收入分派）为主要形式：非居民预扣 20%，2027-04-06 起升至 22%（本站英国 REIT 页已有完整说明，本页交叉引用）。
- Landsec FY26 末期股息明示全额以 PID 支付；British Land 中期股息明示为 PID——到手按 PID 预扣推导（现行约 4.3–4.9%）。
- 三家股息均为利润分派（约 EPRA/底层 EPS 的 80%），无资本返还成分——与西班牙 SOCIMI 的溢价返还型现金构成对照组。
Double-tax treaties: 星英协定对 PID 的处理逐案确认；到手数按法定预扣推导。
Source: 公司业绩 RNS；HMRC REIT 规则
This section is general information only — not immigration or tax advice. Program rules change frequently; before acting, rely on the official texts and a licensed adviser.
Risks: what could go wrong
What we have not verified yet
The following key figures have not yet been verified; the reason is noted for each item.
- Derwent's full-year DPS total was not captured in this pass: its per-name yield awaits the final dividend figure in its results RNS — this page does not annualise the interim into a full-year figure.
- One third-party analysis put Landsec's post-interest operating cash flow (GBP 214M) below dividends paid (GBP 290M) — not verified against the annual report; this site does not cite it and archives it here as an open item. BLND's final dividend PID character was not separately captured (the interim was expressly declared a PID).
FAQ
- PID withholding rises to 22% in 2027 — should I buy before then?
- The two-point withholding change is worth about 0.1 points of annualised in-hand yield (6% × 2%) — adjusting purchase timing for it trades a small certainty for a large error (chasing trades, missing prices). This site prints the rate change so in-hand costings use the right parameter (20% before April 2027, 22% after), not as a trading signal — no page on this site issues trading signals.
- If the discount hasn't closed in a decade, why is this 'do, on conditions'?
- Because the buying reason was never discount repair: dividends of 5.37–6.08%, backed by an 80% payout policy and 1.25× cover, are filing-grade current income. The condition is pricing discipline — bought on 'the discount never closes, I just collect', it works; bought on 'the discount must converge', it doesn't. This site marks the first purchase as doable and writes the second into the risk list; that is the whole distinction.
- Derwent's discount is the deepest (44%) — why no yield for it?
- Because its full-year dividend total was not captured from filings in this pass — only the 26.0p interim. Annualising an interim into a full-year yield is exactly the move this site legislated against on the FIBRA Prologis scrip quarter. The discount and the raising record (up every year to 2026) are printable facts; the per-name yield waits for the final figure — an empty cell beats a wrong number.
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