No div. withholding tax on local Reits (Tex) - only on the other one you mentioned RPL
http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1486376095923359200.htmlTo understand the reasons for somewhat lower earnings outlook, they are moving to an EPRA based earnings metric.
Distribution policy and outlook
As announced in October 2016, the Company will be moving to an industry standard EPRA-based earnings metric. Adopting this earnings measure, adjusted only for necessary Company specific adjustments, allows for a closer alignment between earnings and operating cashflow.
To facilitate our leverage objectives and to provide greater financial flexibility, a medium-term dividend pay-out ratio within the range of 90% - 95% of our rebased earnings measure will be targeted. In the short term, some degree of flexibility in the pay-out ratio may be required to smooth distributions to shareholders following the transition to the EPRA-based earnings metric.
A full presentation will be delivered to investors and analysts today and will be made available on the Company's website. Shareholders should note the earnings per share guidance of 2.70 to 2.80 pence per share for the financial year ended 31 August 2017 is subject to suitable re-investment opportunities being secured. Growth in earnings per share is targeted to be 3.0% - 5.0% per annum over the medium term, subject to ongoing favourable market conditions.
EPRA Earnings: Exclusion of profits/losses from trading properties. If management consider that trading is a core recurring part of the business activity this could be added
back as a company specific adjustment to show ‘company adjusted Earnings’.
Unfortunately I hold RPL and am very disappointed, especially when compared to most of my other REITS which have returned in excess of 20% p.a. over the past 10 years.
I am down 38% on RPL which I bought 2years before Brexit. About 31% of the negative return is due to Brexit and R/£ xch. rate only.
Will probably sell to offset against a capital gain.
