17th Jul 2007 10:30
Land Securities Group Plc17 July 2007 17 July 2007 LAND SECURITIES GROUP PLC ("Land Securities" / "Group") ANNUAL GENERAL MEETING Land Securities will hold the Group's Annual General Meeting at 11.00 am todayat The National Gallery, Trafalgar Square, London WC2N 5DN. Paul Myners, Chairman of Land Securities, will open proceedings with thefollowing comments; "Land Securities invests in property to generate returns in excess of ourweighted average cost of capital. For property investment, this means addingvalue by actively managing our assets and judging the right moment to buy orsell. For development, it means creating the right product and delivering it ontime and on budget, at the right moment in the market cycle. For propertyoutsourcing it means accessing new markets and new income streams profitably. "In 2006/07 we had considerable success across all these areas. Highlightsinclude: • Total return on capital employed for the 2006/7 year at 16.6% substantially exceeded our weighted average cost of capital of 6.75%. • Our developments delivered a valuation surplus of 21.9%. • Floorspace under management by Land Securities Trillium increased by 45% in the year. "In addition, we converted to a REIT on 1 January 2007 and we have chosen to payover to shareholders by way of increased dividend the tax we will no longer bepaying on our income profits. This enabled us to raise the dividend by 13.5%last year, when we were a REIT for just three months. For this year, we havemoved to quarterly dividends and the first three have been set at a level whichgives a further increase of more than 20%. "I would like to take this opportunity to thank our colleagues, customers andsuppliers for helping to deliver another year of strong growth for LandSecurities and for positioning us so well for the future." Land Securities' progress for the first quarter of 2007/08 was reported on inits first Interim Management Statement which was published yesterday. -ENDS- For further information, please contact: Francis Salway/Edward Thacker Stephanie Highett / Dido LaurimoreLand Securities Group PLC Financial DynamicsTel: +44 (0)20 7413 9000 Tel: +44 (0)20 7831 3113 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Land Securities