A Real Estate Investment Trust may pay dividends as either a Property Income Distribution (“PID”) or a normal dividend or a combination of both. The amount a REIT must pay as a PID is determined by reference to its tax exempt property profits as determined by the REIT regulations.
Shareholders who qualify for gross PID payment of distributions are principally UK resident companies, certain UK public bodies, UK charities, UK pension schemes, and the managers of ISAs, PEPs and Child Trust Funds (in each case subject to certain conditions set out in the relevant regulations). Most shareholders, including all individuals and all non-UK residents, do not qualify for gross payment and should not complete either of these forms.
The PID payment forms available for download below should be completed to apply for payment of distributions to shareholders gross (i.e. without the deduction of tax). The first form should be completed by intermediaries (i.e. stockbrokers) acting on behalf of the beneficial owners of the shares, while the second form can be completed by shareholders who hold their shares directly.
For qualifying shareholders who have not previously submitted a form, this must be received by the Registrars by the record date to qualify for gross payment of the PID element of upcoming dividends.
Partner and Fund Manager
John entered the commercial real estate market in 1987 and after qualifying as a chartered surveyor at Allsops moved to the investment team at Cushman & Wakefield. There he became a partner and spent the next 18 years advising a range of institutional investor clients on their UK acquisitions and disposals across the full range of real estate sub-sectors including retail (in and out of town), offices (London, Thames Valley and regional cities), logistics, and alternatives. John moved into private equity real estate in 2007 and co-founded Osprey Equity Partners in 2011 and LXI REIT Advisors in 2017.
Partner and Fund Manager
Simon trained and practised as a solicitor at City law firm, Slaughter and May, from 1999 to 2006, following which he spent the next 10 years in private equity real estate, co-founding Osprey Equity Partners in 2011 and LXI REIT Advisors in 2017. Simon’s role covers a wide range of areas, including formulating Osprey’s investment strategies and products, raising equity and debt finance, asset selection, and negotiating and implementing transactions with vendors, purchasers, developers, investors, lenders and joint venture partners.
Jamie has significant transaction management experience in the long income and forward funding real estate space. Prior to joining Osprey Equity Partners, Jamie spent five years in the City as a real estate lawyer where he acted for leading developers and property funds on a variety of deals, ranging from large scale residential developments to substantial commercial property transactions.
Head of Investor Relations
Alex is responsible for managing investor relations for the group. Alex was previously an Investor Relations Manager for INTERNOS Global Investors, a pan-European real estate manager with €3.5bn AUM. Before that, Alex worked at Clearbell Property Partners, a UK opportunistic real estate manager, primarily assisting with raising their second fund which closed at £400m. Over the last 12 years, Alex has also worked as a Corporate Broker for public and private entities as well as providing IR consultancy to a range of FTSE 350 and small-cap companies.
General CounsCompliance Officerel
Nick is Chief Compliance Officer for LJ Partnership. He has 30 years’ experience of financial regulation and compliance, having previously worked at HM Treasury; the US National Association of Securities Dealers (NASD); the Investment Management Regulatory Organisation (IMRO); in the compliance advisory teams at Deloitte & Touche and Ernst & Young; and as an independent compliance adviser. Nick is an MA of Oxford University.
Sophie is a Partner and General Counsel of LJ Partnership, overseeing LJ’s global legal activities across all service lines. Sophie joined LJ as Legal Counsel in 2012, and was appointed General Counsel in 2014. Sophie trained and practiced as a solicitor within the finance team at Slaughter and May, advising clients on a range of corporate and financing transactions. Sophie studied law at BPP Law School in London and holds a degree in English Literature from the University of Bristol.
Head of Finance
Freddie leads on all strategic financial matters including annual and interim reporting, budgeting and forecasting, treasury management and the monitoring of internal controls. Freddie, a qualified Chartered Accountant, has significant experience in the sector and previously worked advising similar businesses at the UK’s number one auditor to REITs, as well as working with private property funds, developers and a number of the UK’s top 20 contractors.