Highlights

• Living REIT paid four quarterly dividends of 1.41p, 1.41p, 1.45p and 1.45p, totalling about 5.72p per share.

• The latest payment went ex on 24 September 2026 and was paid on 9 October 2026.

• At a quoted price of 71.7p, the trailing Yield is about 7.98%.

• A trailing Payout Ratio near 142% means dividends ran well ahead of earnings, a clear sustainability risk.

Residential property yields look tempting until the cover is checked. Living REIT (LSE:LIVE) has paid four quarterly dividends in the last twelve months, lifting the rate slightly from 1.41p to 1.45p. That modest increase sits against a payout ratio far above 100%, and the tension between those two facts is the heart of the story.

Four quarterly payments

Payment dates were 19 December 2025 (1.41p), 21 April 2026 (1.41p), 7 August 2026 (1.45p) and 9 October 2026 (1.45p). The latest payment went ex on 24 September 2026, and the others follow the same quarterly pattern. The sum of about 5.72p is therefore approximate. All four are ordinary dividends. The most recent declaration gives the latest amount as 1.4475p for the period from 1 April to 30 June 2026. For holders of LSE:LIVE, the quarterly pattern makes income easy to follow.

Yield workings

The most recent price was 71.7p, shown without a date, so it is indicative only. Dividing 5.72p by 71.7p gives a trailing yield of 7.98%. A published figure of 7.58% is based on an annual amount of 5.622p, a gap of about 0.40 percentage points. If the rate of 1.45p holds for four quarters, the forward annualised Dividend is 5.8p, a yield of about 8.09%.

Cover and sustainability

A trailing payout ratio of about 142% means the dividends were not covered by Earnings on that measure. Property companies can sustain distributions for a time from cash reserves or disposals, but a payment above earnings cannot continue without a response. Investors should watch whether the board holds, trims or grows the rate at its next update.

The residential rental model

Living REIT owns homes let on long leases, often with rents linked to inflation, and its tenants include housing providers. Residential property can offer steady demand, because people always need homes, and long leases reduce the risk of vacancy. Costs such as maintenance, insurance and borrowing can take a large share of rent, and these have risen in recent years. The balance between rent growth and cost growth shapes cover.

Why REITs can pay above earnings

A real estate Investment trust must distribute a high share of its rental profits, and accounting earnings can include valuation changes and one-off items. When valuations fall, earnings may drop below the dividend even if rental income is stable. Investors therefore often look at a measure of recurring earnings alongside the payout ratio. For Living REIT (LSE:LIVE), the question is whether rental income alone covers the dividend.

Sector and liquidity

Living REIT is a residential real estate company. It is not a member of the main FTSE UK indices. Smaller property companies outside the main indices often have limited trading volume, which can widen the difference between the buying and selling price. Rental demand, tenant arrears, maintenance costs and borrowing costs all affect earnings. The step from 1.41p to 1.45p is positive, but the cover remains the central risk.

Ex-dividend dates explained

The ex-dividend date is the first day on which a buyer of the shares no longer qualifies for the next dividend. Anyone who holds the shares before that date receives the payment, normally a few weeks later. Share prices often fall by about the amount of the dividend on the ex-date, which is why a dividend on its own does not create value. The payment date is when the cash reaches the account.

Dividends are a board decision

A dividend is not a fixed obligation like interest on a loan. The board decides each payment after looking at profit, cash, Debt and future plans, and it can raise, hold, reduce or suspend the amount. A long record of payments is encouraging, but it describes the past. Investors who rely on dividends for income should look at the cash the Business generates as well as the amount it has paid.

Total return and yield

Yield shows only part of what a Shareholder earns. Total return combines dividends with changes in the share price, so a high yield can still produce a loss if the price falls by more than the income received. The reverse is also true: a modest yield with a rising price can deliver a good overall return. Both parts should be reviewed over a period of several years.

What to watch next

The next quarterly declaration will show whether the rate stays at 1.45p. Investors should follow occupancy, rent collection, the net asset value and any announcement about disposals. Evidence that earnings are rising towards the level of the dividend would help to reduce the concern around LSE:LIVE.