Regional REIT Limited Encouraging Rent Collection, & Dividend Update (3115S)
July 08 2020 - 2:00AM
UK Regulatory
TIDMRGL
RNS Number : 3115S
Regional REIT Limited
08 July 2020
8 July 2020
REGIONAL REIT Limited
("Regional REIT", the "Group" or the "Company")
Encouraging Rent Collection,
& Dividend Update
Regional REIT (LSE: RGL), the regional real estate investment
specialist focused on building a diverse portfolio of income
producing regional UK core and core plus office and industrial
property assets, announces a Q1 and Q2 rent collection update.
Further to the 21 May 2020 announcement, Q1 rent collection has
continued to increase to 96.7% from 93.9%. This comprises 95.0% of
Q1 rent paid and agreed collection plans with occupiers amounting
to 1.7%. We anticipate collecting additional Q1 rent in due
course.
As at 6 July 2020, an encouraging 78.5% of the rent due had
already been collected for Q2 or a payment plan has been agreed and
is in place. Furthermore, at this point we are in discussion with
an additional 12.6% of occupiers by income, and an update will be
provided in due course. Therefore, it is expected that the rental
collection amount will rise.
As announced on 21 May 2020, when considering the Q2 dividend
the Board will have regard to the financial position of the Group,
including the level of rental income received. The Q2 dividend is
expected to be announced on 26 August 2020.
Stephen Inglis, Chief Executive Officer of London & Scottish
Property Investment Management Limited, the Asset Manager
commented:
"We are pleased that our integrated asset management platform
has ensured a continued close working relationship with our
occupiers through these difficult times, resulting in very strong
Q1 and Q2 rent collections to date.
It is particularly encouraging that the Q1 rent collection has
continued to increase to the current level of 96.7%, compared with
the same point last year of 97.7%, and similarly, we anticipate Q2
collections will continue to increase. We will update our
shareholders in due course."
- ENDS -
Enquiries:
Regional REIT Limited
Toscafund Asset Management Tel: +44 (0) 20 7845
6100
Investment Manager to the Group
Adam Dickinson, Investor Relations, Regional
REIT Limited
London & Scottish Property Investment Management Tel: +44 (0) 141
248 4155
Asset Manager to the Group
Stephen Inglis
Buchanan Communications Tel: +44 (0) 20 7466
5000
Financial PR regional@buchanan.uk.com
Charles Ryland / Victoria Hayns / Henry
Wilson
About Regional REIT
Regional REIT Limited ("Regional REIT" or the "Company") and its
subsidiaries (the "Group") is a United Kingdom ("UK") based real
estate investment trust that launched in November 2015. It is
managed by London & Scottish Property Investment Management
Limited, the Asset Manager, and Toscafund Asset Management LLP, the
Investment Manager.
Regional REIT's commercial property portfolio is comprised
wholly of income producing UK assets and comprises, predominantly,
offices and industrial units located in the regional centres
outside of the M25 motorway. The portfolio is highly diversified,
with 160 properties, 904 tenants as at 31 December 2019, with a
valuation of GBP787.9m.
Regional REIT pursues its investment objective by investing in,
actively managing and disposing of regional core and core plus
property assets. It aims to deliver an attractive total return to
its Shareholders, targeting greater than 10% per annum, with a
strong focus on income supported by additional capital growth
prospects.
The Company's shares were admitted to the Official List of the
UK's Financial Conduct Authority and to trading on the London Stock
Exchange on 6 November 2015. For more information, please visit the
Group's website at www.regionalreit.com .
Cautionary Statement
This document has been prepared solely to provide additional
information to Shareholders to assess the Group's performance in
relation to its operations and growth potential. The document
should not be relied upon by any other party or for any other
reason. Any forward looking statements made in this document are
done so by the Directors in good faith based on the information
available to them up to the time of their approval of this
document. However, such statements should be treated with caution
due to the inherent uncertainties, including both economic and
business risk factors, underlying any such forward-looking
information.
ESMA Legal Entity Identifier ("LEI"): 549300D8G4NKLRIKBX73
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END
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