Regional REIT Limited Rent Collection Update (9852B)
October 14 2020 - 2:00AM
UK Regulatory
TIDMRGL
RNS Number : 9852B
Regional REIT Limited
14 October 2020
14 October 2020
REGIONAL REIT Limited
("Regional REIT", the "Group" or the "Company")
Rent Collection 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, is pleased to announce that rent collection has
continued to strengthen with Q1 increasing to 99.2% and Q2 to
96.9%. Currently, Q3 rent collection, adjusting for monthly rent
and agreed collection plans, stands at 90.8%, which is higher than
at the equivalent date in 2019 when 87.8% had been collected.
Rent Collection
The table below sets out the status of the rent collection for
Q1, Q2 and Q3 as at 9 October 2020.
% Q1 2020 Q2 2020 Q3 2020 YTD
Rent paid 97.0 92.9 82.1 90.8
Adjusted for monthly
rents 0.0 0.2 6.0 2.0
Agreed collections
plans 2.2 3.8 2.7 2.9
-------- -------- -------- -----
99.2 96.9 90.8 95.7
Quarterly rental collection refers to all invoices issued during
the calendar quarters:
Q1: 1 January 2020 to 31 March 2020
Q2: 1 April 2020 to 30 June 2020
Q3: 1 July 2020 to 30 September 2020
As at 9 October 2020, the Company had collected 95.7% of rent
due for the year to date, adjusting for monthly rent and agreed
collection plans, which is in line with 95.6% of rent collected for
the equivalent period in 2019. We are pleased with this level of
collection given the challenging environment.
The Company remains in supportive and ongoing discussions with
occupiers regarding the remainder of the outstanding rent, and
expects to collect the vast majority of it in due course.
Stephen Inglis, Chief Executive Officer of London & Scottish
Property Investment Management Limited, the Asset Manager
commented:
"We continue to work closely with our highly diversified tenant
base, which is reflected in the Company's strong rent collection
for the year to date of 95.7% as at 9 October 2020. Furthermore, we
anticipate receipts will continue to increase in line with our
expectations and an update will be provided in due course. We are
encouraged by this positive trend"
- 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 151 properties, 876 tenants as at 30 June 2020, with a
valuation of GBP742.3m.
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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