Regional REIT Limited 2017 Properties Valuation and Q4 2017 Dividend (5804F)

TIDMRGL

RNS Number : 5804F

Regional REIT Limited

22 February 2018

Regional REIT Limited

Full Year 2017 Properties Valuation and Q4 2017 Dividend

The Board of Regional REIT Limited (LSE: RGL) ("Regional REIT", "the Group" or "the Company") today announces its Full Year 2017 Gross Investment Properties Valuation and Q4 2017 Dividend.

Full Year 2017 Gross Investment Properties Valuation

The Group's gross investment valuation of its property portfolio as at 31 December 2017 was GBP737.3m (31 December 2016: GBP502.4m). There was an increase of 2.6% on a like-for-like basis from the 31 December 2016 value, adjusting for capital expenditure and disposals during the period. During 2017 the Group completed property acquisitions totalling GBP228.1m (before costs), disposals of GBP17.4m (before costs) and a GBP1.2m gain on disposals.

The Group's net loan-to-value ratio was c.45.0% as at 31 December 2017.

Fourth Quarter 2017 Dividend Declaration

The Company will pay a dividend of 2.45 pence per share ("pps") for the period 1 October 2017 to 31 December 2017. The dividend payment will be made on 12 April 2018 to shareholders on the register as at 2 March 2018. The ex-dividend date will be 1 March 2018. The dividend will be paid as 2.205 pps as a REIT property income distribution ("PID") and 0.245 pps as an ordinary dividend ("non-PID").

The fourth quarter dividend manages the Company's compliance with at least the REIT minimum distribution requirement, having paid a dividend of 1.80pps for each of the first three quarters of 2017.

In respect of the financial year 2017 Regional REIT has declared dividends amounting to 7.85pps. The increased dividend from 2016 full year dividend of 7.65pps is in accordance with the Company's intention to pursue a progressive dividend policy.

The level of future payment of dividends will be determined by the Board having regard to, among other things, the financial position and performance of the Group at the relevant time, UK REIT requirements and the interests of Shareholders.

Stephen Inglis, Chief Executive Officer of London & Scottish Investments, the Asset Manager, commented:

"In the course of another challenging year for the UK commercial property market I am extremely pleased that we have delivered steady progress with the portfolio. This performance has underpinned our confidence in the robustness of the UK's regional office and light industrial property markets, and in our active asset management, which continues to deliver for our shareholders."

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Enquiries:

 
Regional REIT Limited 
Press enquiries through Headland 
 
Toscafund Asset Management                                 Tel: +44 (0) 20 7845 6100 
Investment Manager to the Group 
Adam Dickinson, Investor Relations, Regional REIT Limited 
 
London & Scottish Investments                              Tel: +44 (0) 141 248 4155 
Asset Manager to the Group 
Stephen Inglis 
 
Headland                                                   Tel: +44 (0) 20 3805 4222 
Financial PR 
Francesca Tuckett, Bryony Sym, Jack Gault

About Regional REIT

Regional REIT Limited (LSE: RGL) ("Regional REIT", "the Group" or "the Company") is a London Stock Exchange Main Market traded specialist real estate investment trust focused on office and industrial property interests in the principal regional locations of the United Kingdom outside of the M25 motorway.

Regional REIT is managed by London & Scottish Investments, the Asset Manager, and Toscafund Asset Management, the Investment Manager, and was formed by the Managers as a differentiated play on the expected recovery in UK regional property, to deliver an attractive total return to Shareholders and with a strong focus on income.

The Group's investment portfolio, as at 30 June 2017, was spread across 150 regional properties, 1,093 units and 823 tenants. As at 30 June 2017, the investment portfolio had a value of GBP640.4m and a net initial yield of 6.7%. The weighted average unexpired lease term to first break was 3.5 years.

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.

www.regionalreit.com

LEI: 549300D8G4NKLRIKBX73

This information is provided by RNS

The company news service from the London Stock Exchange

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February 22, 2018 02:00 ET (07:00 GMT)

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