Regional REIT Limited 2017 Properties Valuation and Q4 2017 Dividend (5804F)
February 22 2018 - 2:00AM
UK Regulatory
TIDMRGL
RNS Number : 5804F
Regional REIT Limited
22 February 2018
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."
- ENDS -
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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