TIDMRGL
RNS Number : 2583Q
Regional REIT Limited
25 February 2021
25 February 2021
REGIONAL REIT Limited
("Regional REIT", the "Group" or the "Company")
2020 Year-End Valuation, Q4 Dividend Confirmation and Positive
Rent Collection Update
97.8% Portfolio Rent Collection for 2020
Regional REIT (LSE: RGL), the regional real estate investment
specialist focused on building a portfolio of income producing
regional UK core and core plus office property assets, today
announces its portfolio valuation as at 31 December 2020, Q4 2020
dividend confirmation and a positive rent collection update.
Full Year 2020 Portfolio Valuation
-- Portfolio valuation GBP732.4m (2019: GBP787.9m)
-- The like-for-like value of the portfolio decreased in H2 2020
by 2.9%, a like-for-like decrease of 7.2% for the year, after
adjusting for capital expenditure and disposals during the
period
-- Gross rent roll GBP64.2m (2019: GBP64.3m)
-- 153 assets (2019: 160); 898 occupiers (2019: 904)
-- Offices (by value) were 83.5% of the portfolio (2019: 79.9%),
industrials 11.1% (2019: 13.7%), retail 4.1% (2019: 5.0%), and
Other 1.3% (2019: 1.4%)
-- England & Wales (by value) represented 82.7% (2019:
82.0%) of the portfolio with the remainder in Scotland
-- EPRA Occupancy (by ERV) 89.4% (2019:89.4%)
-- Average lot size c. GBP4.8m (2019: c. GBP4.9m)
-- Net loan-to-value ratio was 40.8% (2019: 38.9%)
Rent Collection - Update
As at 19 February 2021, rent collections continued to
strengthen, with Q1 collections increasing to 99.4%, Q2 to 97.9%
and Q3 to 97.8%. Currently, Q4 rent collection, adjusting for
monthly rent and agreed collection plans, stands at 96.1%, which is
in line with the equivalent period in 2019 when 95.2% had been
collected. The total rent collection for 2020 is currently at 97.8%
compared with 98.6% at this time last year.
% Q1 2020 Q2 2020 Q3 2020 Q4 2020 YTD
Rent paid 98.1 95.1 96.5 91.2 95.2
Adjusted for monthly
rents 0.2 0.2 0.2 2.3 0.8
Agreed collections
plans 1.0 2.6 1.0 2.6 1.8
-------- -------- -------- -------- -----
99.4 97.9 97.8 96.1 97.8
Table may not sum due to roundings.
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
Q4: 1 October 2020 to 31 December 2020
The Company remains in supportive and ongoing discussions with
occupiers regarding the remainder of the outstanding rent and
expects to collect the vast majority in due course.
Q4 2020 Dividend
As previously indicated the Company will pay a dividend of 1.50
pence per share ("pps") for the period 1 October 2020 to 31
December 2020 (1 October 2019 to 31 December 2019: 1.90pps), which
amounts to a total dividend of 6.4pps for 2020. The dividend
payment will be made on 9 April 2021 to shareholders on the
register as at 5 March 2021. The ex-dividend date will be 4 March
2021. The entire dividend will be paid as a REIT property income
distribution ("PID").
Stephen Inglis, CEO of London and Scottish Property Investment
Management, the Asset Manager, commented:
"In very uncertain times for many businesses, created not just
by the ongoing pandemic but also by Brexit, our active portfolio
management approach and unique platform continues to deliver. We
have collected 97.8% of our rent roll for 2020, which is broadly
in-line with 2019, despite 2020 having brought considerable
challenges for owners of commercial property assets. It is a clear
testament to the strength and specialist expertise of our
management team.
We look forward to 2021 as we progress our strategy of
re-focusing our portfolio solely on the highly attractive regional
office market. We have confidence in the office sector and believe
through careful asset selection and our asset management skills, we
will continue to deliver a high yield and capital value growth to
our shareholders over the long-term. "
Forthcoming Events
25 March 2021 Full year 2020 Preliminary Results Announcement
19 May 2021 May 2021 Trading Update and Outlook Announcement
Q1 2021 Dividend Declaration Announcement
TBC* Annual General Meeting
* The Board has made the decision to delay the Company's 2021
Annual General Meeting until later in the year with the hope that
shareholders will be able to attend in person.
- 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 / Henry Wilson / George
Beale
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 located in the regional centres outside of the M25
motorway. The portfolio is highly diversified, with 153 properties,
898 occupiers as at 31 December 2020, with a valuation of
GBP732.4m.
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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