18:00 Tue 31 Mar 2020
Regional REIT Ltd - TRADING UPDATE & DIVIDEND CONFIRMATION
("Regional REIT", the "Group" or the "Company")
TRADING UPDATE & DIVIDEND CONFIRMATION
Regional REIT (LSE: RGL), the regional real estate investment specialist focused on building a diverse portfolio of income producing regional
Trading Update
As at
Q1'20 rent collected to date is only 139bps reduced from our position as at the same date in Q1'19. Additionally, a proportion of tenants settle their rental invoice via their scheduled monthly payment run on either 31 March or 1 April, hence we expect the monthly rental collection to increase in due course.
The granular asset management approach employed by the highly experienced and adaptable property management team of the Asset Manager, has navigated property management through previous economic downturns, and it is this approach which is proving invaluable in supporting our tenants through this unprecedented period.
Corporate Update
Regional REIT has a strong and defensive balance sheet, which has been further enhanced in the short-term by drawing down the
As at
· Cash c.
· LTV c.39%**
Confirmation of the Dividend
The Company confirms its intention to pay its
*Pre Q4'19 dividend payment of c.
**Gross property assets based upon
"We live in very uncertain times. However, the diversity of our property assets and our income streams, together with our singularly focussed, highly experienced and adaptable management team will see us weather the current COVID-19 disruption.
Our historically close relationships with our tenants have been an invaluable partnership during the recent events, and our income collection to date and further income to be collected over the next few days, further underpins our view that our collaborative and pragmatic approach works well both in good and turbulent times. We expect to have greater visibility on the extent of the disruption to our operations in due course.
With great thanks to my team, tenants, and all our stakeholders, for their ongoing efforts, I am delighted to confirm our quarterly dividend will be distributed to our shareholders on the
Forthcoming Events
Further to the joint statement by the
A meeting for analysts will be held via a conference call facility at
- ENDS -
Enquiries:
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Tel: +44 (0) 20 7845 6100 |
Investment Manager to the Group |
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Tel: +44 (0) 141 248 4155 |
Asset Manager to the Group |
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Tel: +44 (0) 20 7466 5000 |
Financial PR |
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About Regional REIT
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
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
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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