Source - RNS
RNS Number : 3115S
Regional REIT Limited
08 July 2020
 

8 July 2020

REGIONAL REIT Limited

("Regional REIT", the "Group" or the "Company")

 

Encouraging Rent Collection,

& Dividend 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, announces a Q1 and Q2 rent collection update.

Further to the 21 May 2020 announcement, Q1 rent collection has continued to increase to 96.7% from 93.9%. This comprises 95.0% of Q1 rent paid and agreed collection plans with occupiers amounting to 1.7%. We anticipate collecting additional Q1 rent in due course.

 

As at 6 July 2020, an encouraging 78.5% of the rent due had already been collected for Q2 or a payment plan has been agreed and is in place. Furthermore, at this point we are in discussion with an additional 12.6% of occupiers by income, and an update will be provided in due course. Therefore, it is expected that the rental collection amount will rise.

 

As announced on 21 May 2020, when considering the Q2 dividend the Board will have regard to the financial position of the Group, including the level of rental income received. The Q2 dividend is expected to be announced on 26 August 2020.

 

Stephen Inglis, Chief Executive Officer of London & Scottish Property Investment Management Limited, the Asset Manager commented:

 

 "We are pleased that our integrated asset management platform has ensured a continued close working relationship with our occupiers through these difficult times, resulting in very strong Q1 and Q2 rent collections to date.

 

It is particularly encouraging that the Q1 rent collection has continued to increase to the current level of 96.7%, compared with the same point last year of 97.7%, and similarly, we anticipate Q2 collections will continue to increase. We will update our shareholders in due course."

 

 

 

- 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

[email protected]

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 160 properties, 904 tenants as at 31 December 2019, with a valuation of 787.9m.

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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