Business
Trading Update and Dividend
Trading Update and Dividend.
About this update from Real Estate Investors Plc
[{"type":"text","content":"\n \n \n RNS Number : 0007T\n Real Estate Investors PLC\n 15 July 2020\n \n \n \n \n 15 July 2020\n \n \n \n \n \n Real Estate Investors Plc\n \n \n (\"REI\" or the \"Company\" or the \"Group\")\n \n \n \n \n \n Trading Update and Dividend\n \n \n \n \n \n Real Estate Investors Plc (AIM: RLE), the UK's only Midlands-focused Real Estate Investment Trust (REIT) with a diversified portfolio of 1.59 million sq ft of investment property across all sectors, provides the following update on rent collection.\n \n \n \n \n \n The Company is pleased to report, rent collection for the March quarter (March to June) has now risen to 90.16% (adjusted for monthly and deferred agreements) from 81% reported in our 15 June trading update. \n \n \n \n \n \n June quarter (June to September) rent collection so far is 81.94% (adjusted for monthly and deferred agreements), a direct reflection of the diversification of our portfolio and strong relationship with our tenants. \n \n \n \n \n \n Based on current constructive dialogue with a number of tenants, we anticipate that rent collections for both periods will improve as these tenants recommence trading from their premises.\n \n \n \n \n \n Many tenants have taken this opportunity to engage with us and explore lease event opportunities in return for incentives, which has proven beneficial for the tenant and provided REI with capital enhancement potential.\n \n \n \n \n \n However, there are some established tenants who have the ability to pay but are delaying doing so, using the ongoing restriction imposed by the government on the ability of landlords to recover rent, these arrears will be pursued at the appropriate time and the Company expects to secure full rental payments.\n \n \n \n \n \n Generally, our tenants confirm they are gradually returning towards normalised trading with convenience retail continuing to outperform historic trading levels, a sector that REI has a healthy exposure to.\n \n \n \n \n \n Market Activity\n \n \n \n \n \n We are encouraged by the increasing number of enquiries from investors for certain assets that have proven resilient during the Covid crisis. We will consider selective and opportunistic sales, as we acquire new assets that we believe provide income and capital upside. \n \n \n ...