Business
Trading Update and Notice of Results
Trading Update and Notice of Results.
About this update from Real Estate Investors Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 6126Z\n Real Estate Investors PLC\n 26 January 2022\n \n \n \n \n 26 January 2022\n \n \n \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 NOTICE OF RESULTS\n \n \n £17.55M OF ASSETS SOLD INTO STRONG PRIVATE INVESTOR MARKET\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 portfolio of 1.5 million sq ft of commercial property, is pleased to provide the following update for the year ended 31 December 2021:\n \n \n \n \n \n 2021 Highlights\n \n \n \n · \n Completed 15 disposals totalling £17.55 million (an aggregate uplift of 7.3% before costs above December 2020 value)\n \n \n · \n Further £2.33 million of assets in pipeline legals to take advantage of strong investor demand\n \n \n · \n Near normal rent collection levels for 2021of 97.81% (adjusted for monthly/deferred agreements)\n \n \n · \n Occupancy levels at 85.75% with near-term potential to rise to 86.73% (based on pipeline lettings and pipeline disposals) \n \n \n · \n Improved WAULT to 5.03 years to break and 6.76 years to expiry (FY 2020: 4.84 years / 6.54 years)\n \n \n · \n Disposal proceeds used to pay down £11.9 million of debt\n \n \n · \n Average cost of debt of 3.5% with 90% of debt fixed as at 1 January 2022\n \n \n · \n As at the year-end, hedge facility has improved by £1.4 million for the year to 31 December 2021\n \n \n · \n Dividends paid of 2.25p per share in respect of 2021, with a final dividend to be announced in March, making a minimum annual payment of at least 3p \n \n \n · \n Cash at bank of £9.8 million as at 31 December 2021\n \n \n \n \n \n Paul Bassi, Chief Executive, commented:\n \n \n \n \n \n \"Despite trading in an environment dominated by COVID, our diversified portfolio, which has a healthy exposure to growing market subsectors, has proved to be resilient and portfolio rents are sustainable. The period saw the business take advantage of private investor demand, particularly in the neighbourhood and convenience sector, disposing of 15 assets for a total of £17.55 million. \n \n \n \n \n \n Following a hiatus in office occupier decisions due to government 'work from home' advice ...