Business
Half-year Report
Half-year Report.
About this update from Regional Reit Ltd.
[{"type":"text","content":"\n \n \n 15 September 2022\n \n \n Regional REIT Limited\n \n \n (\"Regional REIT\", the \"Group\" or the \"Company\")\n \n \n \n \n \n 2022 Interim Results\n \n \n \n \n \n Delivering on strategic objectives - whilst maintaining the high dividend\n \n \n \n \n \n \n \n Regional REIT (LSE: RGL), the regional real estate investment specialist focused on building a geographically diverse portfolio of income producing regional UK core and core plus office assets, today announces its half year results for the six months ended 30 June 2022.\n \n \n \n \n \n Financial highlights:\n \n \n \n \n \n \n \n Income focused - Maintained the high dividend, supported by a successful strategy, a strong balance sheet and strong rent collection throughout the period\n \n \n \n \n \n ·\n Total rent collection for the period was 98.7%* of rent due, higher than the 96.4% of rent collected for the equivalent period in 2021\n \n \n ·\n Rent roll £72.0m (31 December 2021: £72.1m)\n \n \n ·\n Fair value of the portfolio valuation £918.2m (31 December 2021: £906.1m). On a like-for-like basis, the portfolio value increased by 1.0% during the period\n \n \n ·\n Net initial yield 5.7% (31 December 2021: 5.7%)\n \n \n ·\n EPRA EPS of 2.9p per share (\"pps\") for the period (30 June 2021: EPRA EPS: 3.0pps); (IFRS EPS: 5.5pps (30 June 2021: IFRS EPS 4.2pps)\n \n \n ·\n Operating profit before gains and losses on property assets and other investments for the period amounted to £23.4m (30 June 2021: £19.9m)\n \n \n ·\n H1 dividend of 3.3pps (30 June 2021: 3.2pps), targeting a full year dividend of 6.6pps\n \n \n ·\n EPRA NTA per share remained 97.1pps (31 December 2021: 97.2pps); IFRS NAV of 99.5pps (31 December 2021: 97.4pps)\n \n \n · \n Group's cost of debt 3.5% (31 December 2021: 3.3%) - 100% fixed and hedged ensuring the current maximum cost of debt will not exceed 3.5%\n \n \n ·\n Net LTV of 43.2% (31 December 2021: 42.4%)\n \n \n ·\n Weighted average debt duration 5.0 years (31 December 2021: 5.5 years)\n \n \n \n \n \n *As at 8 September 2022, rent collections to 30 June 2022 amounted to 98.7%; actual rent collected 98.5%, monthly rents 0.2% and deals agreed of 0.0%.\n \n \n \n \n \n Operational highlights:\n \n \n \n \n \n Defensive strategy - focusing on opportunities to de-risk the Com...