Business
Q1 Trading Update, Dividend and Outlook Statement
Q1 Trading Update, Dividend and Outlook Statement.
About this update from Regional Reit Ltd.
[{"type":"text","content":"\n \n \n RNS Number : 5473N\n Regional REIT Limited\n 21 May 2020\n \n \n \n \n 21 May 2020\n \n \n REGIONAL REIT Limited\n \n \n (\"Regional REIT\", the \"Group\" or the \"Company\")\n \n \n \n \n \n Q1 Trading Update, Dividend and Outlook Statement\n \n \n \n \n \n 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, \n today announces its trading update for the year to date, its dividend declaration for the first quarter of 2020, and provides a statement on the Group's outlook for the full year 2020.\n \n \n \n \n \n \n Stephen Inglis, Chief Executive Officer of London & Scottish Property Investment Management Limited, the Asset Manager commented:\n \n \n \n \"We are pleased to be able to deliver a reassuring trading update for the first quarter of 2020, particularly in light of increasingly difficult market conditions as the effects of Covid-19 began to impact businesses across the UK in March. We are confident in the outlook for Regional REIT due to the unique features of our asset management platform that ensures a close working relationship with our diverse register of quality occupiers, of which some 50% are providing Government defined 'essential services'.\n \n \n \n \n \n \n \n The quality and diversity of our portfolio properties and tenant register, supported by active asset management relationships has directly led to a\n \n \n first quarter 2020 rent collection of 93.9% received by the Company. This revenue strength should ensure that a sector leading level of income will continue to be paid to our shareholders for the foreseeable future.\"\n \n \n \n \n \n \n Trading Update\n \n \n \n \n \n The Group has continued to pursue its strategy of providing investors with an attractive return on a sustained and consistent basis from investing in and managing, predominantly, offices and light industrial property in the main regional centres of the UK outside of the M25 motorway.\n \n \n \n \n \n Since 1 January 2020 to date, the Group has exchanged on 18 new leases, totalling 117,012 sq. ft., which, when fully occupied, will provide approximately £0.8m pa of rental income.\n \n \n \n \n \n Capital expendit...