Business
Q3 2021 Trading Update and Dividend Declaration
Q3 2021 Trading Update and Dividend Declaration.
About this update from Regional Reit Ltd.
[{"type":"text","content":"\n \n \n \n RNS Number : 0121S\n Regional REIT Limited\n 11 November 2021\n \n \n \n 11 November 2021\n \n REGIONAL REIT Limited\n \n \n (\"Regional REIT\", the \"Group\" or the \"Company\")\n \n \n Q3 2021 Trading Update, Dividend Declaration & ESG Update\n \n \n \n \n \n Regional REIT Limited (LSE: RGL), the regional office specialist, is pleased to announce a trading update for the period from 1 July 2021 to 30 September 2021 and dividend declaration for the third quarter of 2021.\n \n \n \n \n \n Q3 2021 Trading Update\n \n \n The Group has exchanged on 35 leases to new tenants since 1 January 2021, totalling 134,523 sq. ft., of which 11 leases have been exchanged since 30 June 2021, totalling 19,050 sq. ft.. When fully occupied these 35 new leases will provide £1.7m per annum (\"pa\") of rental income. The 11 leases exchanged since 30 June 2021 will provide £0.3m pa of rental income.\n \n \n \n \n \n A number of leases came up for renewal from 1 January 2021. Retention of occupancy by area remains high at 82.1%\n *\n .\n \n \n \n \n \n *\n includes tenants that are currently holding over, lease renewals, and the acquisition of new replacement tenants.\n \n \n \n \n \n Portfolio as at 30 September 2021:\n \n \n · \n 169 properties, 1,498 units and 1,074 tenants, totalling c.£915.6m** of gross property assets value \n \n \n · \n Offices (by value) were 90.0% of the portfolio (31 December 2020: 83.5%), Industrial sites 5.3% (31 December 2020: 11.1%), Retail 3.3% (31 December 2020: 4.1%), and Other 1.4% (31 December 2020: 1.3%)\n \n \n · \n Rent roll £75.5m (30 June 2021: £61.1m); ERV £94.8m (30 June 2021: £75.1m)\n \n \n · \n England & Wales represented 82.3% (31 December 2020: 82.7%) of the portfolio with the remainder in Scotland\n \n \n · \n EPRA Occupancy (by ERV) 83.0% versus 85.7% as at 30 June 2021; 30 September 2021 like-for-like (versus 30 September 2020) EPRA occupancy was 82.5% (88.9%). As expected, EPRA Occupancy was impacted by the £236.0m portfolio acquisition made in Q3 '21, with an EPRA Occupancy (by ERV) of 78.4%. Asset management plans are in place to improve occupancy.\n \n \n · \n Average lot size c. £5.4m (31 December 2020: c. £4.8m)\n \n \n · \n Net loan-to-value ratio c. 42.5%** (31 December 2020: 40.8%). Gross borrowings £437.5m (31 December 2020; £366.2m); ca...