Business
Q3 Trading update, Dividend & Strategic Review
Q3 Trading update, Dividend & Strategic Review.
About this update from Regional Reit Ltd.
[{"type":"text","content":"\n \n \n \n RNS Number : 0527F\n Regional REIT Limited\n 12 November 2020\n \n \n \n 12 November 2020\n \n REGIONAL REIT Limited\n \n \n (\"Regional REIT\", the \"Group\" or the \"Company\")\n \n \n Q3 2020 Trading Update\n \n \n & \n \n \n Dividend Declaration and Outcome of Strategic Review \n \n \n \n \n \n Regional REIT Limited (LSE: RGL), the regional real estate investment specialist, focused on building a diverse portfolio of income producing regional UK core and core plus office assets, today is pleased to announce a trading update for the period from 1 July 2020 to 30 September 2020, dividend declaration confirmation for the third quarter of 2020, the outcome of the Board's strategic review of the Company's investment objectives, and a potential share buyback.\n \n \n \n \n \n Q3 2020 Trading Update\n \n \n \n \n \n The Group has exchanged on 29 leases to new tenants since 1 January 2020, totalling 171,838 sq. ft., of which eight leases have been exchanged since 30 June 2020, totalling 16,202 sq. ft.. When fully occupied these 29 new leases will provide £1.4m per annum (\"pa\") of rental income. The eight leases acquired since 30 June 2020 will provide £0.2m of rental income pa.\n \n \n \n \n \n The Group also completed a number of lease renewals during the quarter, achieving rental uplifts of 12.2% versus previous rent. Retention of occupancy by area remains high at 90.2% as 83.9% of units with lease renewals remain occupied1.\n \n \n \n \n \n [1]\n Including 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 2020:\n \n \n \n \n \n · \n 150 properties, 1,239 units and 857 tenants, totalling c. £739.9m2 of gross property assets; with a gross rent roll of c. £62.4m pa\n \n \n · \n Offices (by value) were 80.3% of the portfolio (31 December 2019: 79.9%), industrial sites 13.9% (31 December 2019: 13.7%), retail 4.3% (31 December 2019: 5.0%), and Other 1.5% (31 December 2019: 1.4%)\n \n \n · \n England & Wales represented 82.7% (31 December 2019: 82.0%) of the portfolio with the remainder in Scotland\n \n \n · \n EPRA Occupancy (by ERV) 88.6% versus 89.0% as at 30 June 2020; 30 September 2020 like-for-like (versus 30 September 2019) EPRA occupancy remained in line at 88....