Business
TRADING UPDATE & DIVIDEND CONFIRMATION
TRADING UPDATE & DIVIDEND CONFIRMATION.
About this update from Regional Reit Ltd.
[{"type":"text","content":"\n \n \n RNS Number : 1341I\n Regional REIT Limited\n 31 March 2020\n \n \n \n \n 31 March 2020\n \n \n REGIONAL REIT Limited\n \n \n (\"Regional REIT\", the \"Group\" or the \"Company\")\n \n \n \n \n \n TRADING UPDATE & DIVIDEND CONFIRMATION\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, today provides the following trading update and confirms that its dividend for Q4 2019 of 2.55 pence per share, declared on 27 February 2020, will be paid to shareholders on the 9 April 2020. \n \n \n Trading Update\n \n \n As at 31 December 2019, the Group had a highly diversified portfolio of 160 properties with 904 tenants, which include essential services ranging from the NHS, ambulance service, power utilities, manufacturing to food and logistic related tenants and other government departments.\n \n \n Q1'20 rent collected to date is only 139bps reduced from our position as at the same date in Q1'19. Additionally, a proportion of tenants settle their rental invoice via their scheduled monthly payment run on either 31 March or 1 April, hence we expect the monthly rental collection to increase in due course.\n \n \n The granular asset management approach employed by the highly experienced and adaptable property management team of the Asset Manager, has navigated property management through previous economic downturns, and it is this approach which is proving invaluable in supporting our tenants through this unprecedented period. \n \n \n Corporate Update\n \n \n Regional REIT has a strong and defensive balance sheet, which has been further enhanced in the short-term by drawing down the £30.7m of available borrowing headroom on 26 March 2020, from the Santander and Royal Bank of Scotland facilities, ensuring ample liquidity.\n \n \n As at 30 March 2020, the Company had:\n \n \n · \n Cash c.£68.8m* \n \n \n · \n LTV c.39%** \n \n \n Confirmation of the Dividend \n \n \n The Company confirms its intention to pay its 2.55 pence per share Q4 2019 dividend on 9 April 2020\n .\n \n \n \n \n \n *Pre Q4'19 dividend payment of c. £11.0m.\n \n \n **Gross property assets based upon 31 December 2019 Cushman & Wakefield valuation.\n \n \n Stephen Inglis, CEO of L...