Business
Trading Update and Dividend Declaration
Trading Update and Dividend Declaration.
About this update from Regional Reit Ltd.
[{"type":"text","content":"\n\n24 May 2023\nREGIONAL REIT Limited\n(\"Regional REIT\", the \"Group\" or the \"Company\")\nTrading Update\n&\nDividend Declaration\n \nRegional REIT Limited (LSE: RGL), the regional office specialist, is pleased to announce a trading update for the year to date, its dividend declaration for the first quarter of 2023, and a statement on the Group's outlook for the full year 2023.\n \nPortfolio as at 31 March 2023:\n \n· 154 properties, 1,567 units and 1,080 tenants, totalling c. £792.4m1 of gross property assets; with a gross rent roll of c. £71.0m pa\n· Offices (by value) were 91.9% of the portfolio (31 December 2022: 91.8%), retail 3.6% (31 December 2022: 3.6%), industrial sites 3.1% (31 December 2022: 3.1%), and Other 1.4% (31 December 2022: 1.4%)\n· England & Wales represented 83.3% (31 December 2022: 83.3%) of the portfolio with the remainder in Scotland\n· EPRA Occupancy (by ERV) 83.4% (31 December 2022: 83.4%); 31 March 2023 like-for-like (versus 31 March 2022) 82.3% (83.7%)\n· Average lot size c. £5.1m (31 December 2022: £5.1m)\n· Capital expenditure £4.0m (31 December 2022 £10.0m)\n· Cost of debt (including hedging) of 3.5% pa (31 December 2022: 3.5% pa) - 100% fixed and hedged, ensuring the maximum cost of debt will not exceed 3.5%\n· Weighted average debt duration 4.3 years (2022: 4.5 years)\n· Net loan-to-value ratio c. 50.5%1 (31 December 2022: 49.5%). Gross borrowings £433.1m (31 December 2022: £440.8m); ample headroom remains on all covenants\n· Cash and cash equivalent balances £32.6m (31 December 2022: £50.1m).\n \n \n1 Gross property assets value based upon C&W valuations as at 31 December 2022, adjusted for subsequent acquisitions, disposals and capital expenditure in the period.\n \nRent Collection Update\n \nAs at 19 May 2023, the rent collection for Q1 2023 invoicing amounted to 96.3%, which comprised of 95.6% rent received, monthly rents of 0.7% and agreed collection plans of 0.0%, being broadly in-line for the equivalent period collection in 2022 of 97.1%.\n \nWe anticipate collecting the vast majority of the outstanding balances in due course as usual.\n \nQ1 2023 Divi...