Q2 Rent Collection Rises to 91.4%

RNS Number : 0823U

Regional REIT Limited

27 July 2020

 

27 July 2020

REGIONAL REIT Limited

("Regional REIT", the "Group" or the "Company")

Q2 Rent Collection Rises to 91.4%

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 announces a Q2 rent collection update.

Further to the 8 July 2020 announcement, Q2 rent collection has continued to increase to 91.4% from 78.5%. This comprises 80.5% of Q2 rent paid, 6.1% who have agreed to pay monthly and collection plans agreed with occupiers amounting to a further 4.8%. We anticipate collecting the vast majority of the balance of outstanding Q2 rent in due course as usual.

Stephen Inglis, Chief Executive Officer of London & Scottish Property Investment Management Limited, the Asset Manager commented:

" I am delighted by the continued progress with Q2 rent collection . We have undertaken significant steps to ensure a safe return to work for our occupiers, whilst continuing to work with those tenants that have been in active occupation throughout the lockdown providing essential services, to ensure health and safety remains at the forefront of everyone's minds. 

The strong rental collection to date is a testament to the collaborative relationship we have with the majority of our tenants and the quality of our management platform.  

The rental collections continue to underpin our confidence in our robust quarterly dividend payments, and we look forward to announcing our Q2 dividend on the 26 August 2020."

- ENDS - 

Enquiries:

Regional REIT Limited
Toscafund Asset Management	Tel: [phone]
Investment Manager to the Group
Adam Dickinson, Investor Relations, Regional REIT Limited
London & Scottish Property Investment Management	Tel: [phone]
Asset Manager to the Group
Stephen Inglis
Buchanan Communications	Tel: [phone]
Financial PR	[e-mail]
Charles Ryland / Victoria Hayns / Henry Wilson

About Regional REIT  

Regional REIT Limited ("Regional REIT" or the "Company") and its subsidiaries (the "Group") is a United Kingdom ("UK") based real estate investment trust that launched in November 2015. It is managed by London & Scottish Property Investment Management Limited, the Asset Manager, and Toscafund Asset Management LLP, the Investment Manager.

Regional REIT's commercial property portfolio is comprised wholly of income producing UK assets and comprises, predominantly, offices and industrial units located in the regional centres outside of the M25 motorway. The portfolio is highly diversified, with 160 properties, 904 tenants as at 31 December 2019, with a valuation of 787.9m.

Regional REIT pursues its investment objective by investing in, actively managing and disposing of regional core and core plus property assets. It aims to deliver an attractive total return to its Shareholders, targeting greater than 10% per annum, with a strong focus on income supported by additional capital growth prospects.

The Company's shares were admitted to the Official List of the UK's Financial Conduct Authority and to trading on the London Stock Exchange on 6 November 2015. For more information, please visit the Group's website at  www.regionalreit.com .

Cautionary Statement

This document has been prepared solely to provide additional information to Shareholders to assess the Group's performance in relation to its operations and growth potential. The document should not be relied upon by any other party or for any other reason. Any forward looking statements made in this document are done so by the Directors in good faith based on the information available to them up to the time of their approval of this document. However, such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information.

ESMA Legal Entity Identifier ("LEI"): 549300D8G4NKLRIKBX73

 

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