Regional REIT has reported a net asset value (NAV) fall of 2.5% in 2019 results and provided a covid-19 update, stating it had received 82% of rent due for the quarter.
The group posted an EPRA NAV per share of 112.7p for the year to the end of December 2019, compared to 115.5p in 2018.
Adjusted EPRA earnings per share increased slightly to 7.8p per share, with rental income increasing to £75.6m from £74.0m in 2018.
Meanwhile the group declared a dividend of 8.25p per share for the year, an increase from 8.05p per share in 2018. Dividend cover was 95%.
Covid-19
As at 6 April 2020, the company said it had collected 81.6% of the rent due, in comparison to 83.1% at the same date in 2019. It said another 4.8% of tenants had switched to monthly payments. Furthermore, it expected another 2.3% of tenants to settle within seven days, which in aggregate amounts to 88.7% of rents to be collected. The group added it expected to collect in excess of 90% of rent in due course.
On 31 March 2020, the company confirmed its dividend for Q4 2019 of 2.55p per share would be paid to shareholders on 9 April 2020. It said future dividend distributions were under review until there was greater clarity on the economic outlook.
Around 51% of Regional REIT’s rents are secured against tenants regarded under the government’s definition as ‘essential services’ and other government departments, with a further 12% of income secured from large international companies.
The group has drawn down £30.7m of available borrowing to boost liquidity. It now has a cash balance post dividend of £58.1m.
RGL : Regional REIT posts 2.5% fall in NAV and provides covid-19 update