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Regional REIT collects 93.9% of rents

Regional REIT rent collection rises to 92.8%

Regional REIT has now collected 93.9% of rent for the current quarter, it announced in a trading update.

The group, which owns office and industrial assets in regional UK cities, said the figure was ahead of that collected at the same point last year (92.7%).

It said it will pay a dividend of 1.90 pence per share for the period 1 January 2020 to 31 March 2020, but added future quarterly dividend distributions remain under review.

Since the turn of the year, the group has exchanged on 18 new leases, totalling 117,012 sq ft, which will provide around £0.8m per annum of rental income.

Capital expenditure year-to-date was £4.8m net and it sold seven properties including three retail properties. 

It now has 154 properties in its portfolio let to 882 tenants, amounting to £783.6m of gross property assets and a rent roll of £63.4m per annum.

Offices now represent 80.3% of the portfolio by value, with industrial sites 13.3%.

Its net loan-to-value ratio stands at 38.3%, with gross borrowings of £369.1m. It has cash and cash equivalents of £58m.

Stephen Inglis, chief executive of London & Scottish Property Investment Management, the asset manager, said: “We are confident in the outlook for Regional REIT due to the unique features of our asset management platform that ensures a close working relationship with our diverse register of quality occupiers, of which some 50% are providing Government defined ‘essential services’.

“The quality and diversity of our portfolio properties and tenant register, supported by active asset management relationships has directly led to a first quarter 2020 rent collection of 93.9% received by the company. This revenue strength should ensure that a sector leading level of income will continue to be paid to our shareholders for the foreseeable future.”

RGL : Regional REIT collects 93.9% of rents

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