Regional REIT Limited Dividend Declaration (1418X)
August 26 2020 - 1:00AM
UK Regulatory
TIDMRGL
RNS Number : 1418X
Regional REIT Limited
26 August 2020
26 August 2020
REGIONAL REIT Limited
("Regional REIT", the "Group" or the "Company")
Q2 2020 Dividend Declaration
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 declares its Q2 2020 dividend.
The Company continues to pay a quarterly dividend, which will be
in the amount of 1.50 pence per share for the period 1 April 2020
to 30 June 2020. This is in acknowledgement to our shareholders of
the importance of regular scheduled income distributions and the
continued strength of the Group's balance sheet. Rent collection
has remained as high as expected, despite the unfolding uncertain
economic backdrop. However, given the challenging environment, the
Board has adopted a conservative approach and continues to hold
more cash than it would normally, which impacts on current
income.
The dividend will be payable on 16 October 2020 to shareholders
on the register as at 4 September 2020. The ex-dividend date will
be 3 September 2020. The entire dividend will be paid as a REIT
property income distribution ("PID").
For the remainder of the financial year, the Board is aiming to
maintain the dividend at the level announced today, which is
expected to be fully covered by EPRA earnings. Whilst also having
regard to, among other things, future rental collections, occupancy
levels (taking into account of our ongoing value adding
refurbishment programme), the financial position and performance of
the Group at the relevant time, UK REIT requirements and the
interests of shareholders.
Stephen Inglis, Chief Executive Officer of London & Scottish
Property Investment Management Limited, the Asset Manager
commented:
"I am pleased to confirm our scheduled quarterly dividend
distribution. We are aiming to maintain this level as a minimum for
the remainder of 2020, though we are conscious of the uncertain
economic backdrop. The Board's continued commitment to paying a
dividend has been made as the Group's investment strategy and
strong asset management approach has continued to perform
well."
- ENDS -
Enquiries:
Regional REIT Limited
Toscafund Asset Management Tel: +44 (0) 20 7845
6100
Investment Manager to the Group
Adam Dickinson, Investor Relations, Regional
REIT Limited
London & Scottish Property Investment Tel: +44 (0) 141 248
Management 4155
Asset Manager to the Group
Stephen Inglis
Buchanan Communications Tel: +44 (0) 20 7466
5000
Financial PR regional@buchanan.uk.com
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 151 properties as at 30 June 2020, with a valuation of
GBP742.3m.
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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END
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