Real Estate Investors PLC Trading Update and Dividend (0007T)
July 15 2020 - 1:00AM
UK Regulatory
TIDMRLE
RNS Number : 0007T
Real Estate Investors PLC
15 July 2020
15 July 2020
Real Estate Investors Plc
("REI" or the "Company" or the "Group")
Trading Update and Dividend
Real Estate Investors Plc (AIM: RLE), the UK's only
Midlands-focused Real Estate Investment Trust (REIT) with a
diversified portfolio of 1.59 million sq ft of investment property
across all sectors, provides the following update on rent
collection.
The Company is pleased to report, rent collection for the March
quarter (March to June) has now risen to 90.16% (adjusted for
monthly and deferred agreements) from 81% reported in our 15 June
trading update.
June quarter (June to September) rent collection so far is
81.94% (adjusted for monthly and deferred agreements), a direct
reflection of the diversification of our portfolio and strong
relationship with our tenants.
Based on current constructive dialogue with a number of tenants,
we anticipate that rent collections for both periods will improve
as these tenants recommence trading from their premises.
Many tenants have taken this opportunity to engage with us and
explore lease event opportunities in return for incentives, which
has proven beneficial for the tenant and provided REI with capital
enhancement potential.
However, there are some established tenants who have the ability
to pay but are delaying doing so, using the ongoing restriction
imposed by the government on the ability of landlords to recover
rent, these arrears will be pursued at the appropriate time and the
Company expects to secure full rental payments.
Generally, our tenants confirm they are gradually returning
towards normalised trading with convenience retail continuing to
outperform historic trading levels, a sector that REI has a healthy
exposure to.
Market Activity
We are encouraged by the increasing number of enquiries from
investors for certain assets that have proven resilient during the
Covid crisis. We will consider selective and opportunistic sales,
as we acquire new assets that we believe provide income and capital
upside.
Dividend Payment
As announced on 15 June, a dividend of 0.5p per share will be
paid on 24 July 2020 as a Property Income Distribution, to all
shareholders on the register as at 26 June 2020.
Paul Bassi, Chief Executive, commented:
"The stability and diversity of our asset base remains the key
ingredient for the continued success of our rent collection and the
resilience of our property portfolio."
"REI Plc remains fully operational with staff now having the
ability to work flexibly from our offices in a safe environment,
collaboratively working together to pursue opportunities and asset
management initiatives that will drive capital and income growth
and underpin the future success of the business."
Enquiries:
Real Estate Investors Plc
Paul Bassi/Marcus Daly +44 (0)121 212 3446
Cenkos Securities
Katy Birkin/Ben Jeynes +44 (0)20 7397 8900
Liberum
Jamie Richards/William Hall +44 (0)20 3100 2000
Allenby Capital
Nick Naylor/Asha Chotai +44 (0)20 3328 5656
Novella Communications
Tim Robertson/Fergus Young +44 (0)20 3151 7008
About Real Estate Investors Plc
Real Estate Investors Plc is a publicly quoted, internally
managed property investment company and REIT with a portfolio of
1.59 million sq ft of mixed-use commercial property, managed by a
highly-experienced property team with over 100 years of combined
experience of operating in the Midlands property market across all
sectors. The Company's strategy is to invest in well located, real
estate assets in the established and proven markets across the
Midlands, with income and capital growth potential, realisable
through active portfolio management, refurbishment, change of use
and lettings. The portfolio has no material reliance on a single
asset or occupier. On 1st January 2015, the Company converted to a
REIT. Real Estate Investment Trusts are listed property investment
companies or groups not liable to corporation tax on their rental
income or capital gains from their qualifying activities. The
Company aims to deliver capital growth and income enhancement from
its assets, supporting its dividend policy, which has enjoyed 7
years of consecutive growth. Further information on the Company can
be found at www.reiplc.com .
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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