REG - Regional REIT Ltd - Dividend Declaration

Regional REITAnnouncement

22/02/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240222:nRSV0026Ea&default-theme=true

RNS Number : 0026E  Regional REIT Limited  22 February 2024

22 February 2024

REGIONAL REIT Limited

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

Dividend Declaration

Positive Update on Active Office Occupancy

Regional REIT Limited (LSE: RGL), today declares its Q4 2023 dividend,
provides an update on office occupancy and asset disposals to date.

 

Q4 2023 Dividend Declaration

 

The Company confirms that it will pay a dividend of 1.20 pence per share
("pps") for the period 1 October 2023 to 31 December 2023. The entire dividend
will be paid as a REIT property income distribution ("PID").

 

The Company has introduced the option for shareholders to invest their
dividend in a Dividend Reinvestment Plan ("DRIP"). More details can be found
on the Company's website
https://www.regionalreit.com/investors/investors-dividend/dividend-reinvestment-plan
(https://www.regionalreit.com/investors/investors-dividend/dividend-reinvestment-plan)
.

 

The key dates relating to this dividend are given below:

 

 Ex-dividend date            29 February 2024
 Record date                 01 March 2024
 Last day for DRIP election  13 March 2024
 Payment date                05 April 2024

 

The level of future payments of dividends will be determined by the Board
having regard to, among other factors, the financial position and performance
of the Group at the relevant time, UK REIT requirements and the interest of
shareholders and the long term future of the Company.

 

Positive Update on Office Active Occupancy

 

The Company is pleased to provide an update on active office occupancy based
on a survey of the Group's tenants across 122 buildings in the Company's
portfolio. The survey's results are based on the Company's office tenants
across a wide geographic spectrum of the main regional centres of the UK and
in aggregate account for over 29,000 employees. The survey showed that
employees have returned to the office for an average of 4.1 days per week.

The survey also showed 71.4% active office occupation across the portfolio,
which compares favourably to the 65.4% announced in June 2023. Pre-pandemic
active occupation is estimated at 70.0% 1 .The Asset Manager's study of the
office portfolio shows that current active occupation is 102% of the
pre-pandemic occupancy levels and is expected to grow further.

 

 

 

Retail Bond Update

 

The Company continues to explore actively a range of refinancing options for
the £50m retail bonds and it looks forward to providing an update in due
course.

 

 

Sales

 

Total disposals in 2024 to date amounted to £5.0m (before costs), reflecting
a net initial yield of 10.7% in-line with 31 December 2023 valuation. In
addition, £22.2m of disposals are in solicitors' hands.

 

 

 

- ENDS -

Enquiries:

 

 Regional REIT Limited
 Press enquiries through Buchanan

 ARA Europe Private Markets Limited                      Tel: +44 (0) 203 831 9776
 Investment Adviser to the Group
 Adam Dickinson, Investor Relations

 London & Scottish Property Investment Management        Tel: +44 (0) 141 248 4155
 Asset Manager to the Group
 Stephen Inglis

 Buchanan Communications                                 Tel: +44 (0) 20 7466 5000
 Financial PR
 Charles Ryland, Henry Wilson, George Beale

 

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 ARA Europe Private Markets Limited, the Investment Adviser,

Regional REIT's commercial property portfolio is comprised wholly of income
producing UK assets and comprises, predominantly of offices located in the
regional centres outside of the M25 motorway. The portfolio is geographically
diversified, with 144 properties, 978 occupiers as at 31 December 2023, with a
valuation of c.£700.7m.

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 (http://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

 

 1  Savills, European Office Occupancy March 2023

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 Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DIVKZGZZNMNGDZM