REG - Regional REIT Ltd - Rent Collection Update

Regional REITAnnouncement

14/10/2020 07:00

RNS Number : 9852B
  
Regional REIT Limited
  
14 October 2020
  
 

14 October 2020
REGIONAL REIT Limited
("Regional REIT", the "Group" or the "Company")
 
Rent Collection Update
 
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, is pleased to announce that rent collection has continued to strengthen with Q1 increasing to 99.2% and Q2 to 96.9%. Currently, Q3 rent collection, adjusting for monthly rent and agreed collection plans, stands at 90.8%, which is higher than at the equivalent date in 2019 when 87.8% had been collected. 
Rent Collection 
The table below sets out the status of the rent collection for Q1, Q2 and Q3 as at 9 October 2020.
 



%


Q1 2020


Q2 2020


Q3 2020


YTD 




Rent paid


97.0


92.9


82.1


90.8




Adjusted for monthly rents


0.0


0.2


6.0


2.0




Agreed collections plans


2.2


3.8


2.7


2.9








99.2


96.9


90.8


95.7



 
Quarterly rental collection refers to all invoices issued during the calendar quarters:
Q1: 1 January 2020 to 31 March 2020
Q2: 1 April 2020 to 30 June 2020
Q3: 1 July 2020 to 30 September 2020
 
As at 9 October 2020, the Company had collected 95.7% of rent due for the year to date, adjusting for monthly rent and agreed collection plans, which is in line with 95.6% of rent collected for the equivalent period in 2019. We are pleased with this level of collection given the challenging environment. 
 
The Company remains in supportive and ongoing discussions with occupiers regarding the remainder of the outstanding rent, and expects to collect the vast majority of it in due course.
 
Stephen Inglis, Chief Executive Officer of London & Scottish Property Investment Management Limited, the Asset Manager commented:
 
 "We continue to work closely with our highly diversified tenant base, which is reflected in the Company's strong rent collection for the year to date of 95.7% as at 9 October 2020. Furthermore, we anticipate receipts will continue to increase in line with our expectations and an update will be provided in due course. We are encouraged by this positive trend"
 
 
 
- 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 Management


Tel: +44 (0) 141 248 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, 876 tenants as at 30 June 2020, with a valuation of £742.3m.
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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