Strong Q1 Rent Collection - Ahead of Last Year

RNS Number : 0945W

Regional REIT Limited

21 April 2021

 

21 April 2021

REGIONAL REIT Limited

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

Strong Q1 Rent Collection - Ahead of Last Year

Regional REIT Limited (LSE: RGL), the regional real estate investment specialist focused on building a geographically diverse portfolio of income producing regional UK core and core plus office assets, today announces its Q1 rent collection, which is ahead of this time last year.

As at 16 April 2021, the Company had collected 90.4% of the rent due for Q1. This comprises of 84.8% rent received, monthly rents of 2.9% and agreed collection plans of 2.7%.

The 84.8% of rent received compares favourably with the collection of 83.8% for the equivalent period in 2020.

Stephen Inglis, CEO of London & Scottish Property Investment Management, the Asset Manager of Regional REIT commented:

"Our close working relationships with our occupiers across our geographically diversified portfolio has, in-line with our expectations, not only continued to ensure strong rent collection through this difficult period, but resulted in the Company seeing an increase in the timing of rent received when compared with this time last year.

Encouragingly, we are beginning to see increasing levels of activity across our portfolio, particularly in letting enquires, despite some uncertainty remaining. Additionally, as the respective UK Governments continue to ease restrictions over the coming weeks, we look forward to welcoming more occupiers back into physical occupation and undertaking an increasing number of viewings of our assets for new prospective occupiers."

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Enquiries:

Regional REIT Limited
Toscafund Asset Management	Tel: [phone]
Investment Manager to the Group
Adam Dickinson, Investor Relations, Regional REIT Limited
London & Scottish Property Investment Management	Tel: [phone]
Asset Manager to the Group
Stephen Inglis
Buchanan Communications	Tel: [phone]
Financial PR	[e-mail]
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 Toscafund Asset Management LLP, the Investment Manager.

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 153 properties, 898 occupiers as at 31 December 2020, with a valuation of 732.4m.

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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