Positive Rent Collection Update: Q3 already 91.3%

RNS Number : 1851Q

Regional REIT Limited

26 October 2021

 

26 October 2021

REGIONAL REIT Limited

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

Positive Rent Collection Update: Q3 already 91.3%

Regional REIT Limited (LSE: RGL), the UK regional office specialist, is today pleased to provide the following rent collection update.

As at 21 October 2021, the Company had collected 91.3% of the rent due for Q3 2021. This comprised rent received of 87.5%, monthly rents of 2.1% and agreed collection plans of 1.7%.

The table below sets out the status of the rent collection for Q1, Q2 and Q3 as at 21 October 2021.

%	Q1 2021	Q2 2021	Q3 2021	YTD
Rent received	97.5	97.1	87.5	93.6
Adjusted for monthly rents	0.2	0.4	2.1	1.0
Agreed collections plans	1.7	1.5	1.7	1.6
	99.4	99.0	91.3	96.2

Table may not sum due to roundings.

Quarterly rental collection refers to all invoices issued during the calendar quarters:

Q1: 1 January 2021 to 31 March 2021

Q2: 1 April 2021 to 30 June 2021

Q3: 1 July 2021 to 30 September 2021

As at 21 October 2021, the 93.6% of rent received year to date compares favourably with the equivalent period in 2020 of 91.7%.

The Company remains in supportive and ongoing discussions with tenants regarding the remainder of the outstanding rent, and expects to collect the vast majority of it in due course.

With rent collection rates now close to pre-Covid levels, Regional REIT proposes that future quarterly rent collection updates will be included within our normal reporting timetable. This will be kept under review.

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

"We are very encouraged by the high level of rent collections. In-line with our expectations total year to date rents received amount to 96.2% of rents invoiced, with Q3 2021 collections already amounting to 91.3%. We anticipate collecting the vast majority of the outstanding balance in due course."

- ENDS - 

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 151 properties, 847 occupiers as at 30 June 2021, with a valuation of 729.1m.

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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