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Regional REIT declare an increased dividend of 3%, 1.90p per share

Investment Tools Ltd.
Regional REIT declare an increased dividend of 3%, 1.90p per share

Regional REIT will pay a dividend of 1.90 pence per share ("pps") for the period 1 July 2019 to 30 September 2019, an increase of c. 3% (1 July 2018 to 30 September 2018: 1.85pps). The dividend payment will be made on 19 December 2019 to shareholders on the register as at 22 November 2019. The ex-dividend date will be 21 November 2019. The entire dividend will be paid as a REIT property income distribution ("PID").

The payment of dividends will remain subject to market conditions, the Company's performance, its financial position, UK REIT requirements and the business outlook.

Other financial highlights include:

The Group continues to pursue its strategy of providing investors with an attractive and sustainable income focused return from investing and asset managing, in predominantly, offices and light industrial properties in the main regional centres of the UK outside of the M25 motorway. 

The Group has exchanged on 50 leases to new tenants since 1 January 2019, totalling 239,374 sq. ft., of which 15 leases have been exchanged since 30 June 2019, totalling 151,995 sq. ft.. When fully occupied, these 50 new leases will provide an additional £2.2m pa of rental income. The 15 leases acquired since 30 June 2019 will provide £1.1m of rental income pa. The Group also completed a number of lease renewals during the quarter. Retention of income remains high at 88.3% (by value) as 85.2% of the units with lease renewals remain occupied.

In the quarter to 30 September 2019, the Group acquired seven properties for an aggregate value of £28.4m (before costs), disposed of one unit for £1.0m (net of costs), and capital expenditure amounted to £0.8m.

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