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 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.
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