13th Nov 2024 12:47
(Alliance News) - Regional REIT Ltd on Wednesday said it traded well and made "good progress" during the three months that ended September 30, declaring a dividend for the third quarter.
The London-based real estate investment trust saw a 9.3% uplift in new letting income compared to December 2023 estimated rental values. Lease retention remained strong, with 77.7% of expiring leases renewed during the third quarter. The EPRA occupancy rate was 77.5% on September 30, slightly down from 78.0% on June 30.
Collection of third-quarter rent reached 96.7% as of last week.
Regional REIT declared a dividend of 2.20 pence per share for the third quarter, an 83% increase from 1.20p a year ago.
The company has set a dividend target of 6.60p for the period from April 1 to December 31, which it now has meet, having 1.20p and 2.20p in the first and second quarter, respectively.
Following a successful GBP 110.5 million equity raise in the third quarter, Regional REIT said it is on a "much stronger financial footing". Proceeds supported the repayment of a GBP50 million retail bond, with remaining funds allocated to debt reduction and portfolio enhancements.
Regional REIT shares were up 1.0% at 124.40 in London on Wednesday afternoon.
By Eva Castanedo, Alliance News reporter
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