Regional REIT Net Asset Value Rises On Growth In Portfolio Value

22nd Mar 2018 11:45

LONDON (Alliance News) - Regional REIT Ltd on Thursday reported a rise in net asset value for 2017 on the back of increase in value of its property portfolio and occupancy rates.

The real estate investment trust, specializing in office and industrial property, reported an EPRA net asset value as at the end of December 2017 of GBP395.7 million, up from GBP293.2 million on the same date the year before, due to gins from the revaluation of the property portfolio.

For the year, the company's property portfolio was valued at GBP737.3 million, up from GBP502.4 million, and the occupancy rate rose to 885.0% from 82.7%. Currently the portfolio now has 164 properties, up from 123, of which offices took up the biggest share by making up 95 of the properties.

Net rental income more than tripled to GBP45.8 million from GBP12.3 million the year before.

Regional REIT declared a dividend of 7.85 pence per share for the year, up from 7.65p the year before.

"Regional REIT is in a strong position and we have again delivered to our shareholders a significant dividend, with an attractive total return. In line with our business strategy we have increased our property portfolio, managed the occupancy and contracted rent roll upwards, extended the weighted average lease term to expiry and weighted average debt duration. In an uncertain economic and geopolitical environment, we are well poised for the year ahead," said Chairman Kevin McGrath.

Shares in Regional REIT were up 1.0% at 98.60 pence on Thursday.

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