Pacific Industrial & Log REIT PLC Total Leverage Employed (2493T)

TIDMPILR

RNS Number : 2493T

Pacific Industrial & Log REIT PLC

10 October 2017

Pacific Industrial & Logistics REIT plc

("Pacific Industrial & Logistics", the "Company" or the "Group")

10 October 2017

Total Leverage Employed - AIFMD disclosure requirement

The Company is required under Article 109(3) of the Commission Delegated Regulation (EU) to disclose to its investors the total amount of leverage employed, as calculated in accordance with the gross and commitment methods under the Alternative Investment Fund Managers Directive (AIFMD).

As at 31 March 2017 these were as follows:

 
                        31 March 2017 
------------------  --------------------- 
     Exposure         Gross    Commitment 
------------------  --------  ----------- 
 
 Maximum exposure    300.00%    300.00% 
------------------  --------  ----------- 
 
     Exposure        221.93%    177.77% 
------------------  --------  ----------- 
 

Moving forward, and in line with the Commission Delegated Regulation the Company will report the total amount of leverage employed on an annual basis in the Company's Annual Report.

The Company targets an overall loan-to-value (LTV) of between 35% and 40%. As at 31 March 2017 the actual LTV was 42.4%.

For further information regarding Pacific Industrial & Logistics REIT plc:

 
 Pacific Industrial & 
  Logistics REIT Plc 
  Richard Moffitt 
  Christopher Turner 
  Sam Tucker                      [phone] 
 Canaccord Genuity - Nominated 
  Adviser and Joint Financial 
  Adviser 
  Bruce Garrow / Charlie 
  Foster                          [phone] 
 Kinmont- Joint Financial 
  Advisor 
  Mat Thackery                    [phone] 
 
 

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

About Pacific Industrial & Logistics REIT

Pacific Industrial & Logistics REIT plc is a property investment company, quoted on the AIM market of the London Stock Exchange.

The Company has been established to invest in UK based industrial and logistics properties with a view to delivering attractive dividends and capital returns to its shareholders. The investment strategy is focused on smaller single let industrial and logistics properties in key geographical locations servicing high quality tenants. Investment returns will be generated by an experienced management team focusing on quality stock selection and active asset management.

A number of structural and commercial factors currently support the attractive opportunity in the last mile/regional industrial and logistics real estate sub-sectors targeted by the Company, including: strong occupier demand (in particular due to growth in e-commerce and investment by retailers in their associated supply chain) and a decline in the supply of lettable space in industrial and logistics real estate across the UK (being more than one third lower than the most recent peak of 2009).

Acquisitions are targeted in the 6.5 to 7.5 per cent. Net Initial Yield bracket (with affordable underlying rents in the region of GBP4.50 to GBP5.50 per square foot), on an overall LTV of 35 to 40 per cent. with a significant margin over financing costs, thus presenting an attractive income, capital growth and total return proposition.

The Company's results for the period from IPO on 13(th) April 2016 to 31(st) March 2017 saw a 22.6 per cent total shareholder return, including aggregate dividends of 6 pence per ordinary share on an IPO price of 100p.

This information is provided by RNS

The company news service from the London Stock Exchange

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October 10, 2017 12:56 ET (16:56 GMT)