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Share Name Share Symbol Market Type Share ISIN Share Description
Rdi Reit P.l.c. LSE:RDI London Ordinary Share IM00BH3JLY32 ORD 40P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.40 -1.45% 95.10 93.80 94.60 94.60 91.20 93.50 299,079 16:35:12
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 69.0 -99.2 -27.3 - 361

RDI REIT PLC Rent Collection Update

16/10/2020 7:00am

UK Regulatory (RNS & others)


Rdi Reit P.l.c (LSE:RDI)
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From Sep 2020 to Nov 2020

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TIDMRDI

RNS Number : 2629C

RDI REIT PLC

16 October 2020

RDI REIT P.L.C.

("RDI" or the "Company")

(Registered number 010534V)

LSE share code: RDI

JSE share code: RPL

ISIN: IM00BH3JLY32

LEI: 2138006NHZUMMRYQ1745

Rent collection update

RDI, the income focused UK Real Estate Investment Trust ("UK-REIT"), provides the following update in respect of rent collection for the September 2020 quarter.

Rent collection

Across the Group's portfolio, approximately 81.5 per cent of gross rents or income due was collected for either the September quarter, or the month of September, where rents are billed monthly. This compares to 70.1 per cent for the June quarter, at approximately the equivalent time post the relevant due date. The collection rate for June now currently stands at 90.2 per cent

Negotiations with occupiers and clients are ongoing. As we have seen for previous periods, collection rates are expected to improve or, in certain cases, result in agreements to remove break options or extend leases.

-- Rent collected across the UK portfolio (excluding UK Hotels and London Serviced Offices) totalled 78.1 per cent of rents due, adjusted for tenants paying monthly

-- 98.2 per cent of rents due across the European portfolio, which are typically paid monthly in advance, were collected

-- Rents associated with the RBH managed hotels are paid quarterly in arrears. As previously announced, no rental payments were received for the second half of the financial year ending 31 August 2020 and the first rental payment in respect of the 2021 financial year is not yet due

-- Rents for the Travelodge portfolio have been received in full based on the revised rents following the recent CVA

-- 98.2 per cent of licence and fixed service fees billed were collected across the London Serviced Office portfolio for the month of September. The collection rate of 92.8 per cent includes rental income related to gym operators. Full desk rates have been charged since August.

 
                                       Annualised gross rental   % of rent collected - adjusted(2) 
 Rent collection summary                                income                   30 September 2020 
  September quarter                                    GBPm(1) 
------------------------------------  ------------------------  ---------------------------------- 
 Offices                                                   7.1                                84.9 
 Distribution and Industrial                              15.0                                91.1 
 Retail                                                   19.0                                59.4 
 UK total (excl. UK Hotels and LSO)                       41.1                                78.1 
 Europe                                                    7.2                                98.2 
------------------------------------  ------------------------  ---------------------------------- 
 Total (excl. UK Hotels and LSO)                          48.3                                79.7 
 RBH Managed Hotels                                        8.9                                   - 
 Travelodge portfolio                                      1.4                               100.0 
 London Serviced Offices                                   8.5                                92.8 
------------------------------------  ------------------------  ---------------------------------- 
 Total                                                    67.1                                81.5 
------------------------------------  ------------------------  ---------------------------------- 
 
   (1)   Annualised gross rental income as at 31 August 2020 

(2) Rent collections adjusted for certain tenants which have indicated they are paying monthly and have paid one third of quarterly rent demanded

The Company will be announcing its annual results on 5 November 2020 and will provide a full trading update at that time.

For further information:

 
RDI REIT P.L.C. 
Mike Watters, Stephen Oakenfull  Tel: +44 (0) 20 7811 0100 
FTI Consulting 
UK Public Relations Adviser 
Dido Laurimore, Claire Turvey    Tel: +44 (0) 20 3727 1000 
 rdireit@fticonsulting.com 
Instinctif Partners 
SA Public Relations Adviser 
Frederic Cornet                   Tel: +27 (0) 11 447 3030 
 RDI@instinctif.com 
JSE Sponsor 
Java Capital                     Tel: + 27 (0) 11 722 3050 
 

Note to editors:

About RDI

RDI is an income focused UK-REIT with a diversified portfolio invested principally in the UK. The investment approach is driven by an in depth understanding of occupational demand including the impact of technology, transport and infrastructure investment. The portfolio has been repositioned in recent years to increase its weighting to London and the South East and to provide greater exposure to our leading hotel and serviced office operating platforms.

RDI is committed to delivering attractive income led total returns across the real estate cycle. The current strategic objectives of a lower leverage capital structure and more focused allocation of capital are targeted at delivering an industry leading and sustainable income return.

RDI is a UK Real Estate Investment Trust (UK-REIT) and holds a primary listing on the London Stock Exchange and a secondary listing on the JSE. The Company is included within the EPRA, GPR, JSE All Property and JSE Tradeable Property indices.

   For more information on RDI, please refer to the Company's website   www.rdireit.com 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

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October 16, 2020 02:00 ET (06:00 GMT)

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