- Regional REIT Limited NPV
- 05 August 2024 10:21:16
Source: Sharecast
Regional REIT said that during the quarter it had exchanged six notable leases to new tenants totalling 69,067 square feet and amounting to £700,000 per annum of rental income when fully occupied, achieving an average rental uplift of 11% against December 2023 ERVs.
The London-listed firm also said a further seven leases had been renewed, amounting to 47,000 square feet and £600,000 of rental income per annum.
In terms of sales, Regional REIT said it had made three disposals in the quarter, plus one part sale, with sales proceeds coming to a total of £6.9m before costs, reflecting a net initial yield of 9.6%.
Chief executive Stephen Inglis said: "During the quarter we were pleased to achieve further progress in the group's letting activity and disposal programme, with £700,000 of additional notable rental income from new leases and £6.9m generated from recent disposals.
"As announced on 18 July 2024, the successful capital raise of £110.5m ensures the repayment of the retail bond, facilitate the further reduction of the LTV to 40.6%, and will provide for accretive capital expenditure on assets for the long term."
As of 1020 BST, Regional REIT shares were down 3.56% at 122.0p.
Reporting by Iain Gilbert at Sharecast.com