Facebook - Birmingham Business Twitter - Birmingham Business Instagram - Birmingham Business
https://www.gbslepgrowthhub.co.uk/about-us https://www.propelfinance.co.uk

REI announces plans for dividends

Real Estate Investors plc is bucking the trend of property companies scrapping dividends in 2020 and will continue to pay quarterly dividends, the board has announced.

Chief executive Paul Bassi said: “The board is very mindful of the ongoing uncertainties surrounding the Covid-19 pandemic and the potential for the markets in which we operate to deteriorate.

“We have therefore decided to reduce quarterly dividend payments and leave the option to make a larger, final quarter dividend payment to be decided once the year has been completed. The board has not taken this decision lightly and looks forward to the resumption of sustainable dividend growth as soon as it is prudent to do so. 

“The diversity of our portfolio combined with our close working relationships with our tenants and their advisers, together with management’s in-depth knowledge of the regional marketplace, continues to be the strength of our business model.

“That said, given the current market environment, it is appropriate that we act prudently and a logical precaution is to reduce dividend payments during the course of the year leaving the option to make a larger final payment, if the company is able to continue to maintain its current resilience.”

REI is the UK’s only Midlands-focused Real Estate Investment Trust (REIT) with a diversified portfolio of 1.59 million sq ft of investment property across all sectors.

Mr Bassi added: “Our portfolio consists of 58 assets and 277 occupiers, with £17.3 million contracted rental income and occupancy at 95.14% (December 31 2019: occupancy 96.3%).  

“Our diversified portfolio ensures that we have no material reliance on any single sector, asset or tenant, with our largest sector, by rental income, being offices at 38.12% and our largest occupier being the Government at 7.98%.

“Rent collection for the March quarter so far is 81% and we remain in a dialogue with occupiers whose payments remain overdue, many of whom are waiting for their businesses to re-open or are taking advantage of the 90-day Government payment rule. 

“However, we anticipate that we will agree the repayment of any outstanding arrears alongside their ongoing rental payments.”


Property investment company continues to deliver

Birmingham firm sees good profit growth

28th October 2019

£4.75m sale of HQ marks great future for Chamber

Leaders say the move will enhance long-term finances

27th August 2020

Property consultancy takes gold award

Investors in People accreditation is recognition for hard work

11th June 2020

Construction suppliers open city centre office

Taylor Maxwell takes on ground floor space

4th December 2019

Kirsty Cove

Head of sales and lettings at FleetMilne

15th May 2019

Senior associate joins property team

Law firm appoints commercial property expert

28th July 2020

Lease deal agreed for sought-after premises

Engineers will merge two Birmingham teams

23rd May 2019

Bumper number of deals for property experts

Consultancy enjoys successful period of business

1st November 2019

Number of new developments drops

Brexit and tougher economic conditions lead to fewer projects in city centre

4th February 2020

Estate management experts appointed

Businessman signs deal with Birmingham property team

7th November 2019

£140m city office sale is sealed

Deal is largest in the region this year

4th June 2019

Construction expert appointed by law firm

Lawyer with almost 20 years' experience in the sector joins growing team

16th August 2019

New city centre offices for growing firm

Residential estate management company needed more space

21st October 2020

Commercial property landlords are missing out

Surveyor says retail business failures are costing them dearly

7th June 2019

Avison Young secures property investment brief

Experts will lead large-scale review of commercial property portfolio

19th May 2020