(Alliance News) - Regional REIT Ltd on Wednesday reported a strong operational performance in 2019, noting a continued momentum into 2020 with new disposals and lettings.
As at December 31, the real estate investment trust's portfolio value increased by 9.7% to GBP787.9 million from GBP718.4 million the same date the year before.
Regional REIT's property portfolio at the end of 2019 consisted of 160 properties with 904 tenants, up from 150 properties and 874 tenants the prior year.
The trust's total shareholder return for the year was at 33%, outperforming the FTSE EPRA NAREIT UK index, which returned 31%.
In 2020 to date, the trust has sold a petrol filling station in Leicester for GBP1.8 million, and a Bristol office for GBP3.0 million, a 39% and 7.7% uplift respectively from their valuations on June 30.
In addition, Regional REIT completed two new leases and renegotiated one.
"We are delighted with the positive progress achieved during 2019, continuing our risk averse approach, whereby we have continued to exploit the huge potential of our assets and increase the number of tenants, properties and geographic spread and thereby increasing the diversity of our income and assets," said Stephen Inglis, CEO of asset manager London & Scottish Property Investment Management.
"Significantly, Regional REIT outperformed the FTSE EPRA NAREIT UK Index in 2019, with our core office and industrial portfolio increasing by 1.4% on a like for like basis," Inglis added.
Shares in Regional REIT were up 0.2% at 115.80 pence on Wednesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
Regional Reit (RGL)