31 Oct 2018 07:00
RDI REIT P.L.C.
("RDI" or the "Company")
(Registered number 010534V)
LSE share code: RDI
JSE share code: RPL
ISIN: IM00B8BV8G91
LEI: 2138006NHZUMMRYQ1745
GRANT OF CONTINGENT AWARDS UNDER LONG TERM PERFORMANCE SHARE PLAN
RDI, the income focused UK Real Estate Investment Trust ("UK-REIT"), announces that contingent share awards have been granted to certain executive directors under the RDI Long Term Performance Share Plan ("PSP"), which was approved by shareholders in November 2013, and forms part of the Company's Remuneration Policy, which was approved by shareholders at the Annual General Meeting held on 23 January 2017.
Each of the following executive directors and persons discharging managerial responsibility ("PDMR") has, on 31 October 2018, been granted contingent share awards over the number of ordinary shares in RDI under the terms of the PSP, as set out below:
Director/PDMR | Number of PSP shares granted | Total number of shares held as awards under the PSP following grant |
Mike Watters | 2,413,056 | 6,065,519 |
Stephen Oakenfull | 1,716,320 | 4,205,692 |
Adrian Horsburgh | 1,562,018 | 3,926,453 |
Donald Grant | 1,451,632 | 3,648,709 |
The awards will vest three years from date of grant, subject to continued employment and the satisfaction of performance targets. The figures above reflect the maximum number of shares that could vest. The actual number that will vest will depend on the extent to which the performance targets are satisfied over the performance period. No consideration was paid for any of the awards and no consideration is due on vesting. This notification is made in accordance with Article 19(3) of the Market Abuse Regulation.
For further information, please contact:
RDI REIT P.L.C. | |
Mike Watters, Donald Grant | Tel: +44 (0) 20 7811 0100 |
FTI Consulting | |
UK Public Relations Adviser | |
Dido Laurimore, Claire Turvey, Ellie Sweeney | Tel: +44 (0) 20 3727 1000 |
Instinctif Partners | |
SA Public Relations Adviser | |
Frederic Cornet | Tel: +27 (0) 11 447 3030 |
JSE Sponsor | |
Java Capital | Tel: + 27 (0) 11 722 3050 |
About RDI
RDI is a UK Real Estate Investment Trust (UK-REIT) committed to becoming the UK's leading income focused REIT. The Company's income-led business model and strategic priorities are designed to offer shareholders superior, sustainable and growing income returns, with a target growth in underlying earnings per share of 3%-5% across the medium term.
Income sustainability is underpinned by a diversified portfolio and tenant base, with no overreliance on any one sector or tenant, together with an efficient capital structure. The secure and growing income stream is 27.0% indexed and has a WAULT of 7.0 years to first break (8.4 years to expiry). This is complemented by an average debt maturity of 6.7 years of which over 95% of interest costs are either fixed or capped. The Company is focused on all aspects impacting shareholder distributions and reports one of the lowest cost ratios in the industry whilst maintaining a low cost of debt.
The Company owns properties independently valued at £1.6bn in the United Kingdom and Germany, Europe's two largest, liquid and transparent property markets. RDI invests in assets with strong property fundamentals spread across UK offices (including London serviced offices), UK logistics, UK shopping centres, UK retail parks, UK hotels and German retail. RDI is well placed to take advantage of the increasing occupier requirement for real estate owners to become high quality service providers, given its scalable operational platforms and nearly a third of the portfolio invested in hotels and London serviced offices.
RDI holds a primary listing on the London Stock Exchange and a secondary listing on the JSE and 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
All figures as at 31 August 2018