Last checked at 20 Jun 2016 14:11
20 June 2016
Real Estate Investors plc
('REI' or 'the Company')
Progressive Dividend Policy
First Quarterly Dividend Declaration
Real Estate Investors plc (AIM:RLE), the Birmingham based property group and UK listed Real Estate Investment Trust ('REIT'), is pleased to confirm that, in accordance with the Company's progressive dividend policy, it will pay its first quarterly dividend of 0.625 pence per share, for the period 1 January 2016 to 31 March 2016. The payment will be made on 29 July 2016 to all shareholders on the register as at 1 July 2016. The ex-dividend date will be 30 June 2016.
The Company currently intends to pay three further quarterly dividends at this level in relation to the 2016 financial year. The Company will continue to manage its compliance with the 90% minimum REIT distribution requirements and will make any adjustment, as necessary, to the fourth quarterly dividend (which will be announced in March 2017).
Paul Bassi, CEO of REI, commented: "In accordance with our previously stated objective of a progressive dividend policy and a quarterly payment structure, we are pleased that our dividend per share continues to grow. The Company's contracted rental income has grown 32% to £15.7m since the 2015 year end and REI has significant additional capital from rental income, property sales and bank facilities to continue to grow the portfolio, capitalise on the market opportunity and generate additional rental income to support our progressive dividend policy going forward."
Ends.
Real Estate Investors plc Paul Bassi
| +44 (0)121 212 3446 |
Smith & Williamson Corporate Finance Limited Azhic Basirov/David Jones
| +44 (0)20 7131 4000 |
Liberum Jamie Richards/Tom Fyson
| +44 (0)20 3100 2000 |
Gable Communications Limited John Bick | +44 (0)20 7193 7463 +44 (0)7872 061007 rei@gablecommunications.com |
About Real Estate Investors plc
Real Estate Investors plc is a publicly quoted property investment company with a portfolio of over 1,000,000 sq ft of commercial property managed by a highly experienced property team with over 100 years of combined experience of operating in the Midlands property market across all sectors.
The Company's strategy is to invest in well located, real estate assets in the established and proven markets of central Birmingham and the Midlands, with income and capital growth potential, realisable through active portfolio management, refurbishment, change of use and lettings. The portfolio has no material reliance on a single asset or occupier.
On 1st January 2015, the Company converted to a REIT. Real Estate Investment Trusts are listed property investment companies or groups not liable to corporation tax on their rental income or capital gains from their qualifying activities.
The Company aims to deliver capital growth and income enhancement from its assets with the view to implementing a progressive dividend policy. Further information on the Company can be found at www.reiplc.com.