Secure Income REIT PLC Quarterly Dividend Declaration (3905L)
19 April 2018 - 4:01PM
UK Regulatory
TIDMSIR
RNS Number : 3905L
Secure Income REIT PLC
19 April 2018
19 April 2018
Secure Income REIT Plc
(the "Company")
Quarterly Dividend Declaration
The Board of Secure Income REIT Plc (AIM: SIR), the specialist
long term income REIT, today declares an interim dividend in
respect of the year ending 31 December 2018 of 2.50924 pence per
Ordinary Share payable on 25 May 2018 to shareholders on the
register on 27 April 2018. The ex-dividend date will be 26 April
2018. It will therefore be payable on the 86,438,000 new shares
issued in March 2018 to fund the acquisitions of the hotels and
leisure portfolios.
The dividend will be paid as a Property Income Distribution in
respect of the Company's tax exempt property rental business.
The Company's GBP436 million acquisitions are scheduled to
complete over the coming months, with the GBP212 million hotels
portfolio expected to complete just over a month early, in late
April, and the GBP224 million leisure portfolio expected to
complete as scheduled on 2 July. As noted in the Company's previous
announcement of the acquisitions, the first enhanced dividend
following the acquisitions is expected to be in the third quarter
of this year. That is expected to increase the dividends from an
annualised first quarter dividend of 14 pence per share to an
annualised third quarter dividend of 15.73 pence per share.
For further information on the Company, please contact:
Secure Income REIT
Plc +44 20 7647 7647
Sandy Gumm enquiries@SecureIncomeREIT.co.uk
Stifel Nicolaus Europe
Limited
(Nominated Adviser) +44 20 7710 7600
David Arch stifelsecureincomereit@stifel.com
Tom Yeadon
Newgate
(PR Adviser) +44 20 7680 6550
James Benjamin sir@newgatecomms.com
Anna Geffert
Leena Patel
About Secure Income REIT Plc
Secure Income REIT specialises in generating long term,
inflation protected, secure income from real estate investments.
Its investment strategy is designed to satisfy investors' growing
requirements for high quality, safe, inflation protected income
flows.
At 31 December 2017, the Company's investment property portfolio
was valued at GBP1.77 billion, producing GBP95.7 million per annum
of rental income from long term leases with a weighted average
unexpired term to expiry of over 22 years. All rental income is
subject to fixed or RPI upwards only rent reviews.
On 9 March 2018, the Company exchanged contracts to acquire two
off-market portfolios at a total cost of GBP436 million. The
acquisitions include Manchester Arena, the UK's largest indoor
entertainment arena, 76 Travelodge hotels and The Brewery on
Chiswell Street, the largest catered event space in the City of
London. To finance the acquisitions, the Company successfully
raised gross proceeds of GBP315.5 million in a significantly
oversubscribed Placing of 86,438,000 Ordinary Shares, completing
the Placing over a week earlier than planned following strong
investor demand. New secured non-recourse debt facilities of c.
GBP128.7 million at c.30% loan to cost have also been agreed.
Following completion of the Acquisitions, the Enlarged Group
will own approximately GBP2.2 billion of investment property with a
weighted average unexpired lease term of some 22 years. The
Acquisitions further diversify the Group's resilient portfolio of
Key Operating Assets let to strong businesses in defensive sectors
with high barriers to entry. The RPI linked rent reviews and fixed
rental uplifts combine with fixed cost debt to drive healthy
dividend growth, creating attractive and predictable returns.
The Company is advised by Prestbury Investments LLP which was
adviser to Max Property Group plc until August 2014, when all of
the assets of Max Property Group plc were sold to Blackstone Group.
Prestbury Investments LLP is a partnership of real estate and
finance professionals including Nick Leslau, Mike Brown, Tim Evans,
Ben Walford and Sandy Gumm.
The Company's Board is chaired by Martin Moore and also
comprises three further independent Directors in Leslie Ferrar,
Jonathan Lane and Ian Marcus, as well as three members of the
Prestbury Team in Nick Leslau, Mike Brown and Sandy Gumm.
The Company is a UK REIT which floated on the AIM market of the
London Stock Exchange in June 2014.
The Company's LEI is: 213800M1VI451RU17H40
Further information on Secure Income REIT is available at:
www.SecureIncomeREIT.co.uk
Dividend withholding tax deductions
Shareholders entitled to elect to receive distributions without
deduction for withholding tax should complete the declaration form
which is available in the Investor Centre of the Company's website,
www.SecureIncomeREIT.co.uk or by request to
Enquiries@SecureIncomeREIT.co.uk or by writing to the Company
Secretary, Secure Income REIT Plc, Cavendish House, 18 Cavendish
Square, London W1G 0PJ. Shareholders who qualify for gross payments
are, principally, UK resident companies, certain UK public bodies,
UK charities, UK pension schemes and the managers of ISAs, PEPs and
Child Trust Funds, in each case subject to certain conditions.
Individuals and non-UK residents do not qualify for gross payments
of distributions and should not complete the declaration form.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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