Secure Income REIT PLC Covid-19 Update (8111I)
06 April 2020 - 4:00PM
UK Regulatory
TIDMSIR
RNS Number : 8111I
Secure Income REIT PLC
06 April 2020
6 April 2020
Secure Income REIT Plc
(the "Company")
Covid-19 Update
The evolving impact of Covid-19 and the responses to it,
including the UK wide 'lockdown', undoubtedly present challenges to
a great many businesses across the globe. At this time of
uncertainty, our priorities are to keep our team safe, maintain
close relationships with our tenants and to ensure that the
Company's financial position remains strong.
The Company confirms that of the rents due to date, representing
over 94% of the total quarterly rent roll, 76% has been paid on
time. The balance of the quarter's rent (either not yet due or due
but remaining outstanding) is subject to active discussions to
agree an appropriate level of temporary deferment in support of
businesses that have had to suffer forced closure.
The Company's management team has had very long relationships
with all of the Company's major tenants and, consistent with its
aim to work in long term partnership with them, it wishes to be
supportive of those affected businesses whilst protecting its own
position and its responsibility to its shareholders. The Company's
tenant roster is made up of well-known, long established businesses
with excellent management teams and substantial owners, occupying
key operating assets with high barriers to entry. While current
conditions, including forced temporary closures of tenant premises,
will require collaboration between all stakeholders to deal with
the cash flow challenges resulting from the pandemic, those
discussions are already underway where necessary.
Secure Income REIT Plc is in a strong financial position, with a
net loan to value ratio at 31 December 2019 of 32% across its
non-recourse debt structures and GBP234 million of uncommitted
cash. Significant covenant headroom is maintained in all of the
Group's debt facilities, as presented in detail on page 20 of the
Company's preliminary results announcement of 12 March 2020, which
is available on the Company's website.
The Company intends to announce its next quarterly dividend on
20th April and confirms its previous guidance that this will remain
at 4.2 pence per share, consistent with the previous quarter's
dividend. The Board will continue to keep its dividend policy under
review as responses to the pandemic develop.
For further information on the Company, please contact:
Secure Income REIT Plc +44 20 7647 7647
Nick Leslau enquiries@SecureIncomeREIT.co.uk
Mike Brown
Sandy Gumm
Stifel Nicolaus Europe Limited
(Nominated Adviser) +44 20 7710 7600
Stewart Wallace stifelsecureincomereit@stifel.com
FTI Consulting
(PR Adviser) +44 20 3727 1000
Dido Laurimore SecureIncomeREIT@fticonsulting.com
Claire Turvey
Eve Kirmatzis
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 2019, the Group's investment property portfolio
was valued at GBP2.1 billion, producing GBP110.7 million per annum
of rental income from long term leases with a weighted average
unexpired term to expiry of 21.0 years with no breaks. All rental
income is subject to fixed uplifts or RPI upwards only rent reviews
with 59% of rental income subject to RPI-linked reviews and 41%
having fixed uplifts.
The Group's portfolio comprises key operating assets let to
strong businesses in defensive sectors with high barriers to entry.
The upwards only 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 Investment Partners Limited,
owned by the team which advised Max Property Group Plc until August
2014, when all of the assets of Max Property Group Plc were sold to
Blackstone Group. Prestbury is owned and run by a team 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 together with
three further independent Directors: Leslie Ferrar, Jonathan Lane
and Ian Marcus, as well as three members of the Prestbury Team:
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 .
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END
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