Real Estate Investors Plc dividend payments continued throughout 2023, despite market uncertainty and significant disposals. The first three quarterly dividend payments in respect of 2023 were paid at a level of 0.625p per share, fully covered. Due to the level of disposals, the final dividend in respect of 2023 is confirmed at the same level at 0.625p per share, reflecting a total fully-covered dividend payment for 2023 of 2.5p (FY 2022: 2.5p) (which would be the basis for the dividend for FY2024, subject to the pace of further disposals) and a yield of 7.4% based on a mid-market opening price of 33.75p on 25 March 2024. The firm remains committed to paying a covered dividend, subject to business performance and the pace of further disposals.
The proposed timetable for the final dividend, which will be an ordinary dividend, is as follows:
Ex-dividend date: 4 April 2024
Record date: 5 April 2024
Dividend payment date: 26 April 2024
Other financial highlights include:
· Completed sales totaling £17.97 million (an aggregate uplift, pre-costs, of 2.93% above December 2022 valuations)
· Disposal proceeds used to pay down £17.1 million of debt, reducing drawn debt to £54.4 million (FY 2022: £71.5 million)
· LTV (net of cash) reduced to 32.4% (FY 2022: 36.8%)
· Revenue of £11.5 million (FY 2022: £13.3 million) - decrease mainly due to sales
