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Profile’s Stock Exchange Handbook: 2020 – Issue 2 JSE – RDI
POSTAL ADDRESS: Merchants House, 24 North
RDI REIT P.L.C. Quay, Douglas, Isle of Man, IM1 4LE
RDI EMAIL: info@rdireit.com
WEBSITE: www.rdireit.com
TELEPHONE: 0044207-811-0100
FAX: 0044207-811-0101
COMPANY SECRETARY: Lisa Hibberd
TRANSFER SECRETARY: Computershare
Investor Services (Pty) Ltd.
Scan the QR code to SPONSOR: Java Capital Trustees and Sponsors
visit our website (Pty) Ltd.
ISIN: IM00BH3JLY32 SHORT: RDI CODE: RPL
REG NO: 010534V FOUNDED: 2004 LISTED: 2013 AUDITORS: KPMG UK
CALENDAR Expected Status
NATURE OF BUSINESS: Next Interim Results Apr 2020 Unconfirmed
RDI is an income focused UK REIT with a diversified portfolio Next Final Results 29 Oct 2020 Confirmed
invested principally in the UK. The investment approach is Annual General Meeting Jan 2021 Unconfirmed
driven by an in depth understanding of occupational demand CAPITAL STRUCTURE AUTHORISED ISSUED
including the impact of technology, transport and infrastruc- RPL Ords 40p ea 600 000 000 380 315 623
ture investment.The portfoliohas beenrepositioned in recent DISTRIBUTIONS [GBPp]
years to increase its weighting to London and the South East Ords 40p ea Ldt Pay Amt Scr/100
and to provide greater exposure to our leading hotel and Final No 13 20 Nov 19 10 Dec 19 6.00 -
4 Jun 19 25 Jun 19
serviced office operating platforms. Interim No 12 27 Nov 18 18 Dec 18 4.00 - -
Final No 11
6.75
RDI is committed to delivering attractive income led total
Interim No 10 5 Jun 18 25 Jun 18 6.75 15.00
returns across the real estate cycle. The current strategic ob- LIQUIDITY: Apr20 Ave 2m shares p.w., R36.6m(20.7% p.a.)
jectives of a lower leverage capital structure and more focused
allocation of capital are targeted at delivering an industry J867 40 Week MA RDI
leading and sustainable income return. 5955
RDIisaUKRealEstateInvestmentTrust(UK-REIT)andholdsa
4998
primary listing on the London Stock Exchange and a secondary
listing on the JSE. The Company is included within the EPRA, 4041
GPR, JSE All Property and JSE Tradeable Property indices.
3084
SECTOR: Fins—Rest—Inv—Div
2127
MAJOR ORDINARY SHAREHOLDERS as at 19 Mar 2020
Redefine Properties Ltd. 29.44%
FIL Ltd. 6.09% 2015 | 2016 | 2017 | 2018 | 2019 | 1170
Allan Gray Unit Trust Management (RF) (Pty) Ltd. 5.94%
Prudential Portfolio Managers (SA) (Pty) Ltd. 5.06% Recent Announcements
FINANCIAL STATISTICS Monday, 06 April 2020: RDI provided the following business and
(Amts in GBP’000) Aug 19 Aug 18 Aug 17 Aug 16 Aug 15 trading update for the period from 29 February 2020 which
Final Final Final Final Final coincides with the evolving uncertainty and disruption due to
NetRent/InvInc 93 500 95 100 102 100 89 600 79 700 the COVID-19 outbreak.
Int Recd 200 200 3 400 6 300 2 800 RDI’s immediate focus has been on the welfare, safety and
Total Inc 93 700 95 300 105 500 95 900 82 500 security of our staff, our occupiers and the communities which
Tax 300 800 3 900 1 100 6 100
Attrib Inc - 77 600 88 900 66 100 7 900 70 600 interact with our business and portfolio.
TotCompIncLoss - 73 900 90 800 82 300 21 400 73 800 A more detailed update will be provided at our half year results
Hline Erngs-CO 31 000 45 100 47 300 32 600 41 400 presentation, or as required.
Ord UntHs Int 685 600 803 300 740 400 699 800 598 000 Cash and liquidity
Minority Int 57 400 59 500 21 800 33 600 38 800 The Group’s current cash balance is approximately GBP85.0
TotStockHldInt 743 000 862 800 762 200 733 400 636 800 million, following the recent completion of the previously
Investments 8 000 7 100 14 700 66 600 48 200 announced German DIY portfolio and Reigate disposals, the
FixedAss/Prop 1 150 300 1 598 000 1 494 900 1 396 400 934 400 drawdownofGBP25.0millionfromtheGroup’srevolvingcredit
Tot Curr Ass 298 100 66 100 95 600 58 700 232 800
Total Ass 1 475 000 1 693 900 1 624 600 1 538 700 1 226 800 facility and the disposal of a mixed-use asset in Leipzig.
Tot Curr Liab 54 300 34 300 25 300 36 600 63 900 A number of steps have been taken to ensure that capital is
preserved, and costs are minimised in the short term.
PER SHARE STATISTICS (cents per share)
EPS (ZARc) - 374.95 410.88 315.25 53.15 466.15 Disposal of Leipzig, Germany
HEPS-C (ZARc) 150.72 208.92 221.50 212.60 274.20 Thesaleofafood-anchoredmixed-use asset in Leipzig has
Pct chng p.a. - 27.9 - 5.7 4.2 - 22.5 - 49.1 completed for a purchase price of EUR7.9 million (GBP6.8
Tr 5yr av grwth % - 20.2 22.5 - - - million)reflectingan8.0%discounttothe31August2019market
DPS (ZARc) 190.05 233.95 228.05 305.65 317.35 value. The disposal forms part of the Group’s strategic disposal
Pct chng p.a. - 18.8 2.6 - 25.4 - 3.7 11.9 plan supporting a reduction in leverage and retail exposure.
Tr 5yr av grwth % - 6.7 - 0.1 - - - Financing
NAV PS (ZARc) 3 333.79 4 052.73 3 404.05 3 709.30 4 149.30 At 29 February 2020 the Group’s proportionate share of debt
3 Yr Beta 0.74 1.16 0.71 - - was GBP671.9 million. The pro-forma LTV for the Group,
Price Prd End 1 882 3 235 3 285 4 190 5 530 including disposals exchanged or completed after period end,
Price High 3 295 3 590 4 315 6 250 5 640
Price Low 1 813 2 610 2 700 3 760 4 255 was 41.8% against a weighted average LTV covenant across the
RATIOS Group’s facilities of 66.7%. The Company has GBP46.4 million
RetOnSH Funds - 10.07 11.16 9.13 7.29 12.23 of ungeared assets.
RetOnTotAss 6.41 5.64 6.42 5.90 7.23 Pro-active refinancing activity over the last two years has
Oper Pft Mgn 100.21 100.21 103.33 107.03 - resulted in limited near term debt maturities. Over the next six
Debt:Equity 0.94 0.92 1.08 1.06 0.88 months, GBP16.1 million (Group share: GBP12.8 million)
OperRetOnInv 8.07 5.92 6.78 6.16 8.11 matures across two facilities. It is anticipated that GBP3.0
SH Ret On Inv 5.12 5.95 6.24 7.83 7.52 million will be repaid. Terms to extend the remaining GBP13.1
Note: Aug18 resultshavebeenre-presentedonreclassificationofthe Europe million (Group share: GBP9.8 million) facility are agreed with
segment as Discontinued operation.
NUMBER OF EMPLOYEES: 230 the existing lender but remain subject to credit approval.
DIRECTORS: FarrowMJW(snr ind ne), Ford S (ind ne), KonigAJ(alt), All of the Group’s financing facilities are secured against portfo-
PeaceEA(ind ne), Prinsloo P (ne), Tipper G R (Chair, ind ne), lios or individual assets with no recourse to the Group.
Watters M J (CEO), Grant D (CFO)
203