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RDI REIT P.L.C. RDI is an income focused UK REIT with a diversified portfolio invested principally in the UK. RDI is committed to delivering attractive income led total returns across the real estate cycle. The current strategic initiatives including a more focused allocation of capital and a lower leverage capital structure are targeted at delivering an industry leading and sustainable income return. www.rdireit.com FY19 Q2 Factsheet Source: Factset and most recent Company accounts as at 24 May 2019. Market metrics £451m Market cap 118.6p Share price 190.2p EPRA NAV per share (1) 4.00p Interim dividend per share (1) Excluding the Aviva financed UK Shopping Centre portfolio. Dividend yield on NAV (%) Dividend yield on share price (%) Share price to NAV (%) Average 4.6% UK REIT 1 UK REIT 2 UK REIT 3 RDI REIT UK REIT 5 UK REIT 6 UK REIT 7 UK REIT 8 UK REIT 9 UK REIT 10 UK REIT 11 UK REIT 12 UK REIT 13 UK REIT 14 UK REIT 15 UK REIT 16 UK REIT 17 UK REIT 18 UK REIT 19 UK REIT 20 UK REIT 21 UK REIT 22 UK REIT 23 UK REIT 24 UK REIT 25 UK REIT 26 UK REIT 27 7.1% Average 5.1% UK REIT 1 UK REIT 2 RDI REIT UK REIT 4 UK REIT 5 UK REIT 6 UK REIT 7 UK REIT 8 UK REIT 9 UK REIT 10 UK REIT 11 UK REIT 12 UK REIT 13 UK REIT 14 UK REIT 15 UK REIT 16 UK REIT 17 UK REIT 18 UK REIT 19 UK REIT 20 UK REIT 21 UK REIT 22 UK REIT 23 UK REIT 24 UK REIT 25 UK REIT 26 UK REIT 27 9.7% Average 89.3% Div. yield on NAV >4.5% UK REIT 1 UK REIT 2 UK REIT 3 UK REIT 4 UK REIT 5 UK REIT 6 UK REIT 7 UK REIT 8 UK REIT 9 UK REIT 10 UK REIT 11 UK REIT 12 UK REIT 13 UK REIT 14 UK REIT 15 UK REIT 16 UK REIT 17 UK REIT 18 UK REIT 19 UK REIT 20 RDI REIT UK REIT 22 UK REIT 23 UK REIT 24 UK REIT 25 UK REIT 26 UK REIT 27 62.3% Company compiled consensus As at 24 May 2019. Two analysts included (1) FY19 FY20 FY21 Underlying EPS (p) 11.85 10.95 11.00 Dividend per share (p) 10.30 10.10 10.10 EPRA NAV per share (p) 186.3 181.0 179.4 (1) Includes most recent estimates from all analysts who published updated forecasts following latest results. HY2019 results highlights Strong operational performance and asset management • EPRA occupancy remains high at 96.9 per cent (31 August 2018: 97.1 per cent) • 100 lease events completed in the period, 3.4 per cent ahead of ERV • Net rental income increased 0.2 per cent on a like-for-like basis or 1.9 per cent when excluding £0.7 million of hotel refurbishment charges Financial highlights • Underlying earnings per share of 6.94 pence (5.2 per cent down on H1 2018: 7.32 pence; 1.2 per cent up on H2 2018: 6.86 pence) • First half dividend of 4.0 pence per share. Full year dividends to be weighted towards second half with expectation to revert to regular pay-out ratio alongside full year results Robust demand from operational platforms • RBH managed hotels continue to trade in line with expectations; occupancy increased marginally to 83.9 per cent and average room rates and revenue per available room increased by 1.4 per cent and 2.3 per cent respectively • London serviced offices continue to trade ahead of expectations; occupancy improved to 94.5 per cent, EBITDA per sqft increased by 0.9 per cent over the period and EBITDA conversion remains high at 63.4 per cent Focusing capital allocation to sectors backed by occupational demand • £26.3 million acquisition of Southwood Business Park Industrial Estate, Farnborough reflecting a net initial yield of 6.2 per cent • £26.0 million forward funding of two distribution units at Link 9 in Bicester; targeting a yield on cost of 6.5 per cent • Material reduction in retail exposure targeted Stronger capital structure to be prioritised • Pro-forma LTV of 45.4 per cent excluding the Aviva financed UK Shopping Centre portfolio – consensual sales process agreed • Further reductions in LTV to be delivered through the disposal of the German portfolio, whilst enabling a single geographic focus • Revised medium-term LTV target of 30 - 40 per cent in line with stronger capital structure Corporate details RDI REIT P.L.C. Primary listing LSE (Share code: RDI) Secondary listing JSE (Share code: RPL) ISIN IM00BH3JLY32 Index inclusion EPRA & GPR Contact details and further information Website www.rdireit.com Twitter @RDIREIT LinkedIn RDI REIT Email [email protected] Address RDI REIT P.L.C. 33 Regent Street London SW1Y 4NB
