RDI REIT PLC - Rent collection update

Rent collection update

RDI REIT P.L.C.
(Incorporated in the Isle of Man)
(Registered number 010534V)
LSE share code: RDI
JSE share code: RPL
ISIN: IM00BH3JLY32
LEI: 2138006NHZUMMRYQ1745
(“RDI” or the “Company”)


RENT COLLECTION UPDATE


RDI, the income focused UK Real Estate Investment Trust (“UK-REIT”), provides the following update in
respect of rent collection for the September 2020 quarter.

Rent collection

Across the Group’s portfolio, approximately 81.5 per cent of gross rents or income due was collected for either
the September quarter, or the month of September, where rents are billed monthly. This compares to 70.1 per
cent for the June quarter, at approximately the equivalent time post the relevant due date. The collection rate
for June now currently stands at 90.2 per cent

Negotiations with occupiers and clients are ongoing. As we have seen for previous periods, collection rates
are expected to improve or, in certain cases, result in agreements to remove break options or extend leases.

-     Rent collected across the UK portfolio (excluding UK Hotels and London Serviced Offices) totalled
      78.1 per cent of rents due, adjusted for tenants paying monthly
-     98.2 per cent of rents due across the European portfolio, which are typically paid monthly in advance,
      were collected
-     Rents associated with the RBH managed hotels are paid quarterly in arrears. As previously announced, no
      rental payments were received for the second half of the financial year ending 31 August 2020 and the
      first rental payment in respect of the 2021 financial year is not yet due
-     Rents for the Travelodge portfolio have been received in full based on the revised rents following the
      recent CVA
-     98.2 per cent of licence and fixed service fees billed were collected across the London Serviced Office
      portfolio for the month of September. The collection rate of 92.8 per cent includes rental income related
      to gym operators. Full desk rates have been charged since August.

                                                  Annualised gross rental              % of rent collected –
Rent collection summary                                            income                           adjusted(2)
September quarter                                                      £m(1)               30 September 2020
Offices                                                               7.1                               84.9
Distribution and Industrial                                          15.0                               91.1
Retail                                                               19.0                               59.4
UK total (excl. UK Hotels and LSO)                                   41.1                               78.1
Europe                                                                7.2                               98.2
Total (excl. UK Hotels and LSO)                                      48.3                               79.7
RBH Managed Hotels                                                    8.9                                  -
Travelodge portfolio                                                  1.4                              100.0
London Serviced Offices                                               8.5                               92.8
Total                                                                67.1                               81.5

(1) Annualised gross rental income as at 31 August 2020
(2) Rent collections adjusted for certain tenants which have indicated they are paying monthly and have paid one third
    of quarterly rent demanded

The Company will be announcing its annual results on 5 November 2020 and will provide a full trading update
at that time.

For further information:

RDI REIT P.L.C.
Mike Watters, Stephen Oakenfull                               Tel: +44 (0) 20 7811 0100

FTI Consulting
UK Public Relations Adviser
Dido Laurimore, Claire Turvey                                 Tel: +44 (0) 20 3727 1000
rdireit@fticonsulting.com

Instinctif Partners
SA Public Relations Adviser
Frederic Cornet                                                Tel: +27 (0) 11 447 3030
RDI@instinctif.com

JSE Sponsor
Java Capital                                                  Tel: + 27 (0) 11 722 3050

16 October 2020

Note to editors:

About RDI

RDI is an income focused UK-REIT with a diversified portfolio invested principally in the UK. The
investment approach is driven by an in depth understanding of occupational demand including the impact of
technology, transport and infrastructure investment. The portfolio has been repositioned in recent years to
increase its weighting to London and the South East and to provide greater exposure to our leading hotel and
serviced office operating platforms.

RDI is committed to delivering attractive income led total returns across the real estate cycle. The current
strategic objectives of a lower leverage capital structure and more focused allocation of capital are targeted at
delivering an industry leading and sustainable income return.

RDI is a UK Real Estate Investment Trust (UK-REIT) and holds a primary listing on the London Stock
Exchange and a secondary listing on the JSE. The Company is included within the EPRA, GPR, JSE All
Property and JSE Tradeable Property indices.

For more information on RDI, please refer to the Company's website www.rdireit.com

Date: 16-10-2020 08:00:00
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