SIR Secure Income Reit Plc

TIDMSIR

RNS Number : 1149K

Secure Income REIT PLC

20 April 2020

20 April 2020

Secure Income REIT Plc

(the "Company")

Statement re Travelodge

Secure Income REIT has noted recent press coverage about Travelodge and confirms that further to its announcement of 6 April 2020, the outstanding quarter's rent due from Travelodge amounts to 6.4% of the Company's annual rental income.

Discussions with Travelodge's senior team have been ongoing for a number of weeks and while they have yet to provide any proposals for dealing with the outstanding amounts due, they have indicated that a plan should be forthcoming.

While we are extremely aware of and sensitive to the challenges facing so many businesses today in this unprecedented pandemic, Travelodge has over 580 hotels with more than 44,500 rooms and recently reported record earnings of GBP129.1 million with net debt of c. GBP311 million. It is owned by large, multinational investment businesses in Goldman Sachs, Avenue Capital and GoldenTree. We are disappointed and surprised that they have not yet presented a proposal.

In light of this, Secure Income REIT plc has already reluctantly initiated actions to recover this debt, but remains hopeful that this matter can still be settled prior to those options being fully pursued.

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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