RDI dividend grows as strategies boost earnings
The company continues to appeal to investors seeking steady pound-denominated income returns
Asset sales helped RDI Reit deliver dividend growth close to the top end of its forecast for the six months to February. The group, which reported its interim results on Wednesday, received £211.8m for assets disposed of at an average premium of 8.7% to August 2017 market values. An interim dividend of 1.35p per share was declared, which represented an increase of 3.9%, fully covered by a pay-out ratio of 92.5%. The company, which invests in the UK and Germany, continues to appeal to investors seeking steady pound-denominated income returns, said CEO Mike Watters. Underlying earnings per share of 1.46p were achieved, ahead of target. Watters said RDI’s strategies were helping to generate steady earnings per share for investors. "We continue to make good progress against our strategic priorities, with underlying earnings per share growth of 8.2%, which is well ahead of target." RDI had sold low-growth assets and then reinvested capital in properties that offered better growth prospec...
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