RDI REIT has announced its results for the year ended on the 31st of August 2020.
The results are reflective of the success the company has achieved in progressing its strategic initiatives set out approximately eighteen months ago namely a substantial reduction in retail exposure, a lower leverage capital structure and a more focused allocation of capital.
Despite the impact on valuations and earnings with the fund’s operating assets, RDI is in a stronger position with retail exposure limited to 10.1 per cent of the pro forma portfolio and pro forma leverage reduced to 32.6 per cent.
Separately, the company announced that Executive Director and CEO Mike Watters will be retiring in December 2020.
His successor as Chief Executive, Stephen Oakenfull, joined the listed company’s Board on the 5th of November 2020. Stephen joined RDI in May 2007 and he has held the role of Deputy CEO since 2013. With a broad range of experience within real estate and capital markets, he previously held the role of Chief Operating Officer at RDI. Before joining RDI, he held roles with DTZ Corporate Finance and Turner & Townsend in real estate corporate finance and management consultant roles, respectively.
Stephen is a CFA charter holder, and he holds a BSc (Hons) in Construction Management. As CEO, he will retain his role as a member of the investment committee, and he will replace Mike Watters on the Sustainability and Social Responsibility Committee following his retirement next month.
Gavin Tipper, Chairman, commented: “I would like to take this opportunity to thank Mike, who founded the business in 2006, for his hard work and dedication over the past fourteen years. Mike leaves the business in good shape, with a streamlined, higher quality portfolio and a strong balance sheet.”
“While there is work to be done in shaping the future trajectory of the portfolio, the Company is well positioned for growth and Stephen Oakenfull, who has been instrumental in driving much of the recent transformation, is the right person to deliver on the strategy to generate future value.”
“With substantial strategic progress having been achieved and the Company in good shape, I feel now is the right time to step down and hand over the reins. I wish Stephen and RDI every success in taking the business forward” commented Mike Watters.
Stephen Oakenfull added: “We have achieved a great deal of progress over recent months despite the challenging backdrop. There is plenty more to be done in delivering on the strategy and I am excited at the prospect of leading the business going forward.”
