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Regional REIT (LSE: RGL)

Last close As at 02/05/2024

GBP0.23

▲ 0.60 (2.68%)

Market capitalisation

GBP119m

Regional REIT (RGL) owns a highly diversified commercial property portfolio located in the regional centres of the UK.

The commercial property market is cyclical, historically exhibiting substantial swings in capital values through cycles. Income returns have been significantly more stable, supporting rental growth across much of the market. Capital values are significantly down from the 2022 peak and should benefit from the expected decline in interest rates.

Latest Insights

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Real Estate | Flash note

Regional REIT — Performing as expected ahead of refinancing

Real Estate | Update

Regional REIT — Lancing the boil?

Real Estate | Update

Regional REIT — Underlying progress but leasing remains subdued

Real Estate | Outlook

Regional REIT — Dividend rebase pragmatic and sustainable
Regional-REIT_resized
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Sector

Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Adam Dickinson

    Head of IR

  • Daniel Taylor

    Senior independent non-executive director

  • Frances Daley

    Independent non-executive director

  • Kevin McGrath

    Chairman

  • Massy Larizadeh

    Independent non-executive director

  • Stephen Inglis

    Non Executive Director

Balance Sheet

Forecast net cash (£m)

386.3

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 9.8 (18.7) (58.6)
Relative 7.8 (23.5) (59.8)
52 week high/low 54.7p/14.1p

Financials

FY23 EPRA EPS of 5.23p covered DPS of 5.25p as expected. FY24 DPS (Q124 DPS will be declared in May) will partly depend on RGL’s chosen route for refinancing of the £50m 4.5% unsecured bond that matures in August. While good progress is being made with asset disposals these are unlikely to be sufficient to fund repayment of the bond and RGL will soon provide an update on additional debt and equity options. The lettings market has remained uncertain, reflected in end-FY23 occupancy of 80%, although a significant letting of vacant Grade A office space near Glasgow is a positive development. The c 9% like-for-like decline in portfolio value in FY23 was significantly less than that seen across the sector, in part reflecting a significant advance in average portfolio EPC ratings and other asset management initiatives. However, despite a reduction in borrowings, LTV increased to 55.1% while EPRA NTA per share was 23% lower at 56.4p.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2021A 55.8 45.2 28.8 6.6 3.5 N/A
2022A 62.6 51.2 (65.2) 6.6 3.5 N/A
2023E 53.7 43.1 (67.3) 5.2 4.4 N/A
2024E 53.8 42.7 24.8 4.8 4.8 N/A

Research

Update

Real Estate

Regional REIT — Lancing the boil?
Regional-REIT_resized

Update

Real Estate

Regional REIT — Underlying progress but leasing remains subdued

Real Estate

Flash note

Regional REIT — Performing as expected ahead of refinancing

Outlook

Real Estate

Regional REIT — Dividend rebase pragmatic and sustainable

edison tv

Real Estate

Regional REIT – executive interview

Flash note

Real Estate

Regional REIT — Maintaining high dividend distribution

edison tv

Real Estate

Regional REIT – executive interview
Regional-REIT_resized

Update

Real Estate

Regional REIT — Covered dividend with a 12% yield
Regional-REIT_resized

Update

Real Estate

Regional REIT — FY22 DPS covered and yields c 11% yield

Update

Real Estate

Regional REIT — Operational progress supports DPS

Update

Real Estate

Regional REIT — Continuing to deliver income-led returns
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Thematics

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