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Regional REIT (LSE: RGL)

Last close As at 17/04/2024

GBP0.20

▲ −0.45 (−2.20%)

Market capitalisation

GBP104m

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. Across all main sectors the market is continuing to adjust to the end of the low interest rate environment with investment activity remaining subdued.

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 25.0 (32.9) (63.4)
Relative 23.9 (34.9) (63.3)
52 week high/low 56.0p/14.1p

Financials

In a challenging market, Regional REIT’s (RGL’s) FY23 operational and financial performance was robust, in line with expectations and previous guidance. Investor focus remains on the company’s loan to value (LTV) reduction and bond refinancing plans, explored in detail in our previous note and RGL will provide an update on this in due course.

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 3.0 N/A
2022A 62.6 51.2 (65.2) 6.6 3.0 N/A
2023E 53.7 43.1 (67.3) 5.2 3.8 N/A
2024E 53.8 42.7 24.8 4.8 4.2 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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