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Currency in GBP
Last close As at 26/05/2023
GBP0.51
▲ −0.90 (−1.72%)
Market capitalisation
GBP265m
Regional REIT (RGL) owns a highly diversified commercial property portfolio of predominantly offices located in the regional centres of the UK. It is actively managed and targets a total shareholder return of at least 10% with a strong focus on income.
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 significant negative end-2022 adjustment to higher bond yields and economic uncertainty, is showing increased stability in 2023 year to date and investment activity is showing improvement.
Real Estate
Director, Financials
Adam Dickinson
Head of IR
Daniel Taylor
Non Executive Director
Kevin McGrath
Chairman
Stephen Inglis
Non Executive Director
Tim Bee
Non Executive Director
William D. Eason
Non Executive Director
Forecast net cash (£m)
391.8
Forecast gearing ratio (%)
N/A
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | (4.5) | (17.1) | (39.7) |
| Relative | (0.8) | (13.7) | (39.4) |
| 52 week high/low | 84.9p/48.5p |
Regional REIT (RGL) has declared a Q123 DPS of 1.65p, unchanged on Q122 and in line with our forecasts on a fully covered basis. Rent collection continues to be strong and leasing progress has maintained occupancy. Consistent with the trend of more employees returning to office working for longer periods, RGL says the level of enquiries from prospective customers remains encouraging.
| 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 | 7.8 | 4.1 |
| 2022A | 62.6 | 51.2 | (65.2) | 6.6 | 7.8 | 5.5 |
| 2023E | 62.8 | 52.0 | 34.0 | 6.6 | 7.8 | 4.4 |
| 2024E | 64.7 | 53.6 | 34.5 | 6.7 | 7.7 | 4.9 |
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