Regional REIT (LSE: RGL)

Currency in GBP

Last close As at 26/05/2023


−0.90 (−1.72%)

Market capitalisation


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.

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Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Adam Dickinson

    Head of IR

  • Daniel Taylor

    Non Executive Director

  • Kevin McGrath


  • Stephen Inglis

    Non Executive Director

  • Tim Bee

    Non Executive Director

  • William D. Eason

    Non Executive Director

Balance Sheet

Forecast net cash (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 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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