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Regional REIT (LSE: RGL)

Last close As at 07/09/2024

GBP1.25

▲ −1.50 (−1.19%)

Market capitalisation

GBP202m

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

Robust occupier demand for good-quality assets continues to generate rental growth and the tone of the investment market has begun to improve. Office valuations are significantly down from the 2022 peak and may benefit from the expected decline in interest rates.

Latest Insights

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Real Estate | Update

Regional REIT — Recapitalisation returns focus to operations

Real Estate | edison tv

Regional REIT – executive interview

Real Estate | Flash note

Regional REIT — Q124 DPS unchanged ahead of refinancing

Real Estate | Flash note

Regional REIT — Performing as expected ahead of refinancing
Regional-REIT_resized
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Sector

Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Adam Dickinson

    Investor Relations

  • Daniel Taylor

    Senior independent non-executive director

  • Frances Daley

    Independent non-executive director

  • Kevin McGrath

    Chairman

  • Massy Larizadeh

    Independent non-executive director

  • Stephen Inglis

    CEO

Balance Sheet

Forecast net cash (£m)

54.1

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 0.4 (12.3) (55.4)
Relative (2.4) (12.3) (59.8)
52 week high/low 282.4p/89.2p

Financials

The completion of its £110.5m (before costs) equity raise has reduced gearing, including full repayment of the £50m retail bonds, and provides additional flexibility to RGL’s capex and disposal programmes. LTV has been reduced from c 57% immediately ahead of the issue to c 41% and should fall further with continuing disposals. DPS has been reset at a level that we believe is sustainable, can grow and maintains a high dividend yield. With funding uncertainty lifted, investor attention is likely to refocus on operational performance and the wider outlook for the regional office sector. RGL’s own data show a strong return to the office, the supply of which continues to shrink, and although rising, current rent levels and increased costs do not justify new development The most recent IPF survey (May) showed an expectation of positive office sector total returns in each year to 2028, averaging 5.8% pa.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2022A 62.6 51.2 34.1 66.1 1.9 N/A
2023A 53.7 43.1 27.0 52.3 2.4 N/A
2024E 47.5 36.4 22.4 21.6 5.8 N/A
2025E 48.1 37.2 26.5 16.4 7.6 N/A

Research

edison tv

Real Estate

Regional REIT – executive interview

Flash note

Real Estate

Regional REIT — Q124 DPS unchanged ahead of refinancing

Real Estate

Update

Regional REIT — Recapitalisation returns focus to operations

Flash note

Real Estate

Regional REIT — Performing as expected ahead of refinancing

Update

Real Estate

Regional REIT — Lancing the boil?
Regional-REIT_resized

Update

Real Estate

Regional REIT — Underlying progress but leasing remains subdued

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
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Thematics

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