Regional REIT — An active end to FY25
05/01/2026
Recent announcements from Regional REIT (RGL) include further progress on asset disposals, with the total for 2025 ending a little above the £40–50m range targeted by management; a successful refinancing of the debt maturing in August 2026; and amendments to management fees, with the basis of calculation migrating in phases to an equal weighting of net assets and market cap by FY27. At the current discount to NAV, the fee change indicates a FY27 cost saving of c £0.9m. Our forecasts are unchanged as we await an update on lettings experience. FY25 results will be released in March. Ahead of that, in February, RGL will declare the Q425 DPS, which we expect will be in line with the annual 10p target, well covered by EPRA earnings and reflecting a yield of more than 9%.
Regional REIT — Breaking ground
20/11/2025
FY25 is a transition year for Regional REIT (RGL) as it lays the foundations for unlocking value from the portfolio. This centres on driving occupancy and income and growing fully covered dividends from a core of high-quality assets, while seeking to maximise the value and capital release from targeted disposals. H125 showed strategic progress, but also saw some unexpected tenant lease breaks that will affect near-term income. We have reduced our forecasts for earnings growth and DPS but see significant value in the shares.
Bull, Bear & Beyond – Regional REIT: executive interview
11/06/2025
In this interview, Stephen Inglis, head of Regional REIT’s asset manager, ESR Europe LSPIM, and the de facto CEO of RGL, discusses in detail the prospects for the regional office market and the company’s strategy for delivering enhanced shareholder returns. The FY24 results published in March were in line with expectations and looking ahead, the outlook for the relative performance of regional offices has begun to look much brighter. Regional office use has returned to normal and there is a growing shortage of good-quality stock with the environmental credentials that occupiers increasingly demand, for which they are willing to accept higher rents, and from which RGL is already benefiting. With borrowing reduced by last year’s equity raise, RGL has flexibility to invest and further enhance its portfolio, most of which will be held for long-term income and capital growth. Around 20% will be sold, either in the near term or over the next three years, with valuations and total returns enhanced by being positioned for change of use.
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About Bull, Bear & Beyond: Each episode features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.