Picton Property Income — Positive leasing events and refinancing

Picton Property Income (LSE: PCTN)

Last close As at 24/06/2024

GBP0.69

0.90 (1.33%)

Market capitalisation

GBP376m

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Research: Real Estate

Picton Property Income — Positive leasing events and refinancing

A recent update by Picton Property Income provided details of key leasing events across all sectors. This was followed by a debt refinancing that enhances the maturity profile, provides additional long-term, fixed-rate funding and reduces the average cost of debt. These are both positive indicators for financial performance but, with results for the year to March 2022 due for release next month, we will review our estimates at that time.

Martyn King

Written by

Martyn King

Director, Financials

Real Estate

Picton Property Income

Positive leasing events and refinancing

Company update

Real estate

4 April 2022

Price

98.3p

Market cap

£545m

Net debt (£m) at 31 December 2021

164.5

Net LTV at 31 December 2021

20.8%

Shares in issue

547.6m

Free float

100%

Code

PCTN

Primary exchange

LSE

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

1.6

(3.6)

13.3

Rel (local)

(1.3)

(3.4)

3.8

52-week high/low

106.00p

79.80p

Business description

Picton Property Income is an internally managed UK REIT that invests in a diversified portfolio of commercial property across the UK. It is total return driven with an income focus and aims to generate attractive returns through proactive management of the portfolio.

Next events

FY22 results

26 May 2022

Analyst

Martyn King

+44 (0)20 3077 5745

Picton Property Income is a research client of Edison Investment Research Limited

A recent update by Picton Property Income provided details of key leasing events across all sectors. This was followed by a debt refinancing that enhances the maturity profile, provides additional long-term, fixed-rate funding and reduces the average cost of debt. These are both positive indicators for financial performance but, with results for the year to March 2022 due for release next month, we will review our estimates at that time.

Year end

Net property income (£m)

EPRA earnings* (£m)

EPRA
EPS* (p)

DPS
(p)**

NAV*** per share (p)

P/NAV***
(x)

Yield
(%)

03/20

33.6

19.9

3.7

3.25

93

1.05

3.3%

03/21

33.5

20.1

3.7

2.93

97

1.02

3.0%

03/22e

35.0

21.5

3.9

3.45

114

0.86

3.5%

03/23e

35.8

21.9

4.0

3.60

117

0.84

3.7%

Note: *EPRA earnings exclude revaluation gains/losses and other exceptional items. **Declared basis. ***NAV measure is net tangible assets (NTA).

Positive indicators for performance

Details of the leasing events and refinancing can be found in this report. The former includes new lettings and lease extensions, all at above estimated rental value (ERV), contributing to an increase in occupancy to 92% (91% at end-Q322) and reduction in void costs. Picton anticipates a positive valuation impact. Meanwhile, rent collection remains strong and for the December quarter now stands above 99%. The additional long-term, fixed-rate debt provided by the refinancing will initially repay substantially all floating rate borrowings that were drawn from the revolving credit facility (RCF) to fund recent acquisitions, and provide additional resources to fund identified acquisitions and capital projects. Undrawn funds under the RCF will provide flexibility to take advantage of further growth opportunities when identified. The average cost of drawn debt is reduced from 4.1% to 3.7%, with a modest reduction of 0.8p in Q322 NAV per share to a pro forma 112.0p.

Organic and acquisition-led opportunities

Picton’s strong multi-year financial and operational performance has benefited from active asset management, including investment in the portfolio and sector positioning. Capex aims to enhance the quality, sustainability and occupier appeal of assets, born out by progress with leasing available space. Despite this progress, a strong organic growth opportunity remains, reflected in the c £9m H122 gap between passing rent and ERV. Low gearing (pro forma LTV of c 22% following the refinancing) and now £65m available for investment provides an opportunity for further accretive acquisitions. Picton has also expressed its interest in exploiting its strong performance record and scalable internalised structure to engage in sector consolidation, where there is an opportunity to create additional value.

Valuation: Good yield with growth potential

At 0.875p per quarter, the annualised rate of DPS of 3.5p represents a prospective yield of 3.6% with a good potential for further DPS growth. Meanwhile, the shares trade at a c 12% discount to the pro forma end-Q322 EPRA NAV of 112.0p, wider than the five-year average discount of c 3% and a peak premium of c 10%.

Further details

Refinancing adds to debt capacity at lower average cost and with increased duration

Of the two long-term, fixed-rate facilities (with Canada Life and Aviva), the Canada Life facility has been extended from £80m to £129m. The new £49m tranche is priced at 3.25% and the cost of the original £80m tranche has been reduced to a similar level from 4.1%, a reduction of c 20%. The new tranche has a maturity date of July 2031 and the maturity of the original tranche has been extended by four years to the same date. Out of the proceeds, the £31m1 that had been recently drawn from the shorter-term, floating rate NatWest RCF has been substantially repaid, although the entire £50m facility remains available to the company. As a result, total debt facilities have increased to £264m, with £219m drawn, of which £214m is fixed for an average 10 years. The weighted average cost of the drawn debt is 3.7% compared with 4.1% previously.

The RCF has been used to fund recent investments including the October 2021 acquisition of Madleaze Trading Estate in central Gloucester for £13.1m and in February 2022 the adjacent Mill Place Trading Estate for £10.4m. The acquisition prices of each reflected a net initial yield of 6.1% with significant reversionary potential.

Exhibit 1: Summary of increased debt portfolio

Canada Life

Aviva

NatWest RCF

Amount drawn

£129m

£85m

£50m

Undrawn

Fully drawn

Fully drawn

£5m

Maturity

Jul-31

Jul-32

01/05/2024

Interest rate

3.25%

4.38%

Libor +1.5%

Commitment fee

N/A

N/A

0.60%

Source: Picton Property Income, Edison Investment Research

The interest saving on the original £80m tranche of the Canada life facility is £0.7m pa. Allowing for the additional £49m of fixed-rate borrowing, RCF repayment and RCF commitment fees, annualised finance costs increase by c £0.4m. Reflecting the still relatively low level of market rates, at H122 the fair value of Picton’s £165m fixed-rate debt at the time was c £200m, although this will have narrowed since as market rates have begun to increase. The redemption fee to reset the interest rate on the £80m tranche is £4m, equivalent to a modest 0.8p reduction in the end-Q322 EPRA NTA per share of 112.8p.

Positive leasing activity

At the extensively refurbished Stanford Building in Long Acre in Covent Garden, where the office accommodation had already been let, the ground and basement retail units have been let to an international fashion retailer for 10 years, subject to break, commencing in May. The rent of £0.5m pa is 22% ahead of the March 2021 ERV2 and the incentive package is less than one year’s rent. This was Picton’s largest retail sector void and we estimate that its retail sector assets are now very close to being fully occupied (H122: 91%).

Externally assessed estimated rental value.

Within the industrial sector, the Swiftbox distribution centre in Rugby has been let for 10 years, subject to break. Following an extensive refurbishment, the unit was let on a short lease at the height of the pandemic and Picton was able to commence the new long-term lease the day after the previous occupant vacated. The new agreed rent of £0.7m pa is 11% ahead of both the previous passing rent and the March 2021 ERV.

At the 180 West George Street, Glasgow office building, one of the two vacant floors has been let to an engineering consultancy, subject to break, at an agreed rent of £0.2m pa, 28% of the March 2021 ERV. Also in the office sector, at 50 Farringdon Road, EC1, following a heating and cooling system upgrade that increased the energy performance certificate (EPC) rating from D to B, a lease due to expire later this year has been extended, retaining £0.6m pa of rental income at 2% ahead of the March 2021 ERV.

Exhibit 2: Financial summary

Year end 31 March (£m)

2018

2019

2020

2021

2022e

2023e

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Rents receivable, adjusted for lease incentives

41.4

40.9

37.8

36.6

39.2

40.2

Other income

1.4

1.1

1.2

1.5

0.3

0.3

Service charge income

5.9

5.7

6.7

5.3

5.5

5.6

Revenue from properties

48.8

47.7

45.7

43.3

45.0

46.1

Property operating costs

(2.6)

(2.3)

(2.3)

(2.4)

(2.5)

(2.7)

Property void costs

(1.8)

(1.4)

(3.0)

(2.2)

(1.9)

(2.0)

Recoverable service charge costs

(5.9)

(5.7)

(6.7)

(5.3)

(5.5)

(5.6)

Property expenses

(10.3)

(9.4)

(12.0)

(9.9)

(10.0)

(10.3)

Net property income

38.4

38.3

33.6

33.5

35.0

35.8

Administrative expenses

(5.6)

(5.8)

(5.6)

(5.4)

(5.6)

(6.0)

Operating Profit before revaluations

32.9

32.5

28.1

28.1

29.4

29.9

Revaluation of investment properties

38.9

10.9

(0.9)

12.9

92.0

12.7

Profit on disposals

2.6

0.4

3.5

0.9

0.0

0.0

Operating Profit

74.4

43.7

30.7

41.8

121.5

42.6

Net finance expense

(9.7)

(9.1)

(8.3)

(8.0)

(8.0)

(8.0)

Debt repayment fee

0.0

(3.2)

Profit Before Tax

64.7

31.4

22.4

33.8

113.5

34.6

Taxation

(0.5)

(0.5)

0.1

0.0

0.0

0.0

Profit After Tax (IFRS)

64.2

31.0

22.5

33.8

113.5

34.6

Adjust for:

Investment property valuation movement

(38.9)

(10.9)

0.9

(12.9)

(92.0)

(12.7)

Profit on disposal of investment properties

(2.6)

(0.4)

(3.5)

(0.9)

(0.0)

0.0

Exceptional income /expenses

0.0

3.2

0.0

0.0

0.0

0.0

Profit After Tax (EPRA)

22.6

22.9

19.9

20.1

21.5

21.9

Fully diluted average Number of Shares Outstanding (m)

539.7

541.0

546.2

546.8

546.8

546.3

EPS (p)

11.89

5.75

4.14

6.20

20.80

6.34

EPRA EPS (p)

4.19

4.25

3.66

3.68

3.94

4.01

Dividend declared per share (p)

3.43

3.50

3.25

2.93

3.45

3.60

Dividends paid per share (p)

3.400

3.500

3.500

2.750

3.375

3.575

Dividend cover (x) EPRA EPS/DPS declared

122%

121%

113%

126%

114%

111%

Dividend cover (x) - paid dividends

122%

121%

105%

134%

117%

112%

EPRA cost ratio including direct vacancy costs)

23.7%

22.9%

28.3%

26.9%

25.3%

26.0%

BALANCE SHEET

Fixed Assets

670.7

676.1

654.5

669.5

782.5

802.9

Investment properties

670.7

676.1

654.5

665.4

778.0

798.4

Other non-current assets

0.0

0.0

0.0

4.1

4.5

4.5

Current Assets

50.6

39.5

41.2

42.9

39.6

35.3

Debtors

19.1

14.3

17.6

19.6

19.0

18.0

Cash

31.5

25.2

23.6

23.4

20.6

17.3

Current Liabilities

(22.3)

(23.3)

(20.4)

(19.9)

(20.0)

(20.0)

Creditors/Deferred income

(21.6)

(22.5)

(19.5)

(18.9)

(19.1)

(19.1)

Short term borrowings

(0.7)

(0.8)

(0.9)

(0.9)

(1.0)

(1.0)

Long Term Liabilities

(211.7)

(192.8)

(166.0)

(164.4)

(178.1)

(178.5)

Long term borrowings

(210.0)

(191.1)

(164.2)

(162.7)

(176.4)

(176.8)

Other long-term liabilities

(1.7)

(1.7)

(1.7)

(1.7)

(1.7)

(1.7)

Net Assets

487.4

499.4

509.3

528.2

623.9

639.7

NAV/share (p)

90

93

93

97

114

117

Fully diluted EPRA NTA/share (p)

90

93

93

97

114

117

CASH FLOW

Operating Cash Flow

35.1

34.8

21.4

26.0

30.9

31.6

Net Interest

(9.1)

(8.6)

(7.9)

(7.5)

(7.5)

(7.6)

Tax

(0.3)

(0.8)

0.1

0.1

0.0

0.0

Net cash from investing activities

(17.8)

10.3

25.0

(1.3)

(20.5)

(7.8)

Ordinary dividends paid

(18.5)

(18.9)

(19.0)

(15.0)

(18.4)

(19.5)

Debt drawn/(repaid)

9.2

(22.6)

(27.2)

(1.8)

13.3

0.0

Net proceeds from shares issued/repurchased

(0.9)

(0.4)

6.1

(0.6)

(0.5)

0.0

Other cash flow from financing activities

Net Cash Flow

(2.4)

(6.3)

(1.6)

(0.2)

(2.7)

(3.3)

Opening cash

33.9

31.5

25.2

23.6

23.4

20.6

Closing cash

31.5

25.2

23.6

23.4

20.6

17.3

Debt as per balance sheet

(210.7)

(192.0)

(165.1)

(163.7)

(177.4)

(177.7)

Un-amortised loan arrangement fees

(3.4)

(2.7)

(2.3)

(2.6)

(2.2)

(1.8)

Closing net (debt)/cash

(182.5)

(169.5)

(143.9)

(142.8)

(158.9)

(162.3)

Net LTV

26.7%

24.7%

21.7%

20.9%

20.1%

20.0%

Source: Picton Property Income historical data, Edison Investment Research forecasts


General disclaimer and copyright

This report has been commissioned by Picton Property Income and prepared and issued by Edison, in consideration of a fee payable by Picton Property Income. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2022 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

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Schumannstrasse 34b

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280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

General disclaimer and copyright

This report has been commissioned by Picton Property Income and prepared and issued by Edison, in consideration of a fee payable by Picton Property Income. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright: Copyright 2022 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

1185 Avenue of the Americas

3rd Floor, New York, NY 10036

United States of America

Sydney +61 (0)2 8249 8342

Level 4, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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Research: Real Estate

Regional REIT — Well positioned for an office recovery

In a challenging environment Regional REIT (RGL) performed well in FY21, increasing earnings and dividends, and continuing income-led positive returns. It also made strong strategic progress, achieving its focus on regional offices, for which it expects a strengthening recovery, while building additional scale and diversification.

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