Regional REIT (LSE: RGL)

Last close As at 22/05/2024

GBP0.24

−0.65 (−2.61%)

Market capitalisation

GBP126m

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

The commercial property market is cyclical, historically exhibiting substantial swings in capital values through cycles. Income returns have been significantly more stable, supporting rental growth across much of the market. Capital values are significantly down from the 2022 peak and should benefit from the expected decline in interest rates.

Latest Insights

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Real Estate | Flash note

Regional REIT — Q124 DPS unchanged ahead of refinancing

Real Estate | Flash note

Regional REIT — Performing as expected ahead of refinancing

Real Estate | Update

Regional REIT — Lancing the boil?

Regional-REIT_resized

Sector

Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Adam Dickinson

    Head of IR

  • Daniel Taylor

    Senior independent non-executive director

  • Frances Daley

    Independent non-executive director

  • Kevin McGrath

    Chairman

  • Massy Larizadeh

    Independent non-executive director

  • Stephen Inglis

    Non Executive Director

Balance Sheet

Forecast net cash (£m)

386.3

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 6.6 3.6 (54.8)
Relative 2.0 (4.7) (58.0)
52 week high/low 52.8p/14.1p

Financials

For Q124, Regional REIT (RGL) has maintained the rate of quarterly DPS at 1.2p. We expect DPS for the year will partly depend on RGL’s chosen re-financing route. Meanwhile, RGL’s asset disposal programme continues to progress. Portfolio EPC ratings have continued to show good improvement and, adjusted for disposals, rent roll and occupancy were robust. We have made no changes to our forecasts.

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 3.7 N/A
2022A 62.6 51.2 (65.2) 6.6 3.7 N/A
2023E 53.7 43.1 (67.3) 5.2 4.7 N/A
2024E 53.8 42.7 24.8 4.8 5.1 N/A

Research

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

Regional-REIT_resized

Update

Real Estate

Regional REIT — FY22 DPS covered and yields c 11% yield

Update

Real Estate

Regional REIT — Operational progress supports DPS

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