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Regional REIT (LSE: RGL)

Last close As at 04/11/2024

GBP1.27

▲ −1.60 (−1.25%)

Market capitalisation

GBP208m

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 — A clear strategy to realise value

Real Estate | edison tv

Regional REIT – executive interview

Real Estate | Update

Regional REIT — Recapitalisation returns focus to operations

Real Estate | edison tv

Regional REIT – executive interview
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 debt (£m)

250

Forecast gearing ratio (%)

70

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (5.7) (2.5) (28.0)
Relative (4.1) 0.9 (35.7)
52 week high/low 223.6p/89.2p

Financials

Interim results were in line with guidance provided with the recent £110.5m (before costs) equity raise. With debt reduced, including repayment of the £50m retail bond, Regional REIT (RGL) has increased flexibility to invest in its portfolio. The rolling refurbishment programmes aimed at enhancing the quality, occupier appeal and rent potential of core assets continues. Significant progress has already been made in raising EPC ratings, well aligned with occupier demands and these are well on track to meet future legal requirements. Alongside a broader pipeline of disposals, RGL will invest in alternative use assets, seeking to gain planning approval before sale, to capture a larger share of the value uplift. While DPS has been reset at a level that RGL expects can be grown sustainably over time, asset repurposing could well lead to capital growth, making a more meaningful contribution to total return.

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 2.5 N/A
2024E 45.9 35.1 21.3 21.1 6.1 N/A
2025E 45.1 34.3 23.6 14.6 8.8 N/A

Research

edison tv

Real Estate

Regional REIT – executive interview

Update

Real Estate

Regional REIT — Recapitalisation returns focus to operations

Real Estate

Update

Regional REIT — A clear strategy to realise value

edison tv

Real Estate

Regional REIT – executive interview

Flash note

Real Estate

Regional REIT — Q124 DPS unchanged ahead of refinancing

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
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