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Regional REIT (LSE: RGL)

Last close As at 20/11/2024

GBP1.26

— 0.00 (0.00%)

Market capitalisation

GBP205m

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 | Flash note

Regional REIT — Preparing the ground

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
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 (0.2) (1.3) (35.4)
Relative 3.1 1.9 (40.4)
52 week high/low 223.6p/89.2p

Financials

Regional REIT (RGL) has issued a Q324 trading update and has declared a quarterly DPS of 2.2p, in line with previous guidance. The retention rate on lease renewals remains high, partly reflecting the benefits of portfolio capex, also reflected in a further improvement in the EPC rating. A more general uptick in leasing is yet to be seen, with budget-related torpor also acting as a drag on the completion of disposals. There is no change to our forecasts.

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 45.9 35.1 21.3 21.1 6.0 N/A
2025E 45.1 34.3 23.6 14.6 8.7 N/A

Research

Update

Real Estate

Regional REIT — A clear strategy to realise value

edison tv

Real Estate

Regional REIT – executive interview

Real Estate

Flash note

Regional REIT — Preparing the ground

Update

Real Estate

Regional REIT — Recapitalisation returns focus to operations

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
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