Edison Investment Research - Regional REIT Ltd. (RGL) Regional REIT - Q420 dividend as guided

Report

Edison Investment Research

Martyn King

Regional REIT - Q420 dividend as guided

Regional REIT’s (RGL’s) Q420 DPS, in line with the company’s previous guidance, takes the aggregate FY20 DPS to 6.4p, and is supported by continuing strong rent collection. The company has previously indicated that it was targeting dividends to be fully covered by EPRA earnings and we expect this to be confirmed when detailed FY20 results are released on 25 March.

02/03/2021 6 EN

Underlying

Regional REIT Ltd.

Regional REIT is a real estate investment trust company. Co. is engaged in the investment, management and disposition of regional property assets. Co.'s commercial property portfolio is in the U.K. comprises of offices and industrial units located in the regional centers of the U.K. outside of the M25 motorway. As of Dec 31, 2016, the portfolio is diversified with 123 properties, 941 units and 717 tenants.

See profile

GG00BYV2ZQ34 London Stock Exchange Guernsey

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

See profile

Analysts

Martyn King

Other Reports on these Companies

Edison Investment Research

Regional REIT - Performing as expected ahead of refinancing

In a challenging market, Regional REIT’s (RGL’s) FY23 operational and financial performance was robust, in line with expectations and previous guidance. Investor focus remains on the company’s loan to value (LTV) reduction and bond refinancing plans, explored in detail in our previous note and RGL will provide an update on this in due course.

April 9, 2024 April 9, 2024 1 EN

Edison Investment Research

Regional REIT - Lancing the boil?

Regional REIT (RGL) has declared an unchanged Q423 DPS of 1.2p per share and is making good progress with asset sales. However, with H223 property valuations following the market lower, and a subsequent further increase in the loan to value ratio (LTV), investors are focused on RGL’s refinancing plans, particularly the near maturity of its unsecured bonds. The company is considering a range of options, explored in this note, which likely include an equity raise. By removing uncertainty, an equity raise has the potential to materially improve the share rating.

March 1, 2024 March 1, 2024 1 EN

Edison Investment Research

Regional REIT - Underlying progress but leasing remains subdued

Regional REIT’s (RGL’s) Q323 trading update includes details of further leasing events, at rents ahead of market levels, and continuing asset sales, at or above book value. However, with the balance of occupiers remaining cautious, as economic prospects are assessed, rent roll and occupancy weakened. Supported by the strong ‘return to the office’, RGL continues to expect an acceleration in leasing, to provide the underpinning for its efforts to reduce gearing while maintaining income and dividends.

November 13, 2023 November 13, 2023 1 EN

International Public Partnerships - Consistently and responsibly delivering

International Public Partnerships’ (INPP’s) FY23 results show that it continues to deliver consistent and predictable returns for investors, while delivering environmental and social benefits for the individuals and communities that are served by its assets. Despite this strong performance and a substantial need for private infrastructure funding, the macroeconomic environment has weighed on INPP’s share price, in common with the wider sector. Regardless, attractive returns are available from the existing portfolio with opportunities for further enhancement.

10h / 49m 10h / 49m 1 EN

Kate Heseltine

Kate Heseltine

Portobello SpA - Focus back on the operations

Portobello’s FY23 results demonstrate the primary effects of the out-of-court settlement with respect to VAT and direct taxes (a higher year-end net debt position) and the secondary effects, such as disruption to its trading activities due to management’s focus on cash generation and the company’s inability to trade as previously expected. Following the period end, two capital raises totalling €12.6m, including €3.8m by three of the executive management team, from a maximum mandated amount of €20m, have improved the company’s financial position. The requirement to improve the balance sheet fur...

11h / 32m 11h / 32m 1 EN

Kate Heseltine

Kate Heseltine

Intralot - Focus on business development in FY24

Intralot enjoyed good underlying trends in performance in FY23 with encouraging trends in its main countries of focus and further progress on profitability. The much-improved balance sheet and extension of debt maturities mean management can focus on the significant business development opportunities available in FY24 and beyond. The share price looks attractive in the absence of potential new contract wins, which could be materially enhancing to the valuation.

16h / 46m 16h / 46m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Regional REIT - Q420 dividend as guided

Regional REIT - Performing as expected ahead of refinancing

Regional REIT - Lancing the boil?

Regional REIT - Underlying progress but leasing remains subdued

International Public Partnerships - Consistently and responsibly delivering

Portobello SpA - Focus back on the operations

Intralot - Focus on business development in FY24

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe