reports
- Martyn King
Regional REIT - Recapitalisation returns focus to operations
The completion of Regional REIT’s (RGL’s) £110.5m equity raise has reduced gearing, including repayment of its retail bonds, and provides additional flexibility to its capex and disposal programmes. With funding uncertainty lifted, investor attention is likely to refocus on operational performance and the wider outlook for the regional office sector. Robust occupier demand for good quality assets continues to generate rental growth and the tone of the investment market has begun to improve.
Regional Reit Ltd: 1 director
A director at Regional Reit Ltd bought 100,000 shares at 16p and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly ...
- Martyn King
Regional REIT - Q124 DPS unchanged ahead of refinancing
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.
- Martyn King
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.
- Martyn King
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 equit...
- Martyn King
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 dividen...
Regional REIT: Dividend rebase pragmatic and sustainable
Edison Investment Research Limited Regional REIT: Dividend rebase pragmatic and sustainable 03-Oct-2023 / 07:15 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 3 October 2023 Regional REIT: Dividend rebase pragmatic and sustainable Regional REIT’s (RGL’s) post-pandemic recovery in new lettings paused in H123, as occupiers adopted a cautious ‘wait and see’ approach, although rents increased and the strong ‘return to the office’ supports RGL’s expectation that leasing will accelerate. With DPS lowered to match reduced income prospe...
- Martyn King
Regional REIT - Dividend rebase pragmatic and sustainable
Regional REIT’s (RGL’s) post-pandemic recovery in new lettings paused in H123, as occupiers adopted a cautious ‘wait and see’ approach, although rents increased and the strong ‘return to the office’ supports RGL’s expectation that leasing will accelerate. With DPS lowered to match reduced income prospects, the shares have fallen sharply, maintaining a sector-high dividend yield. Including asset sales focused on low-income properties, our forecasts show the rebased dividend to be fully covered an...
- Martyn King
Regional REIT - Maintaining high dividend distribution
Regional REIT (RGL) has declared a Q123 DPS of 1.65p, unchanged on Q122 and in line with our forecasts on a fully covered basis. Rent collection continues to be strong and leasing progress has maintained occupancy. Consistent with the trend of more employees returning to office working for longer periods, RGL says the level of enquiries from prospective customers remains encouraging.
- Martyn King
Regional REIT - Covered dividend with a 12% yield
Regional REIT (RGL) delivered a good income performance in FY22, led by strong leasing (well above pre-pandemic levels) and continued strong rent collection. DPS of 6.6p was fully covered and we forecast the same for FY23. Market-wide valuation yield widening reduced NAV and increased gearing, but RGL notes that it has ample headroom available across its debt facilities, which are fixed at a cost of 3.5%. In this note we explain why we think DPS is sustainable and review some of the key issues t...
- Shonil Chande
- Martyn King
Regional REIT - FY22 DPS covered and yields c 11% yield
Regional REIT (RGL) has confirmed a Q422 DPS of 1.65p, taking the total for the year to 6.6p. It expects this to be fully covered by EPRA earnings when results are published in March, supported by leasing progress and strong rent collection. Market-wide valuation yield widening reduced NAV and increased gearing, but RGL notes that it has ample headroom available across the debt facilities, which are fixed at a cost of 3.5%.
- Richard Williams
QuotedData’s Real Estate Monthly Roundup – January 2023
Performance - 2022 ended with another difficult month for property companies as the sector continues to get to grips with the impact of higher interest rates. There were several funds that performed well during December, however, with secondary shopping centre landlord Capital & Regional top of the pile. For a second month on the trot Home REIT saw its share price tank after it came under attack from a short seller in November. Valuation moves - It was a mixed bag for valuations, with six-month...
PHP PRIMARY HEALTH PROPERTIES PLC
ESP EMPIRIC STUDENT PROPERTY PLC
RGL REGIONAL REIT LTD.
CAPC CAPITAL & COUNTIES PROPERTIES PLC
RLE REAL ESTATE INVESTORS PLC
LMP LONDONMETRIC PROPERTY PLC
PCA PALACE CAPITAL
CRC CIRCLE PROPERTY
SRE SIRIUS REAL ESTATE LIMITED
TOWN TOWN CENTRE SECURITIES PLC
ASLI ABERDEEN STANDARD EUROPEAN LOGISTICS INCOME
WHR WAREHOUSE REIT PLC
CSH CIVITAS SOCIAL HOUSING PLC
DEL GRIT REAL ESTATE INCOME GROUP
SHED URBAN LOGISTICS REIT PLC
EBOX TRITAX EUROBOX GBP
CBA CEIBA INVESTMENTS
MLI INDUSTRIALS REIT LTD
API ABRDN PROPERTY INCOME TRUST
- Richard Williams
QuotedData’s Real Estate Monthly Roundup – January 2023
Performance - 2022 ended with another difficult month for property companies as the sector continues to get to grips with the impact of higher interest rates. There were several funds that performed well during December, however, with secondary shopping centre landlord Capital & Regional top of the pile. For a second month on the trot Home REIT saw its share price tank after it came under attack from a short seller in November. Valuation moves - It was a mixed bag for valuations, with six-month...
PHP PRIMARY HEALTH PROPERTIES PLC
ESP EMPIRIC STUDENT PROPERTY PLC
RGL REGIONAL REIT LTD.
CAPC CAPITAL & COUNTIES PROPERTIES PLC
RLE REAL ESTATE INVESTORS PLC
LMP LONDONMETRIC PROPERTY PLC
PCA PALACE CAPITAL
SERE SCHRODER EUROPEAN REAL ESTATE INVESTMENT TRUST
CRC CIRCLE PROPERTY
SRE SIRIUS REAL ESTATE LIMITED
TOWN TOWN CENTRE SECURITIES PLC
ASLI ABERDEEN STANDARD EUROPEAN LOGISTICS INCOME
WHR WAREHOUSE REIT PLC
CSH CIVITAS SOCIAL HOUSING PLC
DEL GRIT REAL ESTATE INCOME GROUP
SHED URBAN LOGISTICS REIT PLC
EBOX TRITAX EUROBOX GBP
CBA CEIBA INVESTMENTS
MLI INDUSTRIALS REIT LTD
API ABRDN PROPERTY INCOME TRUST
- Martyn King
Regional REIT - Operational progress supports DPS
Regional REIT’s (RGL) Q322 DPS declared of 1.65p is in line with its target of 6.6p for the year (+3%). Despite a deteriorating economic environment, Q322 operational progress included strong leasing activity, good tenant retention, an increase in occupancy and continuing strong rent collection. With all debt fixed/hedged for almost five years, interest costs are unaffected by rising interest rates, although higher bond yields are having a negative impact on asset values across the broad UK mark...
- Martyn King
Regional REIT - Continuing to deliver income-led returns
With pandemic restrictions lifted and the return to work underway, Regional REIT’s (RGL) H122 results show good and continuing operational progress. The sharp rise in energy prices affected property costs, but this should moderate with government support measures. Combined with income seasonality and fully fixed/hedged borrowing costs, RGL expects a stronger H222 performance and reiterated its full-year DPS target of 6.6p.
- Martyn King
Regional REIT - Acquisitions are accretive and portfolio enhancing
Regional REIT (RGL) has announced the acquisition of three high-quality, recently refurbished office assets, with good environmental credentials, for an aggregate £26.5m, reflecting an accretive net initial yield of 8.0%. Across its portfolio, as the ‘return to the office’ builds, RGL expects a positive demand-supply balance for attractive regional offices to generate further value creation, despite economic and political challenges. This is based on the expectation of rental growth and increase...
Edison Investment Research Limited: Regional REIT (RGL): Return to the...
Edison Investment Research Limited Edison Investment Research Limited: Regional REIT (RGL): Return to the office gathers momentum 07-Jun-2022 / 07:00 GMT/BST London, UK, 7 June 2022 Regional REIT (RGL): Return to the office gathers momentum This note focuses on the outlook for income-driven returns from Regional REIT (RGL). With the ‘return to the office’ accelerating, RGL expects a positive demand-supply balance to generate rental growth, increased occupancy and valuation gains. Q122 DPS increased c 3% to 1.65p. Income risk is mitigated by portfolio diversification, while f...
- Martyn King
Regional REIT - Return to the office gathers momentum
This note focuses on the outlook for income-driven returns from Regional REIT (RGL). With the ‘return to the office’ accelerating, RGL expects a positive demand-supply balance to generate rental growth, increased occupancy and valuation gains. Q122 DPS increased c 3% to 1.65p. Income risk is mitigated by portfolio diversification, while fully fixed or hedged borrowing costs protect against further interest rate increases.
- Martyn King
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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