Regional REIT (RGL)

Business description

Regional REIT owns a commercial property portfolio, predominantly offices and industrial units located in the regional centres of the UK. It is actively managed and targets a total shareholder return of 10-15% pa with a strong focus on income.

Stock data

Market cap.£363.5m
Last close97.50p
High / Low (52 weeks)107.2p / 97.1p
Stock market listingLN
Forecast net debt (£m)N/A
Forecast gearing ratio (%)N/A

Price performance

Relative *0.84.1(1.7)

* % Relative to local index

Other companies in sector Show

Company news

Trio of office acquisitions by Regional REIT

Wed, 31 Jan 2018 08:50:13 GMT

Regional REIT To Raise Up To GBP100 Million For Portfolio Buys (ALLISS)

Mon, 04 Dec 2017 17:26:15 GMT

Regional REIT Net Asset Value Rises On Growth In Portfolio Value

Thu, 22 Mar 2018 12:06:53 GMT

Trustees sell Derwent London shares

Fri, 12 Jan 2018 17:17:18 GMT

Regional REIT Ltd (LON:RGL) Plans Dividend of GBX 2.45

Fri, 23 Mar 2018 01:24:40 GMT

Investment summary

The recently completed acquisition of two property portfolios at a cost of £93.4m brings an immediate c 14% uplift to the gross contracted rent roll, offers significant asset management potential and further diversifies the portfolio. The debt refinancing, also completed recently, significantly extends the debt profile (from 2.5 years to 6.2 years) with no material impact to ongoing cost. The overall group portfolio ended 2017 with a gross value of £737.3m (2016: £502.4m), including a like-for-like increase of 2.6%, adjusting for capital expenditure and disposals. The end-2017 net LTV was 45.0%. A Q4 DPS of 2.45p has been declared for payment on 12 April 2018, taking the 2017 total to 7.85p per share, up 2.6% on 2016. The dividend yield of nearly 8% remains one of the highest of all UK REITs. 2017 results will be published in full on 22 March.

Last updated on 02/03/2018

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2015A 4.6 3.3 2.4 0.9 108.3 N/A
2016A 38.1 30.2 20.8 7.8 12.5 N/A
2017E 44.7 36.1 20.7 7.9 12.3 N/A
2018E 56.3 45.6 31.4 8.4 11.6 N/A

Last updated on 22/02/2018

Latest video

Executive interview - Regional REIT

Industry outlook

Regional occupier demand is generally firm, driven by continuing economic growth and business relocation away from London, while new supply remains limited. Meanwhile, the yield spread between the regions and London remains historically wide, representing a clear potential for narrowing.

Last updated on 02/03/2018

Key management

Kevin McGrath, Chairman
Adam Dickinson, Head of IR
Tim Bee, Non Executive Director
William D. Eason, Non Executive Director
Stephen Inglis, Non Executive Director
Daniel Taylor, Non Executive Director

Company address

Toscafund Asset Management LLP 7th Floor
90 Long Acre
United Kingdom
+44 (0) 207 845 6100
View website