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Regional REIT (RGL) is trading in line with management’s expectations, is seeing a good level of interest in both its office and industrial properties, and has continued to be active in letting since 30 June. As a result, it expects occupancy rates to increase across the portfolio in the near term, supporting income from the growing portfolio (c £650m in assets). Lettings since the end of September indicate progress towards the 85% occupancy rate that we target for end-2017 and then towards 90% by the end of 2018. On this basis, RGL’s highly attractive and growing dividend is fully covered by forecast earnings, while its regional focus should prove more resilient to macroeconomic headwinds than London real estate.

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