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The strength in the commercial property investment market is allowing Regional REIT (RGL) to realise gains from its asset management strategy, reposition the portfolio for new growth opportunities and progress with its targeted reduction in gearing. Portfolio activity is generating strong capital returns, but with property sales running ahead of reinvestment, income is being temporarily dampened. Reinvestment and refinancing of higher-cost debt should provide a boost to FY19 and we forecast an increased dividend, fully covered by adjusted earnings.

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