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Regional REIT (RGL) investor relations material
Regional REIT H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Portfolio repositioning and strategic transition advanced, focusing on core assets, targeted capex, asset sales, and new lettings above ERV to drive long-term value and maintain a fully covered dividend.
Dividend of 5.00p per share declared for H1 2025, fully covered by earnings, with full-year guidance reaffirmed at 10p.
Market conditions are stabilizing, with yields flat, valuations bottoming out, and optimism for future rental growth and occupancy due to supply constraints and improving demand.
Commitment to ongoing refurbishment, ESG initiatives, and flexible workspace rollout to strengthen core assets and support long-term growth.
Total Shareholder Return for H1 2025 was +9.6%, outperforming the index.
Financial highlights
EPRA NTA at £328.7m (202.8p/share), down from £340.7m (210.2p/share) at year-end 2024; IFRS NAV at £335.9m (207.2p/share).
EPRA earnings per share at 5.2p for H1 2025; IFRS EPS at -4.9p, a significant improvement from -33.3p.
Net rental and property income was £29.8m (H1 2024: £32.2m); operating profit before property gains/losses was £14.1m.
Net loan-to-value ratio increased to 43.2% (from 41.8%); gross borrowings reduced to £310.0m.
EPRA cost ratio (including vacancy costs) rose to 52.6% (H1 2024: 40.6%).
Outlook and guidance
Full-year dividend guidance reaffirmed at 10p, with income guidance revised down due to tenant breaks but dividend remains covered.
Strategic sales programme targets £40m–£50m annual disposals to reduce debt and LTV below 40% over the medium term.
Significant new lettings expected to benefit 2026 results, not 2025.
Ongoing focus on increasing occupancy, rental growth, and EPC improvements.
Board confident in ability to deliver long-term value and well positioned for emerging opportunities.
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