Real Estate Investors (RLE) Trading update summary

Trading performance and sales programme

• Completed and contracted property disposals totaled £26.9 million over 2024 and 2025, despite a subdued investment market and transactional paralysis in H2 2025.

• Drawn debt was reduced from £54.4 million at the start of 2024 to £34.3 million by year-end 2025.

• Rent collection remained strong at 99.28% in 2025, with year-end occupancy at 78.69% due to lease events and tenant insolvencies.

• Contracted rental income at year-end was £8.3 million per annum, impacted by asset sales and tenant issues.

• Covered dividends continued to be paid, totaling £56 million since the policy began.

Strategic outlook and management actions

• A pipeline of sales and new lettings is in advanced stages, expected to improve rental income, occupancy, and WAULT.

• Assets will be placed on the market in mid-March 2026, focusing on larger retail properties to leverage improved investor demand.

• The strategy remains to complete the three-year orderly sales programme, with a possible extension if needed to maximize shareholder value.

• Management continues to review administrative costs to ensure operational efficiency.

• The company remains open to a corporate transaction, including a potential portfolio sale.

Leadership commentary and shareholder alignment

• Leadership highlights disciplined execution of the sales programme and resilience of the portfolio.

• Optimism for improved market conditions in 2026, supported by easing interest rates and a healthy pipeline.

• Board remains focused on debt repayment, capital returns, and maintaining covered dividends.

• Any extension to the disposal strategy will be considered only if necessary to maximize shareholder value.