Regional REIT (RGL) Q1 2026 TU earnings summary

Executive summary

• Six property sales in Q1 2026 generated £12.6m, with three more disposals post-quarter totaling £2.5m, supporting balance sheet strength and portfolio quality.

• 26 new lettings and renewals added £1.1m to rent roll, secured at 9.8% above ERV, reflecting strong demand for high-quality regional office space.

• Portfolio comprises 110 properties, 1,075 units, and 653 tenants, valued at approximately £543.1m as of 31 March 2026.

Financial highlights

• Rent roll at £49.8m (down from £50.4m at 31 December 2025); ERV at £75.0m (down from £77.0m).

• Total rent collection for Q1 2026 reached 98.5%, up from 97.9% in Q1 2025.

• Dividend declared at 2.0 pence per share for Q1 2026, compared to 2.5 pence per share in Q1 2025.

Outlook and guidance

• Medium-term outlook supported by tight Grade A vacancy (3-5%) and constrained development pipeline in key UK regional markets.

• Ongoing focus on repositioning strategy, targeted disposals, and capex to improve portfolio quality.