Real Estate Investors (RLE) H2 2025 earnings summary

Executive summary

• Gross property assets at £115.7 million as of FY 2025, with a diversified, multi-sector portfolio and 119 occupiers across 34 assets.

• Board and management are highly experienced and aligned with shareholders, holding a 13.32% shareholding.

• Continued uninterrupted, fully covered quarterly dividend payments, totaling £56.7 million since 2012.

• Ongoing 3-year orderly sale of portfolio assets to maximize value, with proceeds used for debt repayment and shareholder returns.

Financial highlights

• Revenue for FY 2025 was £9.4 million, down from £10.8 million in FY 2024.

• Underlying profit before tax was £2.9 million (FY 2024: £3.4 million), with a loss before tax of £0.8 million (FY 2024: £2.4 million loss).

• EPRA NTA per share at 49.1p (FY 2024: 51.3p); EPRA EPS at 1.7p (FY 2024: 1.9p).

• Final dividend per share of 0.4p, total fully covered dividend for 2025 of 1.6p per share.

• Gross property assets declined from £124.6 million in FY 2024 to £115.7 million.

Outlook and guidance

• Focus remains on asset disposals, debt repayment, and capital returns to shareholders.

• Larger asset sales planned for 2026, with flexibility to consider a whole portfolio sale if aligned with shareholder interests.

• Continued commitment to uninterrupted, fully covered quarterly dividends, subject to disposal pace.

• Monitoring market risks, including geopolitical conflicts and their impact on inflation and interest rates.