Real Estate Investors (RLE) Trading Update summary

Disposals and sales strategy

• Achieved year-to-date disposals of £8.7 million, including 11 retail units, a mixed-use asset, and land, at an 11.7% uplift to December 2022 book value.

• Total sales since January 2021 reached £46.55 million, with further sales in the pipeline to reduce debt.

Debt position and liquidity

• Debt repayments of £7.3 million reduced total drawn debt to £64.2 million as of July 2023.

• Pro-forma loan-to-value ratio improved to 34.7%, with all debt fixed at an average cost of 3.7%.

• Cash reserves are earning 3.4% interest, and hedge facility improved by £388,000 year-to-date.

Portfolio activity and rental income

• Contracted rental income stands at £12.5 million per annum as of June 2023, with portfolio occupancy at 85.04%.

• Rent collection for Q2 2023 was robust at 99.93%.

• Key lease event: AFH Private Wealth signed a new 11.5-year lease at Avon House, fully occupying 25,000 sq ft.