Real Estate Investors (RLE) Trading Update summary

Sales and debt reduction progress

• Completed 20 property disposals totaling £18.9 million, achieving a 6.95% uplift over 2023 year-end book value (pre-costs).

• Reduced total debt by £15.3 million to £39.1 million as of 31 December 2024.

• Proceeds from disposals used to repay debt while maintaining a fully covered dividend.

• Additional sales are in the legal pipeline, targeting private investors and owner occupiers.

Portfolio and operational highlights

• Year-end occupancy stood at 82.04%, slightly down from 83.03% in 2023.

• WAULT improved to 5.76 years to break and 6.99 years to expiry, up from 5.24 and 6.01 years respectively.

• Strong new lettings are in the pipeline, with vacant possession secured for future residential sales.

Market conditions and outlook

• Low property transaction levels in 2024 due to uncertain interest rates, an early general election, and a dampening budget.

• Holding back larger assets until market sentiment improves to achieve stronger pricing.

• Cautious optimism for H2 2025, expecting improved conditions if interest rates fall and sentiment lifts.