Regional REIT (RGL) Q1 2022 TU earnings summary

Executive summary

• Portfolio occupancy and rent collection improved, with 97.1% of Q1 2022 rent collected, up from 93.3% a year earlier.

• Quarterly dividend increased by approximately 3% to 1.65p per share, reflecting confidence in income stability.

• £69.2m of property disposals completed year-to-date, with proceeds reinvested into £48.2m of higher-yielding regional offices.

Financial highlights

• Gross property assets valued at approximately £874.0m as of 31 March 2022.

• Net loan-to-value ratio reduced to 40.3% from 42.4% at year-end 2021.

• Cash and cash equivalents increased to £82.3m from £56.1m at year-end 2021.

• Cost of debt (including hedging) at 3.4% per annum.

Outlook and guidance

• Positioned for growth as Covid-19 restrictions ease, with increased tenant activity and occupancy.

• Diversified portfolio and active asset management expected to support high quarterly dividends and long-term value.