Regional REIT (RGL) Q1 2025 TU earnings summary

Executive summary

• Maintained positive leasing momentum in Q1 2025 with strong rent collections and operational delivery.

• Addressing supply-demand imbalance for high-quality regional office space outside London.

• Strategic focus on value creation, capital expenditure, and disposals to enhance shareholder value.

Financial highlights

• Gross property assets valued at approximately £622.8m as of 31 March 2025, up slightly from £622.5m in 2024.

• Rent roll at £57.3m (2024: £60.7m); ERV at £83.0m (2024: £83.2m).

• Total rent collection for Q1 2025 at 97.3%, compared to 97.2% in Q1 2024.

• Q1 2025 dividend declared at 2.50 pence per share, up from 1.20 pence per share in Q1 2024 (adjusted for share consolidation).

Outlook and guidance

• Confident that current market challenges will subside, enabling future rental and capital growth.

• Ongoing operational initiatives and strategic disposals expected to deliver value, with financial impact likely from 2026.

• Dividend policy remains under review, with future payments dependent on financial position and performance.