Regional REIT (RGL) Q4 2022 TU earnings summary

Executive summary

• Announced Q4 2022 dividend of 1.65 pence per share, totaling 6.6 pence for 2022, with an 11% yield and expected full coverage by EPRA earnings.

• Achieved 99% rent collection for 2022, maintaining strong operational performance despite market headwinds.

• Portfolio valuation at year-end 2022 was £789.5m, down from £906.1m in 2021, reflecting a 12.1% like-for-like decrease.

Financial highlights

• Portfolio valuation decreased 12.1% year-over-year to £789.5m after adjustments.

• Gross rent roll was £71.8m (2021: £72.1m); ERV at £92.0m (2021: £94.6m).

• Net loan-to-value ratio increased to 49.5% (2021: 42.4%), with all debt fixed/hedged at 3.5% cost.

• EPRA occupancy improved to 83.4% (2021: 81.8%).

Outlook and guidance

• Management expresses optimism for 2023, citing high tenant return rates and continued focus on vibrant office spaces.

• Dividend for 2022 expected to be covered by earnings, with confirmation upon annual results.