Regional REIT (RGL) Q4 2025 TU earnings summary

Executive summary

• Completed 61 new lettings in 2024, achieving rents 13.5% above 2023 ERV.

• Portfolio valuation at £622.5m, down 8.2% year-over-year after adjustments.

• Net loan-to-value ratio improved to 41.8% from 55.1% in 2023.

• Q4 dividend declared at 2.2 pence per share, maintaining high payout focus.

• Rent collection remained strong at 98.1% for 2024.

Financial highlights

• Gross annualised rent roll at £60.7m (2023: £67.8m); ERV at £83.2m (2023: £87.0m).

• Gross borrowings reduced to £316.7m (2023: £420.8m); cash and equivalents at £56.7m.

• Group cost of debt decreased to 3.4% p.a., fully fixed and hedged.

• Disposals in 2024 totaled £30.8m, with a net initial yield of 8.3%.

Outlook and guidance

• Management expects improved net income as occupancy rises post-Capex programme.

• Ongoing focus on reducing LTV through controlled asset disposals.

• Targeting EPC B rating by 2030, with 57.7% of portfolio now B+ or exempt.

• Next full year results due 25 March 2025; Q1 2025 update and AGM in May.