Regional REIT Limited (RGL)

Sector:

Property Investment Trusts

Index:

FTSE Small Cap

22.15p
   
  • Change Today:
    -0.60p
  • 52 Week High: 55.50p
  • 52 Week Low: 14.10p
  • Currency: UK Pounds
  • Shares Issued: 515.74m
  • Volume: 518,260
  • Market Cap: £114.24m

Regional REIT upbeat on outlook

By Josh White

Date: Thursday 17 Nov 2016

LONDON (ShareCast) - (ShareCast News) - Regional REIT announced its trading update and dividend declaration for the third quarter on Thursday, as the group continued to pursue its strategy of "providing investors with an attractive return on a sustained and consistent basis from investing in and managing offices and light industrial property in the main regional centres of the UK outside of the M25 motorway".
The company said that since 1 January to date, it has exchanged on 90 new leases, including 43 since 30 June 2016, totalling 603,471 square feet.

When fully occupied, they will provide approximately £4.5m pa of rental income.

In addition, the group has completed 33 regears on around 40% of the leases that have come up for renewal in the period, achieving a 1.2% uplift on the headline rent.

Including the regears, the acquisition of new replacement tenants and ongoing discussions with existing tenants who continue to hold over in the properties for which the leases have come up for renewal, around 75% of the headline rent has been retained.

Capital expenditure year-to-date was £9.2m gross, amounting to £6.1m net after recoveries and dilapidations.

Looking ahead, the group said it has seen a good performance being maintained in the industrial and office occupancy markets of the UK's regions.

It added that it remains confident as to its own growth prospects and is trading in-line with management's expectations for 2016.

Management said it expects an occupancy rate of around 85% to be achieved by the year end.

"The group has continued to deliver on its strategy and the commitments that were made with the IPO last year," said group property director Stephen Inglis.

"The business has maintained its progress in the third quarter of 2016 as occupancy in the UK's principal regional office and industrial markets has proved to be positive.

"Most evidently we can see this progress with the Wing and Rainbow Portfolios, which were acquired by the group in the first quarter."

Inglis said the key focus for the business remains income and the ability to pay dividends, underpinned by occupancy and rental growth.

"Whilst well positioned for organic development the company remains opportunistic and will continue to explore opportunities to further exploit the strong presence we have in the regions."

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

RGL Market Data

Currency UK Pounds
Share Price 22.15p
Change Today -0.60p
% Change -2.64 %
52 Week High 55.50p
52 Week Low 14.10p
Volume 518,260
Shares Issued 515.74m
Market Cap £114.24m

RGL Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
96.70% above the market average96.70% above the market average96.70% above the market average96.70% above the market average96.70% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average
Price Trend
78.68% below the market average78.68% below the market average78.68% below the market average78.68% below the market average78.68% below the market average
100% below the sector average100% below the sector average100% below the sector average100% below the sector average100% below the sector average
Income
91.97% above the market average91.97% above the market average91.97% above the market average91.97% above the market average91.97% above the market average
92.00% above the sector average92.00% above the sector average92.00% above the sector average92.00% above the sector average92.00% above the sector average
Growth
43.3% below the market average43.3% below the market average43.3% below the market average43.3% below the market average43.3% below the market average
21.43% below the sector average21.43% below the sector average21.43% below the sector average21.43% below the sector average21.43% below the sector average

What The Brokers Say

Strong Buy 0
Buy 0
Neutral 1
Sell 1
Strong Sell 0
Total 2
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

RGL Dividends

  Latest Previous
  Q4 Q3
Ex-Div 29-Feb-24 16-Nov-23
Paid 05-Apr-24 12-Jan-24
Amount 1.20p 1.20p

Trades for 23-Apr-2024

Time Volume / Share Price
12:54 100 @ 22.30p
12:54 1,079 @ 22.15p
12:54 7,731 @ 22.15p
12:54 7,766 @ 22.15p
12:54 7,731 @ 22.20p

RGL Key Personnel

Chair Kevin McGrath

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