Regional Reit Limited

0.00 (0.0%)
Share Name Share Symbol Market Type Share ISIN Share Description
Regional Reit Limited LSE:RGL London Ordinary Share GG00BYV2ZQ34 ORD NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 51.40 11,037 08:00:05
Bid Price Offer Price High Price Low Price Open Price
51.00 51.40
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trust 93.32 -65.16 - - 265.09
Last Trade Time Trade Type Trade Size Trade Price Currency
08:14:01 O 6,057 51.0728 GBX

Regional Reit (RGL) Latest News

Regional Reit (RGL) Discussions and Chat

Regional Reit Forums and Chat

Date Time Title Posts
26/5/202317:16Regional REIT - Targeting High Yields from Regional Property3,419
18/4/202322:45Regional ReiT-
29/9/202213:47August 20241
29/9/202212:02Inglis Interview with Edison3
13/3/202010:24*** Regional Reit ***1

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Regional Reit (RGL) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type

Regional Reit (RGL) Top Chat Posts

Top Posts
Posted at 24/5/2023 11:27 by wallywoo
The majority of reit investments come through really tough times unscathed and pay good returns in the meantime. However, the share prices can be all over the place during that time. So to me investing here is simple. If you want high dividends and a long term investor, they are attractive. Especially in sipps and ISA's. If you are likely to need the capital back at short notice then this is likely to be risky. I will just hold this until the world becomes more stable. Might take a while with a US default in play!!
Posted at 17/5/2023 20:51 by clive7878
Just been looking at RGL and AEWU after the write up in the IC last Friday.
RGL has fallen from 92p to now 56p, but have they bottomed out -
recommended by British Bulls as at buy -
but they have had an awful record on AEWU now a sell with them.
which has fallen from 122p to 100p now.
In the IC last Friday they stated which appeared good reasons to buy AEWU,
in their smaller companies section, although their record of late again
over the last couple of months have been a bit shaky.
But with a divi of around 8%, and what appears to be good deals by the company,
and with the share price having a rocky ride of late it could prove to be correct.
If the rents received are at a good percentage in theory, the divi is safe, and it looks like the asset value should increase along with the share price.
On recommendations / tips the share price goes up, but then falls back in many cases.
SLP was at 113p and is now around 85p, not a good tip.
I do like however Just Group which may have turned the rocky corner, being lowly rated, but AEWU does look interesting.

Posted at 12/5/2023 16:13 by cruelladeville
Disappointing downward drift in share price. Charm offensive obviously not very effective.
Posted at 17/4/2023 09:57 by lord gnome
As was the Quoted Data interview, I suspect. Inglis is on a charm offensive. This could be a double bluff. He will be talking his own, not insubstantial book (12%) and he is in RGL up to his neck. What would you expect him to say if RGL was a bag of nails? But what if he has a point or three? On balance I think I go with Inglis, especially if inflation is dropping and interest rates stabilise at around current levels. I know we seem to have more than our share of property perma-bears especially wrt RGL, but this might just be the bottom of the market for property.
Posted at 15/4/2023 16:40 by cruelladeville
Indeed, it seems the chattering about the 2030 situation might just be well overdone and that RGL has a plan. I find Inglis's presentation reassuring and allowing for the "he would say that" aspect, it might be that the worst has passed for RGL shares? With a family holding of 12% he has every interest in the company pulling off a major recovery from here. Not buying more RGL but I'm not selling either.
Posted at 05/4/2023 09:42 by nickrl
@hardup i thought Stevenson was a market commentator, observer, seasoned investor yet hes just regurgitating a buy note from a broker rather than giving us an impartial view that looks forward not just backwards. As ive said before to my mind 14.5% rent roll coming up for renewal represents a pretty big risk and even by RGLs own admission they are only retaining 2/3rds of tenants so thats another 5% on the already high vacancy rate. OK they make make some rental increases with retained tenants but they will also be adding to the burden of the costs of empty space which buy the way just got more expensive with the change in rates weighting going against offices.

My view remains that the Squarestone acquisition was a bad move but we are where we are so what next? Offices look to have gone beyond "peak use" but they aint on a trajectory to annihilation either so RGL has an addressable market but it needs to review what assets are viable long terms, what are worth spending capex on and then selling the rest. What it will find from that review is that it needs capex but it hasn't got the cash to cover it whilst its shelling out over £32m/yr on the divi so its a no brainer its going to have to be cut and actually might put a floor under the share price if they are seen to be confronting reality.

Posted at 05/4/2023 09:11 by spectoacc
DS rarely does much research - for eg:

"Yet net rental income increased by 12.2%..."

Nonsense stat, as a brief scan of RGL's results would show him:

"Net rental income increased by 12.2% to £62.6m (2021: £55.8m) - reflecting large portfolio acquisition in August 2021"

It's literally the first line. The rental increase was thanks to the acquisition, which coincidentally has left RGL with a dangerously high LTV. It's not, as he implies, because RGL is firing on all cylinders.

"..Its balance sheet seems stable.." is also a laugh - how can it be stable, if LTV is rising on falling valuations? There's two sides to a balance sheet.

Also picks & chooses his own occupancy stat - RGL say this: "EPRA Occupancy (by ERV) was 83.4% (2021: 81.8%)"

If I were an RGL shareholder, with the results now out the way, I'd be watching keenly for some giant director buys. If there were none, I'd want to know why not.

If I were DS, I'd spend 5 minutes reading the results.

They say ChatGPT may replace journalists - can't do any worse.

Posted at 31/3/2023 15:05 by williamcooper104
Super prime, pristine offices in excellent locations - there's actually rental growth - hence why West End yields at 4.5 (well south of anyone's cost of debt) Do RGL have prime GPE like kit? If course not Is 150bps yield premium sufficient compensation - I would say nowhere near enough Is some of that reflected in the share price - yep - but then the capital structure is stretched - maybe if the current discount to NAV was a similar discount to an unlevered GAV - then the current share price might make some sense
Posted at 27/2/2023 17:31 by nickrl
@LordGnome wouldn't like to leave the field to Specto here so will reiterate that RGL have a stash of lease expires/breaks over next 12mths and by their own admission they only retain 70% of tenants. So my view is vacancy rate will increase further over next 12mths and Edison aren't factoring that in but why would they they are paid by RGL to subtlty promote them and their other clients. Doubt RGL will mention this risk at finals they only concentrate on the good news also what will they say about the EPC cliff edge they face on nigh over 40% of assets over next two years. Again have Edison factored in enough capex to cover this?
The one upside is the bulk of debt has plenty of years left and on the bond they can either refi or sell off a few assets to cover cost of redemption.
Anyhow with divi reconfirmed it will put a floor under share price for a while but remain negative over the long term but will be H2 before direction of travel is clearer.

Posted at 12/12/2022 13:31 by thetrotsky
nickrt, Unless there is a significant fall in RGL's EPRA income it has limited scope to reduce its current dividend (because it has to distribute at least 90% of its EPRA income). Currently the biggest risks to RGL's EPRA income are bad debts (there's no current indication that rent recovery has become a problem but obviously that could change quite quickly in the current economic environment) and inlfationary cost rises outpacing any rental increases (thankfully their interest charge is already capped at 3.5%). All in all, without any new information to the contrary, RGL's EPRA income seems fairly secure at present.

The bigger risk (I think) is that RGL might break one of its bank covenants. Interest cover looks fairly secure (for the present) but LTV might become an issue. However, my back of a "fag packet" calculations suggest that the value of RGL's investments would have to fall by circa 15% before its average LTV breached 50% and by circa 30% before its average LTV breached 60%. I'm not sure at what point RGL's LTV covenants might be breached (I would hazard 60% but it might be lower). RGL would also appear to have no, or limited, scope at present to raise new capital to pay down its bank loans - investment trusts rarely, if ever, issue new capital below NAV and, albeit that RGL's current stated NAV looks unrealistically high, it's likely that the share price is still trading at a significant discount to "real" NAV. That said, if RGL was to breach its LTV covenants in the short/medium term that would not necessarily precipitate any action by its lenders to call in their loans whilst interest cover remains healthy (unlike the 2008 financial meltdown lenders are not currently in a scramble for cash and are therefore unlikley to use a breach of LTV covenants to automatically seek repayment of their loans).

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