Business
Final Results
Final Results.
About this update from Regional Reit Ltd.
[{"type":"text","content":"\n \n \n 28th March 2023\n \n \n Regional REIT Limited\n \n \n (\"Regional REIT\", the \"Group\" or the \"Company\")\n \n \n 2022 Full Year Results\n \n \n A robust performance with strong rent collections and increased rental income, with a sector leading dividend yield\n \n \n Regional REIT (LSE: RGL), the regional office specialist today announces its full year results for the year ended 31 December 2022.\n \n \n Financial highlights:\n \n \n ·\n Net rental income increased by 12.2% to £62.6m (2021: £55.8m) - reflecting large portfolio acquisition in August 2021\n \n \n ·\n EPRA EPS of 6.6pps (2021: 6.6pps); IFRS EPS (12.6)pps (2021: 6.3pps)\n \n \n \n ·\n 2022 dividend of 6.6pps (2021: 6.5pps), fully covered by EPRA earnings; currently yielding more than 11.3%*\n \n \n \n ·\n Total rent collection for 2022 was 98.7%** of rent due, improved against the 97.7% of rent collected for the equivalent period in 2021\n \n \n \n ·\n Primarily as a consequence of macro factors affecting the property sector, the portfolio value decreased to £789.5m (2021: £906.1m); reflecting a decrease of 12.1% on a like-for-like basis in the year, after adjusting for capital expenditure, acquisitions and disposals - outperforming the MSCI Rest of UK Office index capital decline of 17.3% over the same period\n \n \n \n \n ·\n IFRS Net Asset Value per share 78.1p (2021: 97.4p); EPRA NTA per share of 73.5p (2021: 97.2p)\n \n \n \n \n ·\n Rent roll remained strong at £71.8m (2021: £72.1m); average rent let by sq.ft. increased by 7.0% to £13.65\n \n \n \n ·\n Group's cost of debt (incl. hedging) remained low at 3.5% pa (2021: 3.3% pa) - 100% fixed and hedged, ensuring the maximum cost of debt will not exceed 3.5% pa\n \n \n ·\n Weighted average debt duration 4.5 years (2021: 5.5 years)\n \n \n ·\n Net LTV increased to 49.5% (2021: 42.4%), due to the reduction in portfolio valuation; ample headroom remains on all loan covenants\n \n \n \n *At a share price of 58.2p at the close of 27 March 2023.\n \n \n **As at 17 March 2023, rent collections to 31 December 2022 amounted to 98.7%; actual rent collected 98.7%, monthly rents 0.0% and deals agreed of 0.0%.\n \n \n Operational highlights:\n \n \n A high-quality portfolio of property assets diversified by geography and tenant type - generating substantial rental income whilst delivering a high quarterly di...