Real Estate Investors Plc · LSE:RLE
Real Estate Investors — FY2025 Earnings Presentation
20 slides from Real Estate Investors's earnings presentation, March 2026
Slide 1: Real Estate Investors Plc Results for the year ended 31 December 2025
Real Estate Investors Plc Results for the year ended 31 December 2025 Investor and Analyst Presentation
Slide 2: Company Overview
REAL ESTATE INVESTORS PLC COMPANY OVERVIEW REI Portfolio Diversified Active Asset Multi- Attractive Orderly Sale Today Portfolio Management banked Returns of Assets • Gross property assets • Multi-sector • Break up opportunities • Banked across 3 • Uninterrupted and • Persistent discount of £115.7 m
Slide 3: Highly Experienced Board, Management Aligned with Shareholders
HIGHLY EXPERIENCED BOARD MANAGEMENT ALIGNED WITH SHAREHOLDERS Non-Executive Executive William Wyatt Peter London Ian Stringer Paul Bassi CBE Marcus Daly FCA Non-Executive Chairman Non-Executive Director Non-Executive Director Chief Executive Officer Finance Director • Joined REI Board in 2010, • Joi
Slide 4: A Resilient Record During Uncertain Times
A RESILIENT RECORD DURING UNCERTAIN TIMES SINCE 2012 TOTAL DIVIDENDS DECLARED/PAID TO SHAREHOLDERS = £56.7 MILLION 3-YEAR DISPOSAL STRATEGY ANNOUNCED IN JANUARY 2024 General Scottish EU Financial Start of Cost of Labour Election Crisis Election Referendum Referendum BREXIT COVID Ukraine living crisi
Slide 5: FY 2025 Operational Highlights
FY 2025 OPERATIONAL HIGHLIGHTS • Strong overall rent collection for 2025 of 99.28% Contracted Rental Income £m • Contracted rental income: £8.3 million p.a. (FY 2024: £9.0 million p.a.) due to disposals and lease events 17.0 17.7 16.7 16.2 14.9 14.3 • Gross property assets: £115.7 million (FY 2024:
Slide 6: FY 2025 Financial Highlights
FY 2025 FINANCIAL HIGHLIGHTS EPRA NTA per share (p) • EPRA NTA per share of 49.1p (FY 2024: 51.3p) • EPRA EPS of 1.7p (FY 2024: 1.9p) 66.2 68.9 69.3 67.4 61.3 64.5 62.2 55.2 58.8 54.9 51.3 49.1 • Final dividend per share of 0.4p (Final Q4 2024: 0.4p) paid as a property income distribution, represent
Slide 7: FY 2025 Financials: Robust Underlying Performance
FY 2025 FINANCIALS ROBUST UNDERLYING PERFORMANCE • Revenue of £9.4 million (FY 2024: £10.8 million) FY 2025 FY 2024 Income Statement £m £m • Underlying profit before tax* of £2.9 million (FY 2024: £3.4 million) Revenue 9.4 10.8 • Loss before tax of £0.8 million (FY 2024: £2.4 million loss) including
Slide 8: FY 2025 Financials: Strong Balance Sheet
FY 2025 FINANCIALS STRONG BALANCE SHEET Gross property assets Net assets FY 2025 FY 2024 Balance Sheet £m £m £115.7m £85.9m Property 115.7 124.6 Cash 6.1 6.9 Debt (34.2) (39.2) Other (1.7) (2.8) Net assets 85.9 89.5 EPRA NTA per share Net LTV Adjustments - 0.2 49.1p 24.8% EPRA NTA 85.9 89.7 EPRA NTA
Slide 9: FY 2025 Financials: Reducing Debt & Low Gearing
FY 2025 FINANCIALS REDUCING DEBT & LOW GEARING • Total debt of £34.2 million (FY 2024: £39.2 million) Current Debt Profile • £5.0 million of debt repaid with disposal proceeds in 2025 Lender Debt Facility Debt Maturity Amount Fixed • Cost of debt 5.75% (FY 2024: 6.5%) & all debt on variable rates (£
Slide 10: Movement in EPRA NTA per Share (p)
MOVEMENT IN EPRA NTA PER SHARE (P) 60 1.4 51.3 50 49.1 -2.0 -1.6 40 30 20 10 0 01-Jan-25 Underlying Profits Revaluation/deficit on sales Dividend 31-Dec-25 REI PLC 9
Slide 11: Movement in EPRA Earnings per Share (p)
MOVEMENT IN EPRA EARNINGS PER SHARE (P) 2 1.9 1.8 0.5 1.7 1.6 1.4 0.1 1.2 -0.8 1 0.8 0.6 0.4 0.2 0 01-Jan-25 Rental Income Admin Expenses Finance Costs 31-Dec-25 REI PLC 10
Slide 12: Uninterrupted Dividend: £56.7 Million Total Dividends Paid Since 2012
UNINTERRUPTED DIVIDEND £56.7 MILLION TOTAL DIVIDENDS PAID SINCE 2012 Uninterrupted dividend payments despite disposals Shareholder Distribution Year on Year £56.7 million total dividends declared/paid since 2012 Final Q4 dividend for 2025 of 0.4p per share (Q4 2024: COVID19 +7% PERIOD 0.4p), r
Slide 13: Progress on Strategy
2024 & 2025 PROGRESS ON STRATEGY Summary of 2024 & 2025 2024 Ongoing widespread economic uncertainty and political instability Sales & Debt Summary • Strategy announced in January 2024 A subdued market with limited investment transaction activity • Sales of £18.9 million • 20 units/assets - aver
Slide 14: £60 Million+ of Assets in Market Ready for Sale
£60 MILLION+ OF ASSETS IN MARKET READY FOR SALE In addition to £5.4 million of sales currently in pipeline legals, we have a number of properties in the portfolio which are already in the market or will be launched in late March 2026 having undergone successful asset management initiatives. These ar
Slide 15: £47 Million Balance of Portfolio: Final Actions Before Sale
£47 MILLION BALANCE OF PORTFOLIO FINAL ACTIONS BEFORE SALE The balance of portfolio assets are scheduled for sale in 2026 upon completion of ongoing asset management initiatives and improving market conditions. These sales are subject to initiatives such as final lettings, lettings that are progress
Slide 16: Diverse and Attractive Portfolio, Balanced Risk
DIVERSE AND ATTRACTIVE PORTFOLIO BALANCED RISK Sector Income by Sector Income by Sector (£) (%) 48.67% of our portfolio is Office 4,239,046 51.33% MIXED USE / RETAIL / Traditional Retail 1,006,635 12.19% OTHER Discount Retail - Poundstretcher/B&M etc 793,500 9.61% Medical and Pharmaceutical - Boots/
Slide 17: Top 10 Tenants by Income
TOP 10 TENANTS BY INCOME PORTFOLIO DIVERSITY Rank Tenant Rent £’000 % Sector Property 99.28% 1 625 7.59 Office Birchfield House, Oldbury Overall Rent Collection in 2025 2 450 5.46 Discount Retail Jasper, Tunstall to date 3 396 4.80 Office Avon House, Bromsgrove £8.3 million p.a. 4 350 4.24 Hotel Wes
Slide 18: ESG & the REI Portfolio: A Responsible Landlord
ESG & THE REI PORTFOLIO A RESPONSIBLE LANDLORD Energy Performance Certification Portfolio Carbon Emissions Monitoring & Reporting In accordance with government guidelines, REI has undertaken a programme Management continues to recognise the importance of incorporating ESG into the working to ensure
Slide 19: FY26 Outlook: Strategy Focus
FY26 OUTLOOK STRATEGY FOCUS Asset Repay Return Sales Debt Capital We are mindful of the impact of the conflict across the Middle East and the effect this may have on inflation, interest rates and market conditions. Notwithstanding, we remain focused on concluding the strategy within the 3-year timef
Slide 20: Operational Team
OPERATIONAL TEAM Ian Clark Andrew Osborne Jack Sears Anna Durnford BSc (Hons) MRICS BSc (Hons) BSc (Hons) MRICS Donna Mooney Director, Investor Relations Director, Asset Manager Investment Manager Asset Management Receptionist/Administrator • Joined REI in 2007 • Joined REI in 2011 • Joined REI in 2