Real Estate Investors Plc · LSE:RLE
Real Estate Investors — H1 2025 Earnings Presentation
23 slides from Real Estate Investors's earnings presentation, September 2025
Slide 1: Real Estate Investors Plc Results for the period ended 30 June 2025
Real Estate Investors Plc Results for the period ended 30 June 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 £121.8 m
Slide 3: Highly Experienced Board Aligned with Shareholders
HIGHLY EXPERIENCED BOARD 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, • Joined REI Boa
Slide 4: A Resilient Record Throughout Challenging Times
A RESILIENT RECORD THROUGHOUT CHALLENGING TIMES SINCE 2012 TOTAL DIVIDENDS DECLARED/PAID TO SHAREHOLDERS = £55.3 MILLION 3-YEAR DISPOSAL STRATEGY ANNOUNCED IN JANUARY 2024 General Scottish EU Financial Start of Cost of Election Referendum Referendum BREXIT COVID Crisis Ukraine living crisis War 2006
Slide 5: H1 2025 Operational Highlights
H1 2025 OPERATIONAL HIGHLIGHTS • Strong overall rent collection for H1 2025 of 99.75% Contracted Rental Income £m • Contracted rental income: £8.9 million p.a. (FY 2024: £9.0 million p.a.) due to disposals 17.0 17.7 16.7 16.2 14.9 14.3 • Gross property assets: £121.8 million (FY 2024: £124.6 million
Slide 6: H1 2025 Financial Highlights
H1 2025 FINANCIAL HIGHLIGHTS EPRA NTA per share (p) • EPRA NTA per share of 50.6p (FY 2024: 51.3p) • EPRA EPS of 0.85p (H1 2024: 1.04p) 66.2 68.9 69.3 67.4 61.3 64.5 62.2 55.2 58.8 54.9 51.3 50.6 • Q2 2025 dividend per share of 0.4p (Q2 2024: 0.5p) paid as an Ordinary Dividend FY 2014 FY 2015 FY 201
Slide 7: H1 2025 Financials Stable Underlying Profits
H1 2025 FINANCIALS STABLE UNDERLYING PROFITS • Revenue of £4.8 million (H1 2024: £5.6 million) reduction due to sales H1 2025 H1 2024 Income Statement £m £m • Underlying profit before tax* of £1.5 million (H1 2024: £1.8 million) Revenue 4.8 5.6 • Profit before tax of £0.3 million (H1 2024: £3.2 mill
Slide 8: H1 2025 Financials Balance Sheet
H1 2025 FINANCIALS BALANCE SHEET Gross property assets Net assets H1 2025 H1 2024 Balance Sheet £m £m £121.8m £88.4m Property 121.8 136.2 Cash 6.1 5.4 Debt (37.9) (48.0) Other (1.6) (2.9) Net assets 88.4 90.7 EPRA NTA per share Net LTV Adjustments - 0.1 50.6p 26.6% EPRA NTA 88.4 90.8 EPRA NTA per sh
Slide 9: H1 2025 Financials Reduced Debt & Stable Loan to Value
H1 2025 FINANCIALS REDUCED DEBT & STABLE LOAN TO VALUE • Total debt of £37.9 million (FY 2024: £39.2 million) Debt Profile • £1.3 million of debt repaid with disposal proceeds in H1 2025 Lender Debt Facility Debt Maturity Amount Fixed • Cost of debt 6.5% (FY 2024: 6.5%) now reduced to 6%, post perio
Slide 10: Movement in EPRA NTA per Share (p)
MOVEMENT IN EPRA NTA PER SHARE (P) 60 51.3 0.8 50.6 50 -0.7 -0.8 40 30 20 10 0 01-Jan-25 Underlying Profits Revaluation/surplus on sales Dividend 30-Jun-25 REI PLC 9
Slide 11: Movement in EPRA Earnings per Share (p)
MOVEMENT IN EPRA EARNINGS PER SHARE (P) 1.2 1 1 0.25 0.85 0.8 0.6 -0.4 0.4 0.2 0 01-Jul-24 Rental Income Finance Costs 30-Jun-25 REI PLC 10
Slide 12: Consistent Covered Dividend
CONSISTENT COVERED DIVIDEND Uninterrupted dividend payments despite disposals Shareholder Distribution Year on Year £55.3 million total dividends declared/paid since 2012 Q2 2025 dividend of 0.4p per share (Q2 2024: 0.5p) COVID19 PERIOD Dividend paid quarterly +7% Interim Dividend is fully
Slide 13: Market Conditions & Sentiment
MARKET CONDITIONS & SENTIMENT Summary of 2025 Outlook for 2026 Continued widespread economic uncertainty and political unrest Lower finance costs & competitive bank margins – relaxed LTV Subdued market with low levels of investment transactions Normalised investment market (subject to Novemb
Slide 14: Ongoing Sales to Private Investor Market
ONGOING SALES TO PRIVATE INVESTOR MARKET Acquisitions & Disposals 70 Acquisitions Disposals 60 50 40 COVID19 PERIOD 30 20 10 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 H125 Contracted Rental £5.8 £7.7 £11.9 £14.9 £16.2 £17.0 £17.7 £16.7 £14.3 £12.6 £10.9 £9.0 £8.9 Income £m Gross
Slide 15: Orderly Sales Programme Continued Covered Dividend
ORDERLY SALES PROGRAMME CONTINUED COVERED DIVIDEND PRIVATE INVESTOR SALES & DEBT REPAYMENT BALANCE PORTFOLIO SUMMARY YEAR TO DATE • Completed or contracted sales of £2.4 million to private investor market PIPELINE LEGALS On the Open Market • A further £5.3 million completed or contracted post period
Slide 16: Occupancy & Income
OCCUPANCY & INCOME BREAKDOWN OF CONTRACTED RENTAL INCOME CHANGE H1 2025 During H1 2025, 14 lease events were completed, comprising lettings, lease Contracted rental income at 31 Dec 2024 - £9.0 million p.a. renewals and break removals. While volumes were lower than in H1 2024, these lease events del
Slide 17: Diverse and Attractive Portfolio Balanced Risk
DIVERSE AND ATTRACTIVE PORTFOLIO BALANCED RISK Other 13.97% Office Income Income 48.42% Sector by by FS Sector Sector 4.56% (£) (%) 86.53% of FIN Office 4,316,616 48.42 our office 1.45% investments are Traditional Retail 1,195,103 13.41 ‘non- Birmingham F&B Discount Retail – Poundstretcher/B&M etc 8
Slide 18: Top Tenants by Income Diversity is Key
TOP 10 TENANTS BY INCOME DIVERSITY IS KEY Rank Tenant Rent £’000 % Sector Property 99.75% 1 625 7.02 Office Birch House, Oldbury Overall Rent Collection for H1 2 450 5.05 Discount Retail Jasper, Tunstall 2025 3 396 4.44 Office Avon House, Bromsgrove £8.9 million p.a. Contracted 4 350 3.93 Hotel West
Slide 19: ESG & the REI Portfolio
ESG & THE REI PORTFOLIO Energy Performance Certification Portfolio Carbon Emissions Monitoring & Reporting In accordance with government guidelines, REI also continues to ensure its assets meet the UK statutory regulations and timeframes for Energy Performance Despite the primary focus being directe
Slide 20: Outlook Orderly Sales Strategy on Track
OUTLOOK ORDERLY SALES STRATEGY ON TRACK Dispose Repay Return of Assets Debt Capital Disposals Programme – Complete disposals programme to the strong private investor/owner-occupier markets. In addition to £54 million prepared sales, accelerate asset management initiatives to prepare balance of portf
Slide 21: Appendices
APPENDICES REI Real Estate Investors Pk REI PLC 20
Slide 22: Disposal Strategy Alignment STIP and Remuneration Changes
DISPOSAL STRATEGY ALIGNMENT STIP AND REMUNERATION CHANGES Shorter Term Incentive Plan (“STIP”) Revised Remuneration Policy (Effective 1 January 2024) To support the Disposal Strategy and the return of capital to shareholders, the In addition, the Company’s Remuneration Committee has approved changes
Slide 23: 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
Real Estate Investors — H1 2025 Earnings Presentation on 6ix