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EQS-News News vom 16.01.2018

Edison Investment Research Limited: Edison issues update on Regional REIT (RGL)

Edison Investment Research Limited

16-Jan-2018 / 09:44 GMT/BST


London, UK, 16 January 2018

Edison issues update on Regional REIT (RGL)

RGL's acquisition of two property portfolios, first announced in early December, for an aggregate consideration of £93.4m including costs, completed just before Christmas. This followed the closing of a capital issue that raised £73m (gross) in new equity at 101p per share. The group has also completed a major refinancing programme, simplifying the debt structure and extending maturity, at no additional cost. We reinstate our estimates, including the acquisitions, which add immediately to earnings, and the capital increase. We also take a slightly more cautious approach to 2018 and have trimmed our previously above consensus position.

RGL's prospective dividend yield of 7.8% is the highest of all UK REITs, while its price/EPRA NAV sits within the middle of the range despite a strong focus on asset management and the potential for capital gains. The geographic spread of its non-London portfolio, its sector and tenant diversity, and high asset yield all mitigate macroeconomic risks.

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About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

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Martyn King, +44 (0)20 3077 5745
Andrew Mitchell, +44 (0)20 3681 2500
financials@edisongroup.com

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