olivLaw · European equity research
Regional REIT Limited RGL.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Regional REIT Limited is a UK real estate investment trust listed on the London Stock Exchange that invests mainly in regional offices outside the M25 motorway. In a difficult market, it is focusing on disposals, debt reduction and improving the energy efficiency of a portfolio that holds 112 properties valued at £555.2 million.
At the close of 05 Nov 2026, Regional REIT Limited (RGL.L) stock was 0.87 GBP (−0.80% on the day), with beta 0.34, 52-week range 0.85–1.09 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 42.2
- weak (30–45)
- Bollinger (20, 2)
- 0.86 – 0.90
- in the lower half of the band · %B 0.18 · band width 4.2%
- SMA 50 / 200
- 0.90 / 0.94
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.8% | −0.6% | −0.2 pp | — |
| 3 months | −12.6% | −4.2% | −8.5 pp | — |
| 6 months | +0.6% | +4.3% | −3.8 pp | — |
| Year to date | −19.0% | +7.5% | −26.5 pp | — |
| 1 year | −17.9% | +9.9% | −27.9 pp | +6.7% |
| 3 years | −49.8% | +49.8% | −99.6 pp | +24.8% |
| 5 years | −84.6% | +42.8% | −127.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -67.5 m | -39.5 m | -16.4 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -82.90 | -33.50 | -10.10 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 37.7 m GBP
- Financial debt
- unavailable GBP
- Net debt
- unavailable GBP
- Equity
- 319.3 m GBP
- Total assets
- 636.6 m GBP
- Debt / equity
- unavailable
- Current ratio
- 1.85x
- ROE
- -4.9%
- ROA
- -2.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | -44.1 m | -23.9 m | 388.0 k | esef· 29 Apr 2026verified |
| Interest expense | 16.2 m | 15.2 m | 12.2 m | esef· 29 Apr 2026verified |
| Pre-tax income | -67.4 m | -39.5 m | -16.4 m | esef· 29 Apr 2026verified |
| Income tax | 9.0 k | 65.0 k | -14.0 k | esef· 29 Apr 2026verified |
| Net income | -67.5 m | -39.5 m | -16.4 m | esef· 29 Apr 2026verified |
| Diluted EPS | -82.90 | -33.50 | -10.10 | esef· 29 Apr 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 34.5 m | 56.7 m | 37.7 m | esef· 29 Apr 2026verified |
| Receivables | 32.8 m | 35.1 m | 40.7 m | esef· 29 Apr 2026verified |
| Current assets | 67.3 m | 91.8 m | 80.2 m | esef· 29 Apr 2026verified |
| Total assets | 782.4 m | 722.1 m | 636.6 m | esef· 29 Apr 2026verified |
| Accounts payable | 33.0 m | 31.6 m | 29.3 m | esef· 29 Apr 2026verified |
| Current liabilities | 99.3 m | 46.8 m | 43.2 m | esef· 29 Apr 2026verified |
| Total liabilities | 476.3 m | 370.5 m | 317.3 m | esef· 29 Apr 2026verified |
| Equity | 306.1 m | 351.6 m | 319.3 m | esef· 29 Apr 2026verified |
Cash flow · GBP
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
10% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.0x | 0 (on a fixed band) | 60% |
| Current ratio · Balance sheet | 1.9x | 88 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet35/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
REGIONAL REIT LIMITED (RGL.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE -4.9%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.9x
What contradicts it
- Interest coverage: 0.0x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for RGL.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Regional REIT Limited is a UK real estate investment trust listed on the London Stock Exchange that invests mainly in regional offices outside the M25 motorway. In a difficult market, it is focusing on disposals, debt reduction and improving the energy efficiency of a portfolio that holds 112 properties valued at £555.2 million 1.
SWOT
Strengths
- A geographically diversified portfolio with many tenants and active in-house management gives a solid base for income 1.
- Debt is predominantly fixed or hedged and loan-to-value has been reduced, which limits exposure to rate volatility 1.
- Rising energy efficiency and an improved GRESB score could support the appeal of assets to tenants 1.
Weaknesses
Opportunities
Risks
- Occupancyhigh
Occupancy has fallen and tenant losses could reduce income if demand does not recover 1.
- Property valuationshigh
Valuations could fall again if yields move, affecting net asset value and borrowing capacity 1.
- Debt refinancingmedium
Loan maturities could become an issue if credit markets deteriorate 1.
- Energy efficiencymedium
EPC requirements could oblige additional capital spending on some assets 1.
- Geopolitical and macroeconomic risklow
Conflict in the Middle East could affect interest rates, inflation and growth, with effects on the property market 1.
Investment thesis
What would need to be true (bull case)
- If the regional office market continues to recover, the company's quality assets could generate better income and higher values 1.
- Improved energy profile and a higher GRESB score could attract tenants and support long-term occupancy 1.
- Lower debt and stable financing costs could support distributions to shareholders if trends hold 1.
What would break the thesis
- Occupancy has fallen and further tenant losses could continue to reduce income if demand does not return 1.
- Portfolio values have declined and could fall further if yields move, affecting net asset value 1.
- Concentration in regional offices could amplify the impact of working-pattern changes on the company's income 1.
What to watch
- Evolution of EPRA occupancy and new lettings resultsQ1 2027
- Delivery of the 2026 disposal target and effect on loan-to-value2027
- Effects of the management contract restructuring on costsnext 10-K
- Movement of secondary yields and portfolio valuation2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Regional REIT Limited is a UK-based REIT listed on the London Stock Exchange, launched in November 2015 1. The company invests in, actively manages and disposes of commercial property in regional centres outside the M25, with a focus on Core and Core Plus assets 1. It is externally managed by ESR Europe LSPIM Limited, the Investment Adviser, and aims for an attractive total return with a strong income focus 1.
The distribution policy requires at least 90% of profits from the rental business to be distributed, in line with UK REIT regulations 1. The borrowing policy targets a net borrowings to Gross Investment Properties Value ratio of 40% over the longer term, with a maximum limit of 50% 1.
Segments
Market context
The UK regional office market stabilised in 2025 after three years of decline, with total investment up 1.2% year-on-year to £3.1 billion, according to Lambert Smith Hampton 1. Secondary yields appear to have bottomed at around 13%, which could signal the start of a recovery if quality transactions return 1.
Demand for modern, flexible space remains solid, but hybrid working and fewer days in the office limit rental growth overall 1. If energy efficiency rules become stricter, assets with weak energy performance could lose appeal 1.
Trends
- Yield stabilisationtailwind
Secondary yields appeared to stabilise at the end of 2025, which supports core asset values and could help later valuations 1.
- Hybrid workingmixed
The share of employees working exclusively from the office has fallen and hybrid working is spreading, pushing demand towards high-quality space rather than older buildings 1.
- Energy efficiencytailwind
Minimum energy efficiency standards could make EPC ratings a decisive factor for lettings, and the company has advanced in this area 1.
- Financing costs and geopolitical riskheadwind
Tensions in the Middle East could push up interest rates and inflation, affecting property values and borrowing costs, although the company's debt is fixed or hedged 1.
Competitive position
The UK regional office market is fragmented, and competition comes from many investors and asset managers holding buildings in regional cities 1. The company's stated advantage lies in its asset management team and its established tenant relationships 1.
The reviewed sources do not explicitly name listed competitors, so direct comparisons cannot be made from the document 1. Differentiation could come from the energy quality of its space and its ability to sell assets close to valuation 1.
- Private regional office investors
Not named in the sources; they operate in the same regional cities and compete for tenants and deals 1.
- UK real estate funds
Compete for sale and purchase transactions, especially for Core Plus assets 1.
- Regional office developers
Could offer new or refurbished space that competes with the existing portfolio 1.
- Other UK REITs with regional exposure
May pursue the same tenants and regional markets, but are not identified in the sources 1.
News & filings
In the press
- Regional REIT H1 Earnings Call HighlightsYahoo Finance — News · 14 Sept 2026 · EN
Annual reports (ESEF)
- Annual report 202529 Apr 2026
- Annual report 202417 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Regional REIT Limited · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.