REG - Real Estate Investrs - Final Results
28/03/2023 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230328:nRSb3701Ua&default-theme=true
RNS Number : 3701U Real Estate Investors PLC 28 March 2023
Real Estate Investors Plc
("REI" or the "Company" or the "Group")
Final Results
For the year ended 31 December 2022
Robust Portfolio Performance, Disposals & Debt Reduction
Real Estate Investors Plc (AIM: RLE), the UK's only Midlands-focused Real
Estate Investment Trust (REIT) with a portfolio of 1.37 million sq ft of
investment property, is pleased to report its final results for the year ended
31 December 2022:
Growing NTA in a challenging market
· Revenue* of £13.3 million (FY 2021: £14.7 million) (decrease in
the main due to loss of income associated with sales)
· Profit before tax of £10.9 million (FY 2021: £13.9 million),
including a revaluation gain of £3.2 million on investment properties (FY
2021: gain of £4.9 million), a gain of £948,000 on the sale of investment
property (FY 2021: gain of £1.2 million) and a gain in the market value of
our interest rate hedging instruments of £2.2 million (FY 2021: gain of £1.4
million)
· Underlying profit before tax** of £4.6 million (FY 2021: £6.4
million)
· EPRA*** Net Tangible Assets ("NTA") per share of 62.2p (FY 2021:
58.8p) up 5.7%
· Completed disposals totalling £20.9 million (an aggregate
uplift, before costs, of 8.5% above December 2021 valuation)
· Disposal proceeds used to pay down £18 million of debt in 2022
· LTV (net of cash) reduced to 36.8% (FY 2021: 42.2%)
· £7.8 million cash at bank as at 31 December 2022
· Average cost of debt of 3.7%
· 100% of debt fixed with a weighted average debt maturity of 2
years
· EPRA*** EPS of 2.7p (FY 2021: 3.7p)
· Successful £2 million share buyback programme launched and
completed in Q4 2022, in line with Company strategy announced on 6 July 2022
Uninterrupted Fully Covered Dividend
· Final dividend of 0.4375p per share, payable in April 2023 as a
Property Income Distribution (PID)
· Total fully covered dividend per share for 2022 of 2.5p (FY 2021:
3.0625p) (which would be the basis for the dividend for FY2023, subject to the
pace of further disposals) reflecting a yield of 8.8% based on a mid-market
opening price of 28.25p on 27 March 2023
· £46.3 million total declared/paid to shareholders since
commencement of dividend policy in 2012
Positive valuations and strong lettings activity
· Like-for-like portfolio valuation up by 1.9% to £173.0 million
(FY 2021: £169.8 million)
· Gross property assets of £175.4 million (FY 2021: £190.8
million) with 42 assets and 201 occupiers
· Rent collection levels for 2022 of 99.54% (2021 overall
collection: 97.81%) and Q1 2023 rent collection to date of 99.80% (adjusted
for monthly/deferred agreements)
· Completed 127 lease events during the year
· WAULT**** of 4.98 years to break and 6.29 years to expiry (FY
2021: 5.03 years /6.76 years)
· Contracted rental income of £12.6 million (FY 2021: £14.3
million) net of disposals
· Portfolio occupancy of 84.54% (FY 2021: 85.75%) with potential to
rise further as key pipeline lettings are completed (subject to ongoing sales
and ongoing portfolio lease activity)
Post year end activity - continued demand from private investor market
· Additional significant pipeline sales in legals
· Healthy pipeline of new lettings in legals of £828,486 p.a.
· In March 2023, the Group extended the £20 million facility with
Lloyds for 6 months to 31 May 2024 and the £31 million facility with NatWest
for 3 months to June 2024
Paul Bassi, CEO of Real Estate Investors Plc, commented:
"Despite the worst property year for transactions since the financial crisis,
REI has successfully disposed of £20.9 million of property and reduced debt
by £18 million, which has contributed to pre-tax profits of £10.9 million
and the continuation of an attractive covered dividend. Our like-for-like
portfolio valuation has seen a 1.9% recovery during the year. Given that the
UK investment property market suffered average valuation declines of 14.2%
over the year, this outperformance by the REI portfolio is a clear indication
of the portfolio's stability and diversity.
Despite a sluggish and inactive corporate and institutional marketplace, we
anticipate continued sales to a strong private investor market, which will
allow us to execute our stated strategy and reduce our debt further. If the
significant share price discount to NTA persists, we will consider a further
share buyback, special dividend or other method of capital return. In the
event of a change in market conditions, we will also consider opportunistic
acquisitions that will provide significant value via income and capital
enhancement to our portfolio."
Financial and Operational Results
31 Dec 2022 31 Dec 2021
Revenue* £13.3 million £14.7 million
Pre-tax profit £10.9 million £13.9 million
Underlying profit before tax** £4.6 million £6.4 million
Contracted rental income £12.6 million £14.3 million
EPRA EPS*** 2.7p 3.7p
Basic EPS*** 6.3p 7.8p
Dividend per share 2.5p 3.0625p
Average cost of debt 3.7% 3.5%
Like-for-like rental income £12.6 million £12.6 million
31 Dec 2022 31 Dec 2021
Gross property assets £175.4 million £190.8 million
EPRA NTA per share 62.2p 58.8p
Like-for-like capital value psf £125.97 psf £123.67 psf
Like-for-like valuation £173.0 million £169.8 million
Tenants 201 256
WAULT to break**** 4.98 years 5.03 years
Total ownership (sq ft) 1.37 million sq ft 1.49 million sq ft
Net assets £109 million £105 million
Loan to value 42.2% 47.4%
Loan to value net of cash 36.8% 42.2%
Definitions
* Excludes land sale
** Underlying profit before tax excludes gain on revaluation and
sale of properties and interest rate swaps
*** EPRA = European Public Real Estate Association
**** WAULT = Weighted Average Unexpired Lease Term
Certain of the information contained within this announcement is deemed by the
Company to constitute inside information as stipulated under the UK version of
the EU Market Abuse Regulation (2014/596) which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018, as amended and supplemented from
time to time.
Enquiries:
Real Estate Investors Plc +44 (0)121 212 3446
Paul Bassi/Marcus Daly
Cenkos Securities (Nominated Adviser) +44 (0)20 7397 8900
Katy Birkin/Ben Jeynes
Liberum (Broker) +44 (0)20 3100 2000
Jamie Richards/William King
About Real Estate Investors Plc
Real Estate Investors Plc is a publicly quoted, internally managed property
investment company and REIT with a portfolio of 1.37 million sq ft of
mixed-use commercial property, managed by a highly-experienced property team
with over 100 years of combined experience of operating in the Midlands
property market across all sectors. The Company's strategy is to invest in
well located, real estate assets in the established and proven markets across
the Midlands, with income and capital growth potential, realisable through
active portfolio management, refurbishment, change of use and lettings. The
portfolio has no material reliance on a single asset or occupier. On 1st
January 2015, the Company converted to a REIT. Real Estate Investment Trusts
are listed property investment companies or groups not liable to corporation
tax on their rental income or capital gains from their qualifying
activities. The Company aims to deliver capital growth and income
enhancement from its assets, supporting its progressive dividend policy.
Further information on the Company can be found at www.reiplc.com
(http://www.reiplc.com/) .
CHAIRMAN'S AND CHIEF EXECUTIVE'S STATEMENT
Corporate and institutional buyers remained cautious throughout 2022, with
limited demand for larger lot sizes. However, despite negative market
sentiment, rising interest rates and high inflation, private investor and
overseas buyer activity has remained healthy, resulting in a strong year of
sales and debt reduction for REI.
To take advantage of private investor appetite for smaller lot sizes and, in
line with the Company strategy (outlined in July 2022), REI identified a
number of assets with break-up potential that met this investor demand,
successfully disposing of 25 assets/units totalling £20.9 million during the
year, at an aggregate uplift, before costs, of 8.5% on 2021 year end book
values and a net initial yield of 6.84%, demonstrating a robust underlying
portfolio value.
Portfolio disposals contributed towards a pre-tax profit of £10.9 million (FY
2021: £13.9 million profit) and supported a fully-covered, uninterrupted
dividend payment of 2.5p for the year, taking the total declared/paid to
shareholders since the commencement of our dividend policy in 2012 to £46.3
million.
During the year, £18 million of debt was repaid, reducing overall total drawn
debt to £71.4 million (FY 2021: £89.4 million) and LTV (net of cash) to
36.8% (FY 2021: 42.2%). Our average cost of debt increased marginally to
3.7% due to the repayment of low-cost debt, with 100% of our remaining debt
fixed as at 31 December 2022. Management's priority remains to repay further
debt, via additional sales to a strong private investor market, with a view to
maintaining portfolio gearing below 40%, and, supporting further improvement
in the Group's Net Tangible Assets ("NTA").
In addition to substantial debt repayment, the accelerated sales rate in 2022
allowed the Company to fund a share buyback of £2 million, further supporting
the Company's ongoing capital return strategy, aimed at reducing the
unwarranted discount between the share price and NTA.
As well as reducing debt, the Company is looking to target £300,000 plus of
savings in FY 2023 by identifying services that are no longer required as the
portfolio reduces in size. More than 50% of this target saving has already
been actioned.
REI's resilient regional portfolio, underpinned by a diversified tenant and
sector spread and consisting of 201 occupiers across 42 assets, has gross
property assets of £175.4 million (FY 2021: £190.8 million). Our
like-for-like portfolio valuation has seen a 1.9% recovery during the year.
Given that the UK investment property market suffered average valuation
declines of 14.2% over the year, this outperformance by the REI portfolio is a
clear indication of the portfolio's stability and diversity. With limited
exposure to sectors that are undergoing a sharp yield correction and value
reduction, conservative portfolio gearing and the benefit of significant
underlying break-up potential demonstrated by recent sales, the portfolio is
well placed to weather ongoing economic instability. However, should
interest rates rise further than presently anticipated, this could have a
negative impact on future valuations.
Intensive asset management during the year resulted in 127 lease events, and a
WAULT of 4.98 years to break and 6.29 years to expiry (FY 2021: 5.03 years to
break and 6.76 years to expiry). Occupancy across the portfolio is stable at
84.54% (FY 2021: 85.75%) despite disposals of fully occupied assets, however,
market sentiment and cost pressures from rising interest rates have resulted
in a slowing down in occupier decisions. A shift in employee working habits,
a legacy of the pandemic, has also contributed to the hesitation from office
occupiers who have not yet seen a full return of their workforce and are now
seeking smaller quality spaces 'a flight to quality' that will entice
employees back to their desks, whilst also meeting relatively new
sustainability objectives. We anticipate, in light of market sentiment that
occupancy will increase, particularly as we have witnessed an improvement in
occupier demand (albeit decision making remains slow) in the first quarter of
2023. We are buoyed by the interest levels in the type of space we have
available, much of which is non-City centre and accessible for those who wish
to avoid heavy commutes and public transport.
Contracted rental income is at £12.6 million p.a. (FY 2021: £14.3 million
p.a.), with the majority of this reduction due to the loss of income
associated with disposals during the year, combined with lease terminations
and other known lease events which we would expect to see in any normal
trading period.
We currently have a significant pipeline of lettings totalling £828,486 rent
p.a. in solicitors hands, including large government-backed lettings that,
once completed, have the potential to positively impact our occupancy levels,
leading to improved income and WAULT and supporting future valuation
recovery.
In another sign of market normalisation and in line with the easing of Covid
19 related government restrictions in early 2022, overall rent collection
levels for the year were a very healthy 99.54% translating into EPRA earnings
per share of 2.7p. For Q1 2023, rent collection levels are currently at
99.80%, signalling that occupiers are continuing to trade well, despite
inflationary and interest rate pressure.
Ongoing Strategy
The Board renews its commitment set out in the July 2022 Trading Update and
Capital Return Strategy, to deliver maximum value to our shareholders. The
Board believes that the share price discount to the net tangible assets
("NTA") continues to be unwarranted and that it is in the best interests of
all shareholders to continue to take steps to reduce this discount.
During 2022, the Company disposed of £20.9 million of portfolio assets at
levels exceeding book value and a proportion of the subsequent disposal
receipts, were used to repay £18 million of debt.
In Q4 2022 the Company utilised further disposal receipts to fund a share
buyback, acquiring a total of 7,142,857 shares at an average cost of 28p per
share during November and December 2022. All 7,142,857 buyback shares
purchased under the programme were cancelled. Therefore, the total number of
Ordinary Shares in issue and carrying voting rights is 172,651,577 with no
Ordinary Shares held in treasury.
Our strategy remains as previously stated and the Board looks to maintain
maximum flexibility when considering how best to allocate surplus capital,
including a return of capital to shareholders, whether in the form of a
further share buyback, special dividend or other method of capital return.
The quantum of any return of capital will be set to ensure that we maintain a
prudent loan-to-value ("LTV") ratio and will be subject to market
conditions. Alternatively, if the environment for acquisitions changes and
opportunities offering significant value start to arise, then we may look to
make opportunistic acquisitions where there is scope to capture material
upside through asset management. The Board evaluates the relative merits of
these options on an ongoing basis.
Market commentators suggest that 2023 may see a more normalised investment
market, with corporate and institutional investors returning to the market,
having remained inactive for much of the last 24 months. If this interest
and activity materialises as predicted, we expect the quantum of REI sales in
both volume and monetary terms to significantly increase, which would see an
acceleration in REI's debt repayment objectives. Likewise, should market
conditions change dramatically and acquisition opportunities reveal
themselves, management will consider acquisitions, should they offer our
portfolio value and income enhancement for shareholders.
Dividend
The Company's dividend payments continued uninterrupted throughout 2022,
despite unfavourable market conditions and an ongoing sales programme by
REI. The first two quarterly dividend payments in respect of 2022 were paid
at a level of 0.8125p per share, fully covered. The Q3 2022 dividend was
reduced to 0.4375p per share due to the acceleration of disposals. The final
dividend in respect of 2022 is confirmed as 0.4375p per share, reflecting a
total fully-covered dividend payment for 2022 of 2.5p (FY 2021: 3.0625p)
(which would be the basis for the dividend for FY2023, subject to the pace of
further disposals) and a yield of 8.8% based on a mid-market opening price of
28.25p on 27 March 2023. The Board remains committed to paying a covered
dividend, subject to business performance and the pace of further disposals.
The proposed timetable for the final dividend, which will be a Property Income
Distribution ("PID") is as follows:
Ex-dividend date: 6 April 2023
Record date: 11 April 2023
Dividend payment date: 28 April 2023
Outlook for 2023
We anticipate continued sales in 2023, with private investor appetite
remaining strong in Q1 2023. Until clarity is available around interest
rates, larger buyers will likely remain inactive. Sales to private investors
are piecemeal and slow but nevertheless are value enhancing and worth
pursuing. Receipts from these selective disposals will be used towards
repaying further debt and reducing portfolio gearing, with a view to
delivering on strategic objectives and narrowing the discount between share
price and NAV.
The Board intends to maintain 'maximum flexibility' with our strategy in the
months ahead and will consider a further share buyback or capital return if
appropriate, the structure and timing of which is yet to be decided. The
quantum of any return of capital will be set to ensure that we maintain a
prudent LTV ratio, whilst also being mindful of the overall liquidity in the
Company's shares.
Renewed occupier appetite, combined with a proactive asset management approach
to the existing portfolio over the months ahead should unlock income from void
spaces and lead to improved occupancy levels. A rise in occupancy, along
with evidence from successful sales should go some way to offsetting any
negative impact of economic instability on future valuations, although further
and higher rate rises could adversely impact these.
Management intends to continue paying an uninterrupted, fully-covered
quarterly dividend payment to shareholders, subject to portfolio disposals and
any acceleration in the sales programme.
As always, we are aware of market consolidation within the real estate and
REIT market and we remain alert to options that align with the interests of
REI's shareholders.
Our Stakeholders
Our thanks to our shareholders, advisers, tenants and staff for their
continued support.
William
Wyatt
Paul Bassi CBE D. Univ
Chairman
Chief Executive
27 March
2023
27 March 2023
PROPERTY REPORT
UK Property Market Overview
Sentiment around the investment market is shrouded in uncertainty following a
tumultuous 2022. The year started off with investor optimism on the economic
outlook, although economists' forecasts vary considerably. The impact of
central banks raising interest rates to combat inflation has led to some of
the highest borrowing costs since the 2008 global financial crisis.
Consequently, UK fund activity has so far been subdued during Q1 2023, with
noticeable reduction in demand for larger lot sizes, except for some well let
prime industrial investments, where interest is slowly recovering after a poor
year of performance.
However, as witnessed throughout the UK national auction markets, activity
from smaller private investors remains resilient, albeit on-going sales are
piecemeal and slow due to a lack of market confidence and availability of
finance. UK institutions have started the year very subdued with minimal
volume activity for larger lot sizes. Until the inflationary storm passes,
monetary policy pivots to neutral and the economy proves resilient, we
anticipate that the funds will likely remain inactive or at best highly
selective.
As would have been expected given base rate moves, capital value declines in
2022 were overwhelmingly driven by expanding yields (yield impact of -17.3%
year-on-year), with rental values seeing marginal growth (+4.2%) as a result
of a strong performance in the first half of the year. However, overall total
returns are down. According to MCSI's IPD UK Property Index, UK investment
property values declined by 14.2% for the year, making 2022 the worst year for
UK property since the financial crisis.
Higher borrowing costs fed through to the investment market with prospects of
higher rate expectations which has dampened buyer sentiment towards commercial
real estate. Consequently, open-ended real estate funds have been battling to
meet a surge in demand for redemptions against a backdrop of high inflation
and economic uncertainty. Some of the largest UK property asset managers, have
imposed restrictions on property fund redemptions since September 2022, with
many other funds and institutions also cutting their exposure to commercial
property.
Early 2023 valuations look slightly healthier, with sentiment improving,
suggesting that some of the downside risk has been mitigated. However,
property prices are typically negatively correlated to interest rates, so
returns will likely be determined by how high interest rates need to go to
tame inflation. The length and breadth of a recession is also very important
for commercial property pricing, as this will impact the occupational market.
Reductions in valuations in the investment market is mainly focussed on
industrial and offices sectors. Fortunately, the REI portfolio is heavily
diversified and our valuations have proven to be more resilient.
With the region firmly on the map, thanks to a very successful 2022
Commonwealth Games and the highly anticipated HS2 project, Birmingham City
centre and the wider Midlands region is witnessing a continued migration of
large businesses from London to the region, with Goldman Sachs just one of
many corporates taking space in 2022, signing up for 110,000 sq ft of Grade A
space.
According to JLL Research, occupiers continue to seek quality, with Grade A
accounting for 49% of office take up across the Birmingham City Centre office
market in 2022. Take up levels in the City centre totalled 692,700 sq ft for
the year, a marginal increase on the 5-year average, with transaction levels
14% higher. Recovery in rental values continued with an increase of 7% in
Birmingham's headline rent on 2021 to £40.00 per sq ft, 16% above pre-Covid
levels. A lack of quality space is driving the growth, with only c. 80,000
sq ft of new build development in the pipeline for Birmingham City Centre,
currently under construction and available. We acknowledge that the market
for secondary City centre offices is experiencing a decline, however our
vacancy within this sector represents c. 1% of our entire portfolio and as
such is not cause for concern.
The REI Portfolio
The REI portfolio, comprising of 42 assets with 201 tenants has a net initial
yield of 6.84% and a reversionary yield of 8.23%. Valuations have seen a rise
of 1.9% on a like-for-like basis to £173.0 million (FY 2021: £169.8
million). Further valuation gains could be achieved during the course of
2023 as REI intends to continue to sell off assets at a premium to a strong
investor market and generate income from void space within the
portfolio.However, further interest rate rises could add downward valuation
pressure.
The current portfolio sector weightings are:
Sector £ Income by sector % Income by sector
Office 5,310,138 42.06
Traditional Retail 2,189,615 17.34
Other - Hotels (Travelodge), Leisure (The Gym Group, Luxury Leisure), Car 1,502,058 11.90
parking, AST
Discount Retail - Poundland/B&M etc 1,472,350 11.66
Medical and Pharmaceutical - Boots/Holland & Barrett etc 759,049 6.01
Restaurant/Bar/Coffee - Wetherspoons, Dominos etc 595,750 4.72
Food Stores - Co-op, Iceland etc 409,545 3.25
Financial/Licences/Agency - Clydesdale Bank Plc, Santander UK Plc, Bank of 386,125 3.06
Scotland etc
Total 12,624,630 100.00
Disposals
Whilst the more institutional markets were in a state of flux, during the year
we recognised that there was a growing amount of activity from private
investors seeking smaller lot sizes of up to £1 million. We identified
several assets that could be broken up into smaller sales to achieve premium
values and disposed several assets via private treaty to private purchasers at
levels above book value.
During the year, we disposed of 25 assets/units with an average lot size of
£836,000, for a combined consideration of £20.9 million at an aggregate 8.5%
uplift to valuation, comprising the following:
· Acocks Green Shopping Centre, comprising twelve separate units,
with a combined sale value of £7.03m - sold at an aggregate uplift of 17%
above book value
· 120-138 High Street, Kings Heath for £4.7m - sold at 8% above
book value
· Bearwood Shopping Centre, comprising eight separate units, with a
combined sale of £3.7m - sold at an aggregate uplift of 4% above book value
· 37a Waterloo Street, Birmingham at £3.17m, to a China based
private investor - sold at 9.41% below book value
· McDonalds Unit Leamington for £1.55m - sold at 43% above book
value
· Eastleigh / Hanover retail units, non-core assets to a private
property company for £735,000 - no uplift on combined sales
It is worth noting that, whilst some of our assets were sold on an
opportunistic basis, others, where asset management initiatives had been
completed, were identified as ready for disposal as our knowledge of the local
market meant it was the correct time to be disposing of them.
Post Period End Disposals
Since the year end we are now under offer on a significant pipeline of
disposals which are in solicitors hands, subject to contract. REI intends to
make further opportunistic sales, should investor demand prevail.
Acquisitions
No suitable acquisitions were identified during the year and focus was
directed at sales. Management will consider portfolio acquisitions should
they offer portfolio value and income enhancement.
Asset Management
Notwithstanding the backdrop of economic uncertainty amid a cost-of-living
crisis, there was still renewed occupier confidence experienced in 2022, with
the asset management team completing 127 lease events. New lettings during
the year totalled just under £1 million p.a. with notable lettings at
Birchfield House (Oldbury), Titan House (Telford) and Venture Court
(Wolverhampton).
The occupier market remains active with a good number of pipeline lettings in
our void space. Portfolio occupancy is at 84.54% (FY 2021: 85.75%) with
potential to rise further with the completion of key pipeline lettings which
are in advanced discussions. Of the 15.46% vacancy (as at 31 December 2022)
within the portfolio, over half of this (8.01%) can be attributed to spaces at
4 properties (Barracks Road, Newcastle-under-Lyme; Crewe Shopping Centre;
Kingston House and Birch House).
As a result of the asset management activity in 2022 our WAULT was 4.98 years
to break and 6.29 years to expiry (FY 2021: 5.03 years to break and 6.76 years
to expiry).
Key asset management initiatives undertaken during the year include:
Titan House
Following the refurbishment of the office space to a Grade A specification,
there was strong interest during 2022. BohooMoon Limited signed for the
third floor on a 5-year lease and we are in legals with an occupier to take
the first-floor office space. This is on a ten-year lease with a tenant
break in year 5. The remaining floor has seen strong interest since the year
end to date and we are confident that the building will be fully occupied by
the end of 2023.
Oldbury
DHU Health Care CIC took occupation of all 16,584 sq ft at Birchfield House
towards the end of 2022 at a market rent of £273,636 p.a. This is on a
short-term lease to facilitate a potential move into all of the 35,749 sq ft
at Birch House during 2023.
Tunstall
Argos' 15-year lease expired in 2020 and following a period of time where they
'held over', this lease was renewed for a further 5 years in mid-2022.
Poundland, having taken a temporary lease in 2020 to assess trade post Covid,
entered into a new 5-year lease at a market rent. The proposed Drive Thru
'pod' has seen an increased demand from a number of operators. All the above
support the sentiment of the strength of this location.
Crewe
The former Argos unit became vacant after the store consolidated to the local
Sainsburys and we are now under offer to a national occupier for the ground
floor of this unit. Additionally, we are in solicitors' hands for a new
lease agreement to Bodycare to take the former Clinton Cards unit with
anticipated opening during the summer. We currently have two vacancies in
the indoor mall which occurred after Christmas, but we are working hard to
find occupiers, with ongoing interest. We have agreed to sell the
consented new drive thru land in the rear car park to a well-known fast-food
operator and once completed we feel that this will have a very positive effect
on the scheme. Parking revenue has been resilient and we have recently
renewed our parking contract with an operator which includes brand new parking
machines and improved car park signage.
Brandon Court
Following the successful surrender and reconfiguration of the Yazaki space,
the letting to Bennetts and Comex 2000 completed late 2021/early 2022. The
final suite at the scheme was let in June 2022 to City Fibre on a 5-year
lease. Once again, the scheme is fully let.
Redditch
The final vacant unit was let in March 2022 to a Euro Supermarket. The
operator took a 15-year lease and has traded exceptionally well since
opening. Car parking income at the scheme has seen a strong resurgence since
the impact of the Pandemic. A new operator was appointed and has invested in
new equipment and pay facilities.
Topaz Business Park
Several operators expressed interest in surplus land at Topaz and, after
negotiations, it was decided to proceed with Costa. Costa is considered one
of the best covenants of the Drive Thru market. An Agreement for Lease was
entered into in July 2022 and tenders are being prepared to obtain a fixed
price build contract. Heads have been agreed on a forward sale with REI
committing to develop the scheme. Once PC is achieved, the lease is entered
into and this will trigger the completion of the sale.
Lease terms:
· Letting to Costa Limited
· 15-year lease
· £85,000 per annum
· 9-months rent free
· Five yearly rent reviews - open market reviews with cap and
collar limits of 3% and 1% respectively
New tenants to the portfolio in 2022
Microsoft, Shoe Zone (AG), King & Moffat UK Ltd, Delta Simons Ltd, City
Fibre Holdings, Team Support Healthcare & DHU.
Post Period End Activity and Sentiment
Whilst there have only been a handful of lettings post the year end, we are
noticing a significant increase in enquiries for vacant space. The vacant
office space within key city/town centres is generating levels of enquiries
not seen since the pandemic. Ongoing lease events are progressing slowly,
e.g. Birch House, Oldbury due to government funding approval and
ever-increasing levels of scrutiny.
Portfolio Summary
Value (£) Area Contracted Rent (£) ERV NIY (%) EQY RY Occupancy
(sq ft) (£) (%) (%) (%)
Portfolio 173,030,000 1,373,631 12,624,630 15,193,820 6.84 8.14 8.23 84.54
Land 2,389,365 - - - - - - -
Total 175,419,365 1,373,631 12,624,630 15,193,820 6.84 8.14 8.23 84.54
*Our land holdings are excluded from the yield calculations
Environmental, Social and Governance ("ESG")
REI has continued to work alongside Measurabl, the leading ESG technology and
services platform for real estate, to collect, track and report carbon
emissions data across REI's landlord-controlled areas. The reduction of the
portfolio's carbon footprint is a priority for the business.
We have detailed below our emissions for Jan-Dec 2019 and 2020 (carbon
emissions data for 2021 and 2022 will be supplied in due course as we complete
the historical data collection):
Carbon Emissions 2020 2019
Scope 1 Emissions* 10,930 MTCO₂e 17,574 MTCO₂e
Scope 2 Emissions * 904.28 MTCO₂e 1,236 MTCO₂e
Total Scope 1 and Scope 2 Emissions* 11,834 MTCO₂e 18,810 MTCO₂e
*The above calculations apply to landlord-controlled gas and electricity
consumption only
Portfolio Energy Performance Certification
In accordance with government guidelines, REI has undertaken a programme to
ensure our assets meet the UK statutory regulations and timeframes for EPCs.
We will continue to upgrade assets when required. An overview of the asset
EPC ratings across the portfolio is noted below, showing the progress since 31
December 2021:
% of portfolio (by sq ft)
EPC Rating
A B C D E F G Total
31 Dec 2021 0.00 9.48 37.18 43.15 9.35 0.54 0.30 100.00
31 Dec 1.36 22.99 31.18 37.49 6.98 0 0 100.00
2022
FINANCIAL REVIEW
Overview
Our results for 2022 are in line with management's expectations following a
successful year of disposals. Profit before tax of £10.9 million (FY 2021:
£13.9 million), to include a revaluation gain of £3.2 million on
investment properties (FY 2021: gain of £4.9 million), a gain of £948,000 on
the sale of investment property (FY 2021: gain of £1.2 million) and a gain in
the market value of our interest rate hedging instruments of £2.2 million (FY
2021: gain of £1.4 million).
Property disposals during the year amounted to £20.9 million, of which £18
million was used to repay debt. Significant debt repayment, combined with a
gain in portfolio valuations has led to a reduction in our LTV (net of cash)
to 36.8% (FY 2021: 42.2%). As a result, our EPRA NTA per share has risen by
5.8% to 62.2p (FY 2021: 58.8p).
As at 31 December 2022, total drawn down debt was £71.4 million (FY 2021:
£89.4 million) with 100% of the Company's debt fixed at an average cost of
debt of 3.7%. REI continues to meet all banking covenants (which continue to
be measured against LTV of the loans to property values and the interest cover
against rental income) and have headroom available. REI remains multi-banked
across 4 lenders.
During the year, contracted rental income reduced to £12.6 million (FY 2021:
£14.3 million) due to significant portfolio disposals, combined with a
temporary drop in occupancy levels across the portfolio as the markets react
to economic pressures. The loss of income resulted in a drop in revenue to
£13.3 million (FY 2021: £14.7 million). Our like-for-like rental income
has remained constant, due to intensive asset management during the year.
Underlying profit for the year was £4.6 million (FY 2021: £6.4 million).
Our pre-tax profits of £10.9 million supported uninterrupted dividend
payments throughout 2022, with Q1 and Q2 paid at a level of 0.8125p per share,
fully covered. The Q3 2022 dividend was reduced to 0.4375p per share due to
the acceleration of disposals. The final dividend in respect of 2022 is
confirmed as 0.4375p per share, reflecting a total fully-covered dividend
payment for 2022 of 2.5p (FY 2021: 3.0625p) and a yield of 8.8% based on a
mid-market opening price of 28.25p on 27 March 2023.
31 December 2022 31 December 2021
Gross Property Assets £175.4 million £190.8 million
Underlying profit before tax £4.6 million £6.4 million
Pre-tax profit £10.9 million £13.9 million
Revenue £13.3 million £14.7 million
EPRA EPS 2.7p 3.7p
EPRA NTA per share 62.2p 58.8p
Net Assets £109 million £105 million
Loan to value 42.2% 47.4%
Loan to value net of cash 36.8% 42.2%
Average cost of debt 3.7% 3.5%
Dividend per share 2.5p 3.0625p
Like-for-like rental income £12.6 million £12.6 million
Like-for-like capital value psf £125.97 psf £123.67 psf
Like-for-like valuation £173.0 million £169.8 million
Capital Return Strategy & Buyback Programme
The Board is committed to delivering value to its shareholders and believes
that the share price discount to the net tangible assets ("NTA") continues to
be unwarranted. Following successful sales and subsequent debt repayment in
2022, the Company undertook a share buyback, acquiring a total of 7,142,857
shares at an average cost of 28p per share during November and December
2022. All 7,142,857 buyback shares purchased under the programme previously
held in treasury were cancelled. Therefore, the total number of Ordinary
Shares in issue and carrying voting rights is 172,651,577 with no Ordinary
Shares held in treasury.
During 2023, the Board intends to maintain 'maximum flexibility' in our
approach towards our capital return strategy and will consider a special
dividend, further share buyback or other form of capital return to
shareholders, the structure and timing of which is yet to be decided and
subject to the ongoing sales programme.
Results for the year
The profit before tax of £10.9 million (FY 2021: £13.9 million), includes a
revaluation gain of £3.2 million on investment properties (FY 2021: gain of
£4.9 million), a gain of £948,000 on the sale of investment property (FY
2021: gain of £1.2 million) and a gain in the market value of our interest
rate hedging instruments of £2.2 million (FY 2021: gain of £1.4 million).
Excluding these items, the underlying profits reduced to £4.6 million (FY
2021: £6.4 million).
Due to a loss of income during the year of £1.7 million p.a. (in the main due
to loss of income associated with sales of £1.654 million, combined with
other expected lease events) revenues for the year were down to £13.3 million
(FY 2021: £14.7 million) despite new lettings of just under £1 million p.a.
and intensive asset management initiatives offsetting much of the rental loss.
In addition, holding costs of void space and direct costs increased to £2.5
million (FY 2021: £1.9 million).
As at 31 December 2022, cash at bank was £7.8 million. During the year, REI
did not make any investment property acquisitions due to a lack of supply.
Attention was focussed on achieving value by disposing of assets at above book
value to a strong private investor market.
As previously stated, the Company is looking to target up to £300,000 of
savings in FY 2023 by identifying services that are no longer required as the
portfolio reduces in size. During the year, administrative costs and
overhead expenses increased by £200,000 to £3.3 million (FY 2021: £3.1
million), mainly due to a salary rise and increased bonus for staff (excluding
directors) of £100,000, maintaining bad debts provision of £50,000 (FY 2021:
£50,000), and a provision for costs of the Long-Term Incentive Plan of
£150,000 (FY 2021: £150,000). The Remuneration Committee agreed that
bonuses for the Executive Directors of £180,000, being 25% of salary for 2022
should be made (FY 2021: £180,000).
Interest costs for the year reduced by £250,000 to £3 million (FY 2021:
£3.2 million) due to £18 million debt repayment during the year. The
weighted average cost of debt rose marginally to 3.7% (FY 2021: 3.5%) as a
result of the Group paying down cheaper debt.
Earnings per share were:
Basic: 6.3p (FY 2021: 7.8p)
Diluted: 6.3p (FY 2021:
7.6p)
EPRA: 2.7p (FY 2021: 3.7p)
Shareholders' funds increased to £109 million at 31 December 2022 (31
December 2021: £105 million) as a result of the gain on property portfolio
revaluation.
Basic NAV: 63.1p (FY 2021: 58.5p)
EPRA NTA: 62.2p (FY 2021: 58.8p)
Finance and Banking
Due to a successful disposals programme in 2022 and subsequent debt repayment
of £18 million, total drawn debt at 31 December 2022 was £71.4 million (FY
2021: £89.4 million) with the AIB facility repaid in full. The Group has
£7.8 million cash at bank and remains multi-banked across 4 lenders and
continues to meet banking covenants with its lenders, with headroom
available. As at 31 December 2022, 100% of the debt across the portfolio is
fixed, preserving low average costs of debt at 3.7%, with a weighted average
debt maturity of 2 years (FY 2021: 1.8 years). The business is
well-insulated from interest rate rises in the coming months.
The LTV as at 31 December 2022 was 42.2% (FY 2021: 47.4%) and the LTV (net of
cash) was 36.8% (FY 2021: 42.2%). It is management's intention to maintain a
portfolio LTV of sub 40%. The Group's hedge facility improved by £2.2
million for the year to 31 December 2022 and as at 31 December 2022, the
swap position was an asset of £68,000.
Lender Debt Facility (£m) Debt Maturity Hedging (%)
National Westminster Bank 33.1 March 2024 100
Lloyds Banking Group 20 December 2023 100
Barclays 7.6 December 2024 100
Aviva 11.2 2027 & 2030 100
In March 2023, the Group extended the £20 million facility with Lloyds
Banking Group Plc for 6 months to 31 May 2024 and the £31 million facility
with National Westminster Bank Plc for 3 months to June 2024. It was agreed
to renew discussions later in the year in order to formalise new, longer-term
facilities when long-term rates have stabilised. However, management
continues to take a proactive approach to the maturity of these loans, and
have a close dialogue with the banks, with rates monitored on a continuous
basis to renew the facilities earlier if appropriate.
Going concern
The consolidated financial statements for the Group have been prepared on a
going concern basis.
Long Term Incentive Plan ("LTIP")
The Company's LTIP is designed to incentivise and reward employees in reaching
specific goals that lead to increased shareholder value and maximised
returns. Based on the results for the year, 50% of the options awarded for
2020 are likely to vest and so a charge to the provision of £150,000 (FY
2021: £150,000) has been made in the accounts in respect of the LTIP.
Taxation
The Group converted to a Real Estate Investment Trust (REIT) on 1 January
2015. Under REIT status the Group does not pay tax on its rental income
profits or on gains from the sale of investment properties. The Group
continues to meet all REIT requirements for REIT status.
Dividend
Under the REIT status the Group is required to distribute at least 90% of
rental income taxable profits arising each financial year by way of a Property
Income Distribution. Quarterly dividends commenced in 2016.
Despite uncertainty in the property markets throughout 2022 and significant
disposals by REI, the Company's dividend payments continued uninterrupted with
the first two quarterly dividend payments in respect of 2022 paid at a level
of 0.8125p per share, fully covered. The Q3 2022 dividend was reduced to
0.4375p per share due to the acceleration of disposals.
The final dividend in respect of 2022 is confirmed as 0.4375p per share,
reflecting a total fully-covered uninterrupted dividend payment for 2022 of
2.5p (FY 2021: 3.0625p) (which would be the basis for the dividend for FY2023,
subject to the pace of further disposals) and a yield of 8.8% based on a
mid-market opening price of 28.25p on 27 March 2023. This takes the total
declared/paid to shareholders since the commencement of our dividend policy in
2012 to £46.3 million.
The dividend will be paid on 28 April 2023 as a Property Income Distribution
(PID), to all shareholders on the register as at 11 April 2023 with an
ex-dividend date of 6 April 2023. The Board remains committed to paying a
covered dividend, subject to business performance and the pace of further
disposals.
Marcus Daly, Finance Director
27 March 2023
Real Estate Investors plc
Consolidated statement of comprehensive income
For the year ended 31 December 2022
Note 2022 2021
£000 £000
Revenue 13,293 15,971
Cost of sales (2,489) (3,329)
Gross profit 10,804 12,642
Administrative expenses (3,252) (3,045)
Gain on sale of investment property 948 1,177
Gain in fair value of investment properties 3,152 4,951
Profit from operations 11,652 15,725
Finance income 49 46
Finance costs (2,981) (3,235)
Gain on financial liabilities at fair value through profit and loss 2,214 1,388
Profit on ordinary activities before taxation 10,934 13,924
Income tax charge - -
Net profit after taxation and total comprehensive income 10,934 13,924
Total and continuing earnings per ordinary share
Basic 3 6.33p 7.76p
Diluted 3 6.25p 7.64p
EPRA 3 2.68p 3.67p
The results of the Group for the year related entirely to continuing
operations.
Real Estate Investors plc
Consolidated statement of changes in equity
For the year ended 31 December 2022
Share Share Capital Share-based payment reserve Retained Total
capital premium redemption earnings
account reserve
£000 £000 £000 £000 £000 £000
At 1 January 2021 17,938 51,721 749 609 26,657 97,674
Share based payment - - - 150 - 150
Dividends - - - - (6,726) (6,726)
Transactions with owners - - - 150 (6,726) (6,576)
Profit for the year and total comprehensive income - - - - 13,924 13,924
At 31 December 2021 17,938 51,721 749 759 33,855 105,022
Share based payment - - - 150 - 150
Share buy back (714) - - - (1,296) (2,010)
Transfer re capital - - 714 - (714) -
Share issue 42 108 (150) - -
Dividends - - - - (5,131) (5,131)
Transactions with owners (672) 108 714 - (7,141) (6,991)
Profit for the year and total comprehensive income - - - 10,934 10,934
-
At 31 December 2022 17,266 51,829 1,463 759 37,648 108,965
Real Estate Investors plc
Consolidated statement of financial position
At 31 December 2022
Note 2022 2021
£000 £000
Assets
Non-current
Intangible assets - -
Investment properties 4 173,030 188,485
Property, plant and equipment 3 4
173,033 188,489
Current
Inventories 2,389 2,384
Trade and other receivables 3,110 3,588
Derivative financial asset 68 -
Cash and cash equivalents 7,818 9,836
13,385 15,808
Total assets 186,418 204,297
Liabilities
Current
Bank loans (20,325) (2,479)
Trade and other (5,982) (7,685)
payables
(26,307) (10,164)
Non-current
Bank loans (51,146) (86,965)
Derivative financial liabilities - (2,146)
(51,146) (89,111)
Total liabilities (77,453) (99,275)
Net assets 108,965 105,022
Equity
Share capital 17,266 17,938
Share premium account 51,829 51,721
Capital redemption reserve 1,463 749
Share-based payment reserve 759 759
Retained earnings 37,648 33,855
Total Equity 108,965 105,022
Net assets per share 58.5p
63.1p
Real Estate Investors plc
Consolidated statement of cash flows
For the year ended 31 December 2022
2022 2021
£000 £000
Cash flows from operating activities
Profit after taxation 10,934 13,924
Adjustments for:
Depreciation 2 2
Net gain on valuation of investment property (3,152) (4,951)
Gain on sale of investment property (948) (1,177)
Share based payment 150 150
Finance income (49) (46)
Finance costs 2,981 3,235
Gain on financial liabilities at fair value through profit and loss (2,214) (1,388)
(Increase)/decrease in inventories (5) 1,412
Decrease in trade and other receivables 478 752
Decrease in trade and other payables (1,051) (100)
Net cash from operating activities 7,126 11,813
Cash flows from investing activities
Expenditure on investment properties (609) (955)
Purchase of property, plant and equipment (1) (2)
Proceeds from sale of investment properties 20,164 16,119
Interest received 49 46
19,603 15,208
Cash flows from financing activities
Interest paid (2,981) (3,235)
Share based payment - -
Share buy back (2,010) -
Equity dividends paid (5,783) (6,278)
Payment of bank loans (17,973) (11,910)
(28,747) (21,423)
Net (decrease)/increase in cash and cash equivalents (2,018) 5,598
Cash, cash equivalents and bank overdrafts at beginning of period 9,836 4,238
Cash, cash equivalents and bank overdrafts at end of period 7,818 9,836
NOTES:
Cash and cash equivalents consist of cash in hand and balances with banks
only.
Real Estate Investors plc
Notes to the preliminary announcement
For the year ended 31 December 2022
1. Basis of preparation
The financial statements have been prepared under the historical cost
convention, except for the revaluation of properties and financial instruments
held at fair value through profit and loss, and in accordance with
international accounting standards in conformity with the requirements of the
Companies Act 2006.
It should be noted that accounting estimates and assumptions are used in
preparation of the financial statements. Although these estimates are based
on management's best knowledge and judgement of current events and actions,
actual results may differ from those estimates. The areas involving a higher
degree of judgement or complexity, or areas where assumptions and estimates
are significant to the financial statements, are set out in the Group's annual
report and financial statements.
The consolidated financial statements incorporate the financial statements of
the Company and its subsidiaries made up to 31 December each year. Material
intra-group balances and transactions, and any unrealised gains arising from
intra-group transactions, are eliminated on consolidation. Unrealised losses
are also eliminated unless the transaction provides evidence of an impairment
of the asset transferred.
The principal accounting policies are detailed in the Group's annual report
and financial statements.
Going concern
The Group has prepared and reviewed forecasts and made appropriate enquiries
which indicate that the Group has adequate resources to continue in
operational existence for the foreseeable future, being a period of 12 months
from the date of approval of these financial statements to 31 March 2024.
These enquiries considered the following:
· the significant cash balances the Group holds and the low levels of
historic and projected operating cash outflows
· any property purchases will only be completed if cash resources or
loans are available to complete those purchases
· the Group's bankers have indicated their continuing support for the
Group. In March 2023 the Group extended the £20 million facility with Lloyds
Banking Group Plc for 6 months to 31 May 2024, whilst continuing
negotiations to extend the facility by a further 3 years.
· In March 2023 the Group extended the facility of £31 million with
National Westminster Bank PLC by a further 3 months to June 2024.
· The directors have at the time of approving these financial
statements, a reasonable expectation that the Group has adequate resources to
continue in operational existence for the foreseeable future being a period of
not less than 12 months from the date of approval of these financial
statements.
For these reasons, the Directors continue to adopt the going concern basis in
preparing the financial statements.
2. Gross profit
2022 2021
£000 £000
Revenue Rental income 12,725 13,934
Sale of inventory property - 1,225
Surrender premiums 568 812
13,293 15,971
Cost of sales Direct costs (2,489) (1,932)
Cost of inventory stock - (1,397)
10,804 12,642
3. Earnings per share
The calculation of earnings per share is based on the result for the year
after tax and on the weighted average number of shares in issue during the
year.
Reconciliations of the earnings and the weighted average numbers of shares
used in the calculations are set out below.
2022 2021
Earnings Average Earnings per Average Earnings
number of Share Earnings number of per share
shares shares
£000 £000
Basic earnings per share 10,934 172,651,577 13,924 179,377,898 7.76p
6.33p
Dilutive effect of share options - 2,312,675 - - 2,883,365 -
Diluted earnings per share 10,934 174,964,252 6.25p 13,924 182,261,263 7.64p
The European Public Real Estate Association indices below have been included
in the financial statements to allow more effective comparisons to be drawn
between the Group and other business in the real estate sector.
EPRA EPS per share
2022 2021
Earnings Shares Earnings Shares Earnings
per share Earnings per share
£000 No p £000 No P
Basic earnings per share 10,934 172,651,577 6.33 13,924 179,377,898 7.76
Net gain on valuation of investment properties (3,152) (4,951)
Gain on disposal of investment properties (948) (1,177)
Loss on sale of inventory properties - 172
Gain in fair value of derivatives (2,214) (1,388)
EPRA earnings per share 4,620 172,651,577 2.68 6,580 179,377,898 3.67
NET ASSET VALUE PER SHARE
The Group has adopted the new EPRA NAV measures which came into effect for
accounting periods starting 1 January 2020. EPRA issued new best practice
recommendations (BPR) for financial guidelines on its definitions of NAV
measures. The new NAV measures as outlined in the BPR are EPRA net tangible
assets (NTA), EPRA net reinvestment value (NRV) and EPRA net disposal value
(NDV).
The Group considered EPRA Net Tangible Assets (NTA) to be the most relevant
NAV measure for the Group and we are now reporting this as our primary NAV
measure, replacing our previously reported EPRA NAV and EPRA NNNAV per share
metrics. EPRA NTA excludes the intangible assets and the cumulative fair value
adjustments for debt-related derivatives which are unlikely to be realised.
31 December 2022
EPRA NTA EPRA NRV
EPRA NDV
£'000 £'000 £'000
Net assets 108,965 108,965 108,965
Fair value of derivatives (68) (68) -
Real estate transfer tax - 11,245 -
EPRA NAV 108,897 120,142 108,965
Number of ordinary shares issued for diluted and EPRA net assets per share 174,964,252 174,964,252 174,964,252
EPRA NAV per share 62.2p 68.7p 62.3p
The adjustments made to get to the EPRA NAV measures above are as follows:
• Real estate transfer tax: Gross value of property portfolio as provided in
the Valuation Certificate (i.e. the value prior to any deduction of
purchasers' costs).
• Fair value of derivatives: Exclude fair value financial instruments that
are used for hedging purposes where the company has the intention of keeping
the hedge position until the end of the contractual duration.
31 December 2021
EPRA NTA EPRA NRV
EPRA NDV
£'000 £'000 £'000
Net assets 105,022 105,022 105,022
Fair value of derivatives 2,146 2,146 -
Real estate transfer tax - 13,127 -
EPRA NAV 107,168 120,295 105,022
Number of ordinary shares issued for diluted and EPRA net assets per share 182,261,263 182,261,263 182,261,263
EPRA NAV per share 58.8p 66.0p 57.6p
31 December 2022 31 December 2021
No of Shares No of Shares
Number of ordinary shares issued at end of period 172,651,577 179,377,898
Dilutive impact of options 2,883,365
2,312,675
Number of ordinary shares issued for diluted and EPRA net assets per share
174,964,252 182,261,263
Net assets per ordinary share
Basic 62.2p 58.8p
Diluted 68.7p 66.0p
EPRA NTA 62.3p 57.6p
4. Investment properties
Investment properties are those held to earn rentals and for capital
appreciation.
The carrying amount of investment properties for the periods presented in the
consolidated financial statements is reconciled as follows:
£000
Carrying amount at 1 January 2021 197,520
Additions - subsequent expenditure 955
Disposals (14,941)
Change in fair value 4,951
Carrying amount at 31 December 2021 188,485
Additions - subsequent expenditure 609
Disposals (19,216)
Change in fair value 3,152
Carrying amount at 31 December 2022 173,030
5. Publication
The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined in section 434 of the Companies Act
2006. The consolidated statement of financial position at 31 December 2022
and the consolidated statement of comprehensive income, the consolidated
statement of changes in equity, the consolidated statement of cash flows and
the associated notes for the year then ended have been extracted from the
Group's financial statements upon which the auditor's opinion is unqualified
and does not include any statement under section 498 of the Companies Act
2006. The statutory accounts for the year ended 31 December 2022 will be
delivered to the Registrar of Companies following the Company's Annual General
Meeting.
6. Copies of the announcement
Copies of this announcement are available for collection from the Company's
offices at 2(nd) Floor, 75-77 Colmore Row, Birmingham, B3 2AP and from the
Company's website at www.reiplc.com (http://www.reiplc.com) . The report and
accounts for the year ended 31 December 2022 are available from the Company's
website and will be posted to shareholders in May 2023.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END FR SEDFMWEDSEDDRecent news on Real Estate Investors
See all newsREG - Real Estate Investrs - Publication of Report and Accounts & Notice of AGM
AnnouncementREG - Real Estate Investrs - Director/PDMR Shareholding
AnnouncementREG - AIM - AIM Notice - 08/04/2025
AnnouncementREG - Real Estate Investrs - Director/PDMR Shareholdings
AnnouncementREG - Real Estate Investrs - Vesting of LTIP Awards
Announcement