10th Sep 2024 22:02
Regional REIT Ltd - commercial property investor - In six months to June 30 reports pretax loss of GBP27.1 million, widened from GBP12.1 million a year prior. Rental and property income falls slightly to GBP44.2 million from GBP44.4 million. Property costs rise to GBP20.4 million from GBP18.4 million. Administration and another costs narrow however to GBP4.7 million from GBP5.3 million. Notes loss from change in fair value of investment properties is GBP37.9 million compared to loss of GBP29.5 million. Declares interim dividend of 2.20 pence, cut from 2.85 pence a year ago. Blames "persistently high interest rates and poor investor sentiment" for the disappointing half. Is optimistic, however, as the "regional office market has begun to show early signs of reaching an inflection point". Concurrently, Shore Capital Markets lifts Regional REIT to a 'hold' rating from 'sell'.
Current share price: 126.50 pence
12-month change: down 55%
By Aidan Lane, Alliance News reporter
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