Regional REIT - Breaking ground

FY25 is a transition year for Regional REIT (RGL) as it lays the foundations for unlocking value from the portfolio. This centres on driving occupancy and income and growing fully covered dividends from a core of high-quality assets, while seeking to maximise the value and capital release from targeted disposals. H125 showed strategic progress, but also saw some unexpected tenant lease breaks that will affect near-term income. We have reduced our forecasts for earnings growth and DPS but see significant value in the shares.

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