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Regional REIT Ltd - London-based real estate investment trust - Says portfolio valuation is GBP700.7 million as at December 31, down 11% from GBP789.5 million a year ago, with like-for-like value of the portfolio decreasing by 5.9% from June 30 to December 31 after adjusting for capital expenditure, acquisitions and disposals during the period. Adds that total rent collection for 2023 is currently 99%, compared to 98% in 2022.
Chief Executive Officer Stephen Inglis said: "2023 was one of the most challenging years for REITs in recent memory, and Regional REIT was not immune from the macroeconomic difficulties faced by the sector. Whilst valuations have been impacted, the asset manager's active asset management initiatives continued to mitigate some of the impact on the portfolio. The leasing market was slower than anticipated, largely due to the uncertainty around working patterns and the geopolitical situation impacting inflation and interest rates, but with some stability we are witnessing increasing numbers of enquiries for our assets."
Current stock price: 28.15 pence, down 0.5%
12-month change: down 54%
By Sabrina Penty, Alliance News reporter
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