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regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.Investor PresentationStrategic Repositioning for Long Term ValueHalf Year to 30 June 2025
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regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.IntroductionStephen InglisChief Executive OfficerSimon MarriottProperty Fund DirectorAlistair HewittFinance Fund DirectorAdam DickinsonInvestor Relations Director
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3 HY 2025: Key Highlights regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved. Driving strategic repositioning for long term growth300 Bath Street,GlasgowManchester Green,ManchesterPortfolio£608.3m 123 propertiesDividend5p Fully covered (1.04x)Rent Roll £56.7m (2024: £60.7m)740 tenants (2024: 780)EPRA NTA£328.7m (2024:£340.7m)Portfolio transitioning Progression of the new strategyCommitted to income-focused portfolio with targeted value add enhancement opportunitiesRepositioning portfolioRe-positioning portfolio Targeted investment to enhance income and valueCAPEX £6.0m (2024: £8.2m) In a slow sales marketDisposals £7.8m (2024:£30.8m) before costsLetting market showing signs of strengthening for the right product New lettings: 4.2% above ERV Progressing refurbishment programme EPRA occupancy: 78.6% (2024: 77.5%) Financial OverviewCommitment to full year dividend 10pEPRA EPS: 5.2ppsValuations marginally down; capex not fully valued HY ‘25Net LTV: 43.2% (2024: 41.8%) Aug ‘26 refinancing well progressedGross borrowings: £310.0m (2024: £316.7m)Outperformance Vs FTSE EPRA Nareit UK Index +8.5%Total Shareholder Return: +9.6%
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regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.4•Office average rent progression is upward across the portfolio•Offices 90.4% by value (Dec 24: 90.7%)•New Lettings – average requirement increasing•20 new lettings, of 118,423 sq ft of space, at a combined annualised rental income of £1.4m, 4.2% above ERV, average size 5,912 sq ft (Dec 2024: 3,140 sq ft) Portfolio – repositioning for long term growth Trueman House, LeedsTrueman House, Leeds£13.77£13.92£14.13£14.74£14.97£15.25£13.00£13.50£14.00£14.50£15.00£15.5030-Jun-24 31-Dec-24 30-Jun-25Average Rent (£psf)Average Rent (All)Average Rent (Office Only)6.1%5.9%5.8%10.2%10.4%10.5%11.2%11.6%11.8%0%5%10%15%20%30-Jun-24 31-Dec-24 30-Jun-25Yields NIYEYRY
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HY 2025 portfolio highlights regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved. Major lettings and renewals successfully secured across the regions 5 133 Finnieston Street, GlasgowHoriba Jobin Yvon IBH Ltd. has let 6,606 sq. ft. of office space to April 2035, at a rental income of £112,302 pa (£17.00/ sq. ft.).Wilkinson Building, St HelensJoseph James Furniture Outlet LLP (retail) has let 41,618 sq. ft. of space to March 2030, at a rental income of £110,000 pa (£2.64 sq. ft.).The Foundation Chester Business Park, ChesterXeinadin Group Ltd. has let 5,315 sq. ft. of office space to February 2035, with an option to break in 2030, at a rental income of £116,600 pa (£21.94/ sq. ft.).Linford Wood Business Park, Milton KeynesAutotech Recruit Ltd. renewed its lease to February 2035, at a rental income of £113,967 pa (£21.00/ sq. ft.) on 5,427 sq. ft. of space.Newburn & Gateway House, NewcastlePlease True Potential LLP has let 22,363 sq. ft. of office space to June 2030, at a rental income of £245,993 pa (£11.00 sq. ft.).Central Park, New Lane, LeedsSmiffys II Ltd. has let 11,256 sq. ft. of office space to March 2029,, at a rental income of £165,840 pa (£14.73 sq. ft.), plus an additional £25,000 in rent annually for parking.Capitol Park, LeedsHarron Homes Ltd. has let 10,297 sq. ft. of office space to April 2035, with an option to break in 2030, at a rental income of £250,297 pa (£24.31 sq. ft.).84 Albion Street, LeedsMurgitroyd & Company Ltd. renewed its lease to April 2028, at a rental income of £108,330 pa (£57.50/ sq. ft.) on 1,884 sq. ft. of space.Woodlands Court, BristolCNM The College of Naturopathic Medicine Ltd. has renewed existing lease for 3,566 sq. ft. of office space to February 2026, at a rental income of £71,320 pa (£20.00 sq. ft.).The Coach Works, LeedsVirtual CollegeLtd. has let 2,960 sq. ft. of office space to June 2035, with an option to break in 2030, at a rental income of £88,800 pa (£30.00 sq. ft.).
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Macro picture and trends for regional office supply & demand regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.6Take-up of office space across the Big Nine* regional markets was 3.7 million sq ft in HY 2025 (strongest since HY 2019)New Office space for 2025 projected to reach 2.1m sq ftRental Value Growth (vs previous 12 months)Growth in Rest of UK office outpaces Central London Source for lower charts: Avison Young * Big Nine include Birmingham, Bristol, Cardiff, Edinburgh, Glasgow, Leeds, Liverpool, Manchester, Newcastle0.00.51.01.52.02.53.03.54.02015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025Million, sq ftOut of townCity centre 0 1 2 3 4 5 6 72007 2009 2011 2013 2015 2017 2019 2021 2023 2025 2027Million, sq ftCompletedUnder construction letUnder construction unlet 1.33.0-2-1012342020 2021 2022 2023 2024 2025year-on-year %PAS Office - CityPAS Office - Rest of UKSource: MSCI Demand side •The Big Nine regional markets recorded 3.7 million sq ft of office take-up in H1 2025, the highest since H1 2019, signalling strong occupier demand•In 2025, Rest of UK offices saw rental value growth of 3.0%, compared to 1.3% for City offices—demonstrating stronger pricing powerSupply side •Declining completions – projected to fall from 2.43m sq ft 2024 to 1.03 sq ft in 2025 •Unlet completions projected reduction from 0.5m sq ft 2025 to 0.2m sq ft in 2028•Repurposing to alternative use continues to diminish supply
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7 Strategy: Portfolio segmentation evolution Occupancy (EPRA)Valuation 30 Jun 25regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.Valuation 31 Dec 24Reclassification£356.7m£103.2mDisposalsValue addValue addAlternative use value potential Alternative use value potential greater than Capex to coreSignificant potential upside compared to current book values 64.6% (Dec 24: 65.6%)64.6% (Dec 24: 65.6%)£56.8m (9.3%*)£56.8m (9.3%*)£93.9m£93.9m(£35.4m)£0.0m(£1.6m)SalesSalesNon accretive assets and non-officeStrategic sales to reduce LTV and costs55.6% (Dec 24: 30.3%)55.6% (Dec 24: 30.3%)£93.2m (15.3%*)£93.2m (15.3%*)£31.0m£31.0m£63.1m(£1.1m) £0.2mRevaluationsCoreCoreIncome and value accretive87.7% (Dec 24: 88.1%)87.7% (Dec 24: 88.1%)£355.1m (58.4%*)£355.1m (58.4%*)£371.2m£371.2m(£5.9m)(£6.3m) (£3.9m)Capex to coreCapex to coreRequiring capital expenditure to increased valuationRequiring capital expenditure to become coreWell-located with potential to deliver rental growth & an increased valuation 79.4% (Dec 24: 77.6%)79.4% (Dec 24: 77.6%)£103.2m (17.0%*)£103.2m (17.0%*)£126.5m£126.5m(£21.9m)£0.0m(£1.4m)*Percentage of the 30 June 2025 portfolio
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Future strategic targeted sales programme:•11 assets c. £50m are either contracted, under offer or in negotiation•In line with our target to achieve annual sales of £40m - £50m (£2024 £28.6m) before costsStrategic sales in the six months to 30 June 2025•Disposals totalled £7.8m (before costs)•Reflecting an average net initial yield of 10.4% (9.6% excluding vacant assets)•3 assets and 2-part sales in total during H1 2025•Disposals of non–core assets and those at the end of their business plansStrategic sales programme update regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.8 HY 2025 Disposals by SectorHY 2025 Disposals by Region 86.2% 13.8% RetailOfficeSouth EastScotlandNorth East 83.7% 13.8% 2.5% Strategic sales post 30 June 2025•4 assets disposals completed for c. £6.8m (before costs) Rationale for sale:•Reduce debt•Reduce costs associated with non-core and non-performing assets•Recycle funds into accretive opportunities, where optimal
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regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.9Operational Review
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On site 5 projects: £5.0mTargeted CAPEX: £22.9mOperational Capex Strategy regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.1018 projects identified for the next stage:c. £12.7m 2025 Completed 9 projects: £5.2m
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Operational Capex Strategy regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.11 Value Add Feasibility studiesUndertake planning initiatives for change of useIncreased valuationDisposal realisation Templeton on the Green, GlasgowNewstead Court, NottinghamThe Lighthouse, Manchester
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Case study progress: Capex to Core regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.12Work undertaken total cost: £0.7m•EPC improvement works; agreed terms for 10-year lease extensionHY Update•Lease extension to September 2033 completed •EPC improvement works achieving B-rating completing October 25•Sale terms agreed – completion expected Q3 25•Value improvement: £ 2.3m; 3.3 multipleWork undertaken total cost: £0.7m•General site improvements to improve rentsHY Update•Works to Libra completed; lease to Autotech (5,427 sq ft) renewed to 2035 at headline rent of £21/sq ft•Value post work: £2.8m•Value improvement: £1.6m; 2.2 multiple Clearblue Innovation Centre, Bedford Linford Wood – Libra House, Milton Keynes Clearblue Innovation Centre & Linford Wood
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Case study progress: Capex to Core regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.13 Trueman House, LeedsPost works Work undertaken total cost: £1.2m•Refurbishment throughoutHY Update •10yr lease agreed with Harron Homes•Rental improvement from £17.31 to rent of £23/sq ft. Rental uplift 33%•EPC improvement D to B•Valuation improvement £1.8m; 16.5%
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Case study progress: Capex to Core regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.14 3200 Century Way, Thorpe Park, LeedsPost worksWork undertaken total cost: £0.8m•Refurbishment of first floor (10,705 sq ft)HY Update •Rental improvement from £22 to £24/sq ft Rental uplift 18.5%•8,177 sq ft in legals £196,248 (£24). Strong interest in remaining available space. •Projected value uplift on completion £1.35m, 23.7%•EPC improvement D to A•Value improvement £1m; 17%
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Case study progress: Capex to Core regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.15 Felaw Maltings, IpswichPost worksWork undertaken total cost: £0.5m•Refurbishment of first & second floors, South Kiln floor (10,850/ sq ft)HY Update•Rental improvement from £17 to £20/sq ft; Rental uplift 18%•£108,760 headline rent (£20) •Lease of first floor (5,438 sq ft) completed with Sweco•EPC improvement D to A
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Case study progress – Value Add regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.16 Strategically significant 7-acre island site situated south of the river within 5 min walk of Leeds Station 3 x 2 storey pavilion offices providing 57,674 sq ft – current vacancy 64% Site establishment completed by the acquisition of the “Kennedy Building” (6,617 sq ft) at the entrance to the site for £1.1m in July 2025Good prospects for securing permission for a high density comprehensive mixed-use development of up to 14 storeys/1,000 units, with indicative gross development value of £200m. The current combined value Central Park/Victoria Park is £14.3mWhile HS2 safeguarding has been introduced, by the Secretary of State for Transport, for potential expansion of Leeds Station, legal action has been raised seeking to quash further safeguarding to enable development plans to progress Central Park, Leeds
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regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.17ESG and New Initiatives
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ESG – Focused on delivering sustainability regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.18 •Regulatory tightening driving opportunity•From April 2025, all let commercial properties must be EPC E •Future targets remain: EPC C by 2027, EPC B by 2030•EPC ratings across UK office stock•The British Property Federation (2025)* estimate 83% of commercial buildings across the 7 major cities fall below EPC B•Only 17% of commercial buildings comply to 2030 target•Early compliance provides a competitive advantage •As EPC ratings evolve and carbon metrics gain prominence, assets already upgraded to EPC B will benefit from tenant demand and valuation growth•Our weighted average EPC score C 59 (FY 2024: C 59)•On target to achieve current guidelines of EPC B rating by 2030oB plus and exempt: 57.6%oC: 24.9%oD: 11.1%oE and below: 6.4%Environment3200 Century Way, Thorpe Park Leeds EPC improved from a B to an A Linford Wood, Milton KeynesEPC opportunity in the regions Felaw Maltings, IpswichEPC improved from a D to an A Trueman House, LeedsEPC improved from a D to a B*British Property Federation (2025), “Research on EPC Ratings and Commercial Buildings in the UK.” Analysis based on commercial real estate in London, Birmingham, Bristol, Leeds, Liverpool, Manchester, and Newcastle.
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ESG – Sustainability new initiatives regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.19 Portfolio-wide impactSigned leases and installation underway on 12 properties (3,026kW)In progress on a further installations on 12 properties (2,299 kW)In aggregate the equivalent to powering 1,600 UK homes annuallyCarbon reductionExpected to cut CO₂ emissions by approximately 910 tonnes, significantly improving EPC ratings and sustainability credentialsTenant AppealEnergy-efficient upgrades and improved EPC ratings enhance building attractiveness, helping drive occupancy and tenant retentionSolar Linford Wood, Milton KeynesLinford Wood, Milton KeynesLinford Wood, Milton Keynes Solar, 4D, and car charging point installation updatesInstallation completed across 41 sites - identified as optimal usersLive data streaming commencedLimited costs to install per asset c. £3kTo date savings of £123k pa from 3 properties 4D -Smartec for property efficiencies Continued roll out as required by tenants8 points recently installed at 300 Bath Street, Glasgow for SecurigroupCar charging points 300 Bath Street, Glasgow
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Introducing reflex regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.20 •The reflexbrand launch allows Regional REIT to deliver flexible space for:B2B (Business-to-Business)•Startups & SMEs: need cost-effective, short-term office solutions•Large corporations: scalable, global workspace options•Remote & hybrid teams: benefit from localised workspaces close to homeB2C (Business-to-Consumer)•Freelancers & independent professionals: use virtual offices, coworking spaces and meeting rooms•reflex is our dedicated brand with its own website showcasing all available reflexproducts •Consistent marketing presence across social platforms, online brokers and community events enabling enquiries and data to be easily captured•Tested, proven, ready - 2 years of operational trialling undertaken •Optimal business model identified with straight through processing •Scalability - launching our pilot location Q3 2025 followed by 9 other locations by Q4 2026 across the UK From startup to scale-up: flexible spaces designed to grow with you Lightyear, Glasgow AirportLightyear, Glasgow AirportPilot Site •Pilot rent per sq ft: £44.50 (net rent) vs traditional rent per sq ft of £17.50
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regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.21Financial Review
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Key metrics overview regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.22 *IPO 06.11.2015- NAV plus dividends **On the 18 July 2024 1,105,148,821 New Ordinary Shares were issued. On the 29 July 2024 the shares in issue were consolidated on a 1 Ordinary Share for every 10 Ordinary Shares. The total shares in issue 31 December 2024 was 162,088,483. ppt: percentage points ReturnDebtPortfolio –Active managementChangeDec 24Jun 25(£14.2m)£622.5m£608.3mInvestment Property---Acquisitions before costs---Acquisition Net Initial Yield(£21.3m)£28.6m£7.3mDisposals net of costs2.1ppt8.3%10.4%Disposal Net Initial Yield(£2.2m)£8.2m£6.0mCapexPortfolio diversification(0.3ppt)90.7%90.4%Office(0.7ppt)16.6%15.9%Scotland-3.4%3.4%Weighted Average Cost of Debt(0.5yrs)2.9yrs2.4yrsWeighted Average Duration-100.0%100.0%Fixed and hedged(0.6ppt)5.6%5.0%Total Accounting Return since IPO*(0.1ppt)0.6%0.5%Total EPRA Annual Accounting ReturnN/A3.40pps5.00ppsDividends declared HY**(29 July '24 share consolidation 10:1)
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regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.23Swap RatesBlend%Swaps\Caps:Notional£’000AnnualInterest Rate %Gross loan to value**%MaturityDateHY ‘25 Facility £’000ChangeHY ‘25 Outstanding Debt*£'000YE ‘24 Outstanding Debt*£'0000.970.9751,42044,961Over 3mth £ SONIA2.4048.9Aug-2696,382(3,407)96,38299,789n/aFixed3.2852.2Dec-27131,335(1,295)131,335132,630n/aFixed3.3745.8Dec-2832,542(1,925)32,54234,4671.391.3941,3198,529Over 3mth £ SONIA2.2051.0Jun-2949,757(91)49,75749,848310,016(6,718)310,016316,734 *Before unamortised debt issue costs ** Based on Colliers International Property Consultants property valuations 30 June 2025 Conservative hedging strategy•100% hedged portfolio•2.4 years weighted average debt duration•3.4% weighted average cost of debtSummary•Bank borrowings reduced by £6.7m•Discussions well progressed for the August 2026 facility •Progressing strategic sales programme to continue to reduce borrowingsDebt: maturities and financingWell progressed refinancing of RBS, Bank of Scotland & Barclays facility in advance of August 2026
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regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.24Strategic Priorities
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25 Remain committed to reducing debt through targeted disposals programme Remain committed to reducing debt through targeted disposals programme Driving income: increasing occupancy increase and rental growth across portfolioDriving income: increasing occupancy increase and rental growth across portfolio12Continue to improve EPC ratings and strengthen core portfolioContinue to improve EPC ratings and strengthen core portfolio3Pursue opportunities to add value ahead of disposalsPursue opportunities to add value ahead of disposals4Committed to fully covered and sustainable dividendCommitted to fully covered and sustainable dividend5 Strategic priorities – the pathway to repositioning the portfolio regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.
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regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.26Appendix•ESG (continued)•Property Portfolio•Financial Information
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ESG – Focused on delivering sustainability –Good progress across portfolio regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.27 •Committed to promoting diversity in the workplace•Committed to making a positive difference in society with charitable donations; ESR Europe match funding for good causes and encouraging staff to be active in their local communities•ESR Europe LSPIM’s dedication to supporting and empowering women through workplace culture has earned them a place on this year’s ‘UK’s Best Workplaces for Women’s list’ •ESR Europe LSPIM certified as a ‘Great Place to Work’ (GPTW) Social•67% of the Board are independent directors; 67% of the independent directors are female•100% independent - Audit, Management Engagement and Remuneration, and the Nomination Committee•Committed to establishing and maintaining high standards of corporate governance in line with best practice (fully AIC compliant)Governance
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regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.28Property portfolio
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Overview – Specialised platform and geographically diverse portfolio regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.29Office (90.4%)Retail (3.8%)Industrial (3.8%)Other (2.0%) Portfolio details as at 30 June 2025Capital rate (£psf)% by valuationValuation(£m)PropertiesSector109.4590.4550.2105Office92.663.822.812Retail55.143.823.14Industrial128.632.012.22Other105.12100.0608.3123Total UK property locations as at 30 June 2025
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Diversified income stream regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved. Portfolio details at 30 June 2025 30Table may not sum due to rounding. Yield (%)Capital rateERVAverage rentGross rental incomeWAULT to first breakOccupancy (EPRA)Sq. ft.% by valuationValuationPropertiesSector ReversionaryEquivalentNet initial(£psf)(£m)(£psf)(£m)(yrs)(%)(mil)(£m) 12.1%10.6%5.6%109.4577.415.2551.42.677.5%5.090.4%550.2105Office9.5%9.0%7.3%92.662.410.492.43.494.0%0.23.8%22.812Retail8.2%7.8%6.5%55.142.15.471.82.988.5%0.43.8%23.14Industrial7.0%8.4%8.5%128.630.912.481.19.198.5%0.12.0%12.22Other11.8%10.5%5.8%105.1282.914.1356.72.878.6%5.8100.0%608.3123Total Yield (%)Capital rateERVAverage rentGross rental incomeWAULT to first breakOccupancy (EPRA)Sq. ft.% by valuationValuationPropertiesRegion ReversionaryEquivalentNet initial(£psf)(£m)(£psf)(£m)(yrs)(%)(mil)(£m) 13.0%11.3%4.5%92.1215.913.848.83.864.3%1.015.9%96.526Scotland11.8%10.3%6.7%127.2014.416.5810.62.379.1%0.917.8%108.222South East10.7%9.7%5.3%119.2611.914.458.03.179.7%0.816.3%99.418North East12.1%10.7%5.8%92.5317.012.8611.73.385.4%1.320.3%123.322Midlands12.1%10.6%4.5%94.1812.213.248.02.074.0%0.913.8%83.717North West11.8%10.7%8.3%142.927.217.666.01.793.1%0.49.4%57.212South West9.6%9.1%7.1%92.264.310.823.52.989.5%0.46.6%40.16Wales11.8%10.5%5.8%105.1282.914.1356.72.878.6%5.8100.0%608.3123Total
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Strategy: Portfolio - segmentation regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.31 Yield (%)Capital rateERVAverage rentGross rental incomeWAULT to first breakOccupancy (EPRA)Sq. ft.% by valuationValuationSegmentationReversionaryEquivalentNet initial(£psf)(£m)(£psf)(£m)(yrs)(%)(mil)(£m)11.0%10.2%7.9%123.9942.614.7136.83.087.7%2.958.4%355.1Core 11.9%10.3%3.9%103.6615.314.238.42.079.4%1.017.0%103.2Capex to Core11.3%10.4%2.4%77.948.611.143.62.264.6%0.79.3%56.8Value Add13.8%11.4%2.5%77.7616.413.227.82.855.6%1.215.3%93.2Strategic Sales11.8%10.5%5.8%105.1282.914.1356.72.878.6%5.8100.0%608.3Total Yield (%)Capital rateERVAverage rentGross rental incomeWAULT to first breakOccupancy (EPRA)Sq. ft.% by valuationValuationSegmentation SummaryReversionaryEquivalentNet initial(£psf)(£m)(£psf)(£m)(yrs)(%)(mil)(£m)11.2%10.2%6.9%118.7557.914.6245.22.885.9%3.975.3%458.3Core/ Capex to Core13.4%11.0%2.5%77.8325.012.4811.52.658.4%1.924.7%150.0Strategic Sales/ Value Add11.8%10.5%5.8%105.1282.914.1356.72.878.6%5.8100.0%608.3Total CoreCapex to Core Strategic SalesValue AddBoth income and value accretiveRequiring capital expenditure to become Core, which is generally funded by the CompanyNon accretive assets and non-office space in accordance with the long term strategyAlternative use value potential is greater than Capex to Core Table may not sum due to rounding.
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Top 15 Investments (market value) regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.32Table may not sum due to rounding. WAULT to first break (years)% of Gross rental incomeAnnualised gross rent(£m)EPRA Occupancy(%)Lettable area(Sq. Ft) % of portfolioMarket value(£m) Anchor tenantsSectorProperty2.21.5%0.982.3%151,0453.0%18.4Glasgow Tay House Centre Ltd, University of Glasgow, Fairhurst Group LLP, ESR Europe LSPIM LtdOffice300 Bath Street, Glasgow6.82.9%1.681.0%118,5302.9%17.8Global Banking School LtdOfficeNorfolk House, Smallbrook Queensway, Birmingham2.23.2%1.8100.0%84,0432.7%16.7Aviva Central Services UK Ltd, Lloyd's Register EMEA, Complete Fertility LtdOfficeHampshire Corporate Park, Eastleigh4.51.9%1.171.8%215,3352.5%15.0Metropolitan Housing Trust Ltd, SMS Electronics Ltd, SMS Product Services LtdOffice/ IndustrialBeeston Business Park, Nottingham3.12.2%1.2100.0%74,4252.3%14.1Wren Kitchens Ltd, Dreams Ltd, NCF Furnishings Ltd, A Share & Sons Ltd Retail1-4 Llansamlet Retail Park, Nantyffin Rd, Swansea2.22.3%1.375.8%132,6902.2%13.5Virgin Media Ltd, Rexel UK Ltd, Goldbeck Construction LtdOfficeEagle Court, Coventry Road, Birmingham1.92.1%1.280.8%161,5052.1%12.9Please Hold (UK) Ltd, A.M.London Fashion Ltd, CVS (Commercial Valuers & Surveyors) LtdOfficeOakland House, Manchester1.32.7%1.5100.0%73,2932.1%12.7NNB Generation Company (HPC) Ltd, EDF Energy LtdOffice800 Aztec West, Bristol1.52.7%1.582.4%107,7602.1%12.6Chiesi Ltd, Ingredion UK Ltd, Assetz SME Capital LtdOfficeManchester Green, Manchester3.11.7%1.091.0%86,7582.0%12.5Hermes Parcelnet Ltd, Harron Homes Ltd, BDW Trading LtdOfficeCapitol Park, Leeds2.32.1%1.274.2%107,4112.0%12.0IMServ Europe Ltd, Senceive Ltd, Autotech Recruit Ltd, Aztech IT Solutions LtdOfficeLinford Wood Business Park, Milton Keynes2.82.2%1.292.7%87,8731.9%11.6Ceva Logistics Ltd, Ashfield Healthcare Ltd, Brush Electrical Machines LtdOfficeAshby Park, Ashby De La Zouch2.83.2%1.8100.0%121,8831.9%11.5Firstsource Solutions UK Ltd, DHU Health Care C.I.C., Tentamus Pharma (UK) LtdOfficeOrbis 1, 2 & 3, Pride Park, Derby4.42.3%1.367.9%73,4991.8%11.1Rolls-Royce Submarines Ltd, Heathrow Airport Ltd, Loganair Ltd, Cefetra LimitedOfficeLightyear - Glasgow Airport, Paisley1.41.5%0.878.0%41,1221.7%10.3St James's Place Wealth Management Group Ltd, Abstract Tech Ltd, Canal & River TrustOfficeThe Coach Works, Leeds2.934.4%19.585.1%1,637,17233.3%202.4Total
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Top 15 Occupiers (share of rental income) regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.33Table may not sum due to rounding. % of Gross rental incomeAnnualised gross rent (£m)Lettable area (Sq. Ft)WAULT to first break (years)SectorPropertyTenant3.0%1.7109,1144.0Electricity, gas, steam and air conditioning supply800 Aztec West, BristolEndeavour House, SunderlandEDF Energy Limited2.5%1.473,6287.4EducationNorfolk House, BirminghamGlobal Banking School Limited2.4%1.375,3092.2Information and communicationEagle Court, BirminghamSouthgate Park, PeterboroughVirgin Media Limited2.1%1.2109,4273.8Public sector1 Burgage Square, WakefieldBennett House, Stoke On TrentOakland House, ManchesterOrigin (Office), BracknellWaterside Business Park, SwanseaThe Secretary of State for Housing, Communities and Local Government1.8%1.062,4333.3Administrative and support service activitiesOrbis 1, 2 & 3, Pride Park, DerbyFirstsource Solutions UK Limited1.5%0.941,7440.6Electricity, gas, steam and air conditioning supply800 Aztec West, BristolNNB Generation Company (HPC) Ltd1.5%0.858,1678.5Professional, scientific and technical activitiesClearblue Innovation Centre, BedfordSPD Development Company Ltd1.4%0.842,6120.4Other service activitiesHampshire Corporate Park, EastleighAviva Central Services UK Limited1.3%0.841,54210.3Information and communicationKingscourt Leisure Complex, DundeeOdeon Cinemas Ltd1.2%0.760,3622.4Professional, scientific and technical activitiesOakland House, ManchesterPlease Hold (UK) Limited1.1%0.654,5844.9Not specifiedNewburn & Gateway House, NewcastleTrue Potential LLP1.1%0.640,5292.6Human health and social work activities1175 Century Way, Thorpe Park, LeedsAlbert Edward House, PrestonFairfax House, WolveramptonSouthgate Park, PeterboroughThe Foundation Chester Business Park, ChesterSpaMedica Limited1.0%0.642,3010.8Human health and social work activitiesOrbis 1, 2 & 3, Pride Park, DerbyDHU Health Care C.I.C.1.0%0.548,3721.0Financial and insurance activitiesVictory House Meeting House Lane, MedwayLloyds Bank Plc1.0%0.517,1841.2Administrative and support service activitiesThe Courtyard, MacclesfieldElior UK Services Ltd23.7%13.4877,3083.8Total
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11.5%11.2%11.1%8.7%6.5%6.2%6.2%5.9%4.8%4.5%4.5%18.9%Administrative and support serviceactivitiesProfessional, scientific and technicalactivitiesInformation and communicationWholesale and retail tradeEducationHuman health and social workactivitiesManufacturingFinancial and insurance activitiesPublic sectorNot specifiedElectricity, gas, steam and airconditioning supplyOther Portfolio: diversified occupier base with blue chip tenants regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.34 •740 tenants (Dec 2024: 780) across 1,248 units (Dec 2024: 1,271)•Spread of assets – 123 properties (Dec 2024: 126)•The largest occupier represents only 3.0% of rent roll (Dec 2024: 2.8%)•Top 15 tenants represent 23.7% of the Group’s gross rent roll (Dec 2024: 23.5%) *Other - construction, other service activities, real estate activities, registered society, water supply, sewerage, waste management and remediation activities, accommodation and food service activities, activities of extraterritorial organisations and bodies, arts, entertainment and recreation, public administration and defence; compulsory social security, activities of households as employers, charity, mining and quarrying, activities of households as employers; undifferentiated goods.
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Investment property activity regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved. Investment properties bridge 30 June 2025 (£m) 35Chart may not sum due to rounding. 622.5(7.3)0.0(0.6)6.0(12.3)608.3Valuations 31Dec24Disposals(Net of costs)Acquisitions(Incl. costs)Gain/(loss) onthe disposalof propertiesCAPEX Valuationchange 30Jun25Valuations 30Jun25600605610615620625630Investment properties bridge 30 June 2025 (£m)
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Income overview regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved. EPRA earnings bridge H1 2024 (£m) versus H1 2025 (£m) 36Chart may not sum due to rounding. 11.0(2.4)(2.1)(0.5)0.52.0 8.530Jun2024EPRA earningsRental and property incomePropertycostsAdmin and other expensesFinanceincomeFinanceexpenses30Jun2025 EPRA Earnings0.02.04.06.08.010.012.0
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Balances sheet - overview regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved. EPRA Net Tangible Asset bridge (£million) 30 June 2025 37 Chart may not sum due to rounding. 340.719.3(5.2)(6.2)(6.0)(0.6)(5.5)(0.3)(7.6)328.731Dec2024EPRA NTANet rentaland propertyincomeAdminexpenses Revaluation (Excl. net capitalexpenditure)Net capitalexpenditureLoss on thedisposal ofinvestmentproperties Net financeexpense (Incl. derivativegains)Capital raisecostsDividends 30Jun2025EPRA NTA280290300310320330340350360370380•EPRA NTA: £328.7m (202.8p basic and diluted)(31 Dec ‘24: £340.7m, 210.2p basic diluted)*•IFRS: £335.9 m (207.2p basic and diluted) (31 Dec ‘24: £351.6m, 216.9p basic and diluted) *EPRA Net Reinstatement Value(NRV): 30 June 2025 227.6p (31 December 2024: restated 235.6p**); Net Disposal Value(NDV): 30 June 2025 211.3p (31 December 2024: restated 223.7p**) **On the 18 July 2024 1,105,148,821 New Ordinary Shares were issued. On the 29 July 2024 the shares in issue were consolidated on a 1 Ordinary Share for every 10 Ordinary Shares. The total shares in issue 30 June 2025 was 162,088,483.
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Gross office assets by value %Geographically diversified office led portfolio focused on the UK regions regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.38Figures based on Colliers International Property Consultants valuation Office average rent & capital rate £psfOffice WAUL T years£14.74£14.97£15.25£114.02£110.99£109.45£0£20£40£60£80£100£120£140£160£0£2£4£6£8£10£12£14£1630-Jun-24 31-Dec-24 30-Jun-25Average Rent (lhs)Capital Rate (rhs)4.64.44.32.82.72.61234530-Jun-24 31-Dec-24 30-Jun-25Years to expiryYears to first break91.5%90.7%90.4%0%10%20%30%40%50%60%70%80%90%100%30-Jun-24 31-Dec-24 30-Jun-25Office
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Rent collections – remain strong regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved. Rent collected vs invoiced (%) 39As at 3 September 2025 quarterly rental invoices include contractual rent for the proceeding quarter. 202520242025TotalQ2Q12024TotalQ4Q3Q2Q1(%) 97.796.798.798.698.898.999.599.2Rent collected
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ESR Europe LSPIM regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.40 What does the platform deliver:•Multiple touch points with the tenants from the asset and property managers, to the finance department and credit control•Over 70 experienced staff dedicated to Regional REIT•In-house research undertaken on all disposals and acquisitions •Experienced asset and property management teams•Local property manager presence in Glasgow, Manchester, Leeds and LondonCEO LSPIMCEO LSPIMCOOCOOLegalLegalFinanceFinanceAdminAdminCorporate FinanceCorporate FinanceChief Investment OfficerChief Investment OfficerAsset ManagementAsset ManagementProperty Management Property Management ResearchResearch Strength and depth of a vertically integrated multi-disciplined platform
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regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.41Financial Information
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Financial – Statement of comprehensive income regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.42 Change(£’000)*H1 2024(£'000)H1 2025 (£’000)(4,313)44,23239,919Rental and property income(185)(20,403)(20,588)Property costs(4,498)23,82919,331Net rental and property income(483)(4,724)(5,207)Administrative & other expenses(4,981)19,10514,124Operating profit (loss) before gains/(losses) on property assets/other investments578(1,156)(578)Gains(loss) on the disposal of investment properties & right of use asset(8)-(8)Share of profit/loss of associated company25,714(37,927)(12,213)Change in fair value of investment properties & of right of use asset21,303(19,978)1,325Operating profit/(loss)(2,060)(7,133)(9,193)Net finance income/expense, impairment of goodwill and net movement in fair value of derivative financial instruments19,243(27,111)(7,868)Profit/(loss) before tax---Taxation19,243(27,111)(7,868)Profit/(loss) after tax for the period (attributable to equity shareholders)28.60p(33.3)p(4.9)pEarnings/(losses) per share – basic (2024 restated*)28.60p(33.3)p(4.9)pEarnings/(losses) per share – diluted (2024 restated*)(8.30)p13.5p5.2pEPRA earnings/(losses) per share – basic (2024 restated*)(8.30)p13.5p5.2pEPRA earnings/(losses) per share – diluted (2024 restated*) *On the 18 July 2024 1,105,148,821 New Ordinary Shares were issued. On the 29 July 2024 the shares in issue were consolidated on a 1 Ordinary Share for every 10 Ordinary Shares. The total shares in issue 30 June 2025 was 162,088,483.
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Financial – Statement of financial position regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.43 Table may not sum due to rounding. *EPRA Net Reinstatement Value(NRV): 30 June 2025 227.6p (31 December 2024: restated 235.6p**); Net Disposal Value(NDV): 30 June 2025 211.3p (31 December 2024: restated 223.7p**) **On the 18 July 2024 1,105,148,821 New Ordinary Shares were issued. On the 29 July 2024 the shares in issue were consolidated on a 1 Ordinary Share for every 10 Ordinary Shares. The total shares in issue 30 June 2025 was 162,088,483. ChangeYE 2024*(£’000)H1 2025(£’000)Assets Non-current Assets(13,971)607,458593,487Investment properties(69)10,84910,780Right of use assets(3,801)12,0288,227Other non-current assets and derivative financial instrumentsCurrent assets5,97535,07941,054Current assets(9,602)56,71947,117Cash and cash equivalents(21,468)722,133700,665Total assetsChangeYE2024(£’000)H12025(£’000)Liabilities(246)(46,752)(46,998)Current liabilitiesNon-current liabilities5,963(312,323)(306,360)Bank and loan borrowings - non current16(11,444)(11,428)Lease liabilities5,733(370,519)(364,786)Total liabilities(15,735)351,614335,879Net assets(250)618,266618,016Share capital(15,485)(266,652)(282,137)Retained earnings/accumulated (losses)(15,735)351,614335,879Total equity(9.7p)216.9p207.2pNet assets per share – basic(2023 restated)(9.7p)216.9p207.2pNet assets per share – diluted(2023 restated)(7.4p)210.2p202.8pEPRA net tangible value per share **
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Cash flow regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved. Cash bridge 30 June 2025(£m) 44Chart may not sum due to rounding. 56.79.27.3(6.9)47.1(4.6)(6.0)(7.1)(1.4)31 Dec 2024Cash balanceCash fromoperationsNet interest,tax & costsAcquisitions& CapexNetdisposalsDividendsShare issuance costsBorrowings andleases repaid& costs30 Jun 2025Cash balance-10.0 20.0 30.0 40.0 50.0 60.0 70.0
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Income and cost focused regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.45 *Rounded to whole numbers ppt: percentage points **On the 18 July 2024 1,105,148,821 New Ordinary Shares were issued. On the 29 July 2024 the shares in issue were consolidated on a 1 Ordinary Share for every 10 Ordinary Shares .The total shares in issue 30 June 2025 was 162,088,483. Change*HY2024**HY 2025(£2.4m)£32.2m£29.8mNet rental and property income(£5.0m)£19.1m£14.1mOperating profit before gains/losses on property assets/other investments28.4p(33.3p)(4.9p)IFRS EPS (2024 restated**)(8.3p)13.5p5.2pEPRA EPS (2024 restated**)12.0ppt40.6%52.6%EPRA cost ratio (incl. direct vacancy costs)6.0ppt13.4%19.4%EPRA cost ratio (excl. direct vacancy costs)1.60p3.40p5.00p Dividend declared for the period**•Rental income - if the portfolio was fully occupied, per Colliers International Property Consultants view of market rents, the rent roll at 30 June 2025 would be £82.9m pa. (31 Dec 2024: £83.2m)•The EPRA cost ratio (incl. direct vacancy costs) increased due to an increase in the level of property expenses incurred relative to the level of rental income•Loss before tax 30 Jun 2025 £7.9m (30 Jun 24: loss £27.1m; 31 Dec 2024: loss £39.5m); including loss on the disposal of investment properties £0.6m (30 Jun 2024: £1.2m; £31 Dec 2024: loss £3.2m) and loss in the change in fair value of investment properties of £12.1m (30 Jun 24: loss £37.9m; Dec 2024: loss £56.7m)•EPRA EPS 30 Jun 2025 5.2p (30 Jun 2024 restated: 13.5p; 31 Dec 2024 restated: 19.2p) paying a dividend for H1 ‘25 5.00p (H1 ’24: 3.40ps**)
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Financial position regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.46 ppt: percentage points *EPRA Net Reinstatement Value(NRV): 30 June 2025 227.6p (31 December 2024: restated 235.6p**); Net Disposal Value(NDV): 30 June 2025 211.3p (31 December 2024: restated 223.7p**) **On the 18 July 2024 1,105,148,821 New Ordinary Shares were issued. On the 29 July 2024 the shares in issue were consolidated on a 1 Ordinary Share for every 10 Ordinary Shares .The total shares in issue 30 June 2025 was 162,088,483. ChangeYE 2024*HY2025*(£14.2m)£622.5m£608.3mInvestment Property(9.7p)216.9p207.2pIFRS NAV (fully diluted, 2024 restated)(7.4p)210.2p202.8pEPRA NTA** (fully diluted, 2024 restated)(£6.7m)£316.7m£310.0mBorrowings (incl. retail eligible bond)-3.4%3.4%Weighted average cost of debt (incl. hedging)1.4ppt41.8%43.2%Net Loan-to-value1.1ppt77.5%78.6%EPRA Occupancy1.2ppt77.4%78.6%EPRA Occupancy like-for-like(£3.3m)£60.0m£56.7mRent roll like-for-like•Investment properties on a like-for-like valuation decrease of 2.0%, after adjusting for capital expenditure, acquisitions and disposals during the period•Borrowings decreased by a net £6.7m following cash repayments•Total accounting returns to shareholders since IPO of 5.0%, and annualised total accounting rate of return 0.5%
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Cost focused regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.47 EPRA cost ratio incl. direct costsEPRA cost ratio excl. direct costs73%Peer 152%Peer 1062%Peer 224%Peer 1152%Regional REIT Ltd22%Peer 1242%Peer 320%Peer 1335%Peer 419%Regional REIT Ltd33%Peer 531%Peer 631%Peer 726%Peer 824%Peer 940%Average29%AverageSource: Peel Hunt Research
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DisclaimerThis document (“Document”) (references to which shallbe deemed to include any information which has beenmade or may be supplied orally in connection with thisDocument or in connection with any further enquiries)has been prepared by and is the sole responsibility of ESREurope Private Markets Limited (“ESR Europe”), in itscapacity as Investment Adviser of Regional REIT Limited(“Regional REIT” or the “Company”) in relation to theCompany and its subsidiary undertakings (“the Group”).Certain identified content is, however, externally sourcedand other information is provided by the Company’sAsset Manager, London & Scottish Property InvestmentManagement Limited.This Document is published solely for informationpurposes. This Document does not constitute or formpart of, and should not be construed as, an offer to sell orthe solicitation or invitation of any offer to subscribe for,buy or otherwise acquire any securities or financialinstruments of any member of the Group or to exerciseany investment decision in relation thereto.The information and opinions contained in this Documentare provided as at the date of this Document solely foryour information and background, may be different fromopinions expressed elsewhere and are subject tocompletion, revision and amendment without notice.None of ESR Europe or its members, the Company, thedirectors of the Company, or any other person shall have any liability whatsoever (in negligence or otherwise) forany loss however arising from any use of this Document,its contents or otherwise arising in connection with thisDocument.The information contained in this Document has not beenindependently verified by ESR Europe or any otherperson. No representation, warranty or undertaking,either express or implied, is made by ESR Europe, theCompany, any other member of the Group and any oftheir respective advisers, representatives, affiliates,offices, partners, employees or agents as to, and noreliance should be placed on the fairness, accuracy,completeness, reasonableness or reliability of theinformation or the opinions contained herein. ESR Europethe Company, any other member of the Group and any oftheir respective advisers, representatives, affiliates,offices, partners, employees and agents expresslydisclaim any and all liability which may be based on thisDocument and any errors or inaccuracies therein oromissions therefrom.This Document may include statements which involveknown and unknown risks, uncertainties and otherimportant factors beyond the control of the Group thatcould cause the actual results, performance orachievements of Regional REIT to be materially differentfrom future results, performance or achievementsexpressed or implied by such forward-looking statements. They speak only as at the date of this Document andactual results, performance or achievements may differmaterially from those expressed or implied from theforward-looking statements. ESR Europe and RegionalREIT do not undertake to review, confirm or releasepublicly or otherwise to investors or any other person anyupdate to forward-looking statements to reflect anychanges in the Group’s expectations with regard thereto,or any changes in events, conditions or circumstances onwhich any such statement is based.This Document, and any matter or dispute (whethercontractual or non-contractual) arising out of it, shall begoverned or construed in accordance with English lawand the English courts shall have exclusive jurisdiction inrelation to any such matter or dispute.By continuing to use this Document, you are agreeing tothe terms and conditions set forth above.Copies of the 2024 Annual Report & Accounts of RegionalREIT are available from the registered office of RegionalREIT and on its website at www.regionalreit.com.regionalreit.com | © 2025 Regional REIT Limited. All Rights Reserved.48