Editing Regional REIT (section)

== Highly diversified income base mitigates income risks ==
A key element of RGL’s strategy since it listed in November 2015 has been to build a diversified portfolio that spreads income risk across a large number of occupiers and a broad a range of industries. Although now focused on the regional office sector, its portfolio remains highly diversified with 160 properties at end-Q122, let to more than 1,000 tenants, that can be fairly said to reflect the broad spread of the UK economy. The largest property at end-FY21 represented 3.0% of portfolio value and the largest tenant 1.8% of gross rent roll. The top 15 tenants represented just 16.4%.
{| class="wikitable"
|+Exhibit 3: Top tenants and properties at end-FY21<ref>Source: Regional REIT. End-FY21.</ref>
!Tenant
!Annualised gross rent (£m)
!% gross rental income
!WAULT to first break (years)
!Property location
!Market value (£)
!% of portfolio
!Annualised gross rent (£m)
|-
|Virgin Media
|1.8
|2.5%
|1.8
|Bath Street Glasgow
|27.2
|3.0%
|1.2
|-
|NHS
|1.7
|2.3%
|1.9
|Bear Brook Office Park, Aylesbury
|22.8
|2.5%
|0.9
|-
|TUI
|1.4
|1.9%
|2.0
|Genesis Business Park, Woking
|22.7
|2.5%
|1.4
|-
|Sec. of State Communities & Local Govt.
|1.3
|1.8%
|2.7
|Capital Park, Leeds
|21.5
|2.4%
|1.8
|-
|The Scottish Ministers
|1.3
|1.8%
|1.7
|Eagle Court, Birmingham
|21.4
|2.4%
|1.8
|-
|Bank of Scotland
|1.3
|1.7%
|0.8
|Aztec West, Bristol
|19.0
|2.1%
|1.5
|-
|EDF Energy
|1.0
|1.4%
|1.7
|Manchester Green, Manchester
|18.9
|2.1%
|1.3
|-
|E.ON
|0.9
|1.3%
|3.3
|Beeston Business Park, Nottingham
|18.9
|2.1%
|1.8
|-
|John Menzies
|0.9
|1.2%
|1.6
|Hampshire Corporate Park, Eastleigh
|18.7
|2.1%
|1.3
|-
|NNB Generation
|0.9
|1.2%
|1.6
|Norfolk House, Birmingham
|18.0
|2.0%
|0.8
|-
|James Howden
|0.8
|1.1%
|9.9
|Portland Street, Manchester
|15.2
|1.7%
|0.9
|-
|SPD Development
|0.8
|1.1%
|3.8
|Newstead Court, Nottingham
|14.5
|1.6%
|0.9
|-
|Hermes European Logistics
|0.8
|1.1%
|2.0
|Templeton On The Green, Glasgow
|13.6
|1.5%
|1.2
|-
|Aviva
|0.8
|1.1%
|2.9
|Ashby Park, Ashby De La Zouch
|13.5
|1.5%
|1.1
|-
|Matalan
|0.8
|1.1%
|6.9
|The Lighthouse, Manchester
|13.3
|1.5%
|0.7
|-
|Total
|16.4
|22.7%
|2.7
|Total
|279.1
|30.8%
|18.8
|}
In addition to monitoring the industry exposure of tenants (and prospective tenants when assessing acquisitions) at the broad sector level, RGL also undertakes detailed analysis based on Standard Industrial Classification (SIC) codes.

'''Exhibit 4: Income diversified by industry exposure (end FY21)'''<ref>Source: Regional REIT.</ref>

[[File:Income diversified by industry exposure (end FY21).png|600px]]