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Regional REIT
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== Valuation == Based on Edison Investment Research's FY22 DPS forecast of 6.6p, RGL provides a highly attractive 7.9% dividend yield, one of the highest in the sector, if not the highest. In Exhibit 15, Edison Investment Research shows a comparison with a selected group of peers comprising mid-market diversified property investors and focused office sector investors, many of which are significantly larger than RGL with primarily central London exposure. To ease comparison, the data are based on 12-month trailing DPS declared and last published EPTA NTA/NAV. On this trailing basis (and Edison Investment Research forecasts on a prospective basis), RGLβs dividend yield continues to be at the very top end of both this selected peer group and the broad UK property sector (Edison Investment Research estimates c 4.0% on an unweighted trailing average basis). This is reflected in a narrower discount to NAV. {| class="wikitable" |+Exhibit 15: Peer valuation and share price performance comparison<ref>Source: Company data, Edison Investment Research, Refinitiv prices as at 1 June 2022. Note: *Based on last reported EPRA NTA or NAV per share. **Based on trailing 12-month DPS declared.</ref> ! rowspan="2" | ! rowspan="2" |Price (p) ! rowspan="2" |Market cap (Β£m) ! rowspan="2" |P/NAV* (x) ! rowspan="2" |Yield** (%) ! colspan="4" |Share price performance |- !One month !Three months !12 months !From 12-month high |- |Circle Property |237 |68 |0.86 |1.5 |<nowiki>-6%</nowiki> |5% |22% |<nowiki>-7%</nowiki> |- |Custodian |99 |436 |0.83 |5.3 |<nowiki>-1%</nowiki> |<nowiki>-1%</nowiki> |2% |<nowiki>-9%</nowiki> |- |Derwent London |2,932 |3,292 |0.74 |2.6 |<nowiki>-3%</nowiki> |<nowiki>-1%</nowiki> |<nowiki>-12%</nowiki> |<nowiki>-21%</nowiki> |- |Great Portland Estates |650 |1,650 |0.78 |1.9 |<nowiki>-6%</nowiki> |<nowiki>-2%</nowiki> |<nowiki>-8%</nowiki> |<nowiki>-19%</nowiki> |- |Land Securities |766 |5,683 |0.72 |4.8 |1% |1% |7% |<nowiki>-7%</nowiki> |- |Picton |98 |535 |0.81 |3.5 |<nowiki>-4%</nowiki> |1% |15% |<nowiki>-11%</nowiki> |- |Real Estate Investors |38 |68 |0.65 |8.1 |0% |3% |2% |<nowiki>-9%</nowiki> |- |Schroder REIT |54 |267 |0.77 |5.2 |<nowiki>-6%</nowiki> |11% |22% |<nowiki>-9%</nowiki> |- |Palace Capital |274 |127 |0.76 |4.8 |<nowiki>-7%</nowiki> |10% |9% |<nowiki>-10%</nowiki> |- |UK Commercial Property REIT |85 |1,105 |0.76 |3.3 |<nowiki>-3%</nowiki> |15% |17% |<nowiki>-9%</nowiki> |- |BMO Commercial Property Trust |118 |856 |0.82 |3.7 |7% |16% |46% |0% |- |BMO Real Estate Investments |92 |221 |0.72 |4.4 |<nowiki>-1%</nowiki> |12% |30% |<nowiki>-6%</nowiki> |- |Workspace |709 |1,358 |0.76 |3.5 |2% |<nowiki>-6%</nowiki> |<nowiki>-21%</nowiki> |<nowiki>-30%</nowiki> |- |'''Average''' | | |'''0.77''' |'''4.0''' |'''-2%''' |'''5%''' |'''10%''' |'''-11%''' |- |'''Regional REIT''' |'''83''' |'''429''' |'''0.86''' |'''7.8''' |'''0%''' |'''0%''' |'''-6%''' |'''-11%''' |- |UK property sector index |1,767 | | | |<nowiki>-8%</nowiki> |<nowiki>-1%</nowiki> |1% |<nowiki>-13%</nowiki> |- |UK equity market index |4,164 | | | |<nowiki>-1%</nowiki> |3% |3% |<nowiki>-4%</nowiki> |}
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