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Regional REIT
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== Income-led total returns == RGL came to market in November 2015 targeting a higher yield portfolio that would provide progressive, regular dividends with the potential for capital growth. Active asset management and capital recycling are key elements in sustaining asset yields. RGLβs dividend yield has been consistently one of the highest in the sector and quarterly dividends were maintained during the pandemic, albeit at a reduced level. Aggregate FY21 DPS of 6.5p was up 1.6% on FY20 (6.4p) and Q122 DPS of 1.65p has increased c 3% versus Q121, an annualised rate of 6.6p. Although RGL has typically paid three equal quarterly dividends followed by a higher Q4 dividend, Edison Investment Research has trimmed its FY22 fully covered DPS forecast to 6.6p from 6.7p previously. This may prove to be conservative but recognises the deterioration in the global economic and political environment. For FY23, Edison Investment Research forecasts a fully covered 6.9p (previously 7.1p). {| class="wikitable" |+Exhibit 1: NAV total return performance<ref>Source: Regional REIT data, Edison Investment Research. Note: *NAV is defined as EPRA net tangible assets (NTA) per share.</ref> ! !2015* !2016 !2017 !2018 !2019 !2020 !2021 !Since IPO |- |Opening NAV per share (p) |100.0 |106.8 |106.1 |105.4 |115.2 |112.6 |98.6 |100.0 |- |Closing NAV per share (p) |106.8 |106.1 |105.4 |115.2 |112.6 |98.6 |97.2 |97.2 |- |Dividends per share paid (p) |0.00 |6.25 |7.80 |8.00 |8.20 |7.45 |6.30 |44.00 |- |Total accounting return (%) |6.8% |5.1% |6.7% |16.8% |4.9% |<nowiki>-5.8%</nowiki> |5.0% |41.2% |- |Average annual return (%) | | | | | | | |5.8% |} Accounting total return<ref>The change in EPRA NTA/NAV plus dividends paid.</ref> has been positive in each year since listing other than in FY20 due to the pandemic. Total return up to end-FY21 amounts to 41.2% or an average annual return of 5.8%. Reflecting RGLβs strong income focus, its returns have all been generated by dividends paid with a good level of consistency, as shown in Exhibit 2. '''Exhibit 2: Trend in dividend return and capital return'''<ref>Source: Regional REIT data, Edison Investment Research.</ref> [[File:Trend in dividend return and capital return.png|600px]] With its Q122 update, RGL announced the introduction of a dividend reinvestment plan, the details of which are available on its website.
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