Riversgold Limited

FOR THE YEAR ENDED 31 DECEMBER 2024
ANNUAL 
REPORT 
AND FINANCIAL STATEMENTS

REGIONAL REIT
Regional REIT is a leading UK real estate investment 
trust specialising in high-quality commercial property 
space across the thriving regional markets outside 
London. The REIT has a commitment to delivering 
flexible, affordable, and vibrant modern workspaces.
Through active tenant engagement and expert asset 
management, Regional REIT consistently achieves both 
robust rental income and collections, providing our 
shareholders with a dependable source of attractive, 
stable dividends and long-term value creation, driven by a 
geographically diversified and resilient property portfolio. 
WHAT IS A REIT? 
A real estate investment trust (“REIT”) is a specialist tax-
efficient investment vehicle built around real property 
assets, specifically property rental/letting activities. REITs 
are quoted companies, or groups of companies, that own 
and manage property with the aim of generating a rental 
income and possible capital growth over the long term. 
The rental income, after costs, is paid to shareholders as 
a dividend distribution so that, over time, dividends will 
represent a significant proportion of the shareholders’ 
total return. REITs are a well-established and globally 
recognised holding structure for property assets.
United Kingdom ("UK") REITs are exempt from UK 
corporation tax on profits and gains of their qualifying 
property rental business. However, in consequence, UK 
REITs are required to distribute a minimum of 90% of their 
qualifying profits to shareholders as dividends (known as 
property income distributions or “PIDs”). As shareholders 
receive higher pay-outs than they would if the REIT were 
subject to UK corporation tax on its property profits and 
gains, shareholders are thus required to pay tax on the 
PIDs. The effect, in general terms, is that taxation is moved 
from the REIT to the investor and the investor is then liable 
for taxation as if they owned the property directly.
Regional REIT and its subsidiaries are a UK REIT group 
under UK tax legislation, having elected to enter the REIT 
regime with effect from 7 November 2015. Remaining 
in the regime is subject to meeting various conditions 
imposed by legislation.
ISA, SSAS AND SIPP STATUS
The Company’s Shares should be eligible to be held in an 
Individual Savings Account (“ISA”). 
Subject to the rules of the Trustees of the relevant 
scheme, the Ordinary Shares should generally be eligible 
for inclusion in a small self-administered scheme (“SSAS”) 
or self-invested personal pension (“SIPP”) provided: (a) 
no member of the SSAS or SIPP (or person connected 
with such a member) occupies or uses any residential 
property held by the Group; and (b) the SSAS or SIPP, 
alone or together with one or more associated persons, 
does not directly or indirectly hold 10% or more of any 
of the Ordinary Shares, voting rights in the Company, 
rights to income of the Company, rights to amounts on 
a distribution of the Company or rights to assets on a 
winding up of the Company.
ANNUAL REPORT AND ACCOUNTS 2024
3
Coach Works, Leeds

CONTENTS
OVERVIEW
8
About Us
11
Operational Key Points
14
Performance Key Points
15
At a Glance
16
A Year in Review
18
STRATEGIC REPORT
20
Chairman’s Statement
22
Investment Strategy and Business Model
28
Asset Manager and Investment Advisers' Report
34
Property Portfolio
48
Financial Review
54
Principal Risks and Uncertainties
60
Going Concern and Viability Statement
73
Sustainability Report
76
Directors' Duties and Stakeholder Engagement
97
Management Arrangements
101
Other Information 
103
CORPORATE GOVERNANCE
104
Board of Directors
106
Directors' Report
110
Statement of Directors’ Responsibilities
118
Corporate Governance Statement
120
Audit Committee Report
136
Nomination Committee Report
142
Management Engagement and Remuneration Committee Report
146
Directors’ Remuneration Report
150
Independent Auditor’s Report
153
Appendix 1: Auditor’s responsibilities for the audit of the financial Statements
162
FINANCIAL STATEMENTS
164
Consolidated Statement of Comprehensive Income
166
Consolidated Statement of Financial Position
167
Consolidated Statement of Changes in Equity
168
Consolidated Statement of Cash Flows
169
Notes to the Consolidated Financial Statements
170
ADDITIONAL INFORMATION
206
EPRA Performance Measures
208
Notes to the Calculation of EPRA Performance Measures
209
Property Related Capital Expenditure Analysis
212
Other Performance Measures
212
Glossary of Terms
214
AIFMD Disclosures
218
Company Information
220
Forthcoming Events
222
Shareholder Information
224
Dividend History
226
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
4
5

Income focused – opportunistic buying and strategic 
selling, coupled with intensive asset management, 
continues to secure long-term income.
FINANCIAL KEY POINTS
Year Ended 31 December 2024
*	
During the year the Company offered 15 new ordinary shares for every 7 existing shares. This 
resulted in an increase of 1,105,149,821 Ordinary Shares being issued. Subsequently there was a 10 
for 1 split with the resulting Ordinary shares in issue being 162,088,483. See note 28 on page 198 for 
details of the restatement.
**	
The European Public Real Estate Association (“EPRA”). The EPRA’s mission is to promote, develop and 
represent the European public real estate sector. As an EPRA member, we fully support the EPRA 
Best Practices Recommendations. Specific EPRA metrics can be found in the Company’s financial and 
operational highlights, with further disclosures and supporting calculations on pages 208 to 211.
***	 Alternative Performance Measures. Details are provided in the Glossary of Terms from page 214 and 
the EPRA Performance Measures on pages 208 to 211.
Portfolio Valuation
£622.5m (2023: £700.7m)
EPRA** NTA per Share*
210.2p (2023 restated: 357.4p)
IFRS NAV per Share*
216.9p (2023 restated: 376.2p)
Dividend per Share*
7.8p (2023: 5.25p)
Weighted Average Debt Duration***
2.9 yrs (2023: 3.5 yrs)
Net Loan to Value Ratio***
41.8% (2023: 55.1%)
Weighted Average Cost of Debt***
3.4% (2023: 3.5%)
300 Bath Street, Glasgow
ANNUAL REPORT AND ACCOUNTS 2024
7

ABOUT US
UK REIT, offering exposure to the 
regional commercial property market, 
actively managed by an experienced 
asset manager.
1	 Regional REIT Limited is the parent company of a number of subsidiaries which together comprise a 
group within the definition of The Companies (Guernsey) Law 2008, as amended (the “Law”) and the 
International Financial Reporting Standard (“IFRS”) 10, ‘Consolidated Financial Statements’, as issued 
by the International Accounting Standards Board (“IASB”) and as adopted by the UK. Unless otherwise 
stated, the text of this Annual Report does not distinguish between the activities of the Company and 
those of its subsidiaries.
2	 Toscafund Asset Management LLP will continue to act as the alternative investment fund manager 
("AIFM") and provide the relevant regulatory services to the Company until an affiliate of ARA Europe 
has acquired its own regulatory permissions.
ANNUAL REPORT AND ACCOUNTS 2024
8
9
REGIONAL REIT
8
OVERVIEW
About Us
11
Operational Key Points
14
Performance Key Points
15
At a Glance
16
Year in Review
18

ABOUT US
UK REIT, offering exposure to the 
regional commercial property market, 
actively managed by an experienced 
asset manager.
Regional REIT pursues its investment objective by 
investing in, actively managing and disposing of regional 
Core Property and Core Plus Property assets. It aims to 
deliver an attractive total return for its shareholders, with 
a strong focus on income supported by additional capital 
growth prospects. 
Regional REIT’s commercial property portfolio is comprised 
wholly of UK assets, located in regional centres outside 
of the M25 motorway. The portfolio is geographically 
diversified, with 126 properties, 1,271 units and 780 
tenants as at 31 December 2024, with a valuation of 
£622.5 million.
Regional REIT Limited (“Regional REIT” or the “Company”) 
and its subsidiaries1 (the “Group”) is a United Kingdom 
(“UK”) based London Stock Exchange listed real estate 
investment trust that launched in November 2015. It is 
managed by ESR Europe LSPIM Limited ("ESR LSPIM"), the 
Asset Manager, and ESR Europe Private Markets Limited 
("ESR Europe"), the Investment Adviser2.
For more information, visit the Group’s website: 
www.regionalreit.com
1	 Regional REIT Limited is the parent company of a number of subsidiaries which together comprise a 
group within the definition of The Companies (Guernsey) Law 2008, as amended (the “Law”) and the 
International Financial Reporting Standard (“IFRS”) 10, ‘Consolidated Financial Statements’, as issued 
by the International Accounting Standards Board (“IASB”) and as adopted by the UK. Unless otherwise 
stated, the text of this Annual Report does not distinguish between the activities of the Company and 
those of its subsidiaries.
2	 In August 2024, ESR Europe Investment Management Limited was appointed as the Alternative 
Investment Fund Manager (AIFM), replacing Toscafund Asset Management LLP.
ANNUAL REPORT AND ACCOUNTS 2024
11
300 Bath Street, Glasgow

3
2
OUR PURPOSE
The purpose of the Company is to deliver long-term returns for 
shareholders with income generated from investment in UK commercial 
property outside of the M25 motorway. To us this means being a 
responsible owner of commercial property that offer occupiers vibrant 
spaces in which they can grow their businesses.
OUR CULTURE
By understanding the key elements of Regional REIT's culture, the 
Board can continually evaluate and monitor the culture to ensure it 
aligns with the Company's purpose, values, and strategy for the long-
term sustainable success of Regional REIT.
For more details on the Company’s culture see page 103.
OUR VALUES
Transparency
We are professional, transparent and committed to doing what is best 
for all parties.
Integrity
We act with integrity and honesty in all that we do. We will be truthful, 
even if it means delivering difficult messages.
Collaboration
We openly collaborate and always seek to build positive long-term 
relationships grounded in cooperation that benefit all parties.
Adapt and evolve
We are a forward-thinking business that seeks to continually advance 
strategically, challenge assumptions, adapt and make a positive 
difference that benefits all parties.
1
PROPERTY LOCATIONS
Year ended 31 December 2024
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
12
13
Office (90.7%)
Retail (3.6%)
Industrial (3.7%)
Other (2.0%)

Income focused with intensive asset management.
A key focus on delivering high dividend distributions to 
shareholders. 
OPERATIONAL KEY POINTS
PERFORMANCE KEY POINTS
Year Ended 31 December 2024
Year Ended 31 December 2024
* 	 Alternative Performance Measures. Details are provided in the Glossary of Terms from page 214 and 
the EPRA Performance Measures on pages 208 to 211.
126 
Properties
83.4% England & Wales 
90.7% Office 
Portfolio by region and sector (by value)
780 
Tenants
£28.6m
Property disposal proceeds (net of costs) 
18 assets and three part sales
1,271 
Units
£60.7m
Rent Roll
77.5% 
EPRA Occupancy by ERV*
4.6 yrs 
WAULT to expiry 
2.9 yrs 
WAULT to first break by ERV*
Dividends declared per share
* 	 6 November 2015.
** 	During the year the Company offered 15 new ordinary shares for every 7 existing shares. This resulted 
in an increase of 1,105,149,821 Ordinary Shares being issued. Subsquently there was a 10 for 1 split 
with the resulting Ordinary shares in issue being 162,088,483.
	
Member of FTSE All-Share Index since March 2016.
	
Member of FTSE EPRA NAREIT UK Index since June 2016.
	
Terms are defined in the Glossary of Terms from page 214.
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
14
15
0
1
2
3
4
5
6
7
8
9
10
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024*
Pence per share
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024**
*

HALF-YEARLY REPORT 2023
3
AT A GLANCE
Year Ended 31 December 2024
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
16
17
* 	
Alternative Performance Measures. Details and terms are provided in the Glossary of Terms from 
page 214 and the EPRA Performance Measures on pages 208 to 211.
* 	
Alternative Performance Measures. Details and terms are provided in the Glossary of Terms from 
page 214 and the EPRA Performance Measures on pages 208 to 211.
** 	 During the year the Company offered 15 new ordinary shares for every 7 existing shares. This 
resulted in an increase of 1,105,149,821 Ordinary Shares being issued. Subsequently there was a 10 
for 1 split with the resulting Ordinary shares in issue being 162,088,483.
Number or Properties
126 (13%)
126
144
154
2024
2023
2022
Tenants
780 (20%)
780
978
1,076
2024
2023
2022
Units
1,271 (14%)
1,271
1,483
1,552
2024
2023
2022
EPRA Occupancy
(%)
77.5% (3%)
77.5
80.0
83.4
2024
2023
2022
Net Rental & Property Income 
(£m)
£46m (14%)
46.0
53.7
62.6
2024
2023
2022
Investment Properties Value 
(£m)
£622.5m (11%)
622.5
700.7
789.5
2024
2023
2022
Dividend per Share** 
(pence)
7.8p +49%
7.80
5.25
6.60
2024
2023
2022
Average Property Value
(£m)
£4.9m 0%
4.9
4.9
5.1
2024
2023
2022
Weighted Average Cost of 
Debt (WACD)* 
(%)
3.4% (3%)
3.4
3.5
3.5
2024
2023
2022
Rent Roll 
(£m)
£60.7m (10%)
60.7
67.8
71.8
2024
2023
2022
WAULT to first break 
(years)
2.9yrs +4%
2.9
2.8
3.0
2024
2023
2022
Average rent* (per sq ft) 
(£)
£13.92 +1%
13.92
13.82
13.65
2024
2023
2022
Reversionary Yield*
(%)
11.6% +7%
11.6
10.8
10.2
2024
2023
2022
Weighted Average Debt 
Duration (WADD)* 
(years)
2.9yrs (17%)
2.9
3.5
4.5
2024
2023
2022
Net LTV* 
(%)
41.8% (24%)
41.8
55.1
49.5
2024
2023
2022

A YEAR IN REVIEW
2024
Properties:
144
Units:
1,483
Tenants:
978
Valuation:
£700.7m
Rent roll (per annum):
£67.8m
EPRA occupancy (by ERV):
80.0%
LTV:
55.1%
135
1,344
906
£688.2m
£65.5m
79.9%
55.2%
132
1,305
832
£647.9
£63.5m
78.0%
58.3%
131
1,303
808
£648.8m
£62.1m
77.5%
41.4%
126
1,271
780
£622.5m
£60.7m
77.5%
41.8%
Cash balance:
£34.5m
Gross borrowings:
£420.8m
1.20p
Q4 2023
1.20p
Q1 2024
2.20p
Q2 2024
£110.5m*
2.20p
Q3 2024
Amount:
Period:
Equity capital raise:
PORTFOLIO
31 Dec 2023
31 Mar
30 Jun
30 Sep
31 Dec 2024
CASH/ DEBT/ EQUITY
31 Dec 2023
£33.5m
£413.2m
31 Mar
£25.7m
£403.3m
30 Jun
£85.1m
£353.3m
30 Sep
£56.7m
£316.7m
31 Dec 2024
22 Feb
22 May
10 Sep
19 Jul
3 Nov
DIVIDENDS
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
18
19
* 	
During the year the Company offered 15 new ordinary shares for 
every 7 existing shares. This resulted in an increase of 1,105,149,821 
Ordinary Shares being issued. Subsequently there was a 10 for 1 
split with the resulting Ordinary shares in issue being 162,088,483.

ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
20
21
STRATEGIC 
REPORT
Chairman’s Statement
22
Investment Strategy and Business Model
28
Asset Manager and Investment Advisers' Report
34
Property Portfolio
48
Financial Review
54
Principal Risks and Uncertainties
60
Going Concern and Viability Statement
73
Sustainability Report
76
Directors' Duties and Stakeholder Engagement
97
Management Arrangements
101
Other Information
103

ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
22
23
CHAIRMAN’S STATEMENT
Overview
While it was another difficult year for the property market 
and the regional office sector, our active management 
strategy did enable the Company to outperform the MSCI 
Rest of UK Offices Index which declined by 8.9% over the 
year with our portfolio value falling by 8.2% on a like-for-like 
basis after adjustments for acquisitions, disposals, and 
capital expenditure. The bulk of that fall was in the first half 
of the year with some signs of stabilisation in values in the 
second half. 
Throughout the year, the Board remained committed to 
delivering consistent quarterly dividend distributions to 
our shareholders, ensuring full compliance with the HMRC 
REIT guidelines and maintaining a covered annual dividend. 
Our strong operational performance — driven by effective 
asset management and robust rent collection — further 
supported these uninterrupted dividend payments. The 
Board recognises the importance of delivering dividend 
growth on a fully covered basis going forward, and that will 
remain an overriding priority. 
Letting demand for our portfolio remained robust despite 
overall occupancy falling on a like for like basis, with 2024 
lettings having exceeded the prior year's estimated rental 
values by a significant 13.5%. This encouraging element 
of performance reflects the appeal of our properties and 
ability to cater for all tenants’ requirements from a single 
desk to a stand-alone headquarter office. We do firmly 
believe that our portfolio is well positioned to benefit 
from the continued return-to-office momentum across 
the United Kingdom. This will be enhanced in the medium 
term by a more favourable macroeconomic environment 
and easing UK monetary policy, supporting the quarterly 
dividends and adding shareholder value.
There is a lot of work to do and the Board remains 
committed to reducing LTV while progressing opportunities 
across the portfolio to generate sustainable, long-term 
value for shareholders. 
As I begin my first months in this role, I, together 
with the rest of the Board fully acknowledge the 
unprecedented challenges our Company and 
shareholders have faced over recent years. However, 
the £110.5 million capital raise in July 2024 enabled the 
Company to fully repay the £50 million Retail Bond in 
August, reduce overall bank borrowings and focus on 
accretive capital expenditure projects. 
*	 During the year the Company offered 15 new ordinary shares for every 7 existing shares. This resulted 
in an increase of 1,105,149,821 Ordinary Shares being issued. Subsequently there was a 10 for 1 split 
with the resulting Ordinary shares in issue being 162,088,483.
Letting demand for our portfolio remained 
robust, with 2024 lettings having exceeded 
the prior year's estimated rental values by a 
significant 13.5%."
David Hunter
Chairman
7.8pps 2024 Dividend (2023: 5.25pps*)
£622.5 million Portfolio Valuation
£251.4 million of dividends have been declared since inception

Financial Resources
Market Environment 
The Company’s EPRA NTA increased to £340.7 million (IFRS 
NAV: £351.6 million) as at 31 December 2024, representing 
an increase of £49.9 million from £290.8 million (IFRS NAV: 
£306.1 million) as at 31 December 2023. This increase was 
driven by the £110.5 million equity capital raise, although 
it was partially offset by a challenging commercial real 
estate market that led to a decline in the property portfolio 
revaluation. A strong cash balance of £56.7 million was 
retained as of 31 December 2024 (2023: £34.5 million), of 
which £55.9 million was unrestricted (2023: £30.2 million)
The Company’s debt position, which is comprised entirely 
of fixed and hedged interest rate debt, helped the 
Company mitigate rate volatility. With the repayment of 
the 4.5% £50 million Retail Bond, the weighted average 
cost of debt was reduced to 3.4% at the end of 2024 (2023: 
3.5%), and the Net Loan-to-Value (LTV) decreased to 41.8% 
as of 31 December 2024, compared with 55.1% as at 31 
December 2023.
The Company continues to execute its controlled disposal 
programme, consisting of 18 assets and three-part sales of 
assets, amounting to circa £28 million, net of costs.
Sustainability 
Once again, I am pleased to report the significant progress 
achieved by the ESG Working Party in 2024, which 
improved the Company’s Global Real Estate Sustainability 
Benchmark (GRESB) from 66 to 73 and maintained a two 
Green Star Status. Additionally, we continued to achieve 
advancements in our EPC ratings and EPRA sustainability 
accreditation. Overall performance remains robust. 
82.7% of our portfolio attained EPC ratings C plus or 
better (compared with 73.7% on 31 December 2023), while 
EPC B plus and exempt rose steeply to 57.7% (compared 
with 31.6% on 31 December 2023). This progress moves 
us nearer to meeting the Minimum Energy Efficiency 
Standard (‘MEES’) target of EPC B, well ahead of the stated 
2030 target. Importantly, with limited compliant office 
supply in the regions, providing high quality, energy 
efficient space can be a key differentiator for Regional 
REIT, driving improved occupancy and rental growth. 
UK office investment reached £1.8 billion in Q4 2024, 
bringing the annual total to £7.3 billion, a 27% decline from 
2023. London saw the sharpest drop, with investment 
falling 34% to £4.7 billion, while regional markets declined 
5.5% to £2.34 billion. Q4 2024 transactional yields for 
central London offices rose slightly to 6.02% and yields for 
the rest of the UK increased by 43 basis points to 7.75%.
Looking ahead, Lambert Smith Hampton (“LSH”)1 sees 
2024 as an inflection point for office space sector. LSH 
forecasts total returns averaging c7.9% per annum 
citing improved staff occupancy and tighter supply. 
Underpinning LSH’s forecast, Centre for Cities2 notes 
London office attendance rose from 2.2 to 2.7 days 
weekly; KPMG3 reports 76% of financial leaders plan to 
boost attendance; and Willis Towers Watson4 finds 60% of 
firms enforce office-day policies, improving engagement 
(85%), culture (72%), and learning (69%). Regional REIT’s 
own annual tenant survey found that current active office 
occupation is now above pre-pandemic active occupancy, 
while employee occupation has stabilised at an average of 
four days a week.
Dividends 
The dividend remains a significant component of total 
shareholder returns. During the period under review, prior 
to the capital raise and share consolidation, the Company 
declared a Q1 2024 dividend of 1.2pps. Following the 
capital raise and subsequent share consolidation, the 
Company declared a Q2 2024 dividend of 2.2pps on 
10 September 2024, a Q3 2024 dividend of 2.2pps on 
13 November 2024, and has now declared a Q4 2024 
dividend of 2.2pps. These dividend distributions ensure 
compliance with the HMRC REIT regime. Notably, the 
Company has paid a fully covered dividend for 2024, 
having also paid a covered dividend for 2023. Since 
inception, the Company has declared dividends amounting 
to 65.35pps noting the aforementioned one for ten 
share consolidation on 29 July 2024 and has distributed 
approximately £251.4 million in dividends to shareholders.
3
Clinitron House, Ashby
REGIONAL REIT
24
25
Norfolk House, Birmingham
1 	UK Investment Transactions Bulletin, UKIT Q4 2024 by Lambert Smith Hampton (LSH), Jan. 2025
2 	The Future of Work, Centre for Cities report (in partnership with Imperial College London), Sep. 2024
3 	Financial Services employee survey, KPMG, Oct. 2024
4 	Flexible Work Models Pulse survey by WillisTowersWatson, Dec. 2024

Performance 
The period under review was impacted by the announced 
equity capital raise on the 27 June 2024. The Company’s 
total shareholder return was -40.5%, versus the return of 
-11.7% for the FTSE EPRA NAREIT UK Total return Index 
over the same period. The annualised EPRA Total Return 
was 0.6% p.a. (2023: 1.5% p.a.).
Board Changes 
As announced on 18 December 2024, following a thorough 
search process and in line with the Company’s policy, I 
was appointed as an Independent Non-Executive Director 
and Chair designate. I have since been appointed to the 
Audit, Nomination, and Management Engagement & 
Remuneration Committees and, following a handover 
period, assumed the role of Chair of the Board on 18 
March 2025, succeeding Kevin McGrath, who stepped 
down after completing his nine-year tenure.
On behalf of the Board and our shareholders I extend 
our thanks to Kevin for his leadership and unwavering 
commitment over the years. His guidance and dedication 
have been instrumental in the governance of the 
Company, particularly with regard to our successful £110.5 
million equity capital raise in 2024.
As announced on 11 October 2024, Daniel Taylor stepped 
down as Senior Independent Director and Non-Executive 
Director ("NED") of the Company, having completed his 
nine-year tenure in accordance with the Company’s policy. 
Again, I record our appreciation of Daniel’s significant 
contribution during his tenure.
Also on 11 October, Massy Larizadeh was appointed as 
Senior Independent Director. An independent NED since 
June 2022, Massy chairs the Management Engagement & 
Remuneration and Nomination Committees.
Finally, as announced on 21 October 2024, Nicole Burstow 
was appointed as a Non-Executive Director, representing 
our new significant shareholder Bridgemere Investments 
Limited. Nicole, a chartered accountant with over 20 
years of financial services experience, is currently CFO of 
Bridgemere Group and was previously Deputy CEO of DSW 
Capital. 
Annual General Meeting 
The notice for the 2025 AGM will be published on our 
website and circulated to shareholders in line with the 
Company’s Articles of Incorporation. In accordance with 
the Company’s Articles of Incorporation and the AIC 
Code, all Directors will stand for re-election at the AGM, 
except for Ms Burstow and myself, as we were appointed 
as Directors since the last AGM and will therefore stand 
for election. Directors maintain their professional 
development through regular briefings from the Company 
Secretary and the Company’s other advisers. As well as 
being committed to orderly succession planning, the 
Board will enhance its skills base as necessary. The Board 
looks forward to engaging with shareholders at the AGM. 
Shareholder and Stakeholder Engagement
We welcomed Bridgemere Investments Limited as a 
new significant shareholder following the successful 
completion of the capital raise and thank them and our 
existing shareholders for their support. We look forward 
to working with Bridgemere and all our stakeholders as we 
look to return to growth.
Tenant and stakeholder satisfaction is key to our 
success. We aim to provide high-quality workspaces 
that accommodate diverse business needs, from small 
flexible units to corporate headquarters. Engaging 
actively with tenants is central to our asset management 
strategy, helping us understand their needs, address 
challenges, and enhance our workspaces. We promote 
open and transparent communication, ensuring a 
collaborative approach that benefits all stakeholders and 
improves operational efficiency. The Company welcomes 
shareholder engagement, with further details available at 
www.regionalreit.com and in this Annual Report. 
Outlook
The property market continues to adjust to the evolving 
economic conditions and cautious investor sentiment. 
While the management team is doing all it can to increase 
returns including through capex, leasing and sales, 
performance is to some extent inevitably dependent on 
recovery in the sector. However, demand for well-located, 
high-quality office space remains resilient, supported by 
the continued return to the office, and there are significant 
opportunities to create value within the portfolio 
by progressing accretive initiatives such as securing 
planning consents ahead of sales. The Company remains 
focused on active asset management to drive occupancy, 
enhance tenant retention, and optimise rental growth, 
underpinning sustainable dividend distributions. As 
businesses prioritise dynamic and engaging workspaces, 
the Company is well placed for recovery, which will 
support long-term value creation and benefit shareholders 
as confidence gradually returns to the commercial 
property market. 
David Hunter
Chairman
24 March 2025
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
26
27

ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
INVESTMENT STRATEGY 
AND BUSINESS MODEL
Active management of the properties
Highly experienced Asset Manager
Regions primed for growth
Investing in income producing assets
Opportunistic approach to property investment
Geographically diversified income focused portfolio
BORROWINGS
The Group targets a ratio of net borrowings to Gross Investment Properties Value of 40% over 
the longer term, with a targeted maximum limit of 50%.
INVESTMENT STRATEGY
The Group will invest in, and actively manage properties or debt portfolios secured on such 
properties located predominately in the regional centres of the UK outside of the M25 motorway.
The Group aims to build a portfolio of interests that, together, offer shareholders a diversification 
of investment risk by investing in a range of geographical areas and across a number of high-
quality assets and tenants, and through letting properties, where possible, to low-risk tenants.
The Group will use gearing, borrowings and other sources of leverage to implement its 
investment strategy and enhance equity returns.
INVESTMENT POLICY
The Group will invest in properties that are situated in the UK and outside of the M25 motorway.
The Group may also invest in property portfolios in which up to 50% of the properties (by market 
value) are situated inside the M25 motorway.
In the ordinary course of business, no single property will exceed 10% of the Group’s Gross 
Investment Properties Value at the time of the investment; exceptionally, the Board may consider 
taking this up to 20%.
The normal minimum value for a single property investment is £5 million, except where an asset 
is within a portfolio of properties for which there shall be no such minimum.
No more than 20% of the Gross Investment Properties Value shall be exposed to any one tenant 
or group undertaking of that tenant.
Speculative development (properties under construction, but excluding refurbishment, which 
have not been pre-let) is prohibited. Any other development is restricted to an aggregate 
maximum of 15% of Gross Investment Properties Value at investment or commencement.
INVESTMENT OBJECTIVE
The investment objective of the Company is to deliver an attractive total return to shareholders, 
with a strong focus on income from investing in UK commercial property, predominately in the 
office sector in major regional centres and urban areas outside of the M25 motorway.
Borrowings
Objectives
Policy
Investment 
Strategy
28
29

GEOGRAPHICALLY DIVERSE PORTFOLIO
INVESTING IN INCOME PRODUCING ASSETS
OUR APPROACH
• 	A distinctive, large and diverse commercial property portfolio.
• 	An approach that diversifies the investment risk of the portfolio and enables better 
management of the timing of lease re-gears, new lettings, geography and sector.
HOW WE ADD VALUE
• 	The property portfolio is geographically well spread across the regions of the UK outside of 
the M25 motorway and with a broad range of tenants.
PROGRESS DURING THE YEAR
• 	126 properties (2023: 144), 1,271 units (2023: 1,483) and 780 tenants (2023: 978) as at 31 
December 2024.
• 	The largest single property is 2.9% of the Gross Investment Properties value (2023: 2.8%) 
and the largest tenant 2.8% of Gross Rental Income (2023: 2.5%).
• 	England & Wales represent 83.4% of the Gross Investment Properties value (2023: 83.8%); 
office 90.7% and industrial sites are 3.7% (2023: office 92.1%; industrial 3.2%).
OUR APPROACH
• 	The Group has a strict set of investment criteria to invest, predominately, in income 
producing assets capable of delivering an attractive total return to our shareholders.
HOW WE ADD VALUE
• 	Investment decisions are based on identifying strong underlying fundamentals, including 
inter alia: prospects for future income growth; sector and geographic prospects; lease 
length; initial and equivalent yields; and the potential for active asset management.
PROGRESS DURING THE YEAR
• 	Rent roll of £60.7 million as at end 2024 (2023: £67.8 million).
• 	Average rents have increased to £13.92 per sq. ft. (2023: £13.82 per sq. ft.).
• 	Declared dividends of 7.80pps* for 2024 (2023: 5.25pps).
2
PRINCIPAL RISKS AND UNCERTAINTIES:
Healthcare events
Financial and tax changes
Funding
Accounting, legal and regulatory
Tenant
Environmental and efficiency standards
Valuation
Economic and political
Operational
Strategic
Read more about the Principal Risks and Uncertainties 
facing the Company on pages 60 to 72, which are linked to 
the Company’s strategy as set out below.
LINK TO PRINCIPAL RISKS
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
30
31
LINK TO PRINCIPAL RISKS
* 	 On 19 July 2024 the shares in issue increased by 1,105,149,821 shares to 1,620,886,404. 
	
On 29 July 2024 the shares were consolidated on a 1 for 10 share basis.

HIGHLY EXPERIENCED ASSET MANAGER
REGIONS PRIMED FOR GROWTH
OUR APPROACH
• 	The Asset Manager has the heritage of a long-established property investment 
management team.
• 	ESR Europe LSPIM is headquartered in Glasgow and has a number of offices around the 
UK, with 77 employees, as at 31 December 2024, working on Regional REIT.
HOW WE ADD VALUE
• 	The capabilities and track record of the management team, including knowledge, expertise 
and established relationships, provide an important competitive advantage for operating 
in the fragmented UK regional property market. The senior management team of the Asset 
Manager collectively have over 180 years of property experience, with a proven record of 
creating value.
• 	The Asset Manager grew property rental income for a similar portfolio on a like-for-like 
basis through the 2008-12 recession. 
PROGRESS DURING THE YEAR
• 	Completed 61 new lettings in 2024, 13.5% above 2023 ERV, which after the expiry of rent 
incentives will provide a gross rental income of £3.2 million.
OUR APPROACH
• 	The resilient regions are expected to benefit from future capital inflows, a strong rebound 
of the UK economy and governmental resource allocation, which should conflate to ensure 
occupier demand for offices grows.
• 	According to monthly data from MSCI, income return held up well for the rest of UK office 
markets in the 12 months ended December 2024 at 7.1%. 
HOW WE ADD VALUE
• 	The investment policy focuses on a portfolio of offices located outside of the M25 
motorway, broadly based on the region’s economic worth and population mix.
• 	The Group seeks to enhance income growth and capital values through the proactive 
approach of the Asset Manager.
• 	The Asset Manager operates through a number of regional offices, implementing a 
targeted investment policy and individual property asset management plans.
2
ACTIVE MANAGEMENT OF THE PROPERTIES
OPPORTUNISTIC APPROACH TO PROPERTY INVESTMENT
OUR APPROACH
• 	The Group prides itself on maintaining a close relationship with its tenants and, in the intensive 
granular management of its properties, a very hands-on approach.
• 	Our aim is to provide a consistent approach to improving returns, thereby enhancing the 
quality of the underlying portfolio.
HOW WE ADD VALUE
• 	The Asset Manager undertakes all of the principal property management activities in-house and 
remains close to its tenants, ensuring an immediate understanding of their requirements and 
enabling better decision-making capability.
• 	The Asset Manager utilises a range of approaches to each asset to maximise shareholder value. 
Following the successful equity capital raise in July 2024 the Company is able to focus upon 
accretive alternative uses across the portfolio.
PROGRESS DURING THE YEAR
• 	Net capital expenditure of £8.2 million in 2024 (2023: £10.2 million); capital expenditure is 
recovered through dilapidations, service charges or improved property rental income.
• 	Active and intense asset management maintained EPRA occupancy of 77.5% (2023: 80.0%).
OUR APPROACH
• 	A focus on exploiting pricing inefficiencies and mismatches between regional Core and 
Core Plus and primary property yields.
• 	Following the successful July 2024 equity capital raise the Company is able to undertake 
accretive value add projects.
• 	From such opportunities, the Group will acquire, hold and sell commercial real estate that 
it believes to be mispriced.
• 	Utilising leverage to build the acquisitions capability of the business.
HOW WE ADD VALUE
• 	An opportunistic approach to UK commercial property with recycling of capital from the 
portfolio refreshment programme and aiming to acquire properties where the Group can 
add value through the expertise of the Asset Manager.
• 	Seeking to build the income growth and capital values of properties, taking undermanaged and 
underinvested properties to being attractive investments to be retained for yield or for disposal.
• 	An established borrower with long-term relationships in place with a number of UK banks. 
The Group will exploit opportunities to improve total returns utilising leverage.
• 	With debt maturing and opportunities to renegotiate existing facilities, the Group aims to 
reduce its funding costs.
PROGRESS DURING THE YEAR
• 	The Company completed disposals (net of costs) of £28.6 million, respectively reflecting an 
average net initial yield of 8.3% (10.6% excluding vacant properties), which in conjunction with 
the July 2024 successful £110.5m equity capital raise helped to reduce the Group Net LTV.
• 	During 2024, borrowing repayments totalled £104.0 million, new borrowings were £nil 
million, resulting in total borrowings of £316.7 million. The average funding cost (including 
hedging) was 3.4% (2023: 3.5%).
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
32
33
LINK TO PRINCIPAL RISKS
LINK TO PRINCIPAL RISKS
LINK TO PRINCIPAL RISKS
LINK TO PRINCIPAL RISKS

ASSET MANAGER AND 
INVESTMENT ADVISERS' REPORT
Overview
While 2024 has undoubtedly been another challenging 
year for the property market and the regional office 
market in particular, with the successful equity raise 
in July 2024, Regional REIT enters 2025 with cautious 
optimism. We are beginning to see an improvement 
in sentiment in the UK office market, with the average 
number of days in the office having stabilised at four 
days a week across our portfolio. There is also a growing 
recognition of the vital role the office plays in driving 
productivity and strengthening a company’s culture.
We anticipate a slow and steady improvement to the 
occupational market in 2025, however, it will take time 
for the impact of these changes to flow through to our 
financial performance. On a like-for-like basis the valuation 
of the portfolio fell by 8.2% in the year to £622.5m, 
although the pace of this reduction slowed to 3.1% in the 
second half. If, as is widely forecast, interest rates continue 
to fall then this will bring stability and confidence and 
ultimately be beneficial to real estate values.
Our operational performance continues to be robust. 
At an operational level, the business delivered 61 new 
lettings last year at 13.5% above 2023 ERV, totalling £3.2m 
rent roll. Rent collection remained high at 98.6%, and 
occupancy amounted to 77.5% compared to 80.0% in 
2023. This slight reduction was in part due to the business 
holding some buildings vacant while it progresses planning 
applications to add value.
Importantly, the combination of our ongoing controlled 
disposals programme and the successful £110.5m equity 
raise have transformed Regional REIT’s balance sheet, 
taking LTV to 41.8% at the end of the year from 55.1% 
in 2023. This ensures that we have the resources and 
flexibility to take advantage of the opportunities we see 
to create value across our portfolio. Further reducing LTV 
via selected disposals remains a priority, and a total of 43 
sites totalling c. £106.7m have been earmarked for sale, 
with nine sales totalling £18.6m either contracted, under 
offer, or in negotiation.
Looking ahead, along with a targeted capex programme 
to bring selected assets up to the necessary standard 
to optimise rents, a key objective will be maximising 
the opportunities we see in the portfolio to add value 
by securing planning consents ahead of sales. Over the 
medium term, based on current property values we 
estimate that there is the potential to add substantial 
value through these initiatives. 
There is a lot of work to do. However, the team is laser 
focused on delivering against our restated strategy and 
with a transformed balance sheet there are extensive 
opportunities across the portfolio. Regional REIT is well 
placed to deliver against its objective of being a high 
dividend paying REIT, while also pursuing added capital 
value. 
We are beginning to see an improvement in 
sentiment in the UK office market, with the 
average number of days in the office having 
stabilised at four days a week. There is also a 
growing recognition of the vital role the office 
plays in driving productivity and strengthening 
a company’s culture.”
Stephen Inglis
Head of ESR Europe LSPIM Ltd.
Asset Manager
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
34
35

KEY POINTS FROM 2024
HIGH LEVEL OF RENT COLLECTION
Achieved a high level of rent collection. As at 14 
March 2025, rent collection remains robust, with FY 
2024 at 98.6%, adjusting for monthly rent and agreed 
collections plans, which is similar to the equivalent date 
in 2024 when 98.9% had been collected.
Quarterly Investment Volumes (£bn)
UK Office Investment Activity
Investment in UK offices reached £1.8 billion in Q4 2024, 
bringing the total for the year to £7.3 billion, 27% lower than 
20231. The decline in overall office investment was primarily 
driven by a significant drop in London, where investment 
fell by 34% to £4.7 billion in 2024 down from £7.2 billion 
in 2023. The regional office markets also experienced a 
decline in investment in 2024 when compared to 2023 of 
5.5%, an annual total of £2.34 billion from £2.48 billion.
Transactional yields2 for central London offices were 
marginally up for Q4 2024 at 6.02% against the same period 
in Q4 2023. In contrast the transactional yields for rest of 
the UK were 7.75% for Q4 2024, an increase of 0.5% on the 
Q4 2023.
Looking ahead, Lambert Smith Hampton (“LSH”), see 2024 
as an inflection point for the office sector. LSH forecast total 
returns averaging c7.9% per annum citing improved staff 
occupancy and tighter supply. 
Underpinning LSH’s forecast, the Office for National 
Statistics (“ONS”) data3 shows that in 2024, 42% of workers 
in the UK on average travelled exclusively to work, while 
only 13% worked from home full-time, a drop from 25% 
in 2021. Additionally, approximately 26% of UK workforce 
were hybrid working in 2024.
Recent surveys underscore a growing trend toward 
increased office attendance across the UK, driven by new 
policies, improved team engagement, and recognised in-
office benefits.
•	 Centre for Cities Survey4: In London, workers increased 
their office attendance from 2.2 days per week in 2023 to 
2.7 days in 2024, signalling a gradual return.
•	 KPMG Survey5: A survey of financial services leaders 
shows that 76% plan to increase attendance, with 37% 
expecting employees to be in-office at least four days 
weekly.
•	 Willis Towers Watson Survey6: ‘Flexible Work Models 
Pulse’ reports that 60% of UK companies now enforce a 
minimum office-days policy, boosting engagement (85%), 
culture (72%), and learning (69%).
These findings continue to highlight the benefits 
and productivity companies observe from in person 
collaboration. 
1 	UK Investment Transactions Bulletin, UKIT Q4 2024 by Lambert Smith Hampton (LSH), Jan. 2025
2 	Transactional Yield focuses on the yield at the point of purchase, based on the current property income
3 	ONS, Public opinions and social trends, Great Britain: social mobility, Jan. 2025
4 	The Future of Work, Centre for Cities report (in partnership with Imperial College London), Sep. 2024
5 	Financial Services employee survey, KPMG, Oct. 2024
6 	Flexible Work Models Pulse survey by WillisTowersWatson, Dec. 2024
Source: Lambert Smith Hampton Research (January 2025) 
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
36
37
DISPOSALS PROGRAMME
Disposals during 2024 totalled £28.6 million (net of 
costs), reflecting a net initial yield of 8.3% (10.6% 
excluding vacant assets).
NEW LETTINGS - GREATER THAN ERV
Completed 61 new lettings in 2024, totalling 191,541 
sq ft and 13.5% above ERV, which when fully occupied 
will provide a gross rental income of c. £3.2 million.
INCREASE IN AVERAGE RENT
Average rent by let sq. ft. increased by 1.1% from 
£13.82 per sq. ft. in December 2023 to £13.92 per sq. ft. 
in December 2024. 
OUTPERFORM THE MSCI MONTHLY DATA
The like-for-like value of the portfolio decreased by 
8.2% from 31 December 2023 to 31 December 2024 
after adjusting for capital expenditure, acquisitions 
and disposals during the period (7.1% excluding capital 
expenditure adjustment). Noting that some assets are 
being held for repurposing potential, the MSCI monthly 
data shows capital value decline of 8.9% for rest of UK 
offices over the same period.
INCREASE IN GRESB SCORE
The Company submitted its Fourth Global Real Estate 
Sustainability Benchmark ("GRESB") assessment 
resulting in an increased score of 73 from 66.
 
-100
-50
0
50
100
150
0
1
2
3
4
5
6
7
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Year-on-year, %
£ Billion
 Regional Total
Greater London
Portfolios
 5-Year Quarterly Average
 % Quarterly Change

ASSET MANAGER AND INVESTMENT ADVISERS' REPORT CONTINUED
Development Pipeline (sq.ft.)
Source: Glenigan, Property Market Analysis. Avison Young
7 	Nine regional office markets mentioned by Avison Young include: Birmingham, Bristol, Cardiff, 
Edinburgh, Glasgow, Leeds, Liverpool, Manchester, Newcastle
8 	The Big Nine, Quarterly update of regional office activity, Q4 2024 by Avison Young, Feb. 2025 
Occupational Demand in the UK
Regional Office Market
Avison Young announced that the take-up of office space 
across the nine7 regional markets reached 2.2 million 
square feet (sq.ft.) in Q4 2024, on par with the previous 
quarter and the highest since Q4 2022, 33.9% above the 
previous quarter and 18.2% above the five year quarterly 
average take-up. The annual total was 10% higher than 
2023, at 7.9m sq.ft. with positive occupier sentiment, 
particularly from larger corporates. 
The high demand and short supply across the nine 
regional markets continue to keep rental growth high, 
with an average of 6.6% prime rental growth.
Occupational demand in the regional office markets 
continued to be driven by the financial and professional 
services sector, with both accounting for 18.0% share 
each in Q4 2024. However, the sector with the most 
growth was education and training with 39% annual 
increase.
In terms of the development pipeline, in 2025 it is 
estimated that approximately 2.0 million sq.ft. of office 
space is currently under construction in the Big Nine8 
regional markets, with 36% already pre-let. The estimated 
pipeline total is the lowest since 2017 and therefore likely 
to produce supply shortages. 2024 saw refurbishments 
take a 38% share, up from 24% in 2023 and this trend is 
expected to continue into 2025. The data supports LSH’s 
comment (See UK Office Activity) on tighter supply of 
office space in the forthcoming years.
0
1
2
3
4
5
6
7
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
Million Sq.ft.
Completed
Under construction let
Under construction unlet
Rental Growth in the UK Regional Office Market 
According to monthly data from MSCI, rental value 
growth finished the year on a high for ‘Rest of UK 
Office’ markets with growth of 2.4% (see chart below). 
Conversely, central London offices experienced modest 
growth of 1.2% over the same period. Avison Young 
report that seven of the Big Nine’s cities saw an increase 
in their prime rents this quarter; with the top three 
being an increase of:
•	 14.1% to Bristol with £48.50 per square foot (psf)
•	 13.7% to Liverpool at £29.00 psf
•	 12% to Cardiff at £28.00 psf
This brought the Big Nine’s average annual prime rental 
growth to 6.6% in Q4. 
Regional REIT’s Office Assets
EPRA occupancy of the Group’s regional offices of 76.4% as at 31 December 2024 (2023: 79.2%). A like-for-like 
comparison of the Group’s regional offices’ EPRA occupancy, as at 31 December 2024 versus 31 December 2023, 
shows occupancy of 76.4% (2023: 80.5%). WAULT to first break was 2.7 years (2023: 2.6 years); like-for-like WAULT to 
first break of 2.7 years (2023: 2.6 years).
Rental Value Growth
Source: MSCI (December 2024)
 
1.2
2.4
-2
-1
0
1
2
3
4
2020
2021
2022
2023
2024
2025
2026
Year-on-year, %
Office - City
Office - Rest of UK
 Office - Central London
 Office - Rest of UK
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
38
39

ASSET MANAGER AND INVESTMENT ADVISERS' REPORT CONTINUED
Property Portfolio
As at 31 December 2024, the Group’s property portfolio 
was valued at £622.5 million (2023: £700.7 million), with 
rent roll of £60.7 million (2023: £67.8 million), and an EPRA 
occupancy of 77.5% (2023: 80.0%).
On a like-for-like basis, 31 December 2024 versus 31 
December 2023, EPRA occupancy was 77.5% (2023: 81.3%).
There were 126 properties (2023: 144) in the portfolio, 
with 1,271 units (2023: 1,483) and 780 tenants (2023: 978). 
If the portfolio was fully occupied at Colliers International 
Property Consultants view of market rents, the rental 
income would be £83.2 million per annum as at 31 
December 2024 (2023: £87.0 million).
As at 31 December 2024, the net initial yield on the 
portfolio was 5.9% (2023: 6.2%), the equivalent yield was 
10.4% (2023: 9.9%) and the reversionary yield was 11.6% 
(2023: 10.8%).
Property Portfolio by Sector
Property Portfolio by Region
Sector
Properties Valuation
(£m)
% by
valuation
Sq. ft.
(m)
Occupancy
(EPRA)
(%)
WAULT
to first
break
(yrs)
Gross
rental
income
(£m)
Average
rent
(£psf)
ERV
(£m)
Capital
rate
(£psf)
Net initial
yield
(%)
Equivalent
yield
(%)
Reversionary
yield
(%)
Office
107
564.7
90.7
5.1
76.4
2.7
54.9
14.97
77.6
110.99
5.8
10.5
11.9
Retail
13
22.6
3.6
0.3
91.7
3.4
2.7
11.14
2.6
85.10
7.2
9.6
10.3
Industrial
4
23.1
3.7
0.4
90.8
4.1
1.9
5.38
2.1
55.02
6.5
7.7
8.0
Other
2
12.2
2.0
0.1
98.5
9.5
1.1
12.48
0.9
128.64
8.5
8.3
7.0
Total
126
622.5
100.0
5.9
77.5
2.9
60.7
13.92
83.2
106.10
5.9
10.4
11.6
Region
Properties Valuation
(£m)
% by
valuation
Sq. ft.
(m)
Occupancy
(EPRA)
(%)
WAULT
to first
break
(yrs)
Gross
rental
income
(£m)
Average
rent
(£psf)
ERV
(£m)
Capital
rate
(£psf)
Net initial
yield
(%)
Equivalent
yield
(%)
Reversionary
yield
(%)
Scotland
28
103.5
16.6
1.1
68.7
4.0
9.7
13.93
16.3
93.64
5.0
11.2
12.6
South 
East
23
109.8
17.6
0.9
78.0
2.6
10.9
16.39
14.6
126.25
6.1
10.3
11.7
North 
East
18
98.2
15.8
0.8
71.0
3.1
8.1
13.40
11.8
117.47
5.4
9.7
10.8
Midlands
22
125.1
20.1
1.3
89.3
3.0
13.9
12.83
16.9
93.89
6.4
10.6
11.9
North 
West
17
87.4
14.0
0.9
69.7
1.8
8.5
13.79
12.2
98.35
5.2
10.4
11.9
South 
West
12
59.3
9.5
0.4
85.0
2.0
5.9
17.59
7.1
148.17
7.6
10.3
11.1
Wales
6
39.3
6.3
0.4
88.8
3.7
3.6
10.20
4.3
90.24
6.9
9.3
9.9
Total
126
622.5
100.0
5.9
77.5
2.9
60.7
13.92
83.2
106.10
5.9
10.4
11.6
Tables may not sum due to rounding
Lightyear, Glasgow
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
40
41

Top 15 Investments (market value) as at 31 December 2024
Property
Sector
Anchor tenants
Market
value
(£m)
% of
portfolio
Lettable
area
(Sq. Ft.)
EPRA
Occupancy
(%)
Annualised
gross rent
(£m)
% of 
gross
rental
income
WAULT 
to
first 
break
(years)
300 Bath Street, 
Glasgow
Office
Glasgow Tay House Centre 
Ltd, University of Glasgow, 
Fairhurst Group LLP, ESR 
Europe LSPIM Ltd
17.9
2.9
156,853
82.7
0.8
1.4
2.6
Hampshire 
Corporate Park, 
Eastleigh
Office
Aviva Central Services UK Ltd, 
Lloyd's Register 
EMEA, Complete Fertility Ltd
17.5
2.8
84,043
100.0
1.8
3.0
2.7
Norfolk House, 
Smallbrook 
Queensway, 
Birmingham
Office
Global Banking School Ltd, 
Accenture (UK) Ltd
17.3
2.8
118,530
98.9
1.9
3.2
6.1
800 Aztec West, 
Bristol
Office
NNB Generation Company 
(HPC) Ltd, EDF Energy Ltd
15.8
2.5
73,292
100.0
1.5
2.5
1.8
Eagle Court, 
Coventry Road, 
Birmingham
Office
Virgin Media Ltd, Rexel UK 
Ltd, Goldbeck Construction 
Ltd
15.2
2.4
132,690
75.8
1.3
2.2
2.7
Manchester Green, 
Manchester
Office
Chiesi Ltd, Ingredion UK Ltd, 
Assetz SME Capital Ltd
14.9
2.4
107,760
78.9
1.5
2.4
1.7
Beeston Business 
Park, Nottingham
Office/ 
Industrial
Metropolitan Housing Trust 
Ltd, SMS Electronics Ltd, SMS 
Product Services Ltd
14.6
2.3
215,330
72.4
1.1
1.7
5.0
1-4 Llansamlet 
Retail Park, 
Nantyffin Rd, 
Swansea
Retail
Wren Kitchens Ltd, Dreams 
Ltd, NCF Furnishings Ltd, ScS 
Upholstery
13.3
2.1
74,425
100.0
1.2
2.0
3.5
Oakland House, 
Manchester
Office
Please Hold (UK) Ltd, 
A.M.London Fashion Ltd, 
CVS (Commercial Valuers & 
Surveyors) Ltd
12.9
2.1
161,502
80.8
1.1
1.9
1.3
Orbis 1, 2 & 3, Pride 
Park, Derby
Office
Firstsource Solutions UK 
Ltd, DHU Health Care C.I.C., 
Tentamus Pharma (UK) Ltd
12.1
1.9
121,883
100.0
1.8
3.0
2.4
Ashby Park, Ashby 
De La Zouch
Office
Ceva Logistics Ltd, Ashfield 
Healthcare Ltd, Brush 
Electrical Machines Ltd
11.6
1.9
87,872
92.8
1.2
2.1
3.3
Lightyear - Glasgow 
Airport, Paisley 
Office
Loganair Ltd, Rolls-Royce 
Submarines Ltd, Heathrow 
Airport Ltd
11.5
1.8
73,499
94.4
1.5
2.4
4.3
Linford Wood 
Business Park, 
Milton Keynes
Office
IMServ Europe Ltd, Senceive 
Ltd, Aztech IT Solutions Ltd
11.3
1.8
107,352
78.8
1.2
2.0
2.0
Capitol Park, Leeds
Office
Hermes Parcelnet Ltd, BDW 
Trading Ltd
11.0
1.8
86,758
55.3
0.7
1.2
3.1
The Coach Works, 
Leeds
Office
St James's Place Wealth 
Management Group Ltd, 
Abstract Tech Ltd, Canal & 
River Trust
10.5
1.7
41,121
68.9
0.7
1.2
1.4
Total
207.0
33.3%
1,642,910
86.4
19.6
32.3
3.0
Tables may not sum due to rounding
Top 15 Tenants (share of rental income) as at 31 December 2024
Tenant
Property
Sector
WAULT to
first break
(years)
Lettable
area
(Sq. Ft.)
Annualised
gross rent
(£m)
% of gross
rental
income
EDF Energy Ltd
800 Aztec West, Bristol
Endeavour House, Sunderland
Electricity, gas, steam 
and air conditioning 
supply
4.5
109,114
1.7
2.8
Global Banking School 
Ltd
Norfolk House, Smallbrook Queensway, 
Birmingham
Education
7.9
73,628
1.4
2.3
Virgin Media Limited
Eagle Court, Coventry Road, Birmingham
Southgate Park, Peterborough
Information and 
communication
2.7
75,309
1.3
2.2
The Secretary of 
State for Housing, 
Communities and Local 
Government
1 Burgage Square, Merchant Square, 
Wakefield
Albert Edward House, Preston
Bennett House, Stoke On Trent
Oakland House, Manchester
Origin (Office), Bracknell
Waterside Business Park, Swansea
Public sector
4.1
116,238
1.2
2.0
Firstsource Solutions 
UK Ltd
Orbis 1, 2 & 3, Pride Park, Derby
Administrative and 
support service 
activities
2.3
62,433
1.0
1.7
E.ON UK Plc
Two Newstead Court, Nottingham
Electricity, gas, steam 
and air conditioning 
supply
0.3
99,142
0.9
1.6
Shell Energy Retail Ltd
Columbus House, Coventry
Electricity, gas, steam 
and air conditioning 
supply
0.0
53,253
0.9
1.5
NNB Generation 
Company (HPC) Ltd 
800 Aztec West, Bristol
Electricity, gas, steam 
and air conditioning 
supply
1.1
41,743
0.9
1.4
SPD Development 
Company Ltd
Clearblue Innovation Centre, Bedford
Professional, scientific 
and technical activities
9.0
58,167
0.8
1.4
Aviva Central Services 
UK Ltd
Hampshire Corporate Park, Eastleigh
Other service activities
0.9
42,612
0.8
1.3
Odeon Cinemas Ltd
Kingscourt Leisure Complex, Dundee
Information and 
communication
10.8
41,542
0.8
1.2
Care Inspectorate
Compass House, Dundee
Quadrant House, Dundee
Public sector
3.3
51,852
0.7
1.1
Please Hold (UK) Ltd
Oakland House, Manchester
Professional, scientific 
and technical activities
0.9
60,362
0.6
1.0
SpaMedica Ltd
1175 Century Way, Thorpe Park, Leeds
Albert Edward House, Preston
Fairfax House, Wolverhampton
Southgate Park, Peterborough
The Foundation Chester Business Park, 
Chester
Human health and 
social work activities
3.1
40,529
0.6
1.0
DHU Health Care C.I.C.
Orbis 1, 2 & 3, Pride Park, Derby
Human health and 
social work activities
1.3
42,301
0.6
0.9
Total
 
 
3.7
968,225
14.3
23.5
Tables may not sum due to rounding
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
42
43

Clinitron House, Ashby
ASSET MANAGER AND INVESTMENT ADVISERS' REPORT CONTINUED
By Valuation
Sector Split by Valuation
Regional Split by Valuation
Regional Split by Income
Sector Split by Income
By Income
As at 31 December 2024, 90.7% (2023: 92.1%) of the 
portfolio by market value was offices and 3.6% (2023: 
3.1%) was retail. The balance was made up of industrial, 
3.7% (2023: 3.2%) and other, 2.0% (2023: 1.7%). By UK 
region, as at 31 December 2024, Scotland represented 
16.6% (2023: 16.2%) of the portfolio and England 77.1% 
(2023: 78.4%); the balance of 6.3% (2023: 5.4%) was in 
Wales. In England, the largest regions were the Midlands, 
the South East and the North East. 
As at 31 December 2024, 90.5% (2023: 91.3%) of the 
portfolio by income was offices and 4.4% (2023: 4.2%) was 
retail. The balance was made up of industrial, 3.2% (2023: 
2.8%), and other, 1.9% (2023: 1.7%). By UK region, as at 
31 December 2024, Scotland represented 16.0% (2023: 
15.8%) of the portfolio and England 78.0% (2023: 78.6%); 
the balance of 6.0% was in Wales (2023: 5.6%). In England, 
the largest regions were the Midlands, the South East and 
the North West.
Source: LSPIM. 
Charts may not sum due to rounding.
Office (90.7%)
Industrial (3.7%)
Retail (3.6%)
Other (2.0%)
Office (90.5%)
Industrial (3.2%)
Retail (4.4%)
Other (1.9%)
Midlands (22.9%)
Scotland (16.0%)
South West (9.8%)
South East (17.9%)
North West (13.3%)
North East (14.1%)
Wales (6.0%)
Midlands (20.1%)
Scotland (16.6%)
South West (9.5%)
South East (17.6%)
North West (14.0%)
North East (15.8%)
Wales (6.3%)
Property Portfolio Sector and Region Splits by Valuation and Income as at 31 December 2024
Lease Expiry Income Profile
Lease Expiry Profile
The WAULT on the portfolio is 4.6 years (2023: 4.7 years); 
WAULT to first break is 2.9 years (2023: 2.8 years). As at 31 
December 2024, 13.8% (2023: 15.9%) of income was from 
leases, which will expire within one year, 10.5% (2023: 
10.7%) between one and two years, 39.7% (2023: 33.3%) 
between two and five years and 36.1% (2023: 40.1%) after 
five years.
0-1 years (13.8%)
2-5 years (39.7%)
1-2 years (10.5%)
5+ years (36.1%)
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
44
45

Lease expiry income profile by year
Source: LSPIM.
Charts may not sum due to rounding.
0
2
4
6
8
10
12
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035 plus
Rental Income (£)
Rental Income (£)
0
1
2
3
4
5
6
7
8
9
10
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035 plus
* 	 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.
SIC Code
% of 
Headline 
Rent
Professional, scientific and technical activities
11.8%
Administrative and support service activities
11.2%
Information and communication
10.5%
Wholesale and retail trade
8.7%
Electricity, gas, steam and air conditioning supply
6.4%
Financial and insurance activities
6.2%
Human health and social work activities
5.9%
Education
5.9%
Manufacturing
5.7%
Public Sector
5.7%
Transportation and storage
3.7%
Other*
18.2%
Total
100.0%
ASSET MANAGER AND INVESTMENT ADVISERS' REPORT CONTINUED
Tenants by Standard Industrial Classification (SIC)
Tenants by SIC Codes (% of gross rent)
As at 31 December 2024, 11.8% of income was from 
tenants in the professional, scientific and technical 
activities sector (2023: 11.5%), 11.2% from the 
administrative and support service activities sector (2023: 
10.4%), 10.5% from the information and communication 
activities sector (2023: 12.2%), 8.7% from the wholesale 
and retail trade sector (2023: 8.0%) and 6.4% from the 
electricity, gas, steam and air conditioning supply sector 
(2023: 6.5%). The remaining exposure is broadly spread.
No tenant represents more than 3.0% of the Group’s rent 
roll as at 31 December 2024, the largest being 2.8% (2023: 
2.5%).
Source: LSPIM.
Charts may not sum due to rounding.
11.8%
11.2%
10.5%
8.7%
6.4%
6.2%
5.9%
5.9%
5.7%
5.7%
3.7%
18.2%
Lease expiry to first break income profile by year
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
46
47

PROPERTY PORTFOLIO
Top 15 Properties
1. 300 BATH STREET, GLASGOW
Market value (£million)
17.9
Sector
Office
Annualised gross rent (£million)
0.8
Lettable area (Sq. Ft.)
156,853
Anchor tenants
Glasgow Tay House Centre Ltd, 
University of Glasgow, Fairhurst 
Group LLP, ESR Europe LSPIM Ltd
EPRA Occupancy (%)
87.2
WAULT (years) (to first break)
2.6
3. NORFOLK HOUSE, SMALLBROOK QUEENSWAY, BIRMINGHAM
Market value (£million)
17.3
Sector
Office
Annualised gross rent (£million)
1.9
Lettable area (Sq. Ft.)
118,530
Anchor tenants
Global Banking School Ltd, 
Accenture (UK) Ltd
EPRA Occupancy (%)
98.9
WAULT (years) (to first break)
6.1
2. HAMPSHIRE CORPORATE PARK, EASTLEIGH
Market value (£million)
17.5
Sector
Office
Annualised gross rent (£million)
1.8
Lettable area (Sq. Ft.)
84,043
Anchor tenants
Aviva Central Services UK Ltd, 
Lloyd's Register EMEA, Complete 
Fertility Ltd
EPRA Occupancy (%)
100.0
WAULT (years) (to first break)
2.7
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
48
49
5. EAGLE COURT, COVENTRY ROAD, BIRMINGHAM
Market value (£million)
15.2
Sector
Office
Annualised gross rent (£million)
1.3
Lettable area (Sq. Ft.)
132,690
Anchor tenants
Virgin Media Ltd, Rexel UK Ltd, 
Goldbeck Construction Ltd
EPRA Occupancy (%)
75.8
WAULT (years) (to first break)
2.7
4. 800 AZTEC WEST, BRISTOL
Market value (£million)
15.8
Sector
Office
Annualised gross rent (£million)
1.5
Lettable area (Sq. Ft.)
73,292
Anchor tenants
NNB Generation Company (HPC) 
Ltd, EDF Energy Ltd
EPRA Occupancy (%)
100.0
WAULT (years) (to first break)
1.8

PROPERTY PORTFOLIO CONTINUED
7. BEESTON BUSINESS PARK, NOTTINGHAM
Market value (£million)
14.6
Sector
Office/ Industrial
Annualised gross rent (£million)
1.1
Lettable area (Sq. Ft.)
215,330
Anchor tenants
Metropolitan Housing Trust Ltd, 
SMS Electronics Ltd, SMS Product 
Services Ltd
EPRA Occupancy (%)
72.4
WAULT (years) (to first break)
5.0
8. 1-4 LLANSAMLET RETAIL PARK, NANTYFFIN RD, SWANSEA
Market value (£million)
13.3
Sector
Retail
Annualised gross rent (£million)
1.2
Lettable area (Sq. Ft.)
74,425
Anchor tenants
Wren Kitchens Ltd, Dreams Ltd, NCF 
Furnishings Ltd, ScS Upholstery
EPRA Occupancy (%)
100.0
WAULT (years) (to first break)
3.5
6. MANCHESTER GREEN, MANCHESTER
Market value (£million)
14.9
Sector
Office
Annualised gross rent (£million)
1.5
Lettable area (Sq. Ft.)
107,760
Anchor tenants
Chiesi Ltd, Ingredion UK Ltd, Assetz 
SME Capital Ltd
EPRA Occupancy (%)
78.9
WAULT (years) (to first break)
1.7
9. OAKLAND HOUSE, MANCHESTER
Market value (£million)
12.9
Sector
Office
Annualised gross rent (£million)
1.1
Lettable area (Sq. Ft.)
161,502
Anchor tenants
Please Hold (UK) Ltd, A.M.London 
Fashion Ltd, CVS (Commercial 
Valuers & Surveyors) Ltd
EPRA Occupancy (%)
80.8
WAULT (years) (to first break)
1.3
10. ORBIS 1, 2 & 3, PRIDE PARK, DERBY
Market value (£million)
12.1
Sector
Office
Annualised gross rent (£million)
1.8
Lettable area (Sq. Ft.)
121,883
Anchor tenants
Firstsource Solutions UK Ltd, 
DHU Health Care C.I.C., Tentamus 
Pharma (UK) Ltd
EPRA Occupancy (%)
100.0
WAULT (years) (to first break)
2.4
11. ASHBY PARK, ASHBY DE LA ZOUCH
Market value (£million)
11.6
Sector
Office
Annualised gross rent (£million)
1.2
Lettable area (Sq. Ft.)
87,872
Anchor tenants
Ceva Logistics Ltd, Ashfield 
Healthcare Ltd, Brush Electrical 
Machines Ltd
EPRA Occupancy (%)
92.8
WAULT (years) (to first break)
3.3
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
50
51

PROPERTY PORTFOLIO CONTINUED
12. LIGHTYEAR - GLASGOW AIRPORT, GLASGOW
Market value (£million)
11.5
Sector
Office
Annualised gross rent (£million)
1.5
Lettable area (Sq. Ft.)
73,499
Anchor tenants
Loganair Ltd, Rolls-Royce 
Submarines Ltd, Heathrow Airport 
Ltd
EPRA Occupancy (%)
94.4
WAULT (years) (to first break)
4.3
13. LINFORD WOOD BUSINESS PARK, MILTON KEYNES
Market value (£million)
11.3
Sector
Office
Annualised gross rent (£million)
1.2
Lettable area (Sq. Ft.)
107,352
Anchor tenants
IMServ Europe Ltd, Senceive Ltd, 
Aztech IT Solutions Ltd
EPRA Occupancy (%)
78.8
WAULT (years) (to first break)
2.0
14. CAPITOL PARK, LEEDS
Market value (£million)
11.0
Sector
Office
Annualised gross rent (£million)
0.7
Lettable area (Sq. Ft.)
86,758
Anchor tenants
Hermes Parcelnet Ltd, BDW Trading 
Ltd
EPRA Occupancy (%)
55.3
WAULT (years) (to first break)
3.1
15. THE COACH WORKS, LEEDS
Market value (£million)
10.5
Sector
Office
Annualised gross rent (£million)
0.7
Lettable area (Sq. Ft.)
41,121
Anchor tenants
St James's Place Wealth 
Management Group Ltd, Abstract 
Tech Ltd, Canal & River Trust
EPRA Occupancy (%)
68.9
WAULT (years) (to first break)
1.4
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
52
53

Net Asset Value
In the year ended 31 December 2024, the EPRA NTA* of 
the Group increased to £340.7 million (IFRS NAV: £351.6 
million) from £290.8 million (IFRS NAV: £306.1 million) 
as at 31 December 2023, with an EPRA NTA of 210.2pps 
(IFRS: 216.9pps). 
The EPRA NTA increase of £50.0 million since 
31 December 2023 was predominately due to the equity 
capital raise proceeds of £110.5 million, offset by a £54.7 
million reduction in the revaluation of the property 
portfolio held as at 31 December 2024, £2.0 million from 
lease incentives and £3.2 million realised loss on the 
disposal of properties.
The investment property portfolio valuation as at 31 
December 2024 amounted to £622.5 million (2023: 
£700.7 million). The property valuation decrease since the 
December 2023 year end is a reflection of £54.7 million 
in property revaluation, £28.6 million of net property 
disposals and loss on the disposals of £3.2 million, offset 
by subsequent expenditure of £8.2 million.
Overall, on a like-for-like basis, the portfolio value 
decreased by 8.2% during the year. 
The table below sets out the acquisitions, disposals and 
capital expenditure for the respective periods:
Year ended
31 December
2024 (£m)
Year ended
31 December
2023 (£m)
Acquisitions
Net (after costs)
Gross (before costs)
	
0.0
0.0
	
0.1
0.0
Disposals
Net (after costs)
Gross (before costs)
	
28.6
30.8
	
25.0
26.1
Capital Expenditure
Net (after dilapidations)
Gross (before dilapidations)
	
8.2
8.5
	
10.2
11.0
* Further details of the new EPRA performance measures can be found on pages 208 to 211.
ANNUAL REPORT AND ACCOUNTS 2024
Norfolk House, Birmingham
REGIONAL REIT
54
FINANCIAL
REVIEW
55

EPRA Net Tangible Asset (£millions) - Bridge 31 December 2024
The EPRA NTA is reconciled in the table below:
Operating profit before gains and losses on property 
assets and other investments for the year ended 31 
December 2024 amounted to £36.1 million (2023: £43.1 
million). Loss after finance and before taxation of £39.5 
million (2023: loss £67.5 million). 2024 included the rent 
roll for properties held from 31 December 2023, plus the 
partial rent roll for properties disposed of during the year.
Rental and property income amounted to £65.2 million, 
excluding recoverable service charge income and other 
similar items (2023: £70.1 million), the decrease is due to a 
reduction in the rent roll being held during the year to 31 
December 2024. 
More than 80% of the rental income was collected within 
30 days of the due date and the allowance for doubtful 
debts in the year amounted to £0.5 million (2023: £0.5 
million). 
Non-recoverable property costs, excluding recoverable 
service charge income and other similar costs, amounted 
to £19.3 million (2023: £16.3 million), and the rent roll 
amounted to £60.7 million (2023: £67.8 million).
Realised losses on the disposal of investment properties 
amounted to £3.2 million (2023: loss £0.7 million). The loss 
on the disposals were from the aggregate disposal of 18 
properties and three part sales in the period, on which 
individual asset management plans had been completed 
and/or were of sub-optimal asset size. The change in the fair 
value of investment properties amounted to a loss of £54.7 
million (2023: loss of £73.3 million), and an adjustment of 
£2.0 million (2023: £13.0 million) from rent smoothing.
Net capital expenditure amounted to £8.2 million (2023: 
£10.2 million). The change in value of right of use assets 
amounted to a charge of £0.1 million (2023: charge £0.1 
million).
Interest income amounted to £1.4 million (2023: £0.1 
million). 
Finance expenses amount to £15.2 million (2023: £16.2 
million). The decrease is due to the 4.5% £50 million 
of Retail Bonds being repaid in August 2024 and net 
borrowings being repaid during the year, amounting to 
£54.0m in the year.
The EPRA* cost ratio, including direct vacancy costs, was 
44.7% (2023: 38.5%). The increase in the cost ratio is 
ostensibly a reflection of the increase in Other property 
expenses and irrecoverable costs. The EPRA cost ratio, 
excluding direct vacancy costs was 17.4% (2023: 16.4%). 
The ongoing charges for the year ending 31 December 
2024 were 9.3% (2023: 7.5%) and 3.5% excluding void costs 
(2023: 3.2%). 
The EPRA Total Return from Listing to 31 December 2024 
was 5.6% (2023: 12.7%), with an annualised rate of 0.6% pa 
(2023: 1.5% pa).
Dividend
In relation to the year from 1 January 2024 to 31 
December 2024, the Company declared dividends 
totalling 7.80pps (2023: 5.25pps). Prior to the capital raise 
and share consolidation, the Company declared a Q1 
2024 dividend of 1.2pps. Following the capital raise and 
subsequent share consolidation, the Company declared a 
Q2 2024 dividend of 2.2pps on 10 September 2024, a Q3 
2024 dividend of 2.2pps on 13 November 2024, and a Q4 
2024 dividend of 2.2pps on 20 February 2024. A schedule 
of dividends can be found on page 227.
Income Statement
* 	 Alternative Performance Measures, Details are provided in the Glossary of Terms from page 
214 and the EPRA Performance measures on pages 208 to 211. 
FINANCIAL REVIEW CONTINUED
Table may not sum due to rounding
Year ended
31 December 2024 
(£m)
Opening EPRA NTA (31 December 2023)
290.8
Net rental and property income
Administration and other expenses
Gain/(loss) on the disposal of investment properties
Change in the fair value of investment properties
Change in value of right of use
46.0
(9.9)
(3.2)
(56.7)
(0.1)
EPRA NTA after operating profit
266.8
Net finance expense
Realised gain on derivative financial instruments
Taxation
(13.8)
2.7
(0.0)
EPRA NTA before dividends paid 
255.7
Dividends declared
(19.4)
EPRA NTA before capital raise
236.3
Capital raise
Capital raise expenses
110.5
(6.0)
Closing EPRA NTA (31 December 2024)
340.7
Table may not sum due to rounding
290.8
104.5
46.0
(9.9)
(48.7)
(8.2)
(3.2)
(13.8)
2.7
(19.4)
340.8
31 Dec 2023
EPRA NTA
Capital raise
net proceeds
Net rental
and property
income
Admin
expenses 
Revaluation
(Excl. net capital
expenditure)
Net capital
expenditure
Loss on the
disposal of
investment
properties 
Net finance
expense
Derivative gains
Dividends
31 Dec 2024
EPRA NTA
0
50
100
150
200
250
300
350
400
450
500
340.7
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
56
57

Debt Financing and Gearing
Debt Profile and LTV Ratios as at 31 December 2024
Borrowings comprise of third-party bank debt. The bank 
debt is secured over properties owned by the Group 
and repayable over the coming five years. The weighted 
average maturity of the bank debt 2.9 years (2023: 3.5 
years). 
The Group’s borrowing facilities are with: the Royal Bank of 
Scotland, Bank of Scotland and Barclays; Scottish Widows 
Ltd. & Aviva Investors Real Estate Finance; Scottish Widows 
Ltd. and Santander UK. The total bank borrowing facilities 
at 31 December 2024 amounted to £316.7 million (2023: 
£370.8 million) before unamortised debt issuance costs. 
At 31 December 2024, the Group’s cash and cash 
equivalent balances amounted to £56.7 million (2023: 
£34.5 million), of which £55.9 million (2023: £30.7 million) 
was unrestricted cash. 
The Group’s net loan to value (“LTV”) ratio stands at 41.8% 
(2023: 55.1%) before unamortised costs. 
As at 31 December 2024, the Group had headroom against 
its borrowing covenants. 
The net gearing ratio (net debt to Ordinary Shareholders’ 
equity (diluted)) of the Group was 73.9% as at 31 
December 2024 (2023: 126.2%). 
Interest cover, excluding amortised costs, stands at 2.7 
times (2023: 2.9 times) and including amortised costs, 
stands at 2.4 times (2023: 2.7 times). 
The Group applies an interest hedging strategy that is 
aligned to the property management strategy and aims to 
mitigate interest rate volatility on at least 90% of the debt 
exposure.
There is no over-hedged position as at 31 December 2024. 
The Group entered the UK REIT regime on 7 November 
2015 and all of the Group’s UK property rental operations 
became exempt from UK corporation tax from that date. 
The exemption remains subject to the Group’s continuing 
compliance with the UK REIT rules. 
On 9 January 2018, the Company registered for VAT 
purposes in England. 
During 2024, the Group recognised a deferred tax charge 
of £64,590 (2023: £8,431).
Hedging
1 	 WACD – Weighted Average Effective Interest Rate including the cost of hedging.
FINANCIAL REVIEW CONTINUED
*	
Before unamortised debt issue costs
** 	 Based on Colliers International Property Consultants Ltd. 
Table may not sum due to rounding
Tax
Lender
Facility
£’000
Outstanding
debt*
£’000
Maturity
date
Gross
loan to
value** %
Annual
interest
rate %
Royal Bank of Scotland, Bank of 
Scotland & Barclays
99,789
99,789
Aug-26
51.3
2.40 over 3 months
£ SONIA
Scottish Widows Ltd. and Aviva 
Investors Real Estate Finance
132,630
132,630
Dec-27
51.3
3.28 Fixed
Scottish Widows Ltd.
34,467
34,467
Dec-28
47.5
3.37 Fixed
Santander UK
49,848
49,848
Jun-29
51.0
2.20 over 3 months
£ SONIA
316,734 
316,734 
Table may not sum due to rounding
31 December 2024
%
31 December 2023
%
Borrowings interest rate hedged
Thereof:
Fixed
Swap
Cap
WACD1
100.0
52.7
30.4
16.9
3.4
100.0
56.7
28.6
14.7
3.5
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
58
59

Norfolk House, Birmingham
Tailored spaces your way
PRINCIPAL RISKS AND UNCERTAINTIES
Effective risk management is embedded throughout 
Regional REIT and underpins the execution of the 
Company’s strategy, the positioning of the business for 
growth and maintaining the regular income over a long-
term sustainable horizon. 
Risk Framework and Approach
The Board acknowledges the importance of embedding 
a framework to identify, actively monitor, managing and 
mitigating its risks, which include, but are not limited to: 
strategic, valuation, healthcare, economic and political, 
funding, tenant, financial and tax charges, operational, 
regulatory, environmental risks and emerging risks.
The Board has overall responsibility for the Company’s 
system of risk management and internal controls and is 
supported by the Audit Committee in the management of 
risk. The Audit Committee is responsible for determining 
the principal risks facing the business and reviewing, at 
least annually, the effectiveness of the Company’s financial 
control, risk management and internal control processes.
Over the long term, the business will face other challenges 
and emerging threats for which it remains vigilant. 
However, the Board also views the risks as opportunities 
that, when effectively managed, can enhance 
performance. Thus, having an effective risk management 
process is key to support the delivery of the Company’s 
strategy.
Identification
Evaluation
Mitigation
Approach to Managing Risk – Identification, 
Evaluation and Mitigation
The risk management process emphasis is upon 
awareness and is structured to identify, evaluate, manage 
and mitigate, rather than eliminate risks faced. The 
Company maintains a detailed and formal matrix of 
current principal risks, which uses risk scoring to evaluate 
risks consistently. This allows the risks to be monitored 
and mitigated as part of a risk management process with 
the Audit Committee undertaking, at a minimum on a 
six-monthly basis or more frequently if required, a robust 
evaluation of these risks facing the Company. 
Risks are identified and assessed according to their 
potential impact on the Company and to their likelihood of 
occurrence. The Audit Committee utilises the risk matrix 
to prioritise individual risks, allocating scores to each risk 
for both the likelihood of its occurrence and the severity of 
its impact. Those with the highest gross rating in terms of 
impact are highlighted as top risks within the matrix and 
are defined as principal risks. 
Although the Board believes that it has a robust 
framework of internal controls in place, it recognises it 
can provide only reasonable, and not absolute, assurance 
against material financial misstatement or loss and is 
designed to manage, not eliminate, risk. 
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
60
61

RISK MANAGEMENT APPROACH
Risk Appetite
Taking risks is an essential and inherent facet of operating 
any business. As such the risk management approach is 
not to eliminate all risk but to ensure that appropriate 
strategies are in place to identify, actively monitor, manage 
and mitigate the key risks.
The Board is responsible for defining the level of risk that 
the Company assumes and ensuring that it remains in-
line with the Company’s strategy. Risk appetite is integral 
to the Board’s approach to risk management, business 
planning and decision making. The level and type of risk 
that the Company is willing to bear will vary over time. 
The Board, in collaboration with the Asset Manager and 
Investment Manager, and with the latest information 
available, regularly reviews the risk appetite of the 
Company allowing a prompt response to identified 
emerging risks.
Emerging Risks
The Board is cognisant of emerging risks defined as 
potential trends, sudden events or changing risks, which 
are characterised by a high degree of uncertainty in terms 
of probability of occurrence and possible effects on the 
Company. Once emerging risks become sufficiently clear, 
they may be classed as a principal risk and added to the 
risk matrix. 
To help manage emerging risks and discuss other wider 
matters affecting property, the Board has an annual strategy 
meeting. The Board considers having a clear strategy is the 
key to managing and mitigating emerging risk.
The Company’s principal risks consist of the ten most 
significant risks which are composed of eight strategic 
and two operational risks. The strategic risks relate to 
investment strategy, valuation, healthcare, economics 
and political, funding, tenant, financial and tax changes, 
and environmental and energy efficiency standards; 
operational risk encompasses business disruption, and 
accounting, legal and regulatory. 
The below list, in no particular order, sets out the current 
identifiable principal and emerging risks, including their 
impact and the actions taken by the Company to mitigate 
them. It does not purport to be an exhaustive list of all the 
risks faced by the Company.
Board
•   Responsible for regular 
oversight of risk management 
and for determining risk 
appetite
•   Oversees the internal control 
framework and determines 
the nature and extent of the 
principal risks the Company 
is willing to assume in order 
to achieve its longer-term 
strategic objectives
•   Monitors the application of the 
Company’s risk framework
  
•   Cascades risk appetite 
throughout the Company and 
its service providers
•   Provides strategic guidance 
to the Asset Manager and 
Investment Adviser regarding 
risk
Audit Committee
•   Responsible for the integrity 
of financial statements and 
internal controls
•   Supports the Board in risk 
identification and management
•   Ensures transparency and 
effective oversight of financial 
risk
•   Responsible for ensuring 
oversight of the process by 
which risks relating to the 
Company and its operations 
are managed
•   Provides independent 
oversight of the effectiveness 
of the Company’s risk 
management and associated 
internal control environment
•   Reviews the risk matrix at least 
bi-annually
•   Reviews the effectiveness 
of the risk management 
framework and internal 
control systems, including 
the financial, operational and 
compliance processes and 
controls that are in place at the 
Company’s service providers to 
mitigate risk
Management, Engagement
and Remuneration
Committee
•   Reviews performance and 
makes recommendations 
regarding the ongoing 
appointment of all service 
providers to monitor and 
ensure effective performance 
across the organisation 
and mitigate any risks as 
appropriate
•   Recommends and monitors 
Directors' remuneration and 
appropriateness of fee levels 
and ongoing appointment 
of the Directors Nomination 
Committee
Nomination Committee
•   Considers and formulates 
succession planning for the 
Board to ensure the effective 
functioning of the Board and 
the long-term success of the 
Company
First line of defence
•   The Board, Asset Manager, 
Investment Adviser and ESG 
Working Party
•   The Board define the risk 
appetite
•   Identification, monitoring and 
assessment of principal and 
emerging risks
•   Monitor and evaluate risks and 
mitigation approaches against 
the risk appetite and tolerance 
levels
Second line of defence
•   Risk Management
•   Provision of risk information 
and assurance included within 
the Risk Matrix
•   Provision of applicable 
guidance and training
•   Design, implement and 
evaluate the risk management 
and  internal controls systems 
of the Company and ensure 
operational effectiveness
•   Facilitate risk escalation 
process
Third line of defence
•   The Depositary provides 
oversight
•   Other services providers 
provide additional guidance 
and support as appropriate
Top-down
Oversight,
identification,
assessment and
mitigation of risk
Bottom-up
Identification,
assessment and
mitigation of risk
at day-to-day
operational level
Risk Governance
Risk Management
300 Bath Street, Glasgow
Unlocking your potential
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
62
63

PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
Principal Risk Summary
Principal Risk
Evolution of the
trend during the year
Link to Strategy
1. Strategic
2. Valuation
3. Healthcare
4. Economic and political
5. Funding
6. Tenant
7. Financial and tax changes
8. Operational
9. Accounting, legal and regulatory
10. Environmental and energy efficiency standards
Read more about the Company’s business model and 
strategy on pages 28 to 33.
Regions primed for growth
Investing in income
producing assets
Geographically diverse portfolio
Active management of
the properties
Highly experienced Asset Manager
Opportunistic approach to the
property market
Clinitron House, Ashby
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
64
65

PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
Potential Impact
Mitigation
Movement in the period
An inappropriate investment strategy, 
and/or failure to implement the strategy 
could result in lower income and capital 
returns to shareholders.
•   A clearly defined investment strategy, 
which is reviewed annually.
•	 A defined and rigorous investment 
appraisal process.
•	 Acquire portfolios, which offer 
shareholders diversification of 
investment risk by investing in a range 
of geographical areas, number of 
properties.
•	 Supply and demand market information 
is reviewed continuously to assist in 
acquisitions and disposals.
•	 All the above steps are monitored to 
ensure the strategy is implemented.
•   The property portfolio remains 
balanced across a range of geographical 
areas and a large number of investment 
properties.
•   Predominately, acquiring office 
properties in the UK and outside of the 
M25 motorway. However, the Company 
may invest in property portfolios in 
which up to 50% of the properties (by 
market value) are situated within the 
M25 motorway.
•   The Company continues to purchase 
properties in the UK outside the M25 
motorway.
•   No single property, in the ordinary 
course of business, is expected to 
exceed 10% of the Company’s aggregate 
Investment Properties valuation. 
However, the Board may, in exceptional 
circumstances, consider a property 
having a value of up to 20% of the 
Company’s investment property value 
at the time of investment.
•   300 Bath Street (2023: 300 Bath Street) 
is the highest valued property, which 
equates to 2.9% (2023: 2.8%) of the 
Company’s investment properties.
•   No more than 20% of the Company’s 
investment property value shall be 
exposed to any single tenant or group 
undertaking of that tenant.
•   The Company’s largest single tenant 
exposure is 2.8% (2023: 2.5%) of gross 
rental income, being EDF Energy Ltd.  
(2023: EDF Energy Ltd.).
•   Speculative development (i.e., 
properties under construction, but 
excluding any refurbishment works, 
which have not been pre-let) is 
prohibited.
•   No speculative construction was 
undertaken during the year under 
review.
•   The value of the properties is protected 
as far as possible by an active asset 
management programme, which is 
regularly reviewed against the business 
plan for each property.
•   The Asset Manager continues to actively 
manage the investment properties in 
accordance with market conditions and 
the individual asset programme.
1. Strategic
Movement in the period
Link to strategy
2. Valuation
Movement in the period
Link to strategy
3. Healthcare
Movement in the period
Link to strategy
Potential Impact
Mitigation
Movement in the period
The valuation of the Company’s portfolio 
affects its profitability and net assets.
•   The Company’s external valuer, Colliers 
International Property Consultants Ltd, 
provide independent valuations for all 
properties on a six-monthly basis in 
accordance with the RICS Red Book.
•	 The Audit Committee has the 
opportunity to discuss the basis of the 
valuations with the external valuer. The 
Audit Committee membership includes 
experienced chartered accountants.
•	 The Asset Manager’s experience and 
extensive knowledge of the property 
market. The Asset Manager is able to 
challenge the external valuers’ findings.
•	 The Company’s Auditor engages an 
independent third party to evaluate 
the Colliers International Property 
Consultants Ltd valuations.
•   Colliers International Property 
Consultants Ltd. independently 
provides the valuation for the entire 
portfolio, valuing each individual asset.
Potential Impact
Mitigation
Movement in the period
The economic disruption resulting from 
social health issues could impact rental 
income; the ability of valuers to discern 
valuations; the ability to access funding at 
competitive rates, adherence to banking 
covenants, maintain a dividend policy, 
and adhere to the HMRC REIT regime 
requirements.
•   The Asset Manager continues to adapt 
and, as required, to support tenants.
•	 The property portfolio has been 
deliberately constituted to ensure a 
diverse range of tenants by standard 
industrial classification, which ensured 
the many tenants, being designated as 
essential services, continued to operate 
throughout the recent pandemic. 
•	 Close relationships with lenders 
ensuring continued dialogue around 
covenants and ability to access funding 
as required at competitive rates.
•	 Initial vetting of all third-party providers 
with annual due diligence reviews, 
including the review of business 
continuity capabilities to minimise when 
remote working has been necessitated. 
•   The Company has continued to 
scrutinise all current risk mitigation 
approaches employed and to work 
closely with all parties.  
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
66
67

PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
30
Potential Impact
Mitigation
Movement in the period
Significant political events could impact 
the health of the UK economy, resulting in 
borrowing constraints, changes in demand 
by tenants for suitable properties, the 
quality of the tenants, and ultimately the 
property portfolio value.
•   The Company operates with a sole 
focus on the UK regions, with no foreign 
currency exchange exposure. It remains 
well positioned with a deliberately 
diverse standard industry classification 
of tenants generating 780 (2023: 978) 
income streams which are located in 
areas of expected economic growth. 
•	 The Board receives advice on macro-
economic risks from the Asset and 
Investment Manager and other advisers 
and acts accordingly.
•   There remains a risk that property 
valuations and the occupancy market 
may be impacted by change in the 
political landscape.
Potential Impact
Mitigation
Movement in the period
The Company may not be able to secure 
further debt or on acceptable terms, 
which may impinge upon investment 
opportunities, the ability to grow the 
Company and distribute an attractive 
dividend.
•   The Asset Manager has a Corporate 
Finance team dedicated to optimising 
the Company’s funding requirements.
•	 Funding options are constantly 
reviewed with an emphasis on reducing 
the weighted average cost of capital and 
lengthening the weighted average debt 
to maturity. 
•	 Borrowings are currently provided by 
a range of institutions with targeted 
staggered maturities. 
•	 Strong relationships with key long-term 
lenders.
•	 Continual monitoring of LTV.
•   LTV decreased to 41.8% (2023: 55.1%)
•	 Weighted average debt term decreased 
to 2.9 years (2023: 3.5 years).
•	 Weighted average cost of capital, 
including hedging costs was 3.4% (2023: 
3.5%).
Bank reference interest rates may be set 
to become more volatile, accompanying 
volatile inflation.
•   Policy of hedging at least 90% of 
variable interest rate borrowings. 
Fixed, swapped and capped borrowing 
amounted to 100.0% (2023:100.0%)
•	 Borrowings are currently provided by 
a range of institutions with targeted 
staggered maturities. 
•   Continued adherence to the hedging 
policy.
Breach of covenants within the 
Company’s funding structure could lead 
to a cancellation of debt funding if the 
Company is unable to service the debt. 
•   The Asset Manager’s corporate finance 
team reviews the applicable covenants on 
a regular basis and these are considered 
in future operational decisions.
•	 Compliance certificates and requested 
reports are prepared as scheduled.
•   The Company continues to have 
headroom against the applicable 
borrowing covenants.
Potential Impact
Mitigation
Movement in the period
Type of tenant and concentration of 
tenant could result in lower income from 
reduced lettings or defaults.
•   An active asset management 
programme with a focus on the Asset 
Manager working with individual 
tenants to assess any occupational 
issues and to manage any potential bad 
debts.
•	 Diversified portfolio of properties let, 
where possible, to a large number of 
low-risk tenants across a wide range 
of standard industrial classifications 
throughout the UK.
•	 Potential acquisitions are reviewed 
for tenant overlap and potential 
disposals are similarly reviewed for 
tenant standard industrial classification 
concentration.
•   This risk remains stable in view of the 
increasing diversification of properties, 
tenants and geographies in the 
portfolio. 
•	 The tenant mix and their underlying 
activity has continued to increasingly 
diversify, with the number of tenants 
amounting to 780 at the year-end (2023: 
978).
A high concentration of lease term 
maturity and/or break options could result 
in a more volatile contracted rent roll.
•   The portfolio lease and maturity 
concentrations are monitored by the 
experienced Asset Manager to minimise 
concentration.
•	 There is a focus on securing early 
renewals and increased lease periods.
•	 The requirement for suitable tenants 
and the quality of the tenant is 
managed by the experienced Asset 
Manager who maintains close 
relationships with current tenants and 
with letting agents. 
•   The WAULT to first break as at 31 
December 2024 was 2.9 years (2023: 2.8 
years)
•	 The largest tenant is 2.8% (2023: 2.5%) 
of the gross rental income, being EDF 
Energy Limited.
•	 The Asset Management team remains 
vigilant to the financial well-being of our 
current tenants and continues to liaise 
with tenants and agents.
Potential Impact
Mitigation
Movement in the period
Changes to the UK REIT and non–REIT 
regimes tax and financial legislation.
•   The Board receives advice on these 
changes where appropriate and will act 
accordingly.
•   Advice is received from several 
corporate advisers, including tax adviser 
KPMG LLP and the Company adapts to 
changes as required.
4. Economic and Political
Movement in the period
Link to strategy
5. Funding
Movement in the period
Link to strategy
6. Tenant
Movement in the period
Link to strategy
7. Financial and Tax Changes
Movement in the period
Link to strategy
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
68
69

9. Accountancy, Legal and 
Regulatory
Movement in the period
Link to strategy
8. Operational
Movement in the period
Link to strategy
PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
30
Potential Impact
Mitigation
Movement in the period
Business disruption could impinge on the 
normal operations of the Company.
•   The Asset Manager and Investment 
Adviser each have contingency plans in 
place to ensure there are no disruptions 
to the core infrastructure, which would 
impinge on the normal operations of 
the Company. 
•   Both the Asset Manager and Investment 
Adviser annually review their Disaster 
and Business Continuity Plans.
•   An annual due diligence exercise is 
carried out on all principal third-party 
service providers.
•   The annual due diligence visits were 
undertaken with the Company’s 
principal third-party service providers. 
No concerns were identified from the 
visits. 
•   As an externally managed investment 
company, there is a continued reliance 
on the Asset Manager and Investment 
Adviser and other third-party service 
providers.
•   Both the Asset Manager and Investment 
Adviser are viable going concerns.
•   All acquisitions undergo a rigorous 
due diligence process and all multi-
let properties undergo an annual 
comprehensive fire risk.
•   The Asset Manager continues to 
monitor changes in Health and Safety 
regulations.
•   The impact of physical damage and 
destruction to investment properties is 
mitigated by ensuring all are covered 
by a comprehensive building, loss of 
rent and service charge plus terrorism 
insurance with the exception of a small 
number of “self-insure” arrangements 
covered under leases.
•   The Asset Manager reviews the 
adequacy of insurance cover on an 
ongoing basis
Information security and cyber threat 
resulting in data loss, or negative 
regulatory, reputational, operational 
(including GDPR), or financial impact.  
•   The Asset Manager and Investment 
Adviser each has a dedicated 
Information Technology team, which 
monitors information security, privacy 
risk and cyber threats ensuring 
their respective operations are not 
interrupted.
•	 As required the building management 
systems are reviewed for cyber security 
risk.
•   The Managers review the respective 
Information Technology polices and the 
material third party service suppliers on 
as required basis to ensure they reflect 
current and possible future threats.
Potential Impact
Mitigation
Movement in the period
Changes to accounting, legal and/or 
regulatory legislation, including sanctions 
could result in changes to current 
operating processes.
•   Robust processes are in place to ensure 
adherence to accounting, legal and 
regulatory requirements, including 
sanctions and Listing Rules.
•	 All contracts are reviewed by the 
Company’s legal advisers.
•	 The Administrator, Sub-Administrator, 
and the Company Secretary attend 
relevant Board meetings in order to be 
aware of all announcements that need 
to be made. 
•	 All compliance issues are raised with 
the Company’s Financial Adviser.
•   The Company continues to receive 
advice from its corporate advisers 
and has incorporated changes where 
required.
•	 The Administrator and Company 
Secretary continue to attend all Board 
meetings and advise on Listing Rule 
requirements in conjunction with the 
Corporate Broker and Financial Adviser.
Loss of REIT status
•   The HMRC REIT regime requirements 
are monitored by the Asset and 
Investment Manager, and external 
advisors including the Company’s 
tax adviser KPMG LLP and its Sub-
Administrator Waystone Administration 
Solutions (UK) Limited.  
•   The Company continues to receive 
advice from external advisers on any 
anticipated future changes to the REIT 
regime.
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
70
71

PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED
Potential Impact
Mitigation
Movement in the period
The Company’s cost base could be 
impacted, and management time diverted, 
due to climate changes and associated 
legislation.  
•   The Board receives regular updates on 
environmental, social, governance and 
potential legislation changes from its 
advisers. 
•	 The Company has engaged an 
environmental consultancy, CBRE, 
to assist with improving the Global 
Real Estate Sustainability Benchmark 
(GRESB). 
•   Additional attention continues to be 
devoted to this area to ensure the 
appropriate approach is applied and 
embedded in Company activities.
Changes to the environment could impact 
upon the operations of the Company.
•   Property acquisitions undergo a 
rigorous due diligence process, 
including an environmental assessment.
•	 The Asset Manager monitors 
the portfolio for any detrimental 
environmental impact, by way of 
frequent inspections of the properties, 
and the annual insurance review 
process.
•   The rigour of the environmental 
assessments process continues to be 
reviewed with the aim of enhancing it.
An Energy Performance Rating of E and 
below may impact the Company’s ability 
to sell or lease an asset.
•   The Company continues to review 
each property to ensure adherence 
with Energy Performance Rating 
requirements.
•	 The energy efficiency of investment 
acquisitions is fully considered as part 
of the due diligence process for the 
acquisition of a property.
•   The Asset Manager is continually 
reviewing the feasibility of enhancing 
Energy Performance Ratings to exceed 
the minimum requirement.
Changes to the Principal Risks and 
Uncertainties
The Board, via the Audit Committee, has reviewed and 
agreed the movement during the year to each of the 
identified principal risks and uncertainties following review 
of these risks, having considered the characteristics of 
these and the broader economic and geopolitical factors 
influencing them.
A potential emerging risk is the adoption of artificial 
intelligence in office-based roles, which could pose both 
a risk and opportunity for the demand of office space. 
The Board, alongside the Asset and Investment Manager, 
continues to monitor developments in this area.
The potential impact of these risks on the Company’s long-
term strategy is considered evaluated to ensure informed 
decision-making and proactive management.
Going Concern
The Directors confirm that they have a reasonable 
expectation that the Group has adequate resources 
to continue as a going concern. This expectation is 
underpinned by having made an assessment of the 
Group’s ability to continue in operational existence, 
giving due consideration to the Group’s cashflow 
forecast, which encompasses cash resources, rental 
income, acquisition and disposals of investment 
properties, elective and committed capital expenditure, 
dividend distributions and the borrowing facilities and 
the respective maturities.
Following the successful completion of the £110.5 million 
equity capital raise in July 2024, the Group ended the 
year under review with £56.7 million of cash and cash 
equivalents, of which £55.9 million was unrestricted cash. 
The borrowing facilities remained compliant with all 
loan covenants, with a net LTV of c. 41.8%, based upon 
the value of the Group’s investment properties as at 31 
December 2024. Rental income collections remained 
robust with 98.6% of rent invoiced in the year collected as 
at 14 March 2025. 
Given the substantial amount of unrestricted cash 
currently held by the Group and, with the next borrowing 
due to mature being the Royal Bank of Scotland, Bank 
of Scotland and Barclays £99.8 million facility in August 
2026, the Directors are satisfied that the Group and 
Company have adequate resources to continue in 
operational existence for a period of at least 12 months 
from the date that these Financial Statements were 
approved. Based on the above, together with available 
market information, the Directors are not aware of any 
material uncertainties that may cast significant doubt 
upon the Group’s ability to continue as a going concern. 
Accordingly, the Directors consider that it is appropriate 
to continue to prepare the Financial Statements on a 
going concern basis.
Viability Statement
In accordance with the Association of Investment 
Companies Code of Corporate Governance (the “AIC 
Code”) the Directors have assessed the prospects of the 
Group and future viability over a three-year period from 
the year end, being longer than the 12 months required 
by the going concern provision. The Board conducted 
the review with regard to the Group’s long-term strategy, 
principal risks and risk appetite, current position asset 
performance and future plans. Following this review, the 
Board determined that three years to 31 December 2027 
is the maximum timescale over which the performance 
of the Group can be forecast with any material degree 
of accuracy and is therefore an appropriate period over 
which to consider the Group’s viability. Achievement of 
the one-year forecast has a greater level of certainty 
and is used to set near-term targets across the Group. 
Achievement of the subsequent forecasted years is less 
certain than the one-year forecast. However, the Board’s 
forecast provides a longer-term outlook against which 
strategic decisions can be made.
GOING CONCERN AND VIABILITY STATEMENT
10. Environmental and energy 
efficiency standards
Movement in the period
Link to strategy
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
72
73

Assessment of Review Period
The Board chose to conduct the review for a three-year 
period giving consideration to:
• 	The Group’s WAULT of 2.9 years to first break
• The Group’s detailed forecast covering a rolling three 
year period
• The Group’s weighted average debt to maturity was 2.9 
years as at 31 December 2024
Assessment of Prospects and Viability
The financial planning process considers the Group’s 
profitability, capital values, LTV, cashflows, dividend cover, 
banking covenants, the near-term funding obligation 
and other key financial metrics over the coming three-
year period. Given the recent successful capital raise of 
£110.5m the Group has substantial cash resources, which 
have in part been used to de-gear its financial position. In 
addition, given the more favourable lending environment 
for property the Group is in a good position to refinance 
the next bank loan maturity in August 2026 of £99.8 
million. 
Furthermore, the Board, in conjunction with the Audit 
Committee, carried out a robust assessment of the 
principal risks and uncertainties facing the Group, 
including those that would threaten its business model, 
strategy, future performance, solvency or liquidity over 
the three-year period. The risk review process provided 
the Board with assurance that the mitigations and 
management systems are operating as intended. 
The Board believes that the Group is positioned to 
manage its principal risks and uncertainties successfully, 
notwithstanding the current economic and political 
environment. The Board’s expectation is further 
underpinned by the regular briefings provided by each 
of the Asset Manager and Investment Adviser. These 
briefings consider market conditions, investment 
opportunities, the Company’s ability to raise third-
party funds and deploy these promptly, changes in the 
regulatory landscape and current political and economic 
risks and uncertainties. These risks, and other potential 
risks which may arise, continue to be closely monitored by 
the Board.
Confirmation of Viability
The Board confirms that it has a reasonable expectation 
that the Group will be able to continue in operation and 
meet its liabilities as they fall due over the next three 
years, taking into account the Group’s current position and 
the principal risks and uncertainties. 
The Directors have carefully reviewed areas of potential 
financial risk. The Directors have satisfied themselves that 
the Group has adequate financial resources to continue in 
operational existence for the foreseeable future.
GOING CONCERN AND VIABILITY STATEMENT CONTINUED
Coach Works, Leeds
REGIONAL REIT
74

SUSTAINABILITY REPORT
YEAR IN FOCUS
In 2024, the Company experienced a continued increase 
in office space utilisation, reflecting sustained tenant 
demand. This uptick led to higher energy consumption 
across the portfolio. However, the Company implemented 
measures to mitigate this rise, resulting in a net reduction 
in overall energy usage.
Throughout 2024, the Company continued integrating 
sustainable practices to drive positive environmental 
and social impact while balancing the evolving needs of 
stakeholders.
•   The ESG Working Party which comprises of a Non-
Executive Board Director and members from the Asset 
Manager and Investment Adviser met 4 times in 2024.
•   Improved performance against the Company’s 
sustainability key performance indicators (“KPIs”).
•   Development of a sustainability action plan at property 
level. 
•   The Asset Manager continued to issue new and updated 
policies and procedures; and practices were updated to 
better reflect the Company’s sustainability objectives.
•   ESG criteria continued to be integrated within due 
diligence procedures; setting out how the Company 
assesses and manages the performance of its assets and 
prospective investments; and who is chosen to engage 
and work with.
•   Continued to engage CBRE as the lead advisor to the 
Group on ESG strategy.
•   Continued to engage with our occupiers by promoting 
sustainable practices and also in the obligations they 
commit to; for example, by including green lease clauses 
within the contractual terms for all new leases issued for 
agreement.
•   Submitted the Company’s third Global Real Estate 
Sustainability Benchmark (“GRESB”) assessment resulting 
in an increased score to 73 from 66.
•   Submitted the third submission to the European 
Public Real Estate Association (“EPRA”) sustainability 
performance report maintaining the silver award.
•   Successful installation of Smart Technology in a controlled 
test sample of properties. aiming at reducing energy 
waste.
•   As part of the Net Zero Carbon study, and with the 
assistance of CBRE, a baselining exercise was undertaken 
using Carbon Risk Real Estate Monitor (CRREM) 
methodology to assess the current portfolio’s carbon 
performance. 
•   Continued training of appropriate Asset Manager’s team 
members to ensure the Asset Manager’s best practice 
refurbishment and capital expenditure guides are 
adhered to.
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
76
77
In 2024, the Company made significant progress on key 
sustainability performance indicators. The GRESB rating 
increased to 73 points (from 66 in 2023), earning two 
Green Stars and reflecting the hard work of the Asset 
Management team, resulting in ongoing improvements in 
our sustainability efforts. 
The Environmental, Social, and Governance (“ESG”) 
Working Party remained focused on enhancing the 
Company’s European Public Real Estate Association 
sustainability accreditation and Energy Performance 
Certificate (“EPC”) ratings, with 82% of the portfolio now 
rated C or higher. The weighted average EPC score also 
improved to C 59 (from C 62 in 2023). 
The Asset Manager and Investment Adviser played a 
key role in driving these advancements, ensuring the 
Company remains on track to meet 2030 regulatory 
requirements. Recognising climate change as a major 
long-term challenge for the commercial real estate sector, 
the Company has committed substantial resources to 
reducing carbon emissions well ahead of the 2050 net-
zero target.
ESG principles continue to be integrated into both 
transactional and operational activities, reinforcing the 
portfolio’s resilience and long-term sustainability. As 
part of this commitment, the CAPEX program totalled 
£8.2 million in 2024 (compared to £10.2 million in 2023), 
prioritising sustainable materials and energy-efficient 
equipment to enhance EPC ratings while maintaining 
a responsible level of investment. The year ahead will 
continue to see a focus on value enhancing CAPEX projects 
across a select number of assets.”
Massy Larizadeh
Non - Executive Director
Highlights from the year are as follows:

Year Ahead
The Company’s programme of work for the coming year 
will continue to be in line with the regulatory landscape, 
with a continued focus upon embedding ESG best 
practices across the Group. The constant evolution of 
embedding processes will also enable the Group to adapt 
promptly to meet new challenges as they arise. 
The relevance and importance of sustainability reporting 
is increasingly evidenced by governments publishing 
disclosure requirements and aligning with reporting 
standards, such as those currently being formulated by 
the International Sustainability Standards Board and 
UKPRI. 
Some examples of the programme of work for the year 
ahead are:
• 	Continued review of the portfolio’s EPC ratings, followed 
by the appropriate action to improve and align the 
ratings with the Minimum Energy Efficiency Standard 
(“MEES”).
•	 Tackle areas highlighted for improvement from the 2024 
GRESB and EPRA respective assessment, with the aim 
of continuing to improve our accreditation performance 
and other benchmarks.
•	 Continue to embed ESG criteria in acquisitions and asset 
management processes, ensuring sustainability is at the 
forefront of the management of an  asset's life-cycle.
•	 Sustainability action plans will be developed and 
implemented by the Asset Manager ensuring focus on 
property specific improvements.
•	 Continue to have ESG criteria front and centre for due 
diligence enquiries and the obligations the Company 
requires from suppliers and associates.
•	 Continue to support occupiers and suppliers to adopt a 
more sustainable means of travel by installing electric 
vehicle charging points and priority on-site bicycle lanes 
and bicycle storage/changing facilities.
•	 Through the Asset Manager's fit-out guide and 
asset specifications, the Company promotes greater 
circularity, encouraging recycling and reuse, promotes 
responsible sourcing, the use of low carbon embodied 
materials, limiting resource use, avoiding virgin raw 
material use, and eliminating waste to land fill or 
incineration where possible.
•	 Transition standard lease terms on renewals and new 
leases to green leases which include cooperation and 
reporting obligations on parties to share environmental 
performance data; allow landlord access to verify 
environmental performance; impose sustainability 
criteria on fit-outs, repairs, maintenance and 
dilapidations; and encourage reductions in resource use.
•	 Continue with the Asset Manager and Investment 
Advisers' work in the community through the charities 
supported and served, while ensuring they remain the 
best and most closely aligned to the Company’s ESG 
objectives and outcomes.
•	 Complete the installation of Smart Technology to further 
understand building usage with the aim to improve 
efficiencies and naturally reduce energy usage and 
provide granular energy data capture.
•	 Work with CBRE to measure the impact the smart 
technology on the carbon baseline to develop strategic 
pathway to net zero.
•	 Continue to maintain 100% renewable electricity to 
the portfolio; installation of on-site renewable energy; 
upgrade to energy efficient plant and machinery during 
refurbishment and fit-out.
•	 Continue to engage with occupiers, where applicable to 
adopt their own energy efficient mitigations.  
•	 Continue to keep up with industry developments to 
reduce consumption and support a low carbon portfolio.
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
78
79
ESG Working Party Report
The ESG Working Party met 4 times during 2024. The 
membership of the Working Party is made up of a Non-
Executive Director and members of the Asset Manager and 
the Investment Adviser. The Working Party updates the 
Board on its progress. The external ESG consultants, CBRE, 
and energy providers are invited to attend and support 
the ESG Working Party by undertaking specific pieces of 
work and as required providing updates on any possible 
regulatory changes.
The Board has delegated its authorities to the ESG 
Working Party to: 
• 	Assist the Board in defining and regularly reviewing 
the Company’s strategy relating to ESG and in setting 
relevant key performance indicators.
•	 Develop and regularly review the policies, procedures, 
practices and initiatives relating to ESG matters and 
ensure they remain effective, relevant and consistent 
with industry best practice.
•	 Have oversight of the management of ESG matters 
and compliance with relevant statutory, regulatory and 
legal requirements and applicable ESG rules, industry 
standards and guidelines.
•	 Have oversight of responses to investor requests on ESG 
matters.
•	 Report on these matters to the Board and, where 
appropriate, make recommendations to them.
In undertaking this role, the ESG Working Party duties 
include assessing effectiveness in identifying, managing, 
mitigating or eliminating ESG risks and ensuring 
compliance with relevant statutory, regulatory and legal 
requirements as well as applicable ESG rules, industry 
standards and guidelines.
In 2024 the ESG Working Party continued to focus upon 
the processes and steps necessary for embedding ESG 
across the Company and its subsidiaries and the role 
of the Company in its ESG stewardship through its 
investments, external relationships and interactions. 
EPC ratings remains a focus for the working party. CBRE 
continue as the Company's ESG strategy adviser; the 
improvement in both GRESB and EPRA sustainability 
accreditation during the year; the Task Force on Climate-
Related Financial Disclosures (TCFD) (See pages 89 to 
93) in improving reporting of climate-related financial 
information; and the Company’s sustainability policy and 
relevant KPIs.
Net Zero Carbon
During 2023 the Company undertook a baselining exercise 
to assess the current portfolio’s carbon performance using 
Carbon Risk Real Estate Monitor (CRREM) methodology 
and to help identify asset alignment with a 1.5-degree 
pathway. The analysis was based on actual data, where 
available (52% of assets), and used industry benchmarks to 
estimate missing data. The resulting portfolio’s 1.5-degree 
decarbonisation pathway, and the associated asset level 
carbon emission breakdown, were evaluated using Pareto 
analysis to identify the top assets that contribute to the 
majority of Regional REIT's carbon emissions. Informed by 
this analysis, the Company plans to undertake detailed Net 
Zero Energy audits to develop asset level action plans and 
to address potential stranding risks.
The next steps in 2025 will be to expand the effort 
in occupier data collection, in order to improve the 
coverage, robustness and granularity of data for the 2025 
calendar year. A recalculation of the baseline and refresh 
of the portfolio decarbonisation pathway can then be 
undertaken based on a greater portion of actual data to 
improve the accuracy of the baseline, expanding the data 
set beyond 52% of the assets. 
The Investment Adviser, ESR Europe Private Markets Ltd., 
is part of the ESR Group, Asia-Pacific's largest real asset 
manager with approximately US$150 billion AUM, and 
the largest sponsor and manager of REITs in the region 
with a total AUM of approximately US$45 billion. ESR are 
signatories to the internationally recognised Principles 
for Responsible Investment (UN PRI), and places it at 
the heart of a global community seeking to build a more 
sustainable financial system.

30
United Nations Sustainable Development 
Goals
The United Nations Sustainable Development Goals are 
comprised of 17 interlinked global goals that provide a 
blueprint for a sustainable future. The Board recognise its 
role in supporting the global transition to sustainable living 
as envisioned by the goals. The Board is kept appraised 
of the ESG by the ESG Working Party and discusses ESG 
issues at its regular board meetings. The Board has taken 
the decision to align the Company with four goals where 
the Company believes it can make the biggest impact. 
These are:
SUSTAINABILITY REPORT CONTINUED
Set out below is a summary of the Company’s progress against the goals which are particularly significant to the Company.
3. Good health and well-being
The Company promotes good health and well-being via its services 
and interactions with its occupiers, suppliers and the communities 
within which it operates. The Asset Manager continues to fit out bicycle 
storage and repair stations and associated shower rooms across the 
estate encouraging both wellness and lower carbon emissions.
The Asset Manager has again been awarded a Great Place to Work 
certificate. 
A tenant survey was undertaken in 2024, incorporating questions of an 
ESG nature to better understand our occupiers' wishes.
Through the Asset Managers Occupier Fit-out Guide recommendations 
and guidance are provided on steps that can be taken for the health 
and well-being of building users and how they can be achieved. 
Automated External Defibrillators (AEDs) were installed across the 
multi-let estate. Their location will be registered on Defib finder https://
www.defibfinder.uk/ allowing accessibility to the local community.
8. Decent Work and Economic Growth
The Company provides and manages facilities that generate 
opportunities for enterprises to grow and support job creation. Through 
Company’s acquisitions and refurbishments, it promotes sustainable 
resource consumption, reuse and recycling, and in its engagements 
with others, it protects the labour rights of those engaged to work for 
the Company in safe working environments.
11. Sustainable Cities and Communities
The Company invests in and manages property and real estate assets 
across identified growth cities and centres across the regions of the UK 
outside of the M25 motorway. Its investment and management strategy 
is to ensure that they are sustainable and, through the facilities and 
opportunity offered, make a beneficial contribution to the communities 
the Company is part of and serves. 
13. Climate Action
The Company is taking action across its portfolio to mitigate the 
harmful effects of climate change. Energy audits, such as the EPC review 
are continually being undertaken of all assets implementing energy 
efficiency strategies to support a low carbon portfolio. 
August 2024
Installation Enhances Local Ecosystem at Southgate Park
At a Glance 
In collaboration with our contractor to enhance the 
local ecosystem at Southgate Park. The project included 
the installation of bird and bug houses, along with a 
log pile, to create safe habitats for wildlife. To further 
protect this area, it has been carefully roped off to 
minimise disturbance and allow the local ecosystem to 
thrive!
Solutions 
• Habitat Creation: Installed bird and bug houses, as 
well as a log pile to provide shelter and a food source 
for small wildlife.
• Community Involvement: Cubs decorated and 
assembled the houses alongside the FM Company 
team (see below) which were then transported to 
Peterborough for installation.
By installing bird and bug houses along 
with a log pile, the project provides safe and 
sustainable habitats for local wildlife. This helps 
to support and increase long-term biodiversity.
Benefits 
Community Engagement
Involving the Cub Scout troop in the creation 
of the bird and bug houses fosters a sense of 
involvement and educates young people about 
the importance of wildlife conservation and 
environmental stewardship.
Ecosystem Improvement
The initiative contributes to the overall health 
and balance of the local ecosystem at Southgate 
Park, promoting a more resilient and thriving 
natural environment.
SUSTAINABILITY IN ACTION
1
2
3
Key Metrics
Bird and Bug Houses Installed
2
Cub Scouts & Leaders engaged
12
Environmental
Preservation
Habitat
Enhancement
Community
Engagement
Key Focus
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
80
81

30
During the year, the Company continued to support 
and work with a number of charities and not for 
profit organisations that are making an impact in the 
communities and the regional locations where the 
Company operates.
We design community initiatives that focus on making a 
supportive, welcoming and safe community environment 
to ensure occupiers can share hard-to-discuss topics and 
feelings with the aim to host at least 1 monthly event that 
supports and encourages discussion.
Investment Due Diligence
SUSTAINABILITY REPORT CONTINUED
Environmental:
The position insofar as the environmental footprint of an 
investment is concerned. Current usages and impacts; the 
maturity of systems and mitigations in place to eliminate 
or reduce those impacts; environmental risks and their 
severity; and the prospects and opportunities for change.
Social:
The social impacts and opportunities of an investment. 
Health and wellness criteria; air quality and its monitoring; 
physical attributes such as access to daylight, low noise 
pollution and social space. The availability of local 
amenities, close public transport and energy efficient 
means of travel, electric vehicle charging and parking.
Governance:
The assessment and mitigation of risks, for example 
environmental and biodiversity risks; physical, natural 
and social economic risks. Sustainability framework 
and strategies in place for the investment and their 
relative performance. Financial, legal and operational 
obligations and impacts. Environmental classifications 
and certifications. 
WORKING WITH THE COMMUNITY
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
82
83
The Company has broadened its investment due diligence to include sustainability criteria which feed into its 
decision making. This includes:
300 Bath Street, Glasgow
Quarterly Local Connection socials
Bringing together partnering local service providers, 
hospitality and makers to network and share their 
businesses and deals with our occupiers.
This enables us as a management team to stay connected 
to the wider business community in Glasgow
October saw a company wide effort to raise money for 
Youth Sports Trust the goal was to cycle from Paris via 
London, Manchester, Leeds, Edinburgh and Glasgow, this 
was achieved and more where they collectively completed 
1887.79 kilometres!! Raising a total of £6,037.
       
Through the month of December 2024, the Asset Manager 
organised a Christmas Giving Tree across a number of the 
portfolio properties. The charitable activity was organised in 
conjunction with charities such as KidsOut Giving Tree with 
a staggering 400 presents donated across the country.

30
WORKING WITH THE COMMUNITY CONTINUED
REGIONAL REIT
84
85
Coach Works, Leeds
December brought out a sprinkling of Christmas jumpers in 
aid of Save the Children which raised £507.
We joined in the CBRE Cycle for Alzheimer’s Society and 
raised £1,575.00 as Company as well as ESR sponsoring it 
too £1K.
The landlord is working in the wider community and has 
worked with Bonus Pastor Catholic College.
Virtual Interviews: 10 of our ESR team members 
conducted virtual mock interviews with around 70 
students in total, helping them develop confidence and 
refine their interview skills.
Employability Day: Four ESR representatives participated 
in interviews and speed networking sessions, providing 
real-world career insights and practical advice to Year 11 
students.
Supporting Future Talent: Through these initiatives, ESR 
has helped prepare students for the workplace, offering 
valuable feedback and guidance on career development.
Commitment to Social Mobility: Our ongoing engagement 
with Bonus Pastor College reflects ESR’s commitment to 
empowering young people, bridging the gap between 
education and employment.

A. Key Performance Indicators (“KPIs”)
During the year, the ESG Working Party recommended the 
following KPIs. 
Landlord Controlled Boundary
Whole Portfolio Boundary
1. 	 To reduce total portfolio absolute emissions to net 
zero by 2050 in accordance with the Paris climate 
agreement and to strive to achieve this in a shorter 
timescale. 
Remote access metering continued to be installed across 
the multi-let portfolio allowing for detailed energy data 
capture. The Company in party with the Company’s ESG 
advisors, CBRE, is establishing a carbon footprint, which 
will provide the base of the net zero carbon pathway.
2.	 To achieve a Minimum Energy Efficiency Standard 
(‘MEES’) target of EPC B by 2030.
	
The EPC performance data was as follows:
Boundary KPIs
SUSTAINABILITY REPORT CONTINUED
Rating
31 December 2023
31 December 2024
Movement
B Plus and Exempt
C
D
E and below
42.1%
31.6%
15.7%
10.6%
57.7%
25.0%
11.0%
6.3%
15.6 ppts
(6.6 ppts)
(4.7 ppts)
(4.3 ppts)
KPI
2022 Performance
2023 Performance
2024 Performance
Improvements in 2025
All properties 
to be serviced 
by renewable 
energy sources.
100% of all electricity 
consumption was derived 
from green sources.
100% of all electricity 
consumption was derived 
from green sources
The Company will 
continue to reduce the 
portfolio’s reliance on 
energy sourced from 
fossil fuels; taking 
the opportunity to 
convert properties to 
green energy sources 
during refurbishment 
programmes.
100% of all electricity 
consumption was derived 
from green sources. 
The Company will 
continue to reduce the 
portfolio's reliance on 
energy sourced from 
fossil fuel.
Install electric 
vehicle charging 
points across 
the portfolio or 
as requested by 
occupiers.
Of the targeted six 
additional sites for 2022, 
two have been added 
with a further 24 charging 
points added to the 
portfolio capacity. 
Site surveys and 
conversations continue 
with providers and 
occupiers to accelerate 
the programme of 
installations.
Continuing surveys
Eliminate waste 
to landfill 
Of the 92 sites where 
data was available a 
total of 1,529 tonnes of 
non-hazardous waste 
was generated, with 711 
tonnes being recycled.
The balance was sent for 
energy recovery either for 
refuse derived fuel (758 
tonnes) or at an anaerobic 
digestion facility (0.95 
tonnes). Waste sent to 
landfill amounted 0.15 
tonnes.
Where the data was 
available a total of 1,261 
tonnes of non-hazardous 
waste was generated with 
623 tonnes being recycled.
The balance 522.9 was 
sent for energy recovery 
for refuse derived fuel or 
at an anaerobic digestion 
facility.
Continue to increase 
data collection for the 
remaining sites and 
increase the proportion 
recycled. 
Achieve 100% zero to 
landfill and will continue 
to work only with 
providers that will fulfil 
our commitment.
Continue to work with 
tenants to increase 
data collection for the 
remaining sites.
Achieve 100% zero to 
landfill and continue to 
work only with providers 
that will fulfill our 
commitment.
Reduce water 
consumption 
Continued the programme 
set out in 2021.
Agreements are in place 
with the multiple water 
providers and metering 
roll out will commence 
during 2024.
Water meter installation 
programme is being 
rolled out to provide 
accurate water 
consumption rates for 
the portfolio, current 
coverage is 49.3%. 
Engaging with our tenants 
to share data.
Continue with the water 
meter installation to 
provide accurate water 
consumption rates across 
the portfolio.
Energy use data 
coverage 
Metering now covers 70 
sites.
Metering installation has 
continued throughout 
2023 with 319 meters now 
installed for electrical and 
gas supplies.
Continue to increase the 
metering programme, 
where possible at a unit 
level to allow greater 
monitoring and corrective 
action as applicable.
Continue to work with 
tenants to increase data 
coverage for FRI sites.
Global 
Real Estate 
Sustainability 
Benchmark 
(“GRESB”)
The second GRESB 
submission improved to 
60.
With the appointment 
of CBRE the GRESB 
submission improved to 
66.
GRESB submission 
improved to 73.
Continue with the 
progress and improve 
the GRESB accreditation.  
Focus remains with the 
increase in data collection 
to enhance decision 
making.
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
86
87
300 Bath Street, Glasgow

Occupier Boundary
B. Task Force for Climate-related Financial 
Disclosures 
Despite no requirement to report against the Task Force 
for Climate Related Disclosures (“TCFD”), the Company has 
voluntarily joined with many other organisations around 
the world, by becoming a supporter of TCFD and reporting 
against the four recommendations.
As with other sustainability disclosures, the Company 
expects the required disclosures to evolve in accordance 
with increased understanding around climate change risks.
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
88
89
Lightyear, Glasgow
Hampshire House 
KPI
2022 Performance
2023 Performance
2024 Performance
Improvements in 2025
Engage with 
occupiers 
during lease 
negotiations 
to incorporate 
green clauses 
into new leases 
As a matter of course 
all new Company leases 
include a green clause, 
setting out cooperation 
and reporting obligations 
to share and obtain 
environmental 
performance data and 
impose sustainability 
criteria.
Company Leases 
continue to be updated 
at all available points.  
Engaging with tenants 
around the importance 
of the data sharing 
ensures a collaborative 
approach that benefits 
the tenant, the Company, 
and environmental 
reporting.
Continue to develop the 
green lease clauses to 
ensure they meet the 
changing sustainability 
requirements for 
reporting. Engage with 
existing occupiers to 
share the benefits of 
working together.
Continue to ensure 
green lease clauses are 
issued.
Continue to monitor 
changes in legislation 
and reporting 
requirements and adapt 
the leases as needed.
Communication through 
the Asset Managers, 
Property Managers and 
Facilities Manager and 
existing occupiers to 
build on the relationship 
and data sharing.
Engage with 
all occupiers 
annually on 
ESG issues
In addition, to the 
property managers 
engaging with occupiers, 
a tenant survey was 
undertaken in 2022, 
incorporating questions 
of an ESG nature to 
better understand our 
occupiers wishes. 
The Company continues 
to engage with the 
occupiers through 
property managers and 
facilities managers who 
have discussed their ESG 
needs and initiatives 
important to them. This 
provided the Company 
with continual feedback 
allowing us to implement 
initiatives.
Continue to develop in 
person relationships 
and look to carry out an 
engagement survey.
The Company will 
maintain the contact 
with the occupiers 
through face to face 
discussions and 
engagement surveys. 
Implementation of a 
sustainability action 
plan for each property 
to enable property 
managers and facilities 
managers to continue 
the dialogue and 
collaboration creating a 
united ESG approach.
Pillar 
Recommended Disclosure
Governance
Board oversight
Management Role
Strategy
Identified climate – related risks and opportunities
Impact of climate – related risks and opportunities
Resilience of the Group’s strategy
Risk Management
Integrate processes for identifying, assessing, and managing climate-related risks into 
the Company’s overall risk management.
Metrics and targets
Climate-related metrics
Scope 1,2, and 3 GHG emissions
Climate-related targets

Governance
Recommendation
Commentary
The Board’s oversight of climate-related risks and 
opportunities 
The Board holds ultimate responsibility for overseeing the 
Company’s risks and opportunities, including climate-related 
ones. It receives updates on these matters at each quarterly 
Board meeting.
To carry out its duties, the Board has delegated authority for 
identifying climate-related risks to the Audit Committee. Meeting 
at least twice a year, the Audit Committee oversees the Group’s 
Risk Register, which includes climate-related risks detailed in the 
Principal Risks and Uncertainties section on pages 60 to 72. After 
each meeting, the Committee reports its findings to the Board.
Additionally, the Audit Committee has delegated other climate-
related risk and opportunity responsibilities to the ESG Working 
Party. This group includes Non-Executive Director Massy 
Larizadeh, the Asset Manager, the Investment Adviser, and 
external advisors as needed.
The ESG Working Party met 4 times in 2024 and as required 
provided updates and recommendations to the Audit Committee 
and the Board.
The full risk management approach is set out on page 62.
Board’s role in assessing and managing climate-
related risks and opportunities
The Board holds ultimate responsibility for overseeing and 
managing climate-related risks and opportunities. The Asset, 
Investment, and Property Management teams support the Board 
and Audit Committee by identifying and assessing principal risks 
and uncertainties, including climate-related risks, within the risk 
appetite set by the Board. Risk assessment involves profiling 
and scoring risks before and after mitigation to determine if 
they are improving, worsening, or stable, and to evaluate the 
effectiveness of existing mitigation strategies.
The Board receives quarterly reports on progress toward 
climate-related goals and targets.
The Asset and Property Management teams handle daily 
operations, including implementing the Board-defined risk 
management strategy. The Property Manager is responsible for 
collecting and reporting environmental data, such as energy 
use and GHG emissions, allowing the ESG Working Party, Audit 
Committee, and Board to monitor progress against Board 
targets and take necessary actions.
The Board, along with the Asset, Investment, and Property 
Management teams, receives ESG training annually and as 
needed.
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
90
91
Detailed overview of the governance structure and risk 
management oversight is set out below.
Regional REIT Board
Audit Committee
ESG Working Party
Asset, Investment and Property Management Teams
Scope of Responsibilities
Decisions and 
Objectives
Identify, assess, 
report and mitigate 
risks
Assisted by specialist third party providers as required
Identify, assess, 
report and mitigate 
risks
At least 4 times 
a year
At least 2 times 
a year
At least 4 times 
a year
Target
Setting
Recommend 
climate-related 
risks mitigation 
actions setting 
at more 
detailed level
Implementation 
of climate-
related risk 
mitigation 
actions
Reports on
Progress
Reports on
Progress
Reports on
Progress
Meeting Frequency

Strategy
Risk Management
Metrics and Targets
Recommendation
Commentary
Climate-related risks and 
opportunities identified over 
the short, medium and long 
term.
Recognising that climate–related risks and opportunities materialise over differing 
time horizons the portfolio was considered over the short, medium and long term as 
set out below. 
Short term (0–5 years):
•  Increasing ESG legislation and compliance, including the costs for compliance, as 
well as the costs arising from the breach of legislation
•	 Impact on property values and/or rents if climate-related mitigation actions are not 
undertaken
•	 Integration of ESG into business model
•	 Implementation of new Minimum Energy Efficiency Standards 
•	 Portfolio climate adaption, retrofitting and refurbishment
•	 Increasing cost of supplies and or disruption to supplies for maintenance and 
refurbishment
•	 Increasing costs of utilities
Medium term (5–10 years):
•  Portfolio occupier demand for buildings with higher levels of efficiency, climate 
resilience, and lower carbon footprints
•	 Increased legislation requiring adherence
•	 Inability to access “green” funding 
Long term (10+ years):
•  Continued legislation requirements
•	 Climate change which may impact the portfolio
Identify impact of climate-
related risks and opportunities 
upon the Company’s strategy, 
operations and financial 
planning.
The Board has identified that climate-related risks could impact the Company by:
•  Properties becoming unfit for purpose and asset stranding
•	 Income and expenditure impacts arising from climate-related mitigation strategies
•	 Lessened or improved desirability of its properties 
•	 Pricing of properties
•	 Ability to access funds
•	 Cost of capital
•	 Reputation in the context of climate-related aspects
The Company seeks to embed a sustainable ethos throughout a property's lifecycle. 
This includes mitigating climate risks at the time of purchase through environmental 
assessments and working to extend the life of portfolio assets. The ongoing capital 
expenditure and refurbishment program focuses on improving existing buildings, 
enhancing energy efficiency, increasing EPC ratings, and reducing carbon emissions 
and waste.
Resilience of the organisation’s 
strategy, taking into 
consideration different climate-
related scenarios, including a 
2°c or lower scenario.
The resilience of the organisation’s strategy is assessed by considering various 
climate-related scenarios, including a 2-degree Celsius or lower scenario. The 
climate-related strategy focuses on reducing energy consumption, improving energy 
efficiency, sourcing renewable energy, supporting a low-carbon portfolio, installing 
on-site renewables, and enhancing efficiencies through retrofitting, refurbishment, 
and fit-outs. Where carbon emissions cannot be eliminated, the Company explores 
verified carbon offsetting strategies.The Board evaluates the resilience of its strategies 
through regular performance updates and makes adjustments as needed.
Recommendation
Commentary
Integrate processes for 
identifying, assessing, and 
managing climate-related risks 
into the Company’s overall risk 
management.
Effective risk management underpins the execution of the Company’s strategy. 
The Board is supported by the Audit Committee, which via the Company risk 
register aims to capture the principal risks and uncertainties, including climate 
related risk. Climate-related risks are included within Principal Risks and 
Uncertainties on pages 60 to 72. 
Any identified climate-related risks and identified emerging risks are included with 
the Risk Register and managed appropriately by the Board in the future as the 
need arises. 
Board meetings are held at least quarterly and Audit Committee meetings at least 
bi-annually, with ad hoc meetings called as circumstances demand. 
The respective Company oversight bodies are kept appraised of the changing 
climate-related landscape by its appointed external advisers. Allowing ample time 
for the required actions to be put in place. An overview of the risk management 
process is set out in the above organogram on page 91.
Recommendation
Commentary
Metrics used by the Company 
to assess climate-related 
risks and opportunities are in 
line with its strategy and risk 
management process.
The Company reports in line with: 
•  The GRESB Standing Investments Benchmark; and
•	 EPRA Sustainability Best Practices Recommendations for sustainability reporting. 
EPRA performance tables are detailed later in this Sustainability Report.
Disclose Scope 1, Scope 2, 
and, if appropriate, Scope 
3 greenhouse gas (GHG) 
emissions, and the related 
risks.
The Company reports Scope 1 and Scope 2 emissions in accordance with EPRA 
recommendations and as set out for the years 2023 and 2024 separately in this 
Report.
Targets used by the Company 
to manage climate-related 
risks and opportunities and 
performance against targets.
Through the ESG Working Party, the Company has established key performance 
indicators and targets as set out elsewhere in this report. The ESG Working Party 
measures performance against the targets and will report its findings to the Board.
C. EPRA Sustainability Best Practices 
Recommendations
The Company has chosen to report its material, 
environmental, social and governance data in accordance 
with the fourth edition of the European Public Real Estate 
Association (‘EPRA’) Best Practices Recommendations 
(“sBPR”), April 2024. 
EPRA is a non-profit association representing Europe’s 
publicly listed property companies. By responding to 
EPRA, the Company is promoting sustainability within the 
property portfolio, while also identifying opportunities for 
further improvements relating to sustainability regulations 
and initiatives. 
This EPRA report is over three sections:
1. Overarching recommendations; 
2. Environmental performance measures; and
3. Social and Governance performance measures.
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
92
93

1. Overarching Recommendations 
Organisational boundaries
The Company’s EPRA sustainability reporting covers 
properties held as at 31 December 2024.
Coverage
The coverage of absolute performance measures amounts 
to 83.3% of all property assets held at 31 December 2024. 
The remaining assets are single or multiple occupancy 
assets with no landlord-obtained electricity gas and water 
(“Utilities”). 
The absolute performance measures relate to electricity, 
fuels and associated greenhouse gas (“GHG”) emissions 
where the Company procures Utilities for common areas, 
shared services, occupier areas and those properties that 
are vacant. 
The measurements compared to 2023 shows the back 
to office trend following covid which shows a natural 
increase in utility usage.
We are committed to continually increasing the coverage 
of data collection 2024 and working with tenants has 
allowed us to increase the installation of electricity and 
water meters enabling us to report. 
Like-for-like performance measures include properties 
for which the Company has collected three years' worth 
of consistent data and excludes properties sold, acquired 
or under development during the period 1 January 
2022 to 31 December 2024. The like-for-like portfolio 
therefore represents 79.9% of the assets covered in the 
organisational boundaries, and data coverage is 100% 
of these properties. Data was collected in the years 
following covid for which time properties were not fully 
occupied or utilised.
The Company aims to complete annual health and safety 
assessments for 100% of the assets, excluding those where 
the responsibility for health and safety assessments is with 
the occupier. 
Boundaries – Reporting on Landlord and 
Occupier Consumption
The energy and associated GHG emissions data reported 
includes:
• 	Electricity and fuel consumption which the Company 
purchases as landlord covers common areas, shared 
services and occupier areas where this consumption is 
not sub-metered but recharged via the service charge. 
•	 Utilities procured directly by occupiers is excluded as it 
falls outside the Company’s operational control. 
Estimation of landlord-obtained Utility 
Consumption
All data is based on invoices and/or meter readings where 
available. Estimations have been applied where invoices 
were not available at the time of publication. In these 
instances, the Company has estimated the consumption 
data based on the most recent invoice or reading for the 
corresponding period. 
Analysis – Normalisation
Energy and emissions intensity indicators are calculated 
using floor area sq. ft. for whole buildings. The Company 
is aware of a mismatch between the numerator 
and denominator, as in some properties the utilities 
consumption relates to common areas only, and in others 
it covers both shared services, outside space and occupier 
areas where there are no sub-meters.
Analysis – Segmental Analysis (by Property 
Type, Geography)
Sector analysis is organised by the property classification as 
set out in the Asset Management section of the Company’s 
financial reporting. Additional segmental analysis by 
geography is not applicable as all assets are in the United 
Kingdom.
Reporting Period
• 	Absolute performance measures and intensity metrics 
are reported for the most recent reporting year for which 
the Company holds full reporting data at the date of this 
report year ending 31 December 2024.
•	 Like-for-like performance measures are reported for the 
three most recent reporting years that the Company can 
collect consumption data for years ending 31 December 
2021 to 31 December 2024.
Disclosure on Manager’s Offices
Utilities associated with the Manager’s office consumption 
and the Manager’s employee-related performance 
measures are excluded, apart from where the Manager’s 
space is leased from the Company, as they fall outside the 
scope of the organisational boundaries. 
Data Verification and Assurance
All data is reviewed for consistency and coherence prior 
to disclosure. A third party, Carbon Footprint conducts a 
review of the data providing assurance of the data’s validity.
Materiality
The following EPRA sustainability performance measures 
were not considered material and have therefore been 
excluded from reporting: 
• 	District heating or cooling (“DH&C”); absolute & DH&C-like 
for like: No DH&C is procured across the portfolio. 
•  Diversity-Emp; Diversity-Pay; Emp-Training; Emp-Dev; 
Emp-Turnover & H&S-Emp: The Group has no direct 
employees. All administrative functions associated 
with the management of the portfolio are conducted 
by the Asset Manager and Investment Adviser, which 
are separate legal entities and therefore outside the 
organisational boundaries of this report. 
•  Waste-absolute & Waste-like for like: Operational waste is 
generated solely by the occupiers and is therefore outside 
of the Company’s control. Waste generated through 
the Company’s refurbishment/development activities is 
excluded from the scope of the EPRA sBPR. 
EPRA
Code
Performance
Measures
Unit
Scope
Absolute
2023
Absolute
2024
LfL 2023
LfL 2024
LfL
Change
%
Elec-Abs 
Assets 
Elec-Lfl
Total 
Electricity 
Consumption
kWh
Total landlord 
obtained 
30,671,195
32,971,036
29,443,031
31,422,898
6.72%
DH&C-
Abs 
Assets
DH&C-LfL 
Assets
Total district 
heating 
& cooling 
consumption
kWh
Total landlord 
obtained 
N/A
N/A
N/A
N/A
N/A
Fuels-Abs 
Asset
Fuels-LfL 
Asset
Total fuel 
consumption
kWh
Total landlord 
obtained
22,466,920
23,493,416
20,975,739
22,298,483
6.31%
Energy-
Int Asse
Building 
energy 
intensity
kWh/
m2/
year
Building energy 
intensity 
109.77
112.97
98.14
111.82
13.94%
GHG-Dir-
Abs Ass
Total 
direct GHG 
emissions
tonnes 
CO2e
Scope 1 – direct 
emissions
4,044
4,297
3,837
4,078
6.29%
GHG-
Indir-Abs 
A
Total 
indirect GHG 
emissions 
tonnes 
CO2e
Scope 2 – indirect 
emissions
6,827
6,849
6,097
6,506
6.71%
GHG-
Indir-Abs 
A
Total 
indirect GHG 
emissions 
tonnes 
CO2e
(location-based)
GHG-Int 
Assets 
Greenhouse 
gas (GHG) 
emissions 
intensity 
from building 
energy 
consumption
kg 
CO2e/
m2/
year
Scope 1 and 2 
(location
21.47
22.21
19.34
22.03
13.94%
Water-
Abs,LFL
Total Water 
Consumption
186,642
148,031
180,969
147,436
-18.53%
Water Int
Building water 
intensity
0.58
0.41
0.50
0.41
-18.53%
Waste LfL
Total weight 
of waste by 
disposal route
1,261
1,084
1,218
1,043
11%
2. Environmental Performance Measures
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
94
95
Note: Energy, Water and Waste data externally audited.

30
The Directors’ principal duty is to act in good faith and in 
a way that is most likely to promote the success of the 
Company, as set out in Section 172 of the UK Companies 
Act 20061. In doing so, the Directors must take into 
consideration the interests of the various stakeholders of 
the Company, the impact it has on the community and the 
environment, take a long-term view on the consequences 
of the decisions they make, as well as aim to maintain a 
reputation for high standards of business conduct and 
fair treatment between the members of the Company. 
Fulfilling these duties supports the Company in achieving its 
investment strategy and helps to ensure that all decisions 
are made in a responsible and sustainable way.
Board Decision-Making
The importance of stakeholder considerations, in the 
context of decision making, is taken into account at every 
Board meeting. All discussions involve careful consideration 
of the longer-term consequences of any decisions and 
their implications for stakeholders. The relevance of each 
stakeholder group may increase or decrease by reference 
to the issue in question, so the Board seeks to understand 
the needs and priorities of each group during its 
discussions. Examples of material matters discussed during 
the year are set out in the Chairman’s Statement on pages 
22 to 27 and below. In addition, the Investment Strategy 
and Business Model set out on pages 28 to 33 gives 
examples of how we approach each specific element of our 
strategy which supports the business model, including an 
explanation of our values and approach. 
Our Stakeholders
During the period under review, the Board has continued to 
discuss and monitor which parties should be considered as 
stakeholders and has again concluded that, as an externally 
managed investment company with no employees or 
customers, its key stakeholders comprise, in no particular 
order, its tenants, shareholders, Asset Manager, Investment 
Adviser, other service providers and lenders. The section 
below sets out why these stakeholders are considered 
of importance to the Company and the actions taken to 
ensure that their interests are taken into account. 
Tenants
The ability of the Company to meet its investment 
objective requires a strong focus on generating income 
from the property portfolio. To do this, the Company 
must understand its tenant needs, challenges and future 
aspirations to retain lettings and lease renewals. The 
Company has engaged a dedicated Property Manager, 
ESR Europe PM Limited, formerly L&S PM Limited, to 
manage the day-to-day property management and 
tenant interaction. The Property Manager regularly visits 
properties and communicates with existing tenants to 
understand their needs and improve their satisfaction. This 
improves retention rates and attracts prospective tenants.
During the year, the Asset and Property Manager continued 
to engage with tenants to understand their needs. The 
Board firmly believes that by supporting tenants and 
strengthening existing relationships, future occupancy 
levels will improve, which will, in turn, maintain and 
generate income for the Company. The Asset Manager 
reports at a high level on its engagement with tenants 
at every Board meeting. The Board recognises that the 
Company has certain responsibilities to its stakeholders 
and wider society and aims to conduct itself responsibly, 
ethically and fairly. Further details can be found on pages 
76 to 96.
Shareholders
Continued shareholder support and engagement are critical 
to the existence of the Company and the delivery of its 
long-term strategy. The Board oversees the delivery of the 
investment objective, policy and strategy, as agreed by the 
Company’s shareholders. 
The Board is committed to maintaining open channels of 
communication and to engage with all shareholders in 
a meaningful manner to gain an understanding of their 
views. The Board ensures it has a clear understanding 
of shareholders’ views by receiving regular updates and 
feedback from the Company’s Corporate Broker, Financial 
Adviser, Asset Manager and Investment Adviser on 
shareholder matters.
EPRA Code
Performance Metric
Unit of
Measurement
2022
2023
2024
Diversity-
Emp 
Corporate
Employee gender diversity
% female: male
The organisation 
has no employees
The organisation 
has no employees
The organisation 
has no employees
Diversity-Pay 
Corporate
Ratio of the basic salary and/
or remuneration of men to 
women
Ratio per GRI 
guidelines
The organisation 
has no employees
The organisation 
has no employees
The organisation 
has no employees
Emp- 
Training 
Corporate
The average hours of training 
that the organisation’s 
employees have undertaken
Average hours
The organisation 
has no direct 
employees
The organisation 
has no direct 
employees
The organisation 
has no direct 
employees
Emp-Dev 
Corporate
The percentage of total 
employees who received 
regular performance and 
career development reviews
Percentage of 
total employees
The organisation 
has no employees
The organisation 
has no employees
The organisation 
has no employees
Emp-
Turnover 
Corporate 
The total number and rate 
of new employee hires and 
employee turnover
Total number 
and rate
The organisation 
has no employees
The organisation 
has no employees
The organisation 
has no employees
H&S-Emp 
Corporate
The occupational health 
and safety performance of 
the reporting organisation 
with relation to its direct 
employees
Injury rate, 
lost day rate, 
absentee
rate and work-
related fatalities
The organisation 
has no employees
The organisation 
has no employees
The organisation 
has no employees
H&S-Asset 
Assets
Proportion of assets for 
which health and safety 
impacts have been reviewed 
or assessed for compliance 
or improvement
Percentage of 
assets
100%
100%
100%
H&S-Comp 
Assets
Incidents of non-compliance 
with regulations and/
or voluntary standard 
concerning the health 
and safety impacts of 
assets assessed during the 
reporting period.
Description of 
non-compliance
The organisation 
has not identified 
any non-
compliance with 
regulations and/or 
voluntary codes
The organisation 
has not identified 
any noncompliance 
with regulations 
and/or voluntary 
codes
The organisation 
has not identified 
any noncompliance 
with regulations 
and/or voluntary 
codes
Comty-Eng 
Assets
Assets under operational 
control that have 
implemented local 
community engagement, 
impact assessments and/or 
development programmes
Percentage of 
assets
n/a
n/a
n/a
EPRA Code
Description
Disclosure
Gov-Board
Composition of highest governance body
Refer to pages 106 to 109 of this report
Gov-Selec
Process for selection of highest governance body
Refer to pages 130 to 135 of this report
Gov-COI
Process for management of conflicts of interest
Refer to page 134 of this report
3. Social and Governance Performance Measures
Stakeholder Engagement and Board Decision 
Making
1 	
As a Guernsey incorporated company, Section 172 of the UK Companies Act does not apply, however, 
the AIC Code requires that the matters stated under Section 172 are reported on by all companies 
regardless of domicile
Governance Performance Measures
DIRECTORS’ DUTIES AND STAKEHOLDER ENGAGEMENT
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
96
97

30
To assist the Board in the day-to-day operations of the 
Company, arrangements have been put in place to delegate 
authority for the performance of day-to-day operations of 
the Company to the Asset Manager, Investment Adviser and 
other third-party service providers. The Asset Manager and 
Investment Adviser are in frequent contact with the Board 
and the Asset Manager supplies the Directors with regular 
updates on the Company’s activities and detailed reports at 
each Board meeting. 
The performance of both the Asset Manager and 
Investment Adviser is critical for the Company to 
successfully deliver its investment strategy and meet its 
objective to provide shareholders with an attractive total 
return of greater than 10% per annum.
Maintaining a close and constructive working relationship 
with the Asset Manager and Investment Adviser is crucial 
as all three parties aim to achieve the investment objective. 
Important components in the collaboration with the Asset 
Manager and Investment Adviser, representative of the 
Company’s culture, are:
• 	Encouraging open discussion with each of the Asset 
Manager and Investment Adviser, allowing time and 
space for original and innovative thinking;
• 	Recognising that the interests of shareholders and 
the Asset Manager and Investment Adviser are for the 
most part well aligned, adopting a tone of constructive 
challenge, balanced when those interests are not fully 
congruent by robust negotiation of their terms of 
engagement;
• 	Drawing on Board Members’ individual experience to 
support the Asset Manager and Investment Adviser in the 
monitoring and development of the property portfolio;
• 	Supporting the Asset Manager and Investment Adviser in 
their philanthropic activities; and
• 	Willingness to make the Board’s experience available to 
support the Asset Manager and the Investment Adviser 
in the sound long-term development of its business and 
resources, recognising that the long-term health of the 
Asset Manager and Investment Adviser is in the interests 
of shareholders in the Company.
The Board receives presentations from the Asset Manager 
at every Board meeting to help it to exercise effective 
oversight of the Asset Manager and the Company’s strategy.
On behalf of the Company’s shareholders, the Management 
Engagement and Remuneration Committee (the “MERC”) 
conducts an annual review of the performance of the Asset 
Manager and Investment Adviser. Details are set out on 
page 149.
Other Service Providers
The Company’s day-to-day operational functions are 
delegated to a number of third-party service providers, 
each engaged under separate contracts. The Company’s 
principal third-party service providers include the Company 
Secretary, Corporate Brokers and Financial Advisers, 
Administrator, Legal Adviser, Tax Adviser, Depositary and 
the Registrar. The Company relies on these reputable 
advisers for support in complying with all relevant legal 
and regulatory obligations. The Board maintains regular 
contact with its key third-party service providers, taking a 
constructive and positive approach to working with them 
with the aim of building long-term relationships. Their 
advice, as well as their needs and views, are routinely taken 
into account.
The MERC formally assesses the performance of third-party 
service providers, fees and continuing appointment at least 
annually to ensure that the key third-party service providers 
continue to function at an acceptable level. Further 
information is set out on page 149.
Lenders
Availability of funding and liquidity are crucial to the 
Company’s ability to take advantage of investment 
opportunities as they arise.
The Company maintains strong relationships with current 
lenders, providing regular updates on at least a quarterly 
basis, and also maintains regular contact with prospective 
lenders to ensure it is well placed to secure additional 
funding when required.
Considering how important the availability of funding is, the 
Company aims to demonstrate to lenders that it is a well-
managed business, and in particular, that the Board focuses 
regularly and carefully on the management of risk.
Shareholder Meetings
The Asset Manager, Investment Adviser and the Company’s 
Corporate Brokers and Financial Adviser are in regular 
contact with major shareholders, which includes meetings 
and roadshows. Meetings are held with institutional 
shareholders, private shareholders, wealth managers, and 
sell-side equity analysts to present the Group’s financial and 
operational results and to discuss the strategy and business 
model, as well as the UK regional commercial property 
market. 
The Asset Manager and Investment Adviser report the 
results of all meetings and the views of those shareholders 
to the Board on a regular basis. 
The Company also encourages investors and analysts to 
utilise its online facilities and communications and has 
developed a comprehensive website of Group-specific 
information and other information generally useful to real 
estate investment trust investors and analysts.
The Investment Adviser regularly participates in investor 
relations programmes to raise the profile of the Company 
and to attract new shareholders.
The Chair, the Senior Independent Director, the Audit 
Committee Chair and Board members are available to meet 
with shareholders to understand their views on governance 
and performance should they wish to do so. Relations with 
shareholders are also considered as part of the annual 
Board Performance Review process and details can be 
found on page 132.
Investor Relations Updates
At almost every Board meeting, the Directors receive an 
investor relations update from the Investment Adviser 
on the share trading activity, share price performance 
and any shareholder feedback, as well as an update on 
any publications or comments by press and analysts. 
The Company’s Corporate Brokers and Financial Adviser 
also regularly attend Board meetings to provide updates 
on the Equity and Real Estate markets, sector and peer 
performance.
AGM
The Company welcomes and encourages attendance and 
participation of shareholders at the AGM, during which the 
Board, Asset Manager and Investment Adviser intend to 
make themselves available to discuss issues affecting the 
Company and answer any questions. The Asset Manager 
generally prepares a presentation on the Company’s 
performance and its future outlook.
The Company values any feedback and questions that it 
may receive from shareholders ahead of and during the 
AGM, and will take action or make changes, as and when 
appropriate. Shareholders wishing to raise questions or 
concerns directly with the Chairman, Senior Independent 
Director or Company Secretary, outside of the AGM, should 
do so using the Registered Office contact details provided 
on page 221.
Publications
The Company releases regular trading updates and 
announcements to the market regarding performance. 
The Annual Report and Half-Year report are made 
available on the Company’s website, together with other 
communications to shareholders. These reports provide 
shareholders with a clear understanding of the Company’s 
performance and financial position. This information is 
supported by regular announcements on activity within the 
property portfolio, such as lettings, lease extensions and 
acquisitions announced via the London Stock Exchange, 
which are also available on the Company’s website. 
Following the announcement of the Company’s full and 
half-yearly results, a presentation is held for analysts and 
investors.
The Asset Manager and Investment Adviser
The Board has overall responsibility for the Company’s 
activities, including the review of investment activity 
and performance and the control and supervision of all 
suppliers of services to the Company, including the Asset 
Manager and Investment Adviser. It is also responsible 
for the determination of the Company’s investment policy 
and strategy and the Company’s system of internal and 
financial controls, including ensuring that commercial risks 
and financing needs are properly considered and that the 
obligations of a public limited company are adhered to.
DIRECTORS’ DUTIES AND STAKEHOLDER ENGAGEMENT CONTINUED
DIRECTORS’ DUTIES AND STAKEHOLDER ENGAGEMENT CONTINUED
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
98
99

30
Asset Manager
The Asset Management Agreement was assigned to London 
& Scottish Property Investment Management Limited 
on 3 May 2019 from an existing entity within the Asset 
Manager group following a restructure. The Asset Manager 
is engaged to provide asset management services to the 
Company, Regional Commercial Midco Limited (“Midco”) 
and the respective Group limited companies which hold the 
properties directly.
Under the Asset Management Agreement, the Asset 
Manager is responsible for the day-to-day asset 
management of the Property Portfolio, subject to the 
investment objectives of the Company, its investment policy 
(as set out on page 29) and the overall supervision of the 
Board. The Asset Manager will also advise the Company on 
the acquisition, management and disposal of the Group’s 
properties.
In view of the resilient returns of the Company and 
the significant increase in its size, the Board sought to 
secure the services of the Asset Manager. In doing so, the 
Management Engagement and Remuneration Committee 
conducted a review to ensure that the terms of these 
agreements remained appropriate. The Management 
Engagement and Remuneration Committee sought advice 
from Peel Hunt LLP, the Company’s Financial Adviser 
and Broker, and Macfarlanes LLP, the Company’s Legal 
Adviser. Following this review, which included comparisons 
of Shareholder returns against those of its peer group 
and consideration of the interests of the Company; the 
Company, Asset Manager and Investment Adviser each 
agreed to waive their right to issue a termination notice 
on or before 3 November 2022 and the management 
agreements will now continue in force until 3 November 
2026.
Notwithstanding the above terms, the Asset Management 
Agreement may be terminated with immediate effect in 
certain circumstances, including a material unremedied 
breach by the Asset Manager.
The Company or Midco may terminate the Asset 
Management Agreement with immediate effect by giving 
written notice to the Asset Manager in the event of the 
liquidation or insolvency (or analogous event) of the Asset 
Manager.
Property Manager
L&S PM Limited has been appointed to manage the day-
to-day property management of each property within the 
Portfolio. A Property Management fee of 4%, based upon 
the gross rental yield, is charged per annum.
Investment Adviser and Alternative 
Investment Fund Manager
The Company has appointed ESR Europe Private Markets 
Limited ("ESR Europe") as the Company's Investment 
Adviser (and to provide certain related services to Midco 
and the respective companies which hold property directly). 
The Investment Adviser is responsible for the day-to-day 
management of the Company’s investments, subject to 
the investment objective and the investment policy of the 
Company. ESR Europe act as the Company's Alternative 
Investment Fund Manager ("AIFM"), effective from 30 
August 2024, following ESR Europe's authorisation as an 
AIFM by the FCA. ESR Europe was authorised by the FCA on 
1 August 2024 and replaced Toscafund Asset Management 
LLP as AIFM.
In view of the resilient returns of the Company and the 
significant increase in its size, the Board sought to secure 
the services of the Investment Adviser. In doing so, the 
Management Engagement and Remuneration Committee 
conducted a review to ensure that the terms of these 
agreements remained appropriate. The Management 
Engagement and Remuneration Committee sought advice 
from Peel Hunt LLP, the Company’s Financial Adviser 
and Broker, and Macfarlanes LLP, the Company’s Legal 
Adviser. Following this review, which included comparisons 
of shareholder returns against those of its peer group 
and consideration of the interests of the Company; the 
Company, Asset Manager and Investment Adviser each 
agreed to waive their right to issue a termination notice 
on or before 3 November 2022 and the management 
agreements will now continue in force until 3 November 
2026.
Notwithstanding the above terms, the Investment 
Management Agreement shall terminate with immediate 
effect in certain circumstances, including the Investment 
Adviser ceasing for any reason to be authorised under 
Financial Services and Markets Act 2000 to carry out the 
regulated activity of managing an AIF, or the Investment 
Adviser committing a material breach of its obligations 
either (i) not capable of being remedied (after the Company 
has served notice to terminate) or (ii) which is capable of 
being remedied and failing to remedy the same within 30 
days after service of notice by the Company requesting the 
same to be remedied.
The Environment and Society
The Board continues to increase emphasis on the 
importance of sustainability factors in its portfolio and 
investment considerations. The Board, its Asset Manager 
and Investment Adviser are fully committed to managing 
the business, its portfolio and investment strategy 
responsibly. 
The Board receives regular updates from the Company’s 
Environmental Social Governance Working Party on the 
sustainability strategy and provides feedback on their 
approach. Full details can be found on pages 76 to 96.
Principal Decisions Made in 2024
The major decisions taken by the Board during 2024 are 
summarised below and show how the Board had regard 
to its stakeholders and the longer-term success of the 
Company. During this and the previous year, the Chair and 
the Asset Manager and Investment Adviser have met with a 
significant number of shareholders and have established an 
ongoing dialogue with a number of these. This engagement 
has formed the foundation of a number of key decisions 
made during the year.
Principal Decision – Refinancing
Having considered several refinancing options (including 
both equity and debt solutions) to improve its financial 
position, the Board elected to propose to its shareholders 
a Capital Raising in June 2024. The Company successfully 
raised £110.5m of gross proceeds in aggregate, by way of a 
fully underwritten Placing, Overseas Placing and Open Offer 
of 1,105,149,821 New Ordinary Shares. 
The Capital Raising was fully underwritten by Bridgemere 
Investments Limited, whom the Company have welcomed 
as a significant new shareholder. This has enabled the 
Company to significantly strengthen its financial position, 
reduced debt and provide greater financial flexibility and 
liquidity. Following completion of the Capital Raising, the 
Company’s Ordinary Shares were consolidated at the ratio 
of one Consolidated Share for every 10 Ordinary Shares.  
The Company met with stakeholders regularly throughout 
the refinancing process and held extensive discussions 
with third-party advisers, shareholders, and lenders. The 
refinancing has provided capital for capital expenditure 
projects. 
The Property Manager will continue its ongoing programme 
to communicate with existing tenants to understand their 
needs and agree on the required use of capital expenditure 
for necessary refurbishments with the Board, with the aim 
of improving tenant satisfaction and retention rates, and 
attract prospective tenants. These refurbishments also 
underpin the Company's drive for investing sustainably to 
improve EPC ratings across its portfolio.
Principal Decision – 2024 Dividends
The Board remains committed to paying a full-year dividend 
of 7.8 pps (2023: 5.25 pps), while noting that dividend 
levels are subject to various factors, including the Group’s 
financial position, performance, UK REIT requirements, 
and shareholder interests. The Board receives quarterly in 
person up-dates from its Corporate Brokers and Financial 
Advisers, which encompasses the dividend level and 
distribution.
On 29 July 2024, the Company completed a share 
consolidation at a ratio of 1 new share for every 10 existing 
shares.
•	 A Q1 2024 dividend of 1.2 pps was declared before the 
capital raise and share consolidation.
•	 Following these changes, the Company declared:
o	Q2 2024 dividend of 2.2 pps on 10 September 2024
o	Q3 2024 dividend of 2.2 pps on 13 November 2024
o	Q4 2024 dividend of 2.2 pps, on 20 February 2025
Principal Decision – Board Succession 
Planning
Effective succession planning, leading to the refreshment of 
the Board and its diversity, is necessary for the Company’s 
long-term success. 
The Nomination Committee is responsible for Board 
recruitment and conducts a continuous and proactive 
process of planning and assessment, taking into account 
the Company’s strategic priorities and the main trends 
and factors affecting its long-term success and future 
viability. During the year, Mr Hunter and Ms Burstow were 
appointed to the Board. For further information see the 
Nomination Committee Report from page 142.
DIRECTORS’ DUTIES AND STAKEHOLDER ENGAGEMENT CONTINUED
MANAGEMENT ARRANGEMENTS
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
100
101

30
At any time after the first date on which the EPRA NTA 
exceeds £750,000,000, the Board and the Investment 
Adviser may decide, with the approval of an ordinary 
resolution (upon which neither the Investment Adviser 
nor its associates may vote) that individuals providing the 
services under the Investment Management Agreement 
are to become an internal resource of the Company in lieu 
of the appointment of the Investment Adviser under the 
Investment Management Agreement.
Management and Performance Fees
The Asset Manager and Investment Adviser are each 
entitled, in every financial year (or part thereof), to 50% of 
an annual management fee on a scaled rate. Following a 
review by the Management Engagement and Remuneration 
Committee and having sought advice from Peel Hunt LLP, 
the Company’s Financial Adviser and Broker, the Company, 
Asset Manager and Investment Adviser agreed to amend 
the terms of the annual management fees charged, by 
reducing to: (i) 1.1% of the EPRA NTA up to and equal to 
£500,000,000; (ii) 0.9% of EPRA NTA above £500,000,000 
and up to or equal to £1,000,000,000; (iii) 0.7% of EPRA NTA 
above £1,000,000,000 and up to or equal to £1,500,000,000; 
and (iv) 0.5% of EPRA NTA above £1,500,000,000. Previously 
the annual management fee charged was on a scaled rate 
of 1.1% of the Company’s EPRA NTA, reducing to 0.9% on 
net assets over £500,000,000. The fee shall be payable in 
cash quarterly in arrears.
In addition, the Asset Manager and Investment Adviser 
are each entitled to 50% of a performance fee. The fee is 
calculated at a rate of 15% of Total Shareholder Returns 
in excess of the annual Hurdle Rate of 8% for the relevant 
Performance Period. Total Shareholder Returns for any 
Performance Period consist of the sum of any increase or 
decrease in EPRA NTA per Ordinary Share and the total 
dividends per Ordinary Share declared in the Performance 
Period. Performance Periods are annual, from 1 January to 
31 December. Any performance fee payable for the period 
commencing 1 January 2019 and subsequent periods is to 
be paid in part 34% in cash and 66% in Ordinary Shares. 
Any Ordinary Shares issued to the Asset Manager and 
Investment Adviser are to be issued at the prevailing price 
per Ordinary Share on the date of issue.
A performance fee is only payable in respect of a 
Performance Period where the EPRA NTA per Ordinary Share 
exceeds the high-water mark, which is equal to the greater 
of the highest year-end EPRA NTA per Ordinary Share in 
any previous Performance Period or the Placing Price (100p 
per Ordinary Share). Full details of the Asset Manager and 
Investment Advisers' Performance Fee are given on pages 
157 and 158 of the Company’s Prospectus, published on 24 
June 2019.
Performance Fee
No performance fee crystallised for the performance fee 
period from 1 January 2024 to 31 December 2024.
Continuing Appointment of Asset Manager 
and Investment Adviser
The Board keeps the performance of both the Asset 
Manager and Investment Adviser under continual review. 
The MERC, comprising the independent non-executive 
Directors, conducts an annual review of the performance of 
the Asset Manager and Investment Adviser. Further details 
can be found on page 149.
It is considered that the Asset Manager and Investment 
Adviser has each executed the Company’s investment 
strategy according to the Board’s expectations. Accordingly, 
the Directors believe that the continuing appointment of 
the Asset Manager and Investment Adviser of the Company, 
on the terms agreed, is in the best interests of the Company 
and its shareholders as a whole.
Administrator
The Company appointed Orbitus Fund Services (Guernsey) 
Limited as the Administrator to the Company pursuant 
to an Administration Agreement. Under the terms of the 
Administration Agreement, the Administrator is responsible 
for the Company’s general administrative functions such as 
maintaining the Company’s records and statutory registers 
and acting as the Company’s Designated Administrator. The 
Administrator has outsourced certain of its services under 
the Administration Agreement to Waystone Administration 
Solutions (UK) Limited as Sub-Administrator. An annual fee 
of £169,711 is payable by the Company to the Administrator 
and Sub-Administrator in respect of these services.
The Administration Agreement was for an initial term of one 
year, following which it automatically renews for 12-month 
periods unless notice of termination is served by either 
party at least 90 days prior to the end of each period.
Company Secretary
MUFG Corporate Governance Limited, formerly Link 
Company Matters Limited was appointed to provide 
company secretarial services to the Company pursuant to a 
Company Secretarial Services Agreement. This agreement 
automatically renews for 12-month periods unless notice 
of termination is served by either party at least six months 
prior to the end of each period.
Principal Activity
The Company has been incorporated for the purpose of 
investment in, holding and managing commercial property 
investments, or debt portfolios secured on such properties, 
which are located predominately in the regional centres of 
the UK outside the M25 motorway.
Status
The Company is incorporated in Guernsey, Channel 
Islands, and is registered with the Guernsey Financial 
Services Commission as a Registered Closed-Ended 
Collective Investment Scheme pursuant to the Protection 
of Investors (Bailiwick of Guernsey) Law 2020, as amended 
and the Registered Collective Investment Schemes Rules & 
Guidance 2021. It is a member of the AIC.
Status for Taxation
In accordance with the Guernsey economic substance 
legislation effective 1 January 2019, the Company has 
opted for Non-Tax Resident status. This status allows the 
Company to distribute or accumulate income without 
deduction of Guernsey income tax.
During the year, the Company’s properties have been held 
in various subsidiaries and associates.
The Company is registered for VAT purposes in England.
The Company does not provide US tax reporting 
information to shareholders. 
Each month, the Company publishes a “Qualified Notice” 
in accordance with certain US treasury regulations.
Shareholders should consult their own tax advisors if they 
are unsure of the implications of the Qualified Notice or the 
US treasury regulations. 
Shareholders who are in any doubt concerning the taxation 
implications of a REIT should consult their own tax advisers. 
Culture
The Board has established core values for the Company 
that align with the Company’s purpose, culture and strategy. 
These are set out on page 12. 
The Directors agree that establishing and maintaining 
a healthy corporate culture within the Board and in its 
interactions with the Asset Manager and Investment 
Adviser, shareholders and other stakeholders will support 
the delivery of its purpose, values and strategy. The Board 
seeks to promote a culture of honesty and integrity through 
ongoing dialogue and engagement with its stakeholders. 
The Board’s culture itself is one of openness, collaboration 
and transparency of debate. The Board maintains a desire 
for strong governance and diversity of thought, with all 
Directors feeling comfortable giving their opinion in a 
respectful environment, allowing challenge and constructive 
discussion. The culture of the Board is considered as part 
of the annual performance evaluation process which is 
undertaken by each Director. 
The culture of the Group’s service providers, including 
their practices and behaviours, relationships with the 
Board and regular reporting from these stakeholders is 
also considered by the Board during the annual review of 
their performance and while considering their continued 
appointment.
On behalf of the Board
MANAGEMENT ARRANGEMENTS CONTINUED
David Hunter
Chairman
24 March 2025
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
102
103
OTHER INFORMATION

ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
104
105
CORPORATE
GOVERNANCE
Board of Directors
106
Directors' Report
110
Statement of Directors’ Responsibilities
118
Corporate Governance Statement
120
Audit Committee Report 
136
Nomination Committee Report 
142
Management Engagement and Remuneration Committee Report 
146
Directors’ Remuneration Report
150
Independent Auditor’s Report 
153
Appendix 1: Auditor’s responsibilities for the audit of the financial Statements 
162

Massy Larizadeh has 30 years’ experience in the financial services sector, 17 of which 
were within commercial real estate, working for companies such as GE Real Estate, 
Cushman & Wakefield Investors, and Deloitte Real Estate. Prior to that Massy spent 
several years at GE Capital in M&A in the US and across Europe, having started her 
professional career in the City of London at Morgan Stanley International.
Massy is a Non-Executive Director of BusinessLDN, a non-profit advisory and 
campaigning group to advance the cause of businesses across London and secure the 
future promise of London. She is also a Trustee of UP Projects, a charity focused on 
bringing art into the public domain, which is part funded by the Arts Council England. 
Massy was previously a Non-Executive Director at Orbit Group, a large national 
housing association, and London & Partners Limited, a social enterprise responsible for 
attracting and promoting international trade, investment and tourism directed to the 
London economy. 
Massy has a bachelor’s degree from the Wharton School of the University of 
Pennsylvania and an MBA from INSEAD in France.
BOARD OF DIRECTORS
David Hunter 
 (Chairman and Independent Non-Executive Director)
Appointed: 2 January 2025
David Hunter is a highly experienced non-executive director and chair of listed REITs as 
well as a strategic adviser to real estate private equity businesses. He has a background 
in property fund management, latterly as Managing Director of Aberdeen Asset 
Management’s £6.5bn real estate business, but since 2005 he has taken a wide range 
of non-executive positions in UK and international businesses. David was previously 
Chairman of Capital & Regional plc, Dar Global PLC, Custodian Property Income plc and 
GCP Student Living plc among other roles.
David is a Trustee of the Architectural Heritage Fund and was Honorary Swedish Consul 
to Glasgow for 20 years. In 2004 he was President of the British Property Federation 
and in that role was instrumental in the introduction of REITs in the UK. 
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
106
107
Massy Larizadeh 
(Senior Independent Director, Chair of the Nomination Committee 
and the Management Engagement and Remuneration Committee) 
Appointed: 1 June 2022

Stephen Inglis  
(Non-Executive Director) 
Appointed: 16 October 2015
Nicole Burstow   
(Non-Executive Director) 
Appointed: 24 October 2024
Frances Daley  
(Independent Non-Executive Director, Chair of the Audit Committee) 
Appointed: 1 February 2018
Stephen Inglis is the Head of the Asset Manager. He has over 30 years’ experience 
in the commercial property market, the majority of which spent working in the 
investment and development sector. His career to date has been split between London 
and Scotland and he has extensive knowledge of the UK regional property markets. 
He is a chartered surveyor and became a member of RICS in 2001 and is also a Board 
member of the Investment Property Forum.
Nicole Burstow has over 20 years’ experience across the financial services sector and 
is a qualified chartered accountant. Nicole’s experience includes a 15-year career at 
Deloitte LLP where she was a director before moving to DSW Capital, a publicly listed 
mid-market challenger professional services network, initially joining as CFO and 
latterly Deputy CEO. During her time at DSW Capital, she was shortlisted for Chief 
Financial Officer of the Year at the 2023 Women in Finance Awards.
Nicole is currently CFO of the Bridgemere Group of companies, consisting of a 
portfolio of strategic long-term investments and businesses in housebuilding, land 
and property development and leisure. Nicole graduated from the University of 
Leeds with a degree in Accounting and Finance.
Frances Daley is a chartered accountant who qualified with a predecessor firm to 
Ernst & Young LLP. She subsequently spent nine years in corporate finance with 
Royal Bank of Canada and Ernst & Young, followed by 18 years in various chief 
financial officer roles, principally in the licensed retail sector (10 years) and in 
healthcare.
From 2007 to 2012, she was group finance director of the private equity backed 
Lifeways Group, the UK’s largest provider of specialist support to adults with 
learning disabilities and mental health needs. Frances is a non-executive director 
of Henderson Opportunities Trust Plc and chair of Barings Emerging EMEA 
Opportunities PLC. Frances graduated from Cambridge University in 1980 with a 
degree in Land Economy.
BOARD OF DIRECTORS
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
108
109

Corporate Governance
The Corporate Governance Statement on pages 120 to 135 
forms part of this report.
Directors
The names and full biographies of the Directors, as at the 
date of this report, can be found on pages 106 to 109. 
Daniel Taylor and Kevin McGrath resigned from the Board 
on 15 October 2024 and 18 March 2025, respectively, 
having reached the end of their nine-year tenures. Nicole 
Burstow and David Hunter were appointed to the Board 
on 24 October 2024 and 2 January 2025 respectively. The 
Board comprises three female Directors and two male 
Directors. Details of the Directors’ terms of appointment 
can be found in the Corporate Governance Statement and 
the Directors’ Remuneration Report. 
None of the Directors or any persons connected with 
them had a material interest in the transactions and 
arrangements of, or the agreement with, the Asset Manager 
or Investment Adviser during the year, other than Mr Inglis 
who is the Head of ESR Europe LSPIM Ltd, the Company’s 
Asset Manager and is therefore not considered to be 
independent. 
In the event of any conflict between his position as Head of 
the Asset Manager Mr Inglis will comply with the provisions 
in the Company’s Articles of Incorporation concerning 
the declaration of Directors’ interests and authorisation 
of conflicts of interest and any other limits or conditions 
imposed by the Board.
Nicole Burstow is an employee of Bridgemere Investments 
Limited, a substantial shareholder of the Company, and, 
therefore, not considered independent. The Directors 
have considered Ms Burstow’s independence taking into 
account this employment and have noted that there could 
be certain circumstances that might pose a conflict of 
interest to Ms Burstow, but these would be disclosed and, 
in accordance with agreed procedures, Ms Burstow would 
not vote on these issues. 
In accordance with the Company’s Articles of Incorporation 
and the AIC Code, David Hunter and Nicole Burstow having 
been appointed a Director since the last AGM will stand for 
election and all other Directors for re-election at the 2025 
AGM.
DIRECTORS' REPORT
The Directors of Regional REIT are pleased to 
present their report and the consolidated audited 
financial statements of the Group for the year ended 
31 December 2024.
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
110
111
Nicole Burstow, Stephen Inglis, Massy Larizadeh, Frances Daley and David Hunter.

Directors' Interests
There is no requirement under the Company’s Articles 
of Incorporation or the terms of their appointment for 
Directors to hold shares in the Company. 
The beneficial interests of the Directors of the Company are 
set out in the table below:
Share Capital
As at 31 December 2024, the Company’s total issued 
share capital was 162,088,483* Ordinary shares (2023: 
515,736,583).
On 18 July 2024, shareholders approved a Capital Raising 
and Share Consolidation and the Company raised 
approximately £110.5 million of gross proceeds, in 
aggregate, by way of a fully underwritten Placing, Overseas 
Placing and Open Offer of 1,105,149,821 new Ordinary 
Shares. Following completion of the Capital Raising, the 
Ordinary Shares were consolidated at the Consolidation 
Ratio of one Consolidated Share for every 10 Ordinary 
Shares.
All of the Company’s Ordinary Shares are listed on the Main 
Market segment of the London Stock Exchange and each 
Ordinary Share carries one vote.
There is only one class of Ordinary Shares in issue for the 
Company, in adherence to the REIT requirements. The only 
other shares the Company may issue are particular types 
of non-voting restricted preference shares, of which none 
(2023: none) are currently in issue.
At the AGM held on 5 August 2024, the Directors were 
granted authority to allot Ordinary Shares on a non-
pre-emptive basis for cash up to a maximum number of 
16,208,864 shares (being 10% of the issued share capital 
on 19 July 2024). The Directors were also granted the 
authority to disapply pre-emption rights in respect of the 
allotment of Ordinary Shares up to a maximum number of 
16,208,864 Shares (being 10% of the issued share capital 
on 19 July 2024) where the allotment of such shares is 
for the sole purpose of financing an acquisition or other 
capital investment as defined by the Pre-Emption Group’s 
Statement of Principles.
No shares were issued under these authorities during the 
year under review, and the authorities will expire at the 
Company’s 2025 AGM where resolutions for their renewal 
will be sought, or, if sooner, on 5 November 2025.
At the AGM held on 5 August 2024, the Company was 
authorised to purchase up to a maximum of 16,208,864 
of its own Ordinary Shares (being 10% of the Company’s 
issued share capital on 19 July 2024).
No shares have been purchased under this authority during 
the year under review, which will expire at the Company’s 
2025 AGM where a resolution for its renewal will be sought, 
or, if sooner, on 5 November 2025.
DIRECTORS' REPORT CONTINUED
At 31 December 2024
At 31 December 2023
Director
Number of
Ordinary Shares*
% Interest in
share capital
Number of
Ordinary Shares
% Interest in
share capital
David Hunter (Chairman)1
-
-
-
-
Nicole Burstow2
-
-
-
-
Frances Daley
46,280
0.03
147,257
0.03
Stephen Inglis3
793,020
0.49
2,514,365
0.49
Kevin McGrath4
158,736
0.10
505,072
0.10
Massy Larizadeh
24,991
0.015
47,700
0.01
1	 Mr Hunter joined the Company on 2 January 2025
2	 Ms Burstow joined the Company on 24 October 2024
3 	 Held by himself, his spouse, and family trust.
4	 Held by himself, his spouse, and children. 
 	 Mr McGrath left the Company on 18 March 2025
Restrictions on the Transfer of Shares
Subject to the Articles, as well as applicable foreign 
securities laws, a shareholder may transfer all or any of 
their Ordinary Shares in any manner which is permitted by 
Guernsey law or in any other manner which is from time to 
time approved by the Board.
If any Ordinary Shares are owned directly, indirectly or 
beneficially by a person believed by the Board to be a 
“Non-Qualified Holder” (see below), the Board may give 
notice to such person requiring them either: (i) to provide 
the Board within 30 days of receipt of such notice with 
sufficient satisfactory documentary evidence to satisfy the 
Board that such person is not a Non-Qualified Holder, or (ii) 
to sell or transfer their Ordinary Shares to a person who is 
not a Non-Qualified Holder within 30 days and within such 
30 days to provide the Board with satisfactory evidence of 
such sale or transfer and pending such sale or transfer, the 
Board may suspend the exercise of any voting or consent 
rights and rights to receive notice of or attend any meeting 
of the Company and any rights to receive dividends or other 
distributions with respect to such Ordinary Shares.
Where condition (i) or (ii) is not satisfied within 30 days after 
the serving of the notice, (i) the person will be deemed, 
upon the expiration of such 30 days, to have forfeited their 
Ordinary Shares or (ii) if the Board in its absolute discretion 
so determines, the Company may dispose of the Ordinary 
Shares at the best price reasonably obtainable and pay the 
net proceeds of such a disposal to the former holder.
A Non-Qualifying Holder is defined as any person whose 
ownership of Ordinary Shares, or the transfer of Ordinary 
Shares to such person, may:
• 	cause the Company’s assets to be deemed “plan assets” 
for the purposes of the US Internal Revenue Code of 
1986 (as amended), or US Employee Retirement Income 
Security Act of 1974 (as amended);
•	 cause the Company to be required to register as 
an “investment company” under the US Investment 
Company Act 1940;
•	 cause the Company or any of its securities to be required 
under the US Exchange Act, the US Securities Act or any 
similar legislation;
•	 cause the Company not being considered a “Foreign 
Private Issuer”, as such term is defined in rule 3b-4(c) 
under the US Exchange Act;
•	 cause the Investment Adviser to be required to register as 
a municipal Adviser under the US Exchange Act;
•	 result in the Company being disqualified from issuing 
securities pursuant to Rule 506 of Regulation D under the 
US Securities Act;
•	 cause a loss of partnership status for US federal income 
tax purposes or a termination of the US partnership 
under US Internal Revenue Code of 1986 (as amended), 
Section 708;
•	 result in a person holding Ordinary Shares in violation 
of the transfer restrictions put forth in any prospectus 
published by the Company from time to time; or 
•	 cause the Company to be a “controlled foreign 
corporation” for the purposes of Section 957 of the 
US Internal Revenue Code of 1986, (as amended), or 
may cause the Company to suffer any pecuniary or 
tax disadvantage or any person who is deemed to be 
a Non-Qualified Holder by virtue of their refusal to 
provide the Company with information that it requires in 
order to comply with its obligations under exchange of 
information agreements.
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
112
113
* 	 During the year the Company offered 15 new ordinary shares for every 7 existing shares. This 
resulted in an increase of 1,105,149,821 Ordinary Shares being issued. Subsequently there was a 10 
for 1 split with the resulting Ordinary shares in issue being 162,088,483.

Restrictions on Voting Rights
Other than those discussed above, the Company does not 
have any restrictions on shareholder voting rights.
Substantial Shareholdings
The Company has received notification of the following 
disclosable interests in the voting rights of the Company:
The Company has not been informed of any other changes 
to the notifiable interests between 31 December 2024 and 
the date of this report.
As a company registered in Guernsey, the disclosure 
thresholds for such a non-UK issuer (in accordance with 
Disclosure Guidance & Transparency Rule 5) are 5%, 10%, 
15%, 20%, 25%, 30%, 50% and 75%.
Dividend Policy
The Directors maintain a dividend policy which has due 
regard to sustainable levels of dividend cover and reflects 
the Directors’ views on the outlook for sustainable recurring 
earnings, subject to compliance with REIT status requirements.
Under Guernsey law, shareholders are not required to vote 
on the payment of a dividend at the Company’s AGM. Given 
the requirement to distribute at least 90% of qualifying 
property rental business income, it is not thought that this 
adversely impacts shareholders’ rights.
The Company intends to pursue a dividend policy with 
quarterly dividend distributions providing shareholders with 
a regular income. However, the Company reserves the right 
to review future dividend payments.
• 	For the purpose of determining the profits available for a 
dividend distribution, the Company continues to choose 
to treat all of its net income from the Property Related 
Business as qualifying property income, notwithstanding 
that the Company accounts for both property income and 
interest income.
•	 The payment and level of dividends will always remain 
subject to the Company’s performance, its financial 
position, the business outlook and to market conditions.
•	 It is the Company’s intention to continue to declare and 
pay dividends on a quarterly basis. The dividends for the 
first, second and third quarters of any specific financial 
year are expected to be declared at or near the same 
level on a pence per share basis (if necessary, as adjusted 
for any capital raising, consolidation or split). The fourth 
quarter dividend in relation to that same financial year will 
be declared to at least manage compliance with the REIT 
distribution requirement.
•	 The Board will resolve to declare any dividends at an 
appropriate time after the end of the relevant quarter 
dates, being 31 March, 30 June, 30 September, and 31 
December. The dividends will be paid approximately one 
month after being declared.
DIRECTORS' REPORT CONTINUED
At 31 December 2024
At 24 March 2025
Shareholder
Number of
Ordinary Shares
notified
% Interest in
Share capital
Number of
Ordinary Shares
notified
% Interest in
Share capital
Bridgemere Investments Ltd
32,990,233
20.4%
32,990,233 
20.4% 
OMP-SS5
11,165,219
6.9%
11,165,219 
6.9% 
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
114
115
To maintain REIT status, the Company is required to meet 
a minimum distribution test for each accounting period 
that it is a REIT. This minimum distribution test requires the 
Company to distribute at least 90% of the income profits 
(broadly, calculated using normal tax rules) of the Group to 
the extent that they are derived from the Property Related 
Business of the Group (other than any Property Related 
Business carried on outside the UK by non-UK tax resident 
members of the Group). 
The Company has the ability, by ordinary resolution, to offer 
shareholders the right to elect to receive further Ordinary 
shares, credited as fully paid, instead of cash in respect of all 
or any part of any dividend (a scrip dividend). At the current 
time, and following a consultation with shareholders, it is not 
the Directors’ intention to offer a scrip dividend option for 
the foreseeable future.
Results and Dividends
A summary of the Company’s performance during the 
year and the outlook for the forthcoming year is set out 
in the Chairman’s Statement and the Asset Manager 
and Investment Advisers' Report on pages 22 and 34 
respectively.
The Company declared one quarterly dividend of 1.20pps 
in May 2024 and two quarterly dividends of 2.20pps* 
in September and November 2024. A fourth quarterly 
dividend of 2.20pps for the year ended 31 December 2024 
was declared on 20 February 2025. This dividend will be 
paid on 4 April 2025 to shareholders on the register at the 
close of business on 28 February 2025. The ex-dividend 
date was 27 February 2025 (during 2023, the Company 
declared four quarterly dividends, one of 1.65pps and three 
of 1.20pps).
Articles of Incorporation
In accordance with the Articles of Incorporation, the Board 
must seek shareholder approval to amend the Articles of 
Incorporation. During the year under review, the Board did 
not propose a change to the Articles of Incorporation.
Stakeholder Engagement
While the Company has no employees, suppliers 
or customers, the Directors strive to foster positive 
relationships with the Company’s stakeholders, in particular 
with tenants, shareholders, the Asset Manager, Investment 
Adviser, and other service providers. More information 
about this can be found in the Strategic Report on pages 97 
to 100.
Shareholder Engagement
Communication with shareholders remains of critical 
importance to the Board, who believe that understanding 
the views of shareholders is a key factor in the Group’s 
strategic direction and successful development of the 
business. Further information can be found on pages 97 to 
98.
Financial Risk Management
The principal risks and uncertainties faced by the Group 
and the Group’s policies for managing these risks are set 
out on pages 60 to 72. The principal financial risks relating 
to financial instruments, and details of the risk mitigation 
factors relating to these financial instruments are set out in 
note 30.
Environmental, Social and Governance 
(“ESG”)
Whilst the Group has no direct social or community 
responsibilities, the Company is supportive of the Asset 
Manager and Investment Advisers' philanthropic activities. 
Further details of the Manager’s approach to responsible 
investment practices and sustainability standards and 
the Board’s oversight of this can be found in the Strategic 
Report on pages 76 to 96.
Diversity
The Board of Directors of the Company comprises 
three females and two males. The Board recognises the 
importance and benefits of maintaining the gender and 
ethnic balance of the Board. Notwithstanding this, the 
Board does not consider that it would be appropriate to set 
diversity targets as all Board appointments are made on 
merit, against objective criteria and with due regard for the 
benefits of diversity on the Board.
The Board’s policy on diversity can be found on page 144.
*	 On 29 July 2024 the shares in issue were consolidated by a ratio of 1 new share for every 10 shares.

Directors’ and Officers’ Liability Insurance
Directors’ and Officers’ Liability Insurance is maintained 
through the Investment Adviser's own insurance policy. 
Save for the indemnity provisions in the Articles of 
Incorporation, there are no qualifying third-party indemnity 
provisions in force.
Auditor
RSM UK Audit LLP was appointed as auditor to the 
Company on listing on 6 November 2015. RSM UK Audit LLP 
has expressed its willingness to continue in office as Auditor 
to the Company and resolutions for its re-appointment and 
for the Audit Committee to determine its remuneration will 
be proposed at the forthcoming AGM. However, the Board 
will run a tender process during the financial year to 31 
December 2025 and may appoint a replacement auditor 
during the year. Further information about the Company’s 
external Auditor, including tenure, can be found in the Audit 
Committee’s Report on page 136.
Audit Information
The Directors who held office at the date of approval of 
this Directors’ Report confirm that, so far as they are each 
aware, there is no relevant audit information of which the 
Company’s Auditor is unaware; and each Director has taken 
all the steps that they ought to have taken as a Director to 
make themselves aware of any relevant audit information 
and to establish that the Company’s Auditor is aware of that 
information.
Listing Rules Disclosures
UK Listing Rule 6.6.1R requires the Company to include 
specified information in a single identifiable section of the 
Annual Report or a cross reference table indicating where 
the information is set out. The Directors confirm that there 
are no disclosures required in relation to UKLR 6.6.1R, 
except for the details of any arrangements under which a 
Director of the Company has waived any emoluments from 
the Company and the details of any contract of significance 
in which a Director is or was materially interested.
As set out on page 151, Mr Inglis does not receive any 
remuneration from the Company and Ms Burstow's 
remuneration is paid to her employer Bridgemere 
Investments Limited. Furthermore Mr Inglis is the Head of 
ESR Europe LSPIM Limited, the Company's Asset Manager. 
The details of the Agreements with the Asset Manager and 
Investment Adviser are set out on pages 101 and 102.
Annual General Meeting
The notice for the 2025 AGM will be published on the 
Company's website and will be circulated to shareholders 
in accordance with the requirements of the Company’s 
Articles of Incorporation.
Future Developments
The main trends and outlook for the Company is set out in 
the Chairman’s Statement on pages 22 to 27.
Post Balance Sheet Events
Information on post balance sheet events can be found on 
page 205.
Energy and Carbon Reporting
Information on sustainability matters can be found on 
pages 76 to 96.
For and on behalf of the Board
DIRECTORS' REPORT CONTINUED
David Hunter
Chairman
24 March 2025
Norfolk House, Birmingham
ANNUAL REPORT AND ACCOUNTS 2024
117

The Directors are responsible for preparing the Annual 
Report and the Group Financial Statements in accordance 
with applicable laws and regulations.
Guernsey company law requires the Directors to prepare 
financial statements for each financial year. The Directors 
are required under the UK Listing Rules of the Financial 
Conduct Authority to prepare the group financial 
statements in accordance with UK-adopted International 
Accounting Standards.
The financial statements of the Group are required by law 
to give a true and fair view of the state of the Group’s affairs 
at the end of the financial period and of the profit or loss of 
the Group for that period and are required by UK-adopted 
International Accounting Standards to present fairly the 
financial position and performance of the Group.
In preparing these financial statements, the Directors are 
required to:
• 	select suitable accounting policies and then apply them 
consistently;
•	 present a true and fair view of the financial position, 
financial performance and cash flows of the Company;
•	 present information, including accounting policies, in a 
manner that provides relevant, reliable, comparable and 
understandable information; 
•	 make judgements and accounting estimates that are 
reasonable and prudent;
•	 state whether they have been prepared in accordance 
with UK-adopted International Accounting Standards; and
•	 prepare the financial statements on the going concern 
basis unless it is inappropriate to presume that the Group 
will continue in business.
The Directors are responsible for keeping adequate 
accounting records that are sufficient to show and explain 
the Group’s transactions; disclose with reasonable accuracy 
at any time the financial position of the Group; enable 
them to ensure that the financial statements comply with 
the requirements of The Companies (Guernsey) Law 2008 
and, as regards the Group financial statements, the UK-
adopted International Accounting Standards. They are also 
responsible for safeguarding the assets of the Group and 
hence for taking reasonable steps for the prevention and 
detection of fraud and other irregularities.
The Directors are responsible for the maintenance and 
integrity of the corporate and financial information included 
on Regional REIT’s website.
Legislation in Guernsey governing the preparation and 
dissemination of financial statements may differ from 
legislation in other jurisdictions.
Each of the Directors, whose names and functions are 
listed on pages 106 to 109, confirms that to the best of 
each person’s knowledge:
• 	the financial statements, prepared in accordance with UK-
adopted International Accounting Standards, give a true 
and fair view of the assets, liabilities, financial position 
and profit of the Group and the undertakings included in 
the consolidation taken as a whole;
•	 the Strategic Report, including the Asset Manager's and 
Investment Adviser's Report, includes a fair review of 
the development and performance of the business and 
the position of the Group and the undertakings included 
in the consolidation taken as a whole, together with a 
description of the principal risks and uncertainties they 
face; and
•	 the Annual Report and financial statements for the 
year ended 31 December 2024, taken as a whole, are 
fair, balanced and understandable and provide the 
information necessary for shareholders to assess the 
Group’s position, performance, business model and 
strategy.
This responsibility statement was approved by the Board of 
Directors and signed on its behalf by:
David Hunter
Chairman
24 March 2025
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
RESPONSIBILITY STATEMENT OF THE DIRECTORS IN 
RESPECT OF THE CONSOLIDATED ANNUAL REPORT
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
118
119

The UK Listing Rules and the Disclosure Guidance and 
Transparency Rules of the Financial Conduct Authority 
require listed companies to disclose how they have 
applied the principles and complied with the provisions 
of the corporate governance code to which the issuer is 
subject. 
Introduction from the Chairman
I am pleased to introduce this year’s Corporate Governance 
Statement. The Board is accountable to shareholders 
for the governance of the Company and is committed to 
maintaining the highest standard of corporate governance 
for the long-term sustainable success of the Company. 
Throughout the year, Regional REIT has complied with the 
Principles and Provisions of the AIC Code of Corporate 
Governance (AIC Code). By reporting against the AIC 
Code, the Company meets the obligations of the UK 
Corporate Governance Code (the UK Code), and reports 
against additional AIC Code Provisions that are of specific 
relevance to Regional REIT as an investment company. The 
Board considers that reporting against the Principles and 
Provisions of the AIC Code, which have been endorsed by 
the Financial Reporting Council, provides more relevant 
information to its shareholders. The AIC Code is available 
on the AIC website theaic.co.uk. 
The Board notes the publications of the 2024 UK Code and 
AIC Code, which will apply to financial years beginning on 
or after 1 January 2025 (except for AIC Code provision 34 
which takes effect for financial periods commencing on or 
after 1 January 2026). Although not directly relevant for the 
year under review, the Board is satisfied that it is able to 
comply with the new AIC Code and the 2024 UK Code.
The Board considers that reporting against the principles 
and provisions of the AIC Code, which has been endorsed 
by the FRC and the Guernsey Financial Services Commission 
(“GFSC”), provides relevant information to shareholders 
and that by reporting against the AIC Code the Company 
has met its obligations in relation to the UK Code and 
associated disclosure requirements under UK Listing Rule 
6.6.6.
The GFSC’s Finance Sector Code of Corporate Governance 
(the “GFSC Code”), published most recently in July 2023, 
applies to all companies that hold a licence from the 
GFSC under the regulatory laws or which are registered 
or authorised as collective investment schemes, which 
includes the Company. Companies which report against 
the AIC Code are deemed to meet the requirements of the 
GFSC Code. A copy of the GFSC Code can be obtained via 
the GFSC website at www.gfsc.gg.
The Principles of the AIC Code
The AIC Code is made up of 17 principles split into five 
sections covering:
•	 Board leadership and purpose
• 	Division of responsibilities
• 	Composition, succession and evaluation
•	 Audit, risk and internal control
• 	Remuneration
Similar to the UK Code, the AIC Code specifies a “comply or 
explain” basis and details of how the Company has applied 
the principles of the AIC Code are set out in this report.
Compliance with the AIC Code
Throughout the year ended 31 December 2024, the 
Company complied with the principles and provisions of 
the AIC Code which incorporates the UK Code. Accordingly, 
the following table reports on the Company’s compliance 
throughout the year with the recommendations of the AIC 
Code.
As a Guernsey incorporated entity, there are no 
statutory requirements for the Company to develop a 
remuneration policy. The steps taken by the MERC to 
ensure that Directors’ fees support the Company’s strategy 
and promote its long-term success are set out in the 
Remuneration Report on page 150.
CORPORATE GOVERNANCE STATEMENT
This Corporate Governance Statement forms part of the Directors’ Report.
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
120
121

BOARD LEADERSHIP AND PURPOSE
AIC Code Principle
Compliance statement
A.   A successful company is led by an effective board, 
whose role is to promote the long-term sustainable 
success of the Company, generating value for 
shareholders and contributing to wider society. The 
board should ensure that the necessary resources, 
policies and practices are in place for the company to 
meet its objectives and measure performance against 
them.
The Board considers the long-term sustainable success 
of the Company to be its main focus and all decisions are 
considered from this point of view.
The role of the Board and our governance framework can 
be found from page 130. The Company's Sustainability 
Report starts on page 76.
Details regarding the principal risks and uncertainties and 
the sustainability of the business model can be found in 
the Strategic Report on pages 60 to 72 and 28 to 33.
B.   The Board should establish the Company’s purpose, 
values and strategy, and satisfy itself that these and 
its culture are aligned. All Directors must act with 
integrity, lead by example and promote the desired 
culture.
The purpose of the Company, as set out on page 12, is to 
deliver long-term returns for shareholders with income 
generated from investment in UK commercial property 
outside of the M25 motorway. The strategy that the Board 
follows in order to execute this is outlined in the Strategic 
Report on pages 28 to 33.
As outlined on page 12, the Board has adopted some 
key values which are embedded into the culture of 
the business and are key to any decision made by the 
Company.
The Directors agree that establishing and maintaining 
an open and inclusive culture among the Board and in 
its interaction with the Asset Manager and Investment 
Adviser, shareholders and other stakeholders, will support 
the delivery of its purpose, values, and strategy.
The purpose and culture of the business are considered 
as part of the annual Board Performance Review to 
ensure that they remain a key focus on which all decisions 
are based.
BOARD LEADERSHIP AND PURPOSE
AIC Code Principle
Compliance statement
C.  Governance reporting should focus on board decisions 
and their outcomes in the context of the company’s 
strategy and objectives. Where the board reports 
on departures from the Code’s provisions, it should 
provide a clear explanation.
Regional REIT strives to ensure its reporting is 
transparent, comprehensible, and centered on the 
outcomes, consequences, and implications of the Board's 
decisions on the Company's stakeholders. The Company 
remains committed to continually adapting and enhancing 
its reporting practices. 
D.  In order for the company to meet its responsibilities 
to shareholders and stakeholders, the Board should 
ensure effective engagement with, and encourage 
participation from, these parties.
The Board understands its responsibilities to 
shareholders and stakeholders and considers the 
opinions of all such parties when making any decision. 
The Board considers that, other than shareholders, the 
Company’s other key stakeholders are the Company’s 
tenants, its service providers and its Asset Manager and 
Investment Adviser.
Further details can be found on pages 97 to 100. 
The Directors place considerable importance on 
shareholder engagement and on communications with 
them and all other stakeholders. Shareholders who wish 
to contact the Board may do so by emailing 
rgl-cosec@cm.mpms.mufg.com. 
E.  Principle E of the UK Code has been deleted with the 
agreement of the FRC. 
Principle E of the UK Code describes the Board's 
responsibilities for workforce policies and practices - 
Regional REIT does not have any employees, therefore, 
this principle is not relevant to us.
CORPORATE GOVERNANCE STATEMENT CONTINUED
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
122
123

DIVISION OF RESPONSIBILITIES
F.   The Chair leads the Board and is responsible for its 
overall effectiveness in directing the Company. They 
should demonstrate objective judgement throughout 
their tenure and promote a culture of openness and 
debate. In addition, the chair facilitates constructive 
Board relations and the effective contribution of all 
non-executive Directors, and ensures that Directors 
receive accurate, timely and clear information.
There is a clear division of responsibilities between 
the Chairman, the Directors, the Asset Manager, the 
Investment Adviser and the Company’s other service 
providers.
The Board has approved a policy which sets out the 
responsibilities of the Chairman, Mr Hunter, and Senior 
Independent Director, Ms Larizadeh, a copy of which 
is available on the Company’s website. The Chairman 
is responsible for leading the Board and is responsible 
for its overall effectiveness in directing the affairs of 
the Company. The Chairman ensures that all Directors 
receive accurate, timely and clear information and helps 
promote a culture of openness and debate in Board 
meetings by encouraging and facilitating the effective 
contribution of other Directors towards a consensus 
view. The Chairman also takes a leading role in ensuring 
effective communications with shareholders and other 
stakeholders.
The Board has agreed a schedule of matters specifically 
reserved for decision by the Board. This includes 
establishing, following consultation with the Asset 
Manager and the Investment Adviser, the Company’s 
investment policy, long-term objectives, commercial 
strategy, the gearing policy and the setting of any limits 
and any treasury policies.
Prior to each Board and Audit Committee meeting, 
Directors are provided with a comprehensive set of 
papers giving detailed information on the Company’s 
portfolio including property acquisitions/disposals 
and financial position. All Directors have timely access 
to all relevant management financial and regulatory 
information.
DIVISION OF RESPONSIBILITIES
G.   The Board should consist of an appropriate 
combination of Directors (and, in particular, 
independent non-executive Directors) such that no 
one individual or small group of individuals dominates 
the Board’s decision making.
All Directors are non-executive and are independent of 
the Asset Manager and Investment Adviser and the other 
service providers (except for Mr Inglis who is the Head of 
ESR Europe LSPIM Ltd, the Company’s Asset Manager).
A majority of the Board will at all times be independent of 
the Asset Manager and Investment Adviser. 
Ms Burstow is an employee of Bridgmere Investments and 
is therefore not considered Independent.
The Chairman, Mr Hunter, was independent of the 
Asset Manager and Investment Adviser at the time of 
his appointment. The Board considers that he remains 
independent.
None of the Directors are a director of another 
investment company managed by the Company’s Asset 
Manager or Investment Adviser nor has any Board 
member been an employee of the Company or currently 
has any connection to any of its service providers (except 
for Mr Inglis).
The Board Performance Review concluded that each 
Director provides a valuable contribution to Board 
meeting discussions and exercises appropriate levels of 
challenge and debate.
H.  Non-executive Directors should have sufficient time to 
meet their Board responsibilities. They should provide 
constructive challenge, strategic guidance, offer 
specialist advice and hold third-party service providers 
to account.
As part of the Board Perfomance Review, the 
contributions of each Director, as well as the time 
commitments made by each Board member, are 
considered, and reviewed by the Nomination Committee. 
More information can be found on page 132.
 The MERC reviews the performance and cost of the 
Company’s service providers on an annual basis and more 
information on its work can be found on page 146.
I.    The Board, supported by the Company Secretary, 
should ensure that it has the policies, processes, 
information, time and resources it needs in order to 
function effectively and efficiently.
The Directors have access to the advice and services of 
the Company Secretary who is responsible to the Board 
for ensuring that Board procedures are in place and 
followed and that applicable rules and regulations are 
complied with. The Company Secretary is also responsible 
for ensuring good information flows between all parties.
CORPORATE GOVERNANCE STATEMENT CONTINUED
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
124
125

COMPOSITION, SUCCESSION AND EVALUATION
J.    Appointments to the Board should be subject to a 
formal, rigorous and transparent procedure, and an 
effective succession plan should be maintained. Both 
appointments and succession plans should be based 
on merit and objective criteria. They should promote 
diversity, inclusion and equal opportunity.
The Nomination Committee, comprising independent 
non-executive Directors, is responsible for identifying and 
recommending to the Board the appointment of new 
Directors. The Company's Diversity and Inclusion Policy sets 
out the principles and commitments the Board follows when 
making new appointments, including how the Directors 
ensure that any new appointment will add to the diversity of 
experience, skill, gender, social and/or ethnic backgrounds. 
See the Nomination Committee Report on page 142.
K.   The Board and its Committees should have a 
combination of skills, experience and knowledge. 
Consideration should be given to the length of service 
of the Board as a whole and membership regularly 
refreshed.
 
Directors’ biographical details are set out on pages 106 
to 109 of this report. These demonstrate the wide range 
of skills and experience that the Directors bring to the 
Board including the property sector, investment trusts, and 
financial and public company management.
The Board has a tenure policy, set out on page 132, to 
ensure that the Board continues to have the right balance of 
skills and experience.
Each Director was appointed with a view to establishing 
a Board with a good combination of skills, experience 
and knowledge. This is reviewed as part of the annual 
Board Perfomance Review process. When considering 
new appointments, the Board, through the Nomination 
Committee will review the skills of the Directors and seek 
to add persons with complementary skills or who possess 
skills and experience which fill any gaps in the Board’s 
knowledge or experience and who can devote sufficient 
time to the Company to carry out their duties effectively. 
Where appropriate, the need for diversity on the Board will 
be taken into account when considering new appointments. 
The Company’s diversity policy can be found on page 144. 
The policy adheres to the UK Listing Rules on diversity.
COMPOSITION, SUCCESSION AND EVALUATION
L.   Annual evaluation of the Board should consider 
its performance, composition, diversity and how 
effectively members work together to achieve 
objectives. Individual evaluation should demonstrate 
whether each Director continues to contribute 
effectively.
The Directors consider the performance review of the Board, 
its Committees and themselves to be an important aspect 
of corporate governance, and evaluations are undertaken 
annually. The results of the performance review, which were 
discussed by the Nomination Committee are set out on page 
132.
M.  The Board should establish formal and transparent 
policies and procedures to ensure the independence 
and effectiveness of external audit functions and 
satisfy itself on the integrity of financial and narrative 
statements.
The Audit Committee has put in a place a non-audit services 
policy, which ensures that any work outside the scope of the 
standard audit work requires prior approval by the Audit 
Committee. This enables the Committee to ensure that the 
external auditors remain fully independent.
In addition, the Audit Committee carries out a review of the 
performance of the external auditor on an annual basis. 
Feedback from other third parties, including the Asset 
Manager and Investment Adviser, is included as part of 
this assessment to ensure the Audit Committee takes into 
account the views of different parties who have a close 
working relationship with the external auditor.
See the Audit Committee Report on page 136.
CORPORATE GOVERNANCE STATEMENT CONTINUED
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
126
127

AUDIT, RISK AND INTERNAL CONTROL
N.  See the Audit Committee Report on page 136. 
The Board should present a fair, balanced and 
understandable assessment of the Company’s position 
and prospects.
The Audit Committee has considered the Audited Annual 
Report and Financial Statements as a whole and agreed that 
it presents a fair, balanced, and understandable assessment 
of the Company’s position and prospects.
O.  The Board should establish and maintain an effective 
risk management and internal control framework, and 
determine the nature and extent of the principal risks 
the Company is willing to take to achieve its long-term 
strategic objectives.
Risks faced by the Company are considered, monitored and 
assessed on a regular basis by the Audit Committee. Details 
in respect of the Company’s principal risks and uncertainties 
and the appropriate measures taken to mitigate each risk 
can be found on pages 60 to 72.
Given the nature of the business, the Company is reliant 
on its service providers and their internal controls. The 
Audit Committee reviews reports from the principal service 
providers on compliance and the internal and financial 
control systems in operation and relevant independent 
audit reports thereon. The Chairman of the Audit Committee 
meets, at least annually, with representatives of each of 
the Asset Manager and Investment Adviser independently, 
to review and discuss the internal controls within their 
businesses.
REMUNERATION
P.   Remuneration policies and practices should be 
designed to support strategy and promote long-term 
sustainable success.
The Directors are all non-executive and only receive 
Directors’ fees. No element of their remuneration is related 
to performance, and Directors are not eligible for bonuses, 
share options or long-term performance incentives. See the 
Remuneration Report on page 150.
Q.  A formal and transparent procedure for developing 
policy on remuneration should be established. No 
Director should be involved in deciding their own 
remuneration outcome.
Directors' remuneration is reviewed annually by the 
MERC and within the limits the Company's Articles of 
Incorporation. The Board as a whole is responsible for 
deciding the level of fees paid to the non-executive directors 
and the Chairman, and no Director is involved in deciding 
their own remuneration. See the Remuneration Report on 
page 150.
R.  Directors should exercise independent judgement 
and discretion when authorising remuneration 
outcomes, taking account of Company and individual 
performance, and wider circumstances.
There are no performance related elements of the Directors' 
remuneration, therefore, there is very little scope for the 
exercise of discretion. Any fee increases, if one is proposed, 
are carefully considered and the Board takes into account 
the time required for it to fulfil its duties, peers and 
benchmarking data, overall Company performance and 
wider economic context. See the Remuneration Report on 
page 150.
CORPORATE GOVERNANCE STATEMENT CONTINUED
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
128
129

CORPORATE GOVERNANCE STATEMENT CONTINUED
The Board of Directors
At the start of the year under review, the Board consisted 
of five non-executive directors (three male and two female). 
Following the retirement of Mr Taylor after the conclusion 
of his nine-year tenure, and the appointment of Ms Burstow 
in October 2024, the Board consisted of five non-executive 
directors (two male and three female). 
Since the end of the year under review, Mr Hunter was 
appointed as Non-Executive Director and Chairman 
designate in January 2025 and replaced Mr McGrath as 
Chairman in March 2025 after the completion of their 
handover period. Mr McGrath retired in March 2025 
having reached the end of his nine-year tenure. The Board 
currently consists of five non-executive directors (two male 
and three female). Brief biographical details of all Directors, 
including details of their other directorships and significant 
commitments, can be found pages 106 to 109.
A review of Board composition and balance is included as 
part of the annual performance review of the Board, details 
of which may be found on page 132.
The Company’s culture is set out on page 103. The values 
of the Company are set out on page 12. These values are 
considered in Board decision making. The purpose of the 
Company is the investment objective, which can be found 
on page 29. The strategy that the Board follows to meet this 
objective is outlined in the Strategic Report on page 28. The 
business model that the Company operates is set out from 
page 28.
The Board ensures that the necessary resources are in 
place for the Company to meet its objectives. It does this 
predominately through its engagement with third-party 
service providers. The Board regularly reviews financial 
forecasts and KPIs, as well as debt financing and gearing. 
Further details can be found on pages 54 to 59 of the 
Strategic Report.
The Board is responsible for all matters of direction and 
control of the Company and the Group, including its 
investment policy and strategy, and no one individual 
has unfettered powers of decision making. As part of 
this, the opportunities and risks faced by the business 
are considered, monitored and assessed on a regular 
basis, both in terms of actual and emerging risks that the 
business may face. Emerging risks are identified by the 
Board through a variety of means including advice from the 
Company’s Asset Manager and Investment Adviser, the AIC 
and Directors’ industry knowledge and market changes and 
events.
More detail regarding the principal risks and uncertainties, 
emerging risks and the sustainability of the business can be 
found in the Strategic Report on pages 60 to 72.
The rules concerning the appointment and replacement 
of Directors are set out in the Company’s Articles of 
Incorporation. There are no agreements between the 
Company and its Directors concerning any compensation 
for their loss of office.
Board Operation
There is a clear division of responsibilities between the 
Board, the Asset Manager and Investment Adviser. The 
Directors have agreed a formal schedule of matters 
specifically reserved for their approval. The schedule of 
matters reserved to the Board includes, but is not limited to 
the following:
• 	approval of asset acquisitions and disposals over £15 
million;
• 	approval of capital expenditure;
• 	approval of the Company’s borrowings;
• 	approval of the Company’s investment policy, long-term 
objectives and commercial strategy;
• approval of the gearing policy of the Company;
• 	approval of annual and half-yearly reports and financial 
statements and accounting policies, prospectuses, 
circulars and other shareholder communications;
• 	raising new capital;
• 	approval of dividends;
• 	Board appointments and removals; and
• 	appointment and removal of the Asset Manager, 
Investment Adviser, Auditor and the Company’s other 
service providers, including the Company Secretary.
To assist the Board, arrangements have been put in place 
to delegate authority for the performance of day-to-
day operations of the Company to the Asset Manager 
and Investment Adviser and other third-party service 
providers. The Board has appointed the Asset Manager 
and Investment Adviser to manage the Company’s portfolio 
within guidelines set by the Board, detailed in the respective 
management agreements with the Company. Both the 
Asset Manager and Investment Adviser are in frequent 
contact with the Board and supply the Directors with 
regular updates on the Company’s activities and a detailed 
report at each Board meeting.
The Board, at its regular meetings, undertakes reviews 
of key investment and financial data, analyses of asset 
allocation, peer group information, the economy generally, 
transactions and performance comparisons, Share price 
(whether at a discount or premium to NAV) and NAV 
performance. It receives an update from the Asset Manager 
on property market conditions and trends, movements 
compared to previous quarters, yields on properties within 
the portfolio, lease lengths and letting activity, including 
estimated rental values and vacant properties. The Board 
also receives an update from the Investment Adviser on 
investor relations. Discussions also take place on strategic 
proposals, developments and legal and governance 
matters.
Representatives of each of the Asset Manager and 
Investment Adviser regularly attend Board meetings, which 
facilitates communication and supplements the regular 
reporting to the Directors.
Board Meeting Attendance
The Directors meet at regular Board meetings, held at least 
four times a year, with additional meetings arranged as 
necessary. During the year under review, the number of 
scheduled Board meetings attended by each Director was 
as follows:
Additional Board meetings were also held as required 
during the year, including to deal with corporate 
transactions such as the equity raise, repayment of the 
Retail Bond, property disposals and acquisitions and 
dividends. 
The Board follows a formal agenda, which is approved 
by the Chairman and circulated by the Company 
Secretary in advance of the meeting to all the Directors 
and other attendees. A typical agenda includes a review 
of performance with a detailed update from the Asset 
Manager and Investment Adviser on the property portfolio, 
investment opportunities and disposals, the Company’s 
financial performance, updates on investor relations and 
specific regulatory or governance matters. Representatives 
of the Company’s Advisers are invited to attend Board 
meetings from time to time, particularly the Company’s 
Corporate Brokers, Financial Adviser and Legal Adviser.
The Board is responsible for the strategy of the Company 
and monitors performance against its agreed strategy on 
an ongoing basis. The Board is also responsible for setting 
the overall strategic objectives of the Company and meets 
at least once a year to focus exclusively on strategy.
* Appointed 24 October 2024
** Resigned 15 October 2024
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
130
131
Scheduled Board Meetings
Director
Number entitled
 to attend
Number
attended
Kevin McGrath
4
4
Nicole Burstow*
2
2
Frances Daley
4
4
Stephen Inglis 
4
4
Massy Larizadeh
4
4
Daniel Taylor**
3
3

CORPORATE GOVERNANCE STATEMENT CONTINUED
Annual Board Performance Review
The Directors consider the performance review of the 
Board, its Committees and themselves to be an important 
aspect of corporate governance, and reviews are 
undertaken annually. The review undertaken for the 2024 
financial year was facilitated internally by the Company 
Secretary. The Board agreed that the use of an externally 
facilitated service provider was not necessary this year, 
however, this will be kept under review. 
The questionnaires were designed to evaluate Directors' 
feedback on Board composition, culture and effectiveness, 
the Board's performance concerning stakeholder relations 
and shareholder value, governance, the efficiency of Board 
and Committee meetings, and to determine whether the 
operation of such meetings was appropriate. Additionally, 
the questionnaires aimed to gather any further information 
necessary to enhance Board discussions. The review also 
included an assessment of the Directors' independence and 
their ability to dedicate sufficient time to the Company's 
activities. 
Following conclusion of the review, the Company Secretary 
provided a report on the outcome, a summary of strengths 
and areas for development and feedback on how the Board 
could improve in each area of assessment. The report 
was reviewed by the Nomination Committee as part of its 
assessment of Board performance. 
The Results
The results of the review process indicated that the Board 
and its Committees continue to work well and there are no 
significant concerns among the Directors about Board and 
Committee effectiveness. It identified areas for potential 
improvement in the Board’s structure and experience, 
continued focus on strategy, debt management and risk 
management, and relationships with, and understanding of, 
all Regional REIT stakeholders. 
The Board reviewed the results and agreed on these key 
focus areas for this year:
•	 Raise Regional REIT’s profile and enhance interest in the 
Company
•	 Develop a more granular understanding of shareholder 
and stakeholder expectations and needs, particularly 
retail investors
•	 The mid to long-term investment strategy for Regional 
REIT in light of market changes and challenges
•	 Continue succession plans to increase the number 
of independent directors and strengthen the Board’s 
experience
The resulting actions agreed by the Directors will be 
discussed in more detail and monitored during the 2025 
financial year and the Board will report on the outcomes in 
our next Annual Report.
Following the review, the Board is confident that all current 
Directors contribute effectively and possess the necessary 
skills and experience for the leadership and direction of 
the Company. The Board also affirms that all Directors, 
except for Mr Inglis and Ms Burstow, are independent. 
Furthermore, the Board confirms that every Director 
can dedicate sufficient time to the Company's activities, 
ensuring effective governance and direction.
Actions taken following the previous Board 
performance review
During the year, the Board took several actions based on 
the review undertaken in the previous year. These included 
the repayment of the £50 million Retail Bond and the 
subsequent reduction in the Company’s leverage position, 
funding capital expenditure to continue to improve the 
quality of our portfolio and improve EPC ratings, and 
successfully carrying out the ongoing succession plans put 
in place by the Board to refresh its composition.
Tenure, Election and Re-election of Directors
Each Director has a letter of appointment setting out their 
terms of appointment. These letters detail an initial three-
year appointment, but each Director may be invited by the 
Board to serve for an additional period of three years, if 
both the individual Director and the Board believe this is in 
the interest of the Company, having taken into account the 
independence of the Director.
In accordance with the Company’s Articles of Incorporation 
and the AIC Code, Directors are subject to election by 
shareholders at the first AGM after their appointment. 
Thereafter, each Director’s appointment is subject to 
an annual performance review and all Directors submit 
themselves for annual re-election by shareholders at the 
AGM. Ms Burstow and Mr Hunter, having been appointed 
Directors since the last AGM will therefore stand for election 
at the Company’s AGM in 2025 and all other Directors will 
stand for re-election at that AGM. 
The Board has adopted a formal tenure policy for 
Directors based on a continual review of performance. It 
is anticipated that any of the Directors would not normally 
serve more than nine years in order to provide regular 
refreshment of the Board and facilitate diversity of the 
Board. In exceptional circumstances, which would be fully 
explained to shareholders at the time, an extension might 
be appropriate.
Similarly, it is not anticipated that the Chairman would 
serve more than nine years, however, in exceptional 
circumstances, which would be fully explained at the time, a 
short extension might be appropriate. As with all Directors, 
the continuing appointment of the Chairman is subject to 
ongoing review of performance, including a satisfactory 
annual evaluation, annual re-election by shareholders and 
may be further subject to the particular circumstances of 
the Company at the time they intend to retire from the 
Board.
The Nomination Committee leads the process of the 
appointment of any new Director to the Board as and 
when vacancies arise and as part of the Directors’ ongoing 
succession plans. As part of this process, an external 
executive search agency will generally be used.
Further information on succession planning can be found in 
the Nomination Committee Report on page 142. 
Induction and Training
On appointment, the Asset Manager, Investment Adviser 
and Company Secretary provide new Directors with 
induction training as appropriate. The training includes the 
Company’s investment strategy, policies, and practices. 
The Directors are also given regular briefings on changes 
in law, regulatory requirements and developments in 
corporate governance that impact the Company and the 
Directors. It is the Chairman’s responsibility to ensure that 
the Directors have sufficient knowledge to fulfil their role 
and Directors are encouraged to attend industry and other 
seminars covering issues and developments relevant to 
investment trust companies. Regular reviews of Directors’ 
training needs are carried out by the Chairman by means 
of the performance evaluation process. The Directors have 
access to the advice and services of the Company Secretary 
through its appointed representative, who is responsible 
for company secretarial functions and for assisting the 
Company and the Directors with compliance with its 
continuing obligations as a company listed on the Main 
Market and the UKLA Official List. The Company Secretary 
is also responsible for ensuring good information flows 
between all parties. When deemed necessary, the Directors 
can seek independent professional advice.
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
132
133

CORPORATE GOVERNANCE STATEMENT CONTINUED
Conflicts of Interest
It is the responsibility of each individual Director to avoid a 
conflict of interest. The Company’s Articles of Incorporation 
permit a Director to act in a situation where a Director has 
disclosed the nature and extent of an interest that conflicts, 
or may possibly conflict, with the interests of the Group in 
accordance with the Law.
The Board has established a formal process whereby actual 
and potential conflicts of interests are considered by the 
Directors who have no interest in the matter, who then 
decide whether to authorise the conflict and any conditions 
to be attached to such authorisations.
The Directors can impose limits or conditions when giving 
authorisation, if they think this is appropriate in the 
circumstances. A register of potential conflicts is maintained 
by the Company Secretary and is reviewed at each Board 
meeting to ensure that any authorised conflicts remain 
appropriate. Directors are required to confirm at these 
meetings whether there has been any change to their 
position.
Board Committees
The Board has three Committees and has delegated certain 
responsibilities to the Audit Committee, the Management 
Engagement and Remuneration Committee and the 
Nomination Committee. The Board has established formal 
terms of reference for each of the Committees, which are 
available on the Company’s website.
Audit Committee
The Audit Committee comprises the Independent Directors 
and is chaired by Ms Daley. It will meet at least three times 
a year, or more often if required. The Chairman of the 
Company is a member of the Audit Committee but does not 
act as Committee Chair.
All members of the Audit Committee are considered to have 
relevant experience in the industry in which the Company 
operates. The Board is also satisfied that at least one 
member of the Audit Committee has recent and relevant 
financial experience. The Chair is a chartered accountant 
with experience in corporate finance.
Only members of the Committee have the right to attend 
and vote at Committee meetings. However, the Audit 
Committee may invite anyone to attend Committee 
meetings at its discretion and representatives of the 
external Auditor are invited to attend as necessary. The 
Audit Committee Report is set out on page 136.
Management Engagement and Remuneration 
Committee (“MERC”)
The MERC comprises the Independent Directors and is 
chaired by Ms Larizadeh. It meets at least once a year, or 
more often if required. The Chairman of the Company is a 
member of the MERC.
Only members of the Committee have the right to attend 
and vote at Committee meetings. However, the Committee 
may invite anyone to attend at its discretion. The MERC 
Report is set out on page 146.
Nomination Committee
The Nomination Committee comprises the Independent 
Directors and is also chaired by Ms Larizadeh. The 
Nomination Committee meets at least once a year, or 
more often if required. The Chairman of the Company is a 
member of the Nomination Committee.
Only members of the Committee have the right to attend 
and vote at Committee meetings. However, the Committee 
may invite anyone to attend at its discretion. The 
Nomination Committee Report is set out on page 142.
Management of Risk and Internal Controls
The Board has overall responsibility for the Company’s 
systems of internal controls and for reviewing their 
effectiveness, ensuring that risk management and control 
processes are embedded in day-to-day operations.
The Board has established an ongoing process for 
identifying, evaluating, and managing significant risks with 
the aim of helping to safeguard the Company’s assets. 
The Board exercises its oversight of financial, reporting, 
compliance, operational and overall risks by relying on 
regular reporting on performance and other management 
information from the Asset Manager and Investment Adviser. 
These procedures are designed to manage rather than 
eliminate risk. The Board manages risks as set out below:
•  	the Board, through the Audit Committee, will conduct a 
risk and control assessment at least on an annual basis, 
including a review of the internal controls procedures of 
the Company’s principal third-party service providers;
•	 the responsibilities for the investment management, asset 
management, accountancy and depositary functions are 
segregated, and the procedures of the third-party service 
providers are designed to safeguard the Company’s assets;
• 	the Board is kept regularly updated by each of the Asset 
Manager and Investment Adviser outside of scheduled 
Board meetings and each provides reports at each meeting 
of the Board; and
• 	under the terms of the Asset Management Agreement 
between the Company and the Asset Manager, Board 
approval is required for purchases of property exceeding 
£15 million in value and for disposals exceeding £15 million 
in value.
Details of the Company’s internal control and risk 
management systems in relation to the financial 
consolidation reporting process can be found on page 140.
Regular risk assessments and reviews of internal controls 
are undertaken in the context of the Company’s overall 
investment objective by the Board, through the Audit 
Committee.
A risk matrix has been produced against which the risks 
identified and the controls in place to mitigate those risks 
are monitored. The risks are assessed on the basis of the 
likelihood of them happening, the impact on the business if 
they were to occur and the effectiveness of the controls in 
place to mitigate them. This risk register is reviewed by the 
Audit Committee every six months. The principal risks that 
have been identified by the Board are set out on pages 60 
to 72.
The Board reviews financial information produced by the 
Investment Adviser and the Sub-Administrator on a regular 
basis.
Most functions for the day-to-day management of the 
Company are sub-contracted, and the Directors therefore 
obtain regular assurances and information from principal 
third-party suppliers regarding the internal systems and 
controls operated in their organisations. In addition, each 
of the Company’s material third parties, excluding the Asset 
Manager and Investment Adviser, provides a copy of its 
report on internal controls each year, which is reviewed by 
the Audit Committee.
The Audit Committee Chair, on behalf of the Audit 
Committee, meets with representatives of the Asset 
Manager and Investment Adviser to discuss and review 
their internal controls. The Depositary provides depositary 
services under the AIFMD to the Company and reports on 
an annual basis to the Company, in addition to quarterly 
reports, on its specific monitoring of cash transactions and 
asset verification.
Taking into account the principal and emerging risks 
provided on pages 60 to 72 and the ongoing work of the 
Audit Committee in monitoring the risk management and 
internal control systems on behalf of Board, the Directors:
• are satisfied that they have carried out a robust assessment 
of the emerging and principal risks facing the Group; and
• have reviewed the effectiveness of the risk management 
and internal controls systems and no significant failings 
were identified.
By order of the Board:
MUFG Corporate Governance Limited
Company Secretary
24 March 2025
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
134
135

AUDIT COMMITTEE REPORT
I am pleased to present the Audit Committee Report 
for the year ended 31 December 2024, which 
provides an overview of our activities and our role 
in ensuring the integrity of the Group’s published 
financial information and the effectiveness of its risk 
management, controls and related processes.
The Audit Committee is a Board Committee with 
governance responsibilities that include the oversight 
of financial disclosures and corporate reporting, and 
it is therefore important that the Committee operates 
effectively and efficiently. The Committee meets at least 
three times annually.
Audit Committee Composition
During the year under review, the membership of the Audit 
Committee comprised the Independent Directors. None of the 
members of the Committee are connected to either the Asset 
Manager, the Investment Adviser, or the Auditor. For the 
year under review, the Committee considered it beneficial 
to have the Chairman of the Company, Mr McGrath, as 
a member of the Committee as he was independent on 
appointment and provided significant input into Audit 
Committee meetings. 
With Mr McGrath having left the Company on 18 March 
2025 following the end of his nine-year tenure, his 
successor, David Hunter joined the Audit Committee on 2 
January 2025, being the same date as his appointment to 
the Board. Mr Hunter was independent on his appointment 
to the Board and his experience and knowledge will provide 
a significant contribution to Committee deliberations. The 
Board therefore believe it is appropriate for him to be a 
member of the Committee, despite his role as Chairman 
of the Board. Mr Daniel Taylor was a member of the 
Committee until his resignation on 15 October 2024.  
I am a qualified accountant, a Fellow of the Institute of 
Chartered Accountants in England and Wales. The Board 
and I consider that the Committee members, individually 
and collectively, are independent and appropriately 
experienced and that I have an appropriate level of recent 
and relevant financial experience to discharge my duties as 
Audit Committee Chair.
Role of the Audit Committee
The principal duties of the Audit Committee, as outlined 
in its terms of reference and which are available on the 
Company’s website, are:
Financial Reporting
• 	to review the content and integrity of the Annual and 
Half-Yearly Financial Statements and preliminary results 
announcements of the Company;
• 	to review and report to the Board on any significant 
financial reporting issues and judgements, having regard 
to any matters communicated to it by the Auditor; and
• 	to review the contents of the Annual Report and audited 
financial statements and to advise the Board on whether, 
taken as a whole, the report is fair, balanced and 
understandable and provides shareholders with sufficient 
information to assess the Company’s position and 
performance, business model and strategy.
Risk Management and Control
• 	to keep under review the adequacy of the Company’s 
Asset and Investment Adviser and third-party service 
providers’ internal controls and risk management 
systems;
• review the Company’s risk register, including significant 
and emerging risks; 
• to assess the prospects of the Company for the next 
twelve months and consider its longer-term viability; and
• regularly review the need for an internal audit function.
External Audit
• 	to manage the relationship with the Company’s external 
Auditor, including reviewing the Auditor’s remuneration, 
re-appointment, terms of engagement, objectivity 
and independence and performance, and make 
recommendations to the Board as appropriate;
• to review the policy on the engagement of the Auditor 
to supply non-audit services and the fees paid for such 
services;
• to safeguard the Auditor’s independence and objectivity, 
providing a forum through which the Auditor may report 
to the Board.
External Property Valuation
• 	to review the quality and appropriateness of the half-year 
and full-year external valuations of the Group’s property 
portfolio.
Other
• 	to review the Committee’s terms of reference and 
evaluate its performance; and
• 	to report and evaluate to the Board on how it has 
discharged its responsibilities. The Audit Committee 
reports and makes recommendations to the Board, as 
appropriate.
Frances Daley
Audit Committee Chair
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
137
136

AUDIT COMMITTEE REPORT CONTINUED
Meetings
The Audit Committee met on three occasions during the year 
under review (and once post the year end to consider the 
Auditors findings report and the Financial Statements). 
Attendance at the scheduled meetings during the year was 
as follows:
Matters Considered by the Audit Committee 
in the Year
At these meetings, the Audit Committee has:
• 	reviewed the internal controls and risk management 
systems of the Company and its key third-party service 
providers;
• 	reviewed financial results;
• 	reviewed and, where appropriate, updated the Company’s 
Financial Position and Prospects Procedures; reviewed the 
Group’s banking arrangements;
• 	reviewed the assessment of the Company’s prospects and 
viability made by the Investment Adviser for the next three 
years which formed the basis for the viability statement 
(see page 73);
• 	agreed the audit plan with the Auditor, including the 
principal areas of focus, and agreed the audit fee;
• 	reviewed the half-year and annual valuation reports from 
Colliers International Property Consultants Limited (trading 
as Colliers);
• 	reviewed whether an internal audit function would be of 
value;
• 	received and discussed with the Auditor their report on the 
results of the audit;
• 	reviewed the provision of non-audit services by the Auditor 
and reviewed the Auditor’s independence; 
• 	made recommendations to the Board regarding the 
reappointment of the Auditor; and
• 	reviewed the Group’s Financial Statements and advised the 
Board accordingly.
The Administrator and the Investment Adviser update 
the Audit Committee on changes to accounting policies, 
legislation and best practice and areas of significant 
judgement undertaken by the Investment Adviser.
Significant Matters Considered by the Audit 
Committee
The Committee considered the following key matters in 
relation to the Company during the period:
Property Portfolio Valuation
The Committee recognises that the valuation of the 
properties within the Company’s portfolio is central to the 
Company’s business and that errors could have a material 
impact on the Company’s net asset value. Properties were 
independently valued by specialist third-party service 
provider Colliers at the year end. Furthermore, as part 
of the annual independent audit process, the Company’s 
Auditor, RSM UK Audit LLP, carries out an assessment of 
the property portfolio valuation provided by Colliers which 
includes using their own expert, providing the Committee 
further comfort that property valuations are materially 
accurate. 
The valuations are prepared in accordance with the 
appropriate sections of the RICS Professional Standards, 
RICS Global Valuation Practice Statements, RICS Global 
Valuation Practice Guidance-Applications and United 
Kingdom Valuation Standards contained within the RICS 
Valuation-Professional Standards 2014. The valuations are 
compliant with International Valuation Standards.
The Asset Manager has held open discussions with the 
valuers throughout the year on the valuation process to 
discuss and challenge various elements of the property 
valuations. The Auditor also meets with the independent 
property valuer as part of the audit process to discuss and 
challenge their approach and findings. The Auditor has 
also engaged its own independent expert to consider the 
valuation.
The Committee reviewed the Colliers half-year valuation 
as at 30 June 2024 and, since the year end, the Committee 
has considered the year-end valuation report. It discussed 
the year-end report with representatives of Colliers and 
the Asset Manager. The Committee was satisfied with 
the valuation report. The performance of the Company’s 
valuers is assessed on an annual basis by the MERC, as set 
out in their report on page 146.
Capital Raising and Repayment of £50m Retail Bond
The Committee routinely evaluates the Company's 
leverage position and regularly reviews funding options 
with a focus on reducing the weighted average cost 
of capital and extending the weighted average debt 
maturity. During the year under review, the Committee 
closely monitored and discussed progress made on 
the Company's debt refinancing options to repay the 
£50 million retail bond, which led to the successful 
completion of the £110.5 million capital raise in July 
2024. This significantly bolstered the Company’s capital 
strength compared to the previous financial year and 
substantially mitigated associated risks, notably through 
the subsequent repayment of the £50 million Retail Bond.
Going Concern and Long-Term Viability of the 
Company
The Directors closely monitor the ability of the Group 
to continue in operational existence by monitoring the 
Group’s cash resources, rental income, acquisition, 
and disposals of investment properties, elective and 
committed capital expenditure, dividend distributions and 
the borrowing facilities and the respective maturities.
The Board and Audit Committee have performed an 
assessment of whether the Group would be able to 
continue as a going concern for at least twelve months 
from the date of the annual consolidated financial 
statement. The Directors considered the financial position, 
expected future performance of the operations, the debt 
facilities and debt service requirements, the working 
capital and capital expenditure commitments and 
forecasts.
The Audit Committee also considered the longer-term 
viability statement within the Annual Report for the 
year ended 31 December 2024, covering a three-year 
period, and the underlying factors and assumptions 
which contributed to the Committee deciding that three 
years was an appropriate length of time to consider the 
Company’s long-term viability. 
Further information can be found on the going concern 
and viability statement on page 73.
External Auditor
The Audit Committee has primary responsibility for 
overseeing the relationship with the external Auditor, RSM 
UK Audit LLP. This includes assessing their performance, 
effectiveness, and independence annually and 
recommending to the Board their reappointment or removal.
The Company complied throughout the year ended 31 
December 2024 with the provisions of the Statutory Audit 
Services Order 2014, issued by the Competition and Markets 
Authority (“CMA Order”). 
RSM UK Audit LLP has been Auditor to the Company since 
listing on 6 November 2015. In accordance with professional 
guidelines on rotation of audit partners, Alan Aitchison 
has served as the lead audit partner since starting with 
the interim results for the period ended 30 June 2020. In 
accordance with the requirements of the CMA order, the 
Company will conduct a competitive audit tender no later 
than in respect of financial year ending 31 December 2025. 
There are no contractual obligations that would restrict 
the Audit Committee from selecting an alternative external 
Auditor.
Each year, the Audit Committee monitors and reviews the 
effectiveness of the external audit process, and undertakes 
a detailed review of the audit plan and the audit results 
report and makes recommendations to the Board on the 
re-appointment, remuneration and terms of engagement of 
the Auditor.
Working with the Auditor
Each year, the Audit Committee meets with the lead audit 
partner before the annual results are prepared to discuss 
the scope of the audit plan, with a particular focus on risk 
and materiality. The external Auditor further meets with 
the Audit Committee post the year end audit work being 
completed to discuss the findings of the external audit and 
to consider and evaluate any findings. To facilitate further 
open dialogue and assurance, the Audit Committee holds 
a private session with the Auditor without members of the 
Asset Manager and Investment Adviser being present.
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
138
139
Scheduled Audit
Committee Meetings
Member
Number of
meetings
entitled 
to attend
Number
attended
Frances Daley 
(Chair)
3 
3
Massy Larizadeh 
3 
3
Kevin McGrath 
3 
3
Daniel Taylor
3 
3

AUDIT COMMITTEE REPORT CONTINUED
Financial Reporting
It is a principal responsibility of the Audit Committee to 
review and report to the Board on the Group’s financial 
statements, including the Preliminary Statement, the Annual 
Report and Half-Year Report. When conducting its reviews, 
the Committee considers the overall requirement that the 
financial statements present a “true and fair view” of the 
Company’s accounting policies and significant financial 
judgements. We are pleased to advise the Board that the 
2024 Annual Report and the audited Financial Statements 
taken as a whole are fair, balanced and understandable and 
provide the necessary information for our shareholders to 
assess the Company’s position and performance, business 
model and strategy.
Internal Controls and Risk Management 
Systems
On an annual basis, the Audit Committee reviews the internal 
controls and risk management systems of the Company’s 
key third-party service providers. No significant matters 
of concern were raised. The Audit Committee Chair also 
meets annually with representatives of each of the Asset 
Manager and Investment Adviser to discuss and review their 
internal controls and compliance. There were no significant 
matters of concern identified from these meetings. The Audit 
Committee has reviewed and updated, where appropriate, 
the risk matrix. This is done on a six-monthly basis. The 
Company’s principal risks and uncertainties are set out on 
pages 60 to 72. 
Governance
During the year under review, and in addition to work 
described above, the Committee also devoted time to 
governance, monitoring the latest developments and 
reviewing whether any changes to its processes and 
procedures will be necessary for the Company to comply 
with the upcoming changes to reporting on the review 
and effectiveness of internal controls. From 1 January 
2026, Provision 34 of the AIC Corporate Governance Code 
will require that, in addition to monitoring and reviewing 
the Company’s risk management and internal controls 
framework, the Board will also need to report on, in more 
detail, how that is carried out; the Directors will also need 
to make a declaration to shareholders on the effectiveness 
of the material controls, and describe any that have not 
operated effectively at the end of our financial year. The 
Committee is considering these coming changes and will 
report in more detail on any changes we might introduce to 
prepare for these enhancements to current reporting.
Internal Audit Function
The Company does not have an internal audit function as, 
substantially, all its day-to-day operations are delegated to 
third parties, all of whom have their own internal control 
procedures. The Audit Committee discussed whether it 
would be appropriate to establish an internal audit function 
and agreed that the existing system of monitoring and 
reporting by third parties remains appropriate and sufficient.
Annual Review of the External Auditor
The Audit Committee has undertaken a review of the 
effectiveness of the external audit process and considered 
the reappointment of the Auditor. The review comprised, 
amongst other factors, the quality of the staff, including 
the performance of the lead audit partner, the competence 
and expertise of the audit team, the resources, and 
communication between the audit team and the Asset 
Manager and Investment Adviser.
Any concerns with the effectiveness of the external audit 
process would be reported to the Board. No concerns were 
raised in respect of the year ended 31 December 2024 
and the Audit Committee concluded that the quality of the 
external Auditor’s work, and the knowledge and competence 
of the audit team, had been maintained at an appropriate 
standard during the year.
Audit Fees and Non-Audit Services
An audit fee of £110,000 was agreed in respect of the audit of 
the Company for the year ended 31 December 2024 (2023: 
£105,000). The Group’s audit fees for the year ended 31 
December 2024 totalled £256,650 (2023: £239,000).
To help safeguard the external Auditor’s independence 
and objectivity, the Audit Committee has a policy on the 
engagement of the Auditor to supply non-audit services, 
considering the recommendations of the Accounting 
Practices Board. The scope and nature of all non-audit work 
to be carried out by the Auditor must be approved by the 
Audit Committee in advance and such approval will not be 
granted in circumstances where it is considered that the 
nature or cost of the work could interfere with the external 
Auditor’s independence.
The Auditor provided non-audit services in respect of agreed-
upon procedures on the Group’s interim financial statements 
for the period ended 30 June 2024. The fee charged for this 
service was £32,500 (2023: £31,000). The Audit Committee 
considered this service to be closely aligned to the role as 
Auditor. Non-audit services amounting to £150,000 were also 
provided by RSM UK Corporate Finance LLP, a related party 
of the audit firm, during the year to 31 December 2024 (31 
December 2023: £nil), for Corporate Finance work related to 
the Share Issue.
Independence and Objectivity of the Auditor
The Audit Committee has considered the independence 
and objectivity of the Auditor and has conducted a review 
of non-audit services which the Auditor has provided during 
the year under review. The Audit Committee receives an 
annual assurance from the Auditor that its independence is 
not compromised by the provision of non-audit services and 
that it maintains appropriate internal safeguards in line with 
applicable professional standards.
In evaluating the performance of the Auditor, the Audit 
Committee considered the effectiveness of the audit process, 
taking consideration of the quality of delivery, staff expertise, 
audit fees and the Auditor’s independence, along with 
matters raised during the audit.
Having considered the Auditor’s independence in respect of 
the year under review, the Audit Committee is satisfied with 
the Auditor’s performance, objectivity, and independence. 
The Audit Committee reviews the continuing appointment of 
the Auditor on an annual basis and regularly considers the 
Auditor’s fees and independence, along with matters raised 
during each audit.
Auditor Appointment
Following consideration of the performance of the Auditor, 
the service provided during the year and a review of their 
independence and objectivity, the Audit Committee has 
recommended to the Board the continued appointment of 
RSM UK Audit LLP as the Company’s external independent 
Auditor. As noted above, the Board will run a tender process 
during the financial year to 31 December 2025 and may 
appoint a replacement auditor during the year.
Committee Effectiveness
During the year, the Board carried out an internally facilitated 
evaluation of its performance and that of its Committees. 
This evaluation confirmed that the Audit Committee 
continued to operate at an appropriate standard.
Frances Daley
Audit Committee Chair
24 March 2025
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
140
141

NOMINATION COMMITTEE REPORT
I am pleased to present our Nomination Committee 
Report for the year ended 31 December 2024, which 
provides an update on the Committee’s activities 
through the year.
Role of the Nomination Committee
The role of the Nomination Committee is to undertake the 
formal process of reviewing the balance, effectiveness, and 
diversity of the Board and to consider succession planning, 
identifying the skills and expertise needed to meet the 
future challenges and opportunities facing the Company, 
and those individuals who might best provide them. As part 
of ongoing succession planning, the Nomination Committee 
ensures that all Board appointments are subject to a 
formal, rigorous and transparent procedure.
The Nomination Committee, as and when necessary, 
makes recommendations to the Board about the criteria 
for future Board appointments and the methods of 
selection. It also considers and reviews the appointment of 
a Senior Independent Director, membership of the Board’s 
Committees, and the re-appointment of those Directors 
standing for re-election at AGMs.
In addition, the Nomination Committee is responsible for 
assessing the time commitment required for each Board 
appointment and ensuring that the present incumbents 
have sufficient time to devote to their role, and for 
reviewing the Directors’ performance review process. 
Composition
The Nomination Committee membership consists solely 
of the independent non-executive Directors and me as 
Chair. Mr Daniel Taylor was a member of the Committee 
until his resignation on 15 October 2024. The Committee is 
required to meet at least once annually, and its quorum is 
two members.
The Committee met on two occasions during the year. 
Attendance at these scheduled meetings was as follows:
Matters considered by the Nomination 
Committee during the year to 
31 December 2024
Succession Planning
An important aspect of the Nomination Committee’s role 
is to consider succession planning to ensure the orderly 
replacement of Board members. Succession planning was 
a key focus of the Committee for 2024 following its ongoing 
assessment of the tenure of Board members. The Board 
and Nomination Committee’s detailed succession plan was 
put in place to implement a refresh of the Board whilst also 
ensuring an orderly handover for the Chairman and the 
Senior Independent Director.
Daniel Taylor, having reached the end of his nine-year 
tenure, retired from the Board in October 2024, I succeeded 
him as Senior Independent Director. On 24 October 2024, 
Nicole Burstow joined the Board as a Non-Executive Director 
representing Bridgemere Investments Limited, a significant 
shareholder. The Committee and the Board consider that Ms 
Burstow’s extensive career in financial services, together with 
her commercial experience, will be of great benefit to the 
Company.
Massy Larizadeh 
Nomination Committee Chair
Scheduled Nomination
Committee Meetings
Member
Number of
meetings
entitled 
to attend
Number
attended
Massy Larizadeh 
(Chair)
2
2
Frances Daley
2
2
Kevin McGrath
2
2
Daniel Taylor
2
2
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
143
142

NOMINATION COMMITTEE REPORT CONTINUED
In October 2024, Kevin McGrath also reached the end of 
his nine-year tenure as a Director. However, the Board 
was of the view that it would be in the best interests of the 
Company to extend Mr McGrath’s tenure to March 2025 to 
ensure a successful conclusion of last year’s equity raise, 
and subsequently assist the Board in its identification of his 
successor and help ensure a smooth handover to the Chair 
designate. 
Fidelio Partners, an independent external search consultancy 
with no connection to the Company, was engaged to 
assist with the search criteria for candidates to replace Mr 
McGrath as Chair. The search criteria included a preference 
for a diverse range of candidates, with strong experience 
in regional commercial property investments or extensive 
operational property experience, the ability to build positive 
relationships and engage with multiple stakeholders and 
have a sound understanding of Corporate Governance duties 
and expectations as a Chair of a listed company. 
After a thorough search process and due consideration, 
David Hunter was appointed to the Board with effect from 
2 January 2025, being the strongest candidate with relevant 
knowledge, qualifications, and experience. Mr Hunter 
replaced Mr McGrath as Chairman in March 2025 after the 
successful completion of their handover period.
Mr Stephen Inglis, a non-executive director, reached the end 
of his nine-year tenure on 15 October 2024. However, the 
board believes that Mr Inglis makes an important and unique 
contribution to meetings of the Board and consistently 
demonstrates independence, objectivity, and commitment 
which is beneficial to the Company. The Directors consider 
that it is in the best interests of the Company for Mr Inglis to 
remain on the Board at this time.
Board Diversity
The Board’s policy on diversity is to ensure that the Directors 
have a broad range of experience, skills and knowledge, 
with diversity of thinking, background and perspective. 
Appointments to the Board are made on merit against 
objective criteria, having regard to the benefits of diversity 
and the current and future needs of the business and the 
other factors set out in the AIC Code and the UK Listing Rules.
Diversity, including, but not limited to, gender, social 
background, ethnicity, age, sexual orientation, disability and 
professional and industry specific knowledge, is an important 
consideration in ensuring that the Board and its committees 
have the right balance of skills, experience, independence, and 
knowledge necessary to discharge their responsibilities. The 
Board notes the FCA targets on diversity on company boards:
a. 	 At least 40% of individuals on the Board to be women.
b.	 At least one senior Board position to be held by a woman; 
and
c.	 At least one individual on the Board to be from a minority 
ethnic background.
The Company has met or exceeded the above 
recommendations during the year, having 60% women on 
the Board, a senior position held by a woman (the Senior 
Independent Director) and at least one person from a 
minority ethnic group as at 31 December 2024.
In accordance with UK Listing Rule 6 Annex 1, the below 
tables, in prescribed format, show the gender and ethnic 
background of the Directors at the date of this Report. The 
data was collected through self-reporting by the Directors.
Gender identity
or sex
Number
of Board
members
Percentage
on the
Board
Number
of senior
positions
on the
Board
Men
2
40%
1
Women
3
60%
1
Not specified/ 
prefer not to say
-
-
-
Ethnic
background
Number
of Board
members
Percentage
on the
Board
Number
of senior
positions
on the
Board
White British 
or White other 
(including 
minority white 
groups) 
4
80%
1
Mixed/ Multiple 
ethnic groups
-
-
-
Asian/ Asian 
British
-
-
-
Black/ African/ 
Caribbean/ 
Black British
-
-
-
Other ethnic 
group, including 
Arab
1
20%
1
Not Specified/ 
Prefer not to say
-
-
-
Massy Larizadeh
Nomination Committee Chair
24 March 2025
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
144
145
Board Performance
As detailed on page 132, the Committee reviewed the results 
of the Board Performance Review.
Election and Re-election of Directors
Ms Burstow and Mr Hunter, having been appointed Directors 
since the last AGM will stand for election at the Company’s 
AGM in 2025 and all other Directors will stand for re-election. 
The Committee and the Board have concluded that each 
Director standing for election and re-election continues 
to demonstrate the necessary skills, experience, and 
commitment to contribute effectively and add value to the 
Board. Biographies of each Director are available on pages 
106 to 109. It is the Committee’s and the Board’s view that 
the Directors’ biographies illustrate why each Director’s 
contribution is, and continues to be, important to the 
Company’s long-term sustainable success. 
Committee Effectiveness
During the year, the Board carried out an internally facilitated 
evaluation of its performance and that of its Committees. 
This evaluation confirmed that the Nomination Committee 
continued to operate at a high standard.

MANAGEMENT ENGAGEMENT AND 
REMUNERATION COMMITTEE REPORT
I am pleased to present the Management 
Engagement and Remuneration Committee Report 
for the year ended 31 December 2024.
Role of the Management Engagement and 
Remuneration Committee ("MERC")
The principal duties of the MERC are:
• 	to recommend and monitor the appropriateness 
of the ongoing appointment of the Asset Manager 
and Investment Adviser of the Company and make a 
recommendation to the Board thereon;
• 	to recommend and monitor the appropriateness of the 
level of fees of the Asset Manager and Investment Adviser 
and make a recommendation to the Board thereon;
• 	to recommend and monitor the appropriateness of the 
ongoing appointment of third-party service providers and 
make a recommendation to the Board thereon;
• 	to monitor and agree the level and structure of 
remuneration of the Directors of the Company;
• 	to authorise the policy for authorising claims for expenses 
from the Directors; and
• 	to select, appoint and set the terms of any remuneration 
consultant who advises the Committee.
Composition and Meetings
The MERC consists solely of the independent non-executive 
Directors including me as Chair and met once during the 
year under review. Mr Daniel Taylor was a member of 
the Committee until his resignation on 15 October 2024. 
In accordance with its Terms of Reference, the MERC is 
required to meet at least once annually.
Attendance at these meetings was as follows:
Massy Larizadeh
Management Engagement and Remuneration 
Committee Chair
Scheduled MERC Meetings
Member
Number of
meetings
entitled 
to attend
Number
attended
Massy Larizadeh 
(Chair)
1
1
Frances Daley
1
1
Kevin McGrath
1
1
Daniel Taylor
1
1
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
147
146

Activities During the Year
The Board keeps the performance of the Asset Manager 
and Investment Adviser under continual review. In addition, 
in accordance with the requirements of the AIC Code, the 
MERC reviews the performance of the Asset Manager's and 
Investment Adviser's obligations under their respective 
Asset Management and Investment Management 
Agreements and considers the need for any variation to 
the terms of these Agreements on an annual basis. The 
Committee then makes a recommendation to the Board 
about the continuing appointment of the Asset Manager 
and Investment Adviser under the terms of their respective 
Agreements.
When periodically reviewing the terms of the management 
agreements, the Committee also considers the 
remuneration arrangements and the methodology 
underpinning the annual management and performance 
fees.
On a regular basis, the Board reviews the acquisition 
and disposal decisions made by the Asset Manager. To 
ensure open and regular communication between the 
Asset Manager, Investment Adviser and the Board, a 
representative of the Asset Manager, Mr Inglis, has been 
appointed to the Board and consequently attends all 
Board meetings. The Asset Manager provides regular 
updates to the Board on the Company’s assets and the 
property market generally. The Investment Adviser provides 
regular updates to the Board on the Company’s financial 
performance.
During the year under review, the MERC considered the 
ongoing appointment of the Company’s other third-
party service providers and was satisfied both with the 
effectiveness of the performance of these providers, 
and the added value in respect of those services. The 
Committee recommended to the Board that all third-party 
service providers be retained.
In addition, the Investment Adviser undertakes continual 
review of the competitiveness of the fees of the Company’s 
service providers and advises the MERC as appropriate.
The MERC also considered the remuneration of the 
independent non-executive Directors, details of which 
can be found in the Remuneration Report on page 150. 
No individual was involved in discussions about their own 
remuneration.
Remuneration Advisers
The Company has not sought the advice or service by 
any outside persons or consultants in respect of the 
consideration of Directors’ remuneration.
Committee Effectiveness
During the year, the Board carried out an internally 
facilitated evaluation of its performance and that of its 
Committees. This evaluation confirmed that the MERC 
continued to operate at a high standard.
Massy Larizadeh
Management Engagement and Remuneration 
Committee Chair
24 March 2025
MANAGEMENT ENGAGEMENT AND REMUNERATION COMMITTEE REPORT CONTINUED
ANNUAL REPORT AND ACCOUNTS 2024
148
149
300 Bath Street, Glasgow
300 Bath Street, Glasgow

REGIONAL REIT
DIRECTORS’ REMUNERATION REPORT
Massy Larizadeh  
MERC Chair
Statement from the Chair
This report has been prepared in accordance with the relevant requirements of the 
UK Listing Rules. The MERC comprises the Independent Directors of the Company.
As at 31 December 2024 and the date of this report, the Board consists entirely of non- 
executive Directors and the Company has no employees. The MERC reviews Directors’ 
fees on an annual basis. During the year under review, the MERC reviewed the level 
of Directors’ remuneration, having regard to the level of activity of the Company, its 
financial results, market rates generally and the time commitment and responsibilities 
required of each Director. As a result of this review, the MERC decided not to make any 
changes to the Directors’ remuneration.
The remuneration of the Directors was last increased on 1 April 2022 by 5%. No change 
has been proposed to the Directors' remuneration for the year ending 31 December 
2024. Directors’ fees remain within the approved maximum aggregate amount set out 
in the Company’s Articles of Incorporation of £400,000 in any financial year. 
The MERC ensured that the level of remuneration remained aligned to the 
performance of the Company and will take into consideration the views of 
shareholders on Directors’ remuneration. The MERC has not been provided with any 
advice or services by any person or organisation in respect of its consideration of 
the Directors’ remuneration. The MERC consults industry benchmarks for Directors’ 
remuneration to ensure that remuneration is competitive in the marketplace with 
regard to its size and levels of activity expected of Directors.
As Chair of the Management Engagement and Remuneration Committee (“MERC”) and on 
behalf of the Board, I am pleased to present the Directors’ Remuneration Report for the 
year ended 31 December 2024.
Directors’ Remuneration
The Directors are entitled to receive fees for their services, 
as determined within the limits set out in the Company’s 
Articles of Incorporation. The level of remuneration 
has been set to reflect the experience and expertise 
of the Board as a whole, determined with reference to 
comparable organisations and appointments. The fee for 
any new Director appointed will be determined on the 
same basis.
I receive no additional remuneration for my role as 
Senior Independent Director or as chair of the MERC and 
Nomination Committee. Ms Daley receives additional 
remuneration for her role as chair of the Audit Committee 
to reflect the more onerous role.
Mr Inglis has waived his right to receive remuneration 
from the Company due to his position as Head of the 
Asset Manager. Ms Burstow's remuneration is paid to her 
employer Bridgemere Investments Limited. Ms Burstow 
was appointed as a Non-Executive Director of the Company 
as a representative of significant shareholder, Bridgemere 
Investments Limited.
The Directors may be paid all reasonable travel, hotel and 
other out-of-pocket expenses properly incurred by them 
in attending Board or committee meetings or general 
meetings, and all reasonable expenses properly incurred 
by them seeking independent professional advice on any 
matter that concerns them in the furtherance of their duties 
as a Director. None of the Directors claimed any expenses 
during the year.
None of the Directors has a service contract, but letters of 
appointment setting out the terms of their appointment are 
in place. Copies of the letters of appointment are available 
for inspection at the Company’s registered office address 
and will be made available to view at the AGM.
Additional Remuneration
There are no performance conditions attaching to the 
remuneration of the Directors as the Board does not 
believe that this is appropriate for non-executive Directors. 
Directors are not eligible for bonuses and do not receive 
pension benefits, long-term incentive schemes or Share 
options or any other non-statutory benefits or incentives. 
Directors’ & Officers’ Liability Insurance is maintained and 
paid for by the Company on behalf of the Directors. No 
Director is entitled to any other monetary payment or any 
assets of the Company. The same principles will apply to 
any new Director appointments.
No additional remuneration was paid to the Directors 
during the year. 
Payment for Loss of Office and Payments to 
Past Directors
Compensation will not be made upon early termination of 
appointment. No payment has been made to any former 
Director for loss of office and there were no payments for 
past Directors in the year ended 31 December 2024 (31 
December 2023: none).
Remuneration Consultants
The Group did not engage the services of an external 
remuneration consultant during the period under review.
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
150
151

DIRECTORS’ REMUNERATION REPORT CONTINUED
Total Director Remuneration (audited)
The remuneration paid to the Directors as fees for their 
services during the year is set out in the table below:
The basic fee payable to Directors in respect of the year 
ended 31 December 2024 and the expected fees payable in 
respect of the year ending 31 December 2025 are set out in 
the table below:
Directors’ Shareholdings
Neither the Company’s articles of incorporation nor the 
Directors’ letters of appointment require a Director to own 
shares in the Company. Any shares held by the Directors 
and their connected persons have been bought on the 
open market. Details of the Directors’ interests in shares are 
provided on page 112.
Shareholder Engagement
The Company is committed to ongoing shareholder dialogue 
and any views expressed by shareholders on the fees being 
paid to Directors would be taken into consideration by the 
MERC in the annual review of Directors’ fees. 
On behalf of the Board
Opinion
We have audited the financial statements of Regional 
REIT Limited (the ‘parent company’) and its subsidiaries 
(the ‘group’) for the year ended 31 December 2024 which 
comprise the consolidated statement of comprehensive 
income, consolidated statement of financial position, 
consolidated statement of changes in equity, consolidated 
statement of cash flows and notes to the financial 
statements, including significant accounting policies. The 
financial reporting framework that has been applied in their 
preparation is applicable law and UK-adopted International 
Accounting Standards.
In our opinion, the financial statements:
• 	give a true and fair view of the state of the group’s affairs 
as at 31 December 2024 and of the group’s loss for the 
year then ended;
•	 are in accordance with UK-adopted International 
Accounting Standards; and
•	 comply with the requirements of The Companies 
(Guernsey) Law, 2008.
Basis for opinion
We conducted our audit in accordance with International 
Standards on Auditing (UK) (ISAs (UK)) and applicable law. 
Our responsibilities under those standards are further 
described in the Auditor’s responsibilities for the audit 
of the financial statements section of our report. We are 
independent of the group in accordance with the ethical 
requirements that are relevant to our audit of the financial 
statements in the UK, including the FRC’s Ethical Standard as 
applied to listed public interest entities, and we have fulfilled 
our other ethical responsibilities in accordance with these 
requirements. We believe that the audit evidence we have 
obtained is sufficient and appropriate to provide a basis for 
our opinion.
Key audit matters
Key audit matters are those matters that, in our professional 
judgment, were of most significance in our audit of the group 
financial statements of the current period and include the 
most significant assessed risks of material misstatement 
(whether or not due to fraud) we identified, including those 
which had the greatest effect on the overall audit strategy, 
the allocation of resources in the audit and directing the 
efforts of the engagement team. These matters were 
addressed in the context of our audit of the group financial 
statements as a whole, and in forming our opinion thereon, 
and we do not provide a separate opinion on these matters.
Director
Fees paid to
31 December 2024
Fees paid to
31 December 2023
Percentage change 
from 2023 to 2024
Kevin McGrath (Chair)
£77,000
£77,000
0%
Nicole Burstow1
£10,369
-
-
Frances Daley 
£57,500
£57,500
0%
Stephen Inglis 
-
-
-
Massy Larizadeh 
£55,000
£55,000
0%
Daniel Taylor2
£43,337
£55,000
-
William Eason3
-
£22,353
-
Aggregate: 
£243,206
£266,853
Expected annual
fees for the year
to 31 December 
2025
Annual fees
for the year to
31 December 
2024
Chairman
£77,000
£77,000
Non-executive 
Directors
£55,000
£55,000
Audit Committee 
Chair
£57,500
£57,500
Total 
remuneration paid 
to Directors
£244,500
£244,500
Massy Larizadeh 
Management Engagement and Remuneration 
Committee Chair
24 March 2025
INDEPENDENT AUDITOR’S REPORT TO THE 
MEMBERS OF REGIONAL REIT LIMITED
Summary of our audit approach
Key audit matters
Group 
•   Valuation of Investment Property
Materiality
Group
•   Overall materiality: £9,000,000 (2023: £9,380,000)
•	 Performance materiality: £6,750,000 (2023: £7,030,000)
Scope
Our audit procedures covered 90% of revenue, 99% of total 
assets and 97% of profit before tax.
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
152
153
1 	Appointed on 24 October 2024. Remuneration invoiced by Ms Burstow's employer, Bridgemere Investments Ltd.
2 	Resigned on 15 October 2024 
3 	Resigned on 25 May 2023

INDEPENDENT AUDITOR’S REPORT TO THE
MEMBERS OF REGIONAL REIT LIMITED CONTINUED
Investment Properties
Key audit matter description
This is detailed in the Audit Committee report on pages 138 to 139; note 3.1.1 of the 
significant accounting judgements and estimates on page 172; note 4.5 of the significant 
accounting policies on page 175; note 14 of the notes to the financial statements on 
page 184 to 187.
The Group owns or controls through a portfolio of Special Purpose Vehicles (SPV’s) a 
portfolio of investment properties which include office, industrial and retail properties. 
The total valuation of the portfolio at 31 December 2024 was £622.5million (2023: 
£700.7million). These properties are diversified across the UK with a wide geographical 
spread.
The Directors’ assessment of the value of the investment properties at the year-end 
date is considered a key audit matter due to the magnitude of the total amount, the 
potential impact of the movement in value on the reported results, and the subjectivity 
and complexity of the valuation process.
The valuation is carried out by external valuers, Colliers International Property 
Consultants, in line with the methodology set out in note 3.1.1.
How the matter was 
addressed in the audit
We audited the independent valuation of investment properties to evaluate whether 
they had been prepared on a consistent basis for all properties and in accordance 
with Royal Institution of Chartered Surveryors standards and are considered to be 
appropriate and correctly recorded in the consolidated financial statements in line with 
the financial reporting framework. We assessed the external valuers’ qualifications 
and expertise and considered their terms of engagement, we also considered their 
objectivity and any other existing relationships with the group and concluded that there 
was no evidence that the valuers’ objectivity had been compromised. We specifically 
enquired of any challenge that had been made on their valuation report from parties 
related to the Group.
We engaged a property valuation specialist, as our auditor’s expert, and based on our 
initial discussions we identified 45 properties for detailed testing based on a sample 
of the individually material properties, or where the current year valuation movement 
fell outwith current market expectations or the yield fell outwith expectations from our 
overall review of the portfolio. 
We discussed and challenged the valuation of 25 of these properties with the 
valuer directly. The valuer demonstrated a detailed knowledge of each property, 
the geographical location, the tenant status and the overall asset desirability. We 
corroborated the additional information provided to support these movements.
In addition, our auditor’s expert carried out a review of the valuations for the remaining 
20 properties. Our expert considered the specific inputs to these valuations and also 
considered the comparable transaction evidence that was used by management’s 
expert in preparing their valuation.
We tested a sample of the inputs used by the valuer and ensured these reflected the 
correct inputs for a sample of properties. 
We audited the accuracy and completeness of the disclosures in the financial 
statements. 
Key observations
We concluded that the fair values of the investment properties being adopted by the 
group were appropriate. 
Group
Overall materiality
£9,000,000 (2023: £9,380,000)
Basis for determining overall materiality
1.2% (2023: 1.2%) of Total Assets
Rationale for benchmark applied
Total assets was used as a benchmark as it was assessed that the 
shareholders will be primarily interested in the growth in the value of 
property, represented by the property valuation.
Performance materiality
£6,750,000 (2023: £7,030,000)
Basis for determining performance 
materiality
75% of overall materiality
Materiality levels for those classes of 
transactions where materiality levels are 
lower than overall materiality
The statement of comprehensive income was tested to the lower 
Performance Materiality figure of £1,440,000 (2023: £1,710,000) to ensure 
adequate coverage of these values. This has been calculated as 4.0% (2023: 
4.0%) of Operating profit before gains and losses on property assets and 
other investments.
Reporting of misstatements to the Audit 
Committee
Misstatements in excess of £450,000 (2023: £469,000) and misstatements 
below that threshold that, in our view, warranted reporting on qualitative 
grounds.
Our application of materiality
When establishing our overall audit strategy, we set certain 
thresholds which help us to determine the nature, timing and 
extent of our audit procedures. When evaluating whether 
the effects of misstatements, both individually and on the 
financial statements as a whole, could reasonably influence 
the economic decisions of the users we take into account the 
qualitative nature and the size of the misstatements. Based 
on our professional judgement, we determined materiality as 
follows:
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
154
155

INDEPENDENT AUDITOR’S REPORT TO THE
MEMBERS OF REGIONAL REIT LIMITED CONTINUED
An overview of the scope of our audit
The group consists of 59 components, located in the 
following countries; Guernsey; Jersey; and the United 
Kingdom. 
The coverage achieved by our audit procedures was:
Full scope audits were performed for 11 components, with 
14 components subject to specific audit procedures. 
The specific audit procedures for 11 components 
included the audit of the investment properties held 
by those components and the change in fair value of 
investment properties. The specific audit procedures 
for 2 components included procedures on cash and 
cash equivalents, and additionally on interest payable 
for 1 of these. The specific audit procedures for the 
final component included procedures on the derivative 
financial instruments and net movement in fair value of 
derivative financial instruments .
All audit work on the components was performed by RSM 
UK Audit LLP with no work performed by other component 
auditors.
Conclusions relating to going concern
In auditing the financial statements, we have concluded 
that the directors’ use of the going concern basis of 
accounting in the preparation of the financial statements 
is appropriate. Our evaluation of the directors’ assessment 
of the group’s ability to continue to adopt the going 
concern basis of accounting included: 
• 	checking the integrity and accuracy of the cashflow 
forecasts and covenant calculations prepared by 
management;
•	 challenging management on the reasonableness of 
the assumptions made in the forecasts particularly in 
respect of; the non-payment of rent by tenants; the 
drawdown of funds from existing bank facilities; the 
headroom in banking covenants; and the ability to make 
dividend payments;
•	 assessing the reasonableness of assumptions and 
explanations provided by management to supporting 
information, where available; and
•	 auditing the accuracy of disclosures made in the 
financial statements in respect of going concern.
We have no key observations to make.
Based on the work we have performed, we have not 
identified any material uncertainties relating to events 
or conditions that, individually or collectively, may cast 
significant doubt on the group’s ability to continue as a 
going concern for a period of at least twelve months from 
when the financial statements are authorised for issue.
In relation to the entity reporting on how they have 
applied the AIC Code of Corporate Governance, we have 
nothing material to add or draw attention to in relation to 
the directors’ statement in the financial statements about 
whether the directors considered it appropriate to adopt 
the going concern basis of accounting.
Our responsibilities and the responsibilities of the 
directors with respect to going concern are described in 
the relevant sections of this report.
Other information
The other information comprises the information included 
in the annual report, other than the financial statements 
and our auditor’s report thereon. The directors are 
responsible for the other information contained within the 
annual report. Our opinion on the financial statements 
does not cover the other information and we do not 
express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, 
in doing so, consider whether the other information is 
materially inconsistent with the financial statements 
or our knowledge obtained in the course of the audit 
or otherwise appears to be materially misstated. If 
we identify such material inconsistencies or apparent 
material misstatements, we are required to determine 
whether this gives rise to a material misstatement in the 
financial statements themselves. If, based on the work 
we have performed, we conclude that there is a material 
misstatement of this other information, we are required to 
report that fact.
We have nothing to report in this regard.
Matters on which we are required to report 
by exception  
We have nothing to report in respect of the following 
matters where The Companies (Guernsey) Law 2008 
requires us to report to you if, in our opinion:
• 	proper accounting records have not been kept by the 
parent company; or
•	 the financial statements are not in agreement with the 
accounting records; or
•	 we have failed to obtain all the information and 
explanations which, to the best of our knowledge and 
belief, are necessary for the purposes of our audit.
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
156
157
Full scope
Specific audit procedures
REVENUE
REVENUE
TOTAL
ASSETS
PROFIT
BEFORE TAX
90%
88%
76%
21%
11%

INDEPENDENT AUDITOR’S REPORT TO THE
MEMBERS OF REGIONAL REIT LIMITED CONTINUED
Corporate governance statement
We have reviewed the directors’ statement in relation to 
going concern, longer-term viability and that part of the 
Corporate Governance Statement relating to the parent 
company’s compliance with the provisions of the AIC Code 
of Corporate Governance specified for our review by the 
Listing Rules.
Based on the work undertaken as part of our audit, we 
have concluded that each of the following elements of the 
Corporate Governance Statement is materially consistent 
with the financial statements or our knowledge obtained 
during the audit:
• 	Directors’ statement with regards the appropriateness 
of adopting the going concern basis of accounting and 
any material uncertainties identified set out on page 
73; 
•	 Directors’ explanation as to its assessment of the 
group’s prospects, the period this assessment covers 
and why this period is appropriate set out on page 73 
to 74; 
•	 Directors’ statement on whether it has a reasonable 
expectation that the group will be able to continue in 
operation and meets its liabilities set out on page 73; 
•	 Directors’ statement on fair, balanced and 
understandable set out on page 119;
•	 Board’s confirmation that it has carried out a robust 
assessment of the emerging and principal risks set out 
on page 135; 
•	 Section of the annual report that describes the review 
of effectiveness of risk management and internal 
control systems set out on page 135; and,
•	 Section describing the work of the audit committee set 
out on page 137 to 141.
Responsibilities of directors
As explained more fully in the directors’ responsibilities 
statement set out on page 118, the directors are 
responsible for the preparation of the financial statements 
and for being satisfied that they give a true and fair view, 
and for such internal control as the directors determine 
is necessary to enable the preparation of financial 
statements that are free from material misstatement, 
whether due to fraud or error.
In preparing the financial statements, the directors are 
responsible for assessing the group’s ability to continue as 
a going concern, disclosing, as applicable, matters related 
to going concern and using the going concern basis of 
accounting unless the directors either intend to liquidate 
the group or to cease operations, or have no realistic 
alternative but to do so.
Auditor’s responsibilities for the audit of the 
financial statements
Our objectives are to obtain reasonable assurance about 
whether the financial statements as a whole are free from 
material misstatement, whether due to fraud or error, 
and to issue an auditor’s report that includes our opinion. 
Reasonable assurance is a high level of assurance, but is 
not a guarantee that an audit conducted in accordance 
with ISAs (UK) will always detect a material misstatement 
when it exists. Misstatements can arise from fraud or 
error and are considered material if, individually or in the 
aggregate, they could reasonably be expected to influence 
the economic decisions of users taken on the basis of 
these financial statements.
The extent to which the audit was considered 
capable of detecting irregularities, including 
fraud
Irregularities are instances of non-compliance with 
laws and regulations. The objectives of our audit are to 
obtain sufficient appropriate audit evidence regarding 
compliance with laws and regulations that have a direct 
effect on the determination of material amounts and 
disclosures in the financial statements, to perform audit 
procedures to help identify instances of non-compliance 
with other laws and regulations that may have a material 
effect on the financial statements, and to respond 
appropriately to identified or suspected non-compliance 
with laws and regulations identified during the audit.
In relation to fraud, the objectives of our audit are to 
identify and assess the risk of material misstatement of 
the financial statements due to fraud, to obtain sufficient 
appropriate audit evidence regarding the assessed risks 
of material misstatement due to fraud through designing 
and implementing appropriate responses and to respond 
appropriately to fraud or suspected fraud identified during 
the audit.  
However, it is the primary responsibility of management, 
with the oversight of those charged with governance, 
to ensure that the entity's operations are conducted in 
accordance with the provisions of laws and regulations 
and for the prevention and detection of fraud.
In identifying and assessing risks of material misstatement 
in respect of irregularities, including fraud, the group audit 
engagement team and component auditors: 
• 	obtained an understanding of the nature of the 
industry and sector, including the legal and regulatory 
framework, that the group operates in and how the 
group is complying with the legal and regulatory 
framework;
•	 inquired of management, and those charged with 
governance, about their own identification and 
assessment of the risks of irregularities, including any 
known actual, suspected or alleged instances of fraud; 
and
•	 discussed matters about non-compliance with laws 
and regulations and how fraud might occur including 
assessment of how and where the financial statements 
may be susceptible to fraud, having obtained an 
understanding of the overall of the control environment.
All relevant laws and regulations identified at a Group level 
and areas susceptible to fraud that could have a material 
effect on the consolidated financial statements were 
communicated to component auditors. Any instances of 
non-compliance with laws and regulations identified and 
communicated by a component auditor were considered 
in our group audit approach. 
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
158
159

INDEPENDENT AUDITOR’S REPORT TO THE
MEMBERS OF REGIONAL REIT LIMITED CONTINUED
Legislation / Regulation
Additional audit procedures performed by the Group audit 
engagement team and component auditors included:
UK-adopted IAS; The Companies 
(Guernsey) Law 2008; AIC Code of 
Corporate Governance; and Listing and 
Transparency Rules 
Review of the financial statement disclosures and testing to supporting 
documentation;
Completion of a disclosure checklist to identify areas of non-compliance.
Tax compliance; and UK REIT regulations
Tested REIT compliance tests completed by external tax advisor;
Input from an internal auditor’s expert was obtained regarding compliance 
with the UK REIT regulations.
Land and building regulations; 
Environmental policies and regulations; 
Health and safety regulations
Discussed compliance and risk assessment procedures with the Asset 
Manager and obtained a sample of risk assessment reports that are 
prepared.
Risk
Audit procedures performed by the Group audit engagement team 
and component auditors:
Management override of internal 
controls 
Testing the appropriateness of journal entries and other adjustments using 
a data analytics tool to select a risk based sample;
Assessing whether the judgements made in making accounting estimates 
are indicative of a potential bias; and
Evaluating the business rationale of any significant transactions that are 
unusual or outside the normal course of business.
Revenue recognition
Performing substantive analytical review to test the rental income that is 
recognised and assessing whether this is recognised in accordance with 
the latest signed tenancy agreements;
Testing a sample of tenancies to rental agreement; and
Testing the accuracy of disclosures made in the financial statements in 
respect of revenue.
Investment property valuation
See the key audit matters section of this report for work performed on this 
area.
The most significant laws and regulations were 
determined as follows:
The areas that we identified as being susceptible to 
material misstatement due to fraud were:
A further description of our responsibilities for the audit of 
the financial statements is included in appendix 1 of this 
auditor’s report. This description, which is located at page 
163, forms part of our auditor’s report.
Other matters which we are required to 
address
Following the recommendation of the audit committee, we 
were appointed by the audit committee on 06 November 
2015 to audit the financial statements for the year ending 
31 December 2015 and subsequent financial periods.
The period of total uninterrupted consecutive 
appointments is ten years, covering the years ending 31 
December 2015 to 31 December 2024.
The non-audit services prohibited by the FRC’s Ethical 
Standard were not provided to the group and we remain 
independent of the group in conducting our audit. 
Our audit opinion is consistent with the additional report 
to the audit committee in accordance with ISAs (UK).
Use of our report
This report is made solely to the company’s members, 
as a body, in accordance with section 262 of The 
Companies (Guernsey) Law 2008. Our audit work has 
been undertaken so that we might state to the company’s 
members those matters we are required to state to 
them in an auditor’s report and for no other purpose. To 
the fullest extent permitted by law, we do not accept or 
assume responsibility to anyone other than the company 
and the company’s members as a body, for our audit work, 
for this report, or for the opinions we have formed.
As required by the Financial Conduct Authority (FCA) 
Disclosure Guidance and Transparency Rules, these 
financial statements will form part of the Annual Financial 
Report prepared in Extensible Hypertext Markup Language 
(XHTML) format and filed on the National Storage 
Mechanism of the UK FCA. This auditor’s report provides 
no assurance over whether the annual financial report has 
been prepared in XHTML format.
Alan Aitchison
For and on behalf of RSM UK AUDIT LLP, Auditor
Chartered Accountants 
Third Floor, Centenary House
69 Wellington Street
Glasgow
G2 6HG
24 March 2025
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
160
161

APPENDIX 1:
As part of an audit in accordance with ISAs (UK), we 
exercise professional judgment and maintain professional 
scepticism throughout the audit. We also:
•	 Identify and assess the risks of material misstatement of 
the financial statements, whether due to fraud or error, 
design and perform audit procedures responsive to those 
risks, and obtain audit evidence that is sufficient and 
appropriate to provide a basis for our opinion. The risk 
of not detecting a material misstatement resulting from 
fraud is higher than for one resulting from error as fraud 
may involve collusion, forgery, intentional omissions, 
misrepresentations, or the override of internal control. 
We include an explanation in the auditor’s report of 
the extent to which the audit was capable of detecting 
irregularities, including fraud
•	 Obtain an understanding of internal control relevant to 
the audit in order to design audit procedures that are 
appropriate in the circumstances, but not for the purpose 
of expressing an opinion on the effectiveness of the 
group’s internal control. 
•	 Evaluate the appropriateness of accounting policies used 
and the reasonableness of accounting estimates and 
related disclosures made by the directors.
•	 Conclude on the appropriateness of the directors’ use of 
the going concern basis of accounting and, based on the 
audit evidence obtained, whether a material uncertainty 
exists related to events or conditions that may cast 
significant doubt on the group’s ability to continue as a 
going concern. If we conclude that the use of the going 
concern basis of accounting is appropriate and no 
material uncertainties have been identified, we report 
these conclusions in the auditor’s report. If we conclude 
that a material uncertainty exists, we are required to draw 
attention in our auditor’s report to the related disclosures 
in the financial statements or, if such disclosures are 
inadequate, to modify our opinion. Our conclusions are 
based on the audit evidence obtained up to the date of 
our auditor’s report. However, future events or conditions 
may cause the group to cease to continue as a going 
concern.
•	 Evaluate the overall presentation, structure and content 
of the financial statements, including the disclosures, 
and whether the financial statements represent the 
underlying transactions and events in a manner that 
achieves fair presentation.
•	 Obtain sufficient appropriate audit evidence regarding 
the financial information of the entities or business 
activities within the group to express an opinion on the 
consolidated financial statements. We are responsible for 
the direction, supervision and performance of the group 
audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance 
regarding, among other matters, the planned scope and 
timing of the audit and significant audit findings, including 
any significant deficiencies in internal control that we 
identify during our audit.
We also provide those charged with governance with a 
statement that we have complied with relevant ethical 
requirements regarding independence, including the FRC’s 
Ethical Standard as applied to public interest entities, 
and communicate with them all relationships and other 
matters that may reasonably be thought to bear on our 
independence, and where applicable, related safeguards.
From the matters communicated with those charged with 
governance, we determine those matters that were of 
most significance in the audit of the consolidated financial 
statements of the current period and are therefore the key 
audit matters. We describe these matters in our auditor’s 
report unless law or regulation precludes public disclosure 
about the matter or when, in extremely rare circumstances, 
we determine that a matter should not be communicated 
in our report because the adverse consequences of doing 
so would reasonably be expected to outweigh the public 
interest benefits of such communication.
We are required to include in the auditor’s report 
an explanation of how we evaluated management's 
assessment of the group’s ability to continue as a going 
concern and, where relevant, key observations arising with 
respect to that evaluation.
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT 
OF THE FINANCIAL STATEMENTS
Auditor's responsibilities for the audit of the 
financial statements.
162
163
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT

ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
164
165
FINANCIAL
STATEMENTS
Consolidated Statement of Comprehensive Income
166
Consolidated Statement of Financial Position
167
Consolidated Statement of Changes in Equity
168
Consolidated Statement of Cash Flows
169
Notes to the Consolidated Financial Statements
170

Notes
Year ended
31 December
2024
£’000
Year ended
31 December
2023
£’000
Continuing Operations 
Revenue
Rental and property income
Property costs
5
6
90,981
(45,021)
91,880
(38,161)
Net rental and property income
45,960
53,719
Administrative and other expenses
7
(9,851)
(10,626)
Operating profit before gains and losses on property assets 
and other investments
36,109
43,093
Loss on disposal of investment properties
Change in fair value of investment properties
Change in fair value of right of use assets
14
14
26
(3,180)
(56,732)
(138)
(726)
(86,350)
(139)
Operating loss
(23,941)
(44,122)
Finance income
Finance expenses
Net movement in fair value of derivative financial instruments
9
10
25
1,394
(15,224)
(1,703)
79
(16,210)
(7,194)
Loss before tax
(39,474)
(67,447)
Taxation
11
(65)
(9)
Total comprehensive losses for the year (attributable to 
owners of the parent company)
(39,539)
(67,456)
Losses per Share – basic and diluted (2023 restated)
12
(33.5)p
(82.9)p
Notes
31 December
2024
£’000
31 December
2023
£’000
Assets
Non-current assets
Investment properties
Right of use assets
Investments in associates
Non-current receivables on tenant loan
Derivative financial instruments
14
26
16
17
25
607,458
10,849
276
144
11,608
687,695
10,987
-
385
16,009
630,335
715,076
Current assets
Trade and other receivables
Cash and cash equivalents
18
19
35,079
56,719
32,837
34,505
Total assets
91,798
722,133
67,342
782,418
Liabilities
Current liabilities
Trade and other payables
Deferred income
Retail eligible bonds 
Deferred tax liabilities
20
21
24
22
(31,647)
(14,364)
-
(741)
(33,039)
(15,597)
(49,907)
(708)
(46,752)
(99,251)
Non-current liabilities
Bank and loan borrowings
Lease liabilities
23
26
(312,323)
(11,444)
(365,603)
(11,475)
Total liabilities
(323,767)
(370,519)
(377,078)
(476,329)
Net assets
351,614
306,089
Equity
Stated capital
Accumulated losses
27
618,266
(266,652)
513,762
(207,673)
Total equity attributable to owners of the parent company
351,614
306,089
Net asset value per Share – basic and diluted (2023 restated)
28
216.9p
376.2p
The notes on pages 170 to 205 are an integral part of 
these consolidated financial statements.
Total comprehensive losses all arise from continuing 
operations.
The notes on pages 170 to 205 are an integral part of 
these consolidated financial statements.	
	
	
These consolidated group financial statements were 
approved by the Board of Directors and authorised for 
issue on 24 March 2025 and signed on its behalf by:
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
David Hunter
Chairman
24 March 2025
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
166
167

Attributable to owners of the parent company
Notes
Stated
capital
£’000
Accumulated
losses
£’000
Total
£’000
Balance at 1 January 2024
Total comprehensive losses
Dividends paid
Shares issued
Cost of shares issued
13
27
27
513,762
-
-
110,515
(6,011)
(207,673)
(39,539)
(19,440)
-
-
306,089
(39,539)
(19,440)
110,515
(6,011)
Balance at 31 December 2024
618,266
(266,652)
351,614
For the year ended 31 December 2023
Attributable to owners of the parent company
Notes
Stated
capital
£’000
Accumulated
losses
£’000
Total
£’000
Balance at 1 January 2023
Total comprehensive losses
Dividends paid
13
513,762
-
-
(110,820)
(67,456)
(29,397)
402,942
(67,456)
(29,397)
Balance at 31 December 2023
513,762
(207,673)
306,089
Year ended
31 December
2024
£’000
Year ended
31 December
2023
£’000
Cash flows from operating activities
Loss for the year before taxation
Change in fair value of investment properties
Change in fair value of financial derivative instruments
Loss on disposal of investment properties
Change in fair value of right of use assets
Finance income
Finance expense
Increase in trade and other receivables
Increase/(decrease) in trade and other payables 
Decrease in deferred income
(39,474)
56,732
1,703
3,180
138
(1,394)
15,224
(2,027)
295
(1,233)
(67,447)
86,350
7,194
726
139
(79)
16,210
(2,380)
(3,611)
(1,064)
Cash generated from operations
33,144
36,038
Interest paid
Taxation paid
(13,229)
(4)
(14,775)
-
Net cash flow generated from operating activities
19,911
21,263
Investing activities
Investments in associates
Investment property acquisitions and subsequent expenditure
Sale of investment properties
Interest received
(276)
(8,249)
28,574
1,391
-
(10,260)
24,969
89
Net cash flow generated from investing activities
21,440
14,798
Financing activities
Proceeds received on derivative financial instruments
Dividends paid
Proceeds from share issue
Share issue costs
Bank borrowings advanced
Bank borrowings repaid
Bank borrowing costs paid
Repayment of retail eligible bonds
Lease repayments
2,698
(22,301)
110,515
(4,837)
-
(54,016)
(761)
(50,000)
(435)
1,246
(31,978)
-
-
3,729
(23,771)
(495)
-
(435)
Net cash flow used in financing activities
(19,137)
(51,704)
Net increase/(decrease) in cash and cash equivalents 
Cash and cash equivalents at the start of the year
22,214
34,505
(15,643)
50,148
Cash and cash equivalents at the end of the year
56,719
34,505
The notes on pages 170 to 205 are an integral part of 
these consolidated financial statements.
The notes on pages 170 to 205 are an integral part of 
these consolidated financial statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
168
169

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2024
1. Corporate information
The Group’s consolidated financial statements for the 
year ended 31 December 2024 comprise the results of the 
Company and its subsidiaries (together constituting the 
“Group”) and were approved by the Board and authorised 
for issue on 24 March 2025.
The Company is a company limited by Shares incorporated 
in Guernsey under The Companies (Guernsey) Law, 
2008, as amended (the “Law”). The Company’s Ordinary 
Shares are admitted to the Official List of the Financial 
Conduct Authority (“FCA”) and traded on the London Stock 
Exchange (“LSE”).
The Company was incorporated on 22 June 2015 and 
is registered with the Guernsey Financial Services 
Commission as a Registered Closed-Ended Collective 
Investment Scheme pursuant to The Protection of 
Investors (Bailiwick of Guernsey) Law, 2020, as amended, 
and the Registered Collective Investment Scheme Rules & 
Guidance 2021.
The Company did not begin trading until 6 November 2015 
when the Shares were admitted to trading on the LSE.
The nature of the Group’s operations and its principal 
activities are set out in the Strategic Report on pages 20 
to 103.
The address of the registered office is Mont Crevelt House, 
Bulwer Avenue, St. Sampson, Guernsey GY2 4LH.
2. Basis of preparation
The Group’s consolidated financial statements have been 
prepared on a going concern basis in accordance with the 
Disclosure Guidance and Transparency Rules of the FCA, 
the requirements of The Companies (Guernsey) Law 2008 
and with UK-adopted International Accounting Standards.
The Group’s consolidated financial statements have been 
prepared on a historical cost basis, as modified for the 
Group’s investment properties and certain financial assets 
and financial liabilities (including derivative instruments) at 
fair value through profit or loss.
2.1 Functional and presentation currency
The financial information is presented in Pounds Sterling, 
which is also the functional currency of all Group 
companies, and all values are rounded to the nearest 
thousand (£’000) pound, except where otherwise indicated.
2.2 Going concern
The Directors confirm that they have a reasonable 
expectation that the Group has adequate resources 
to continue as a going concern. This expectation is 
underpinned by having made an assessment of the 
Group’s ability to continue in operational existence, giving 
due consideration to the Group’s cashflow forecast, which 
encompasses cash resources, rental income, acquisition 
and disposals of investment properties, elective and 
committed capital expenditure, dividend distributions and 
the borrowing facilities and the respective maturities.
Following the successful completion of the £110.5 million 
equity capital raise in July 2024, the Group ended the 
year under review with £56.7 million of cash and cash 
equivalents, of which £55.9 million was unrestricted cash. 
The borrowing facilities remained compliant with all loan 
covenants, with a net LTV of c.41.8%, based upon the value 
of the Group’s investment properties as at 31 December 
2024. Rental income collections remained robust with 
98.6% of rent invoiced in the year collected as at 14 March 
2025.
Given the substantial amount of unrestricted cash 
currently held by the Group and, with the next borrowing 
due to mature being the Royal Bank of Scotland, Bank of 
Scotland and Barclays £99.8 million facility in August 2026, 
the Directors are satisfied that the Group and Company 
have adequate resources to continue in operational 
existence for a period of at least 12 months from the date 
that these Financial Statements were approved. Based on 
the above, together with available market information, 
the Directors are not aware of any material uncertainties 
that may cast significant doubt upon the Group’s ability 
to continue as a going concern. Accordingly, the Directors 
consider that it is appropriate to continue to prepare the 
Financial Statements on a going concern basis.
2.3 Business combinations
At the time of acquisition, the Group considers whether 
each acquisition represents the acquisition of a business 
or the acquisition of an asset. For an acquisition of a 
business where an integrated set of activities are acquired 
in addition to the property, the Group accounts for the 
acquisition as a business combination under IFRS 3 
Business Combinations (“IFRS 3”). 
Where such acquisitions are not judged to be the 
acquisition of a business, they are not treated as business 
combinations. Rather, the cost to acquire the corporate 
entity is allocated between the identifiable assets and 
liabilities of the entity based upon their relative fair 
values at the acquisition date. Accordingly, no goodwill or 
additional deferred tax arises.
2.4 New standards, amendments and 
interpretations
New standards, amendments to standards and 
interpretations which came into effect for accounting 
periods starting on or after 1 January 2024 are as follows:
Amendments to IAS 1 ‘Presentation of Financial 
Statements’ (effective for periods beginning on or after 1 
January 2024) clarify that liabilities are classified as either 
current or non-current, depending on the rights that exist 
at the end of the reporting period and not expectations of 
or actual events after the reporting date. The amendments 
also give clarification to the definition of settlement of a 
liability. 
Amendments to IAS 1 ‘Presentation of Financial 
Statements’ (effective for periods beginning on or after 1 
January 2024) give clarification with respect to covenants 
when assessing whether liabilities are classified as either 
current or non-current.
Amendments to IFRS 16 ‘Leases’ (effective for 
periods beginning on or after 1 January 2024) include 
requirements to explain how an entity accounts for a sale 
and leaseback after the date of transaction.
Amendments to IAS 7 ‘Cash Flow Statements’ and 
IFRS 7 ‘Financial Instruments: Disclosure’ (effective 
for periods beginning on or after 1 January 2024) require 
disclosures to enhance the transparency of supplier 
finance arrangements and their effects on an entity’s 
liabilities, cash flows and exposure to liquidity risk. 
During the year ended 31 December 2024, none of the 
above had a material impact on the financial statements.
2.5 New standards, amendments and 
interpretations effective for future 
accounting periods
A number of new standards, amendments to standards 
and interpretations are effective for periods beginning 
on or after 1 January 2025 and have not been applied in 
preparing these financial statements. These are:
IFRS S1 General Requirements for Disclosure of 
Sustainability-related Financial Information (effective 
for periods beginning on or after 1 January 2024 but not 
yet endorsed for use in the UK). 
IFRS S2 Climate-related Disclosures (effective for periods 
beginning on or after 1 January 2024 but not yet endorsed 
for use in the UK). 
Amendments to IAS 21 ‘The Effects of Changes in 
Foreign Exchange Rates’ (effective for periods beginning 
on or after 1 January 2025) provides clarification upon 
treatment for transactions in a foreign currency that is not 
exchangeable into another currency at the measurement 
date.
IFRS 18 ‘Presentation and Disclosure in Financial 
Statements' (effective for periods beginning on or after 
1 January 2027 but not yet endorsed for use in the UK) 
replaces IAS 1 ‘Presentation of Financial Statements’.
IFRS 19 ‘Subsidiaries without Public Accountability: 
Disclosures' (effective for periods beginning on or after 
1 January 2027 but not yet endorsed for use in the UK)) 
specifies reduced disclosure requirements that an eligible 
entity is permitted to apply instead of the disclosure 
requirements in other IFRS Accounting Standards.
The Directors are assessing the impact these new 
amendments and standards will have on the preparation 
of the financial statements.
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
170
171

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2024 CONTINUED
3. Significant accounting judgements, 
estimates and assumptions
The preparation of the financial statements requires 
management to make judgements, estimates and 
assumptions that affect the reported amounts of 
revenues, expenses, assets and liabilities at the reporting 
date. However, uncertainty about these assumptions and 
estimates could result in outcomes that require a material 
adjustment to the carrying amount of the asset or liability 
affected in future periods.
3.1 Critical accounting estimates and 
assumptions
The principal estimates that may be material to the 
carrying amount of assets and liabilities are as follows:
3.1.1 Valuation of investment property
The value of investment property, is determined by 
independent property valuation experts to be the 
estimated amount for which a property should exchange 
on the date of the valuation in an arm’s length transaction 
less the value of assets arising from rent smoothing. 
Properties have been valued on an individual basis. The 
valuation experts use recognised valuation techniques 
applying the principles of both IAS 40 and IFRS 13. 
The value of the properties has been assessed in 
accordance with the relevant parts of the current RICS 
Red Book. In particular, we have assessed the fair value 
as referred to in VPS4 item 7 of the RICS Red Book. 
Under these provisions, the term “Fair Value” means 
the definition adopted by the International Accounting 
Standards Board (“IASB”) in IFRS 13, namely “The price 
that would be received to sell an asset, or paid to transfer 
a liability in an orderly transaction between market 
participants at the measurement date”. Factors reflected 
include current market conditions, annual rentals, 
lease lengths and location. The significant methods and 
assumptions used by the valuers in estimating the fair 
value of investment property are set out in note 14. 
Sensitivity analysis for investment property valuations are 
included in note 14.
The fair value of investment property is equal to the 
independent property valuer’s valuation of £622.5m (2023: 
£700.7m) less the prepayment for rent smoothing of 
£15.0m (2023: £13.0m).
3.2 Critical judgements in applying the 
Group’s accounting policies
In the process of applying the Group’s accounting policies, 
management has made the following judgements, 
which have the most significant effect on the amounts 
recognised in the financial statements: 
3.2.1 Operating lease contracts – the Group as 
lessor
The Group has acquired investment properties that are 
subject to commercial property leases with tenants. The 
Group has determined, based on an evaluation of the 
terms and conditions of the arrangements, particularly the 
duration of the lease terms and minimum lease payments, 
that it retains all of the significant risks and rewards of 
ownership of these properties and so accounts for the 
leases as operating leases.
3.2.2 Consolidation of entities in which the 
Group holds less than 50% but has power to 
control 
Management considered that up until 9 November 2018, 
the Group had de facto control of View Castle Limited and 
its 27 subsidiaries (the “View Castle Sub Group”) by virtue 
of the amended and restated Call Option Agreement dated 
3 November 2015. Following a restructure of the View 
Castle Sub Group, the majority of properties held within 
the View Castle Sub Group now reside in a new special 
purpose vehicle (“SPV”). A new call option was entered into 
dated 9 November 2018 with View Castle Limited and five 
of its subsidiaries (the “View Castle Group”). As per the 
previous amended and restated Call Option Agreement, 
under this new option the Group may acquire any of 
the properties held by the View Castle Group for a fixed 
nominal consideration. Despite having no equity holding, 
the Group is deemed to have control over the View Castle 
Group as the Option Agreement means that the Group 
is exposed to, and has rights to, variable returns from its 
involvement with the View Castle Group, through its power 
to control.
3.2.3 Recognition of income 
Service charges and other similar receipts are included in 
net rental and property income gross of the related costs 
as the Directors consider the Group acts as principal in 
this respect.
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
172
173

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2024 CONTINUED
4. Summary of significant accounting policies
The accounting policies adopted in this report are 
consistent with those applied in the financial statements 
for the year ended 31 December 2023 and have been 
consistently applied for the year ended 31 December 2024. 
A new asset class has arisen in the year addressed in the 
accounting policy 4.3.
4.1 Basis of consolidation
The consolidated financial statements comprise the 
financial statements of the Company and its subsidiaries 
as at the date of the Statement of Financial Position.
4.2 Subsidiaries
Subsidiaries are all entities (including structured entities) 
over which the Group has control. The Group controls 
an entity when the Group is exposed to, or has rights to, 
variable returns from its involvement with the entity and 
has the ability to affect those returns through its power 
over the entity. Subsidiaries are fully consolidated from 
the date on which control is transferred to the Group. 
They are deconsolidated from the date that control ceases.
The Group applies the acquisition method to account for 
business combinations. The consideration transferred 
for the acquisition of a subsidiary is the fair value of the 
assets transferred, the liabilities incurred to the former 
owners of the acquiree and the equity interests issued by 
the Group. Identifiable assets and liabilities acquired, and 
contingent liabilities assumed, in a business combination 
are measured initially at their fair values at the acquisition 
date. The Group recognises any non-controlling interest 
in the acquiree on an acquisition-by-acquisition basis, 
either at fair value or at the non-controlling interest's 
proportionate share of the recognised amounts of the 
acquiree's identifiable net assets. Acquisition-related costs 
are expensed as incurred.
Any contingent consideration to be transferred by the 
Group is recognised at fair value at the acquisition date. 
Subsequent changes to the fair value of the contingent 
consideration are recognised in profit or loss. Contingent 
consideration that is classified as equity is not re-
measured, and its subsequent settlement is accounted for 
within equity.
For acquisitions of subsidiaries not meeting the definition 
of a business, the Group allocates the cost between the 
individual identifiable assets and liabilities in the Group 
based on their relative fair values at the date of acquisition. 
Such transactions or events do not give rise to goodwill.
Inter-company transactions, balances and unrealised gains 
and losses on transactions between Group companies are 
eliminated in full. When necessary, amounts reported by 
subsidiaries have been adjusted to conform to the Group’s 
accounting policies.
The excess of the consideration transferred, and the 
amount of any non-controlling interest in the acquiree 
over the fair value of the identifiable net assets acquired, 
is recognised as goodwill.
4.2.1 Disposal of subsidiaries
When the Group ceases to have control over an entity, 
any retained interest in the entity is re-measured to its fair 
value at the date when control is lost, with the change in 
the carrying amount recognised in profit or loss. The fair 
value is the initial carrying amount for the purposes of 
subsequently accounting for the retained interest as an 
associate, joint venture or financial asset. In addition, any 
amounts previously recognised in other comprehensive 
income in respect of that entity are accounted for as if 
the Group had directly disposed of the related assets 
or liabilities. This may mean that amounts previously 
recognised in other comprehensive income are reclassified 
to profit or loss.
4.3 Associates
Associates are entities over which the investor has 
significant influence, being the power to participate in the 
financial and operating policy decisions of the investee but 
is not control or joint control of those policies, and holds 
20% or more of the voting power.
The Group adopts the equity method of accounting on 
such assets. On initial recognition, the investment in an 
associate is recognised at cost, and the carrying amount 
is increased or decreased, to recognise the investor's 
share of the profit or loss in the associate after the date of 
acquistion less distributions received. 
The Group's share of the Associates' profit or loss is 
recorded in the Consolidated Income Statement. 
4.4 Segmental information
Operating segments are reported in a manner consistent 
with the internal reporting provided to the chief operating 
decision-maker. The chief operating decision-maker 
is the person or group that allocates resources to and 
assesses the performance of the operating segments of an 
entity. The Group has determined that its chief operating 
decision-maker is the Board of Directors.
After a review of the information provided for 
management purposes, it was determined that the Group 
has one operating segment and therefore segmental 
information is not disclosed in these consolidated financial 
statements. No single customer comprises in excess of 
10% of the Group's revenue in either 2024 or 2023.
4.5 Investment property
Investment property comprises freehold or leasehold 
properties that are held to earn rentals or for capital 
appreciation, or both, rather than for sale in the 
ordinary course of business or for use in production or 
administrative functions.
Investment property is recognised, usually, on legal 
completion, when the risks and rewards of ownership have 
been transferred, and is measured initially at cost including 
transaction costs. Transaction costs include transfer taxes, 
professional fees for legal services and other costs incurred 
in order to bring the property to the condition necessary for 
it to be capable of being utilised in the manner intended. 
Subsequent to initial recognition, investment property is 
stated at fair value. The Group recognise the fair value 
of investment property to be the value calculated by the 
independent property valuer less the value of assets arising 
from rent smoothing. Gains or losses arising from changes 
in the fair value are included in the Group’s Consolidated 
Statement of Comprehensive Income in the period in which 
they arise under IAS 40, ‘Investment Property’.
Additions to investment property include costs of a capital 
nature only. Expenditure is classified as capital when it 
results in identifiable future economic benefits, which 
are expected to accrue to the Group. All other property 
expenditure is charged in the Group’s Consolidated 
Statement of Comprehensive Income as incurred.
Investment properties cease to be recognised when they 
have been disposed of or withdrawn permanently from use 
and no future economic benefit is expected. The difference 
between the net disposal proceeds and the carrying 
amount of the asset (being the fair value at the start of 
the financial year) would result in either gains or losses 
at the retirement or disposal of investment property. Any 
gains or losses are recognised in the Group’s Consolidated 
Statement of Comprehensive Income in the period of 
retirement or disposal.
4.6 Derivative financial instruments
Derivative financial instruments, comprising interest 
rate caps and swaps for hedging purposes, are initially 
recognised at fair value and are subsequently measured 
at fair value, being the estimated amount that the Group 
would receive or pay to sell or transfer the agreement at 
the period end date, taking into account current interest 
rate expectations and the current credit rating of the 
lender and its counterparties. The gain or loss at each fair 
value remeasurement date is recognised in the Group’s 
Consolidated Statement of Comprehensive Income. 
The Group uses valuation techniques that are appropriate 
in the circumstances and for which sufficient data is 
available to measure fair value, maximising the use 
of relevant observable inputs and minimising the use 
of unobservable inputs significant to the fair value 
measurement as a whole.
4.7 Financial assets
The Group classifies its financial assets as at fair value 
through profit or loss or at amortised cost, depending on 
the purpose for which the asset was acquired. Currently the 
only assets classified at fair value through profit or loss are 
derivative financial instruments.
Assets held at amortised cost arise principally from the 
provision of goods and services (e.g. trade and other 
receivables), but also incorporate other financial assets 
where the objective is to hold these assets in order to 
collect contractual cash flows which comprise the payment 
of principal and interest. They are initially recognised at fair 
value plus transaction costs that are directly attributable to 
their acquisition or issue and are subsequently carried at 
amortised cost being the effective interest rate method, less 
provision for impairment.
The Group’s financial assets comprise, ‘trade and other 
receivables’, ‘tenant loan’ and ‘cash and cash equivalents’.
The tenant loan relates to a loan made to a tenant which 
is subject to interest. The amount receivable has been 
recognised at amortised cost using the effective interest 
method. Impairment provisions are recognised based on 
the expected credit loss model detailed within IFRS 9.
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
174
175

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2024 CONTINUED
4.8 Trade and other receivables
Trade and other receivables are recognised initially at fair 
value and subsequently carried at amortised cost less 
provision for impairment. Where the time value of money 
is material, receivables are carried at amortised cost using 
the effective interest method. Impairment provisions 
are recognised based on the expected credit loss model 
detailed within IFRS 9.
The Group recognises a loss allowance for expected credit 
losses on trade receivables. The loss allowance is based 
on lifetime expected credit losses. Trade receivables are 
grouped based on shared credit risk characteristics and 
the days past due. The amount of expected credit losses 
is updated at each reporting date to reflect changes in 
credit risk since initial recognition. The expected credit 
losses on these financial assets are estimated based on 
the Group’s historical credit loss experience, adjusted for 
factors that are specific to the debtors, general economic 
conditions and an assessment of both the current as well 
as the forecast direction of conditions at the reporting date. 
Impaired balances are reported net, however, impairment 
provisions are recorded within a separate provision account 
with the loss being recognised within administration costs 
within the Consolidated Statement of Comprehensive 
Income. On confirmation that the trade receivable will 
not be collectable, the gross carrying value of the asset is 
written off against the associated provision. 
Lease premiums and other lease incentives provided to 
tenants are recognised as an asset and amortised over the 
period from date of lease commencement to termination 
date.
4.9 Cash and cash equivalents
Cash and cash equivalents include cash in hand and 
deposits held at banks with original maturities of three 
months or less. Cash also includes amounts held in 
restricted accounts that are unavailable for everyday use.
4.10 Trade and other payables
Trade and other payables are initially recognised at their fair 
value being at their invoiced value inclusive of any VAT that 
may be applicable. Payables are subsequently measured at 
amortised cost using the effective interest method.
4.11 Bank and other borrowings
All bank and other borrowings (comprising bank loans and 
retail eligible bonds) are initially recognised at cost net of 
attributable transaction costs. Any attributable transaction 
costs relating to the issue of the bank borrowings 
are amortised through the Group’s Statement of 
Comprehensive Income over the life of the debt instrument 
on a straight-line basis. After initial recognition, all bank and 
other borrowings are measured at amortised cost, using 
the effective interest method.
Bank and other borrowings are derecognised when the 
obligation under the liability is discharged or cancelled or 
expires. When an existing financial liability is replaced by 
another from the same lender on substantially different 
terms, or the terms of an existing liability are substantially 
modified, such an exchange or modification is treated as 
the derecognition of the original liability and the recognition 
of a new liability. The difference in the respective carrying 
amounts is recognised in Group’s Consolidated Statement 
of Comprehensive Income.
4.12 Dividends payable to Shareholders
Equity dividends are recognised and accrued from the date 
declared and when they are no longer at the discretion of 
the Company.
4.13 Rental and property income
Rental income arising from operating leases on investment 
property is accounted for on a straight-line basis over 
the lease terms and is included in gross rental and 
property income in the Group’s Consolidated Statement 
of Comprehensive Income. Initial direct costs incurred in 
negotiating and arranging an operating lease are added to 
the carrying amount of the lease asset and are recognised 
as an expense over the lease term on the same basis as the 
lease income.
For leases which contain fixed or minimum uplifts, the 
rental income arising from such uplifts is recognised on a 
straight-line basis over the lease term.
Tenant lease incentives are recognised as a reduction of 
rental revenue on a straight-line basis over the term of the 
lease. The lease term is the non-cancellable period of the 
lease together with any further term for which the tenant 
has the option to continue the lease where, at the inception 
of the lease, the Directors are reasonably certain that the 
tenant will exercise that option.
Surrender premiums received from tenants to terminate 
leases or surrender premises are recognised in the Group’s 
Statement of Comprehensive Income when the right to 
receive them arises. 
Dilapidation income is recognised in the Group’s Statement 
of Comprehensive Income when the right to receive it 
arises. 
When the Group is acting as an agent, the commission, 
rather than gross income, is recorded as revenue. 
Income arising from expenses recharged to tenants is 
recognised in the year in which the compensation becomes 
receivable. Service charges and other similar receipts are 
included in net rental and property income gross of the 
related costs as the Directors consider the Group acts as 
principal in this respect.
4.14 Property costs
Non-recoverable property costs contain service and 
management charges related to empty properties.
Service and management charges are recognised in the 
accounting period in which the services are rendered.
Recoverable property costs contain service charges and 
other similar costs which are recognised in the accounting 
period in which the services are rendered.
4.15 Interest income
Interest income is recognised as interest accrued on cash 
balances held by the Group. Interest charged to a tenant on 
any overdue rental income is also recognised within interest 
income.
4.16 Finance costs
Interest costs are expensed in the period in which they 
occur. Arrangement fees that a Group entity incurs in 
connection with bank and other borrowings are amortised 
over the term of the loan.
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
176
177

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2024 CONTINUED
4.17 Taxation
As the Company is managed and controlled in the UK, it is 
considered to be tax resident in the UK.
The tax currently payable is based on the taxable profit/
(loss) for the period. Taxable profit/(loss) differs from net 
profit/(loss) as reported in the Consolidated Statement 
of Comprehensive Income because it excludes items of 
income or expense that are taxable or deductible in other 
years and it further excludes items that are never taxable 
or deductible. The Group's liability for current and deferred 
tax is calculated using tax rates that have been enacted 
or substantively enacted at the date of the Statement of 
Financial Position. 
The Group elected to be treated as a UK REIT with effect 
from 7 November 2015. The UK REIT rules exempt the 
profits of the Group’s UK property rental business from UK 
Corporation Tax. Gains on UK properties are also exempt 
from tax, provided that they are not held for trading or sold 
in the three years after completion of development. The 
Group is otherwise subject to UK Corporation Tax.
There are a small number of entities within the Group 
which fall outside the REIT rules and are subject to UK taxes 
on profits and property gains.
4.18 Deferred tax
Deferred tax is provided in full using the liability method 
on temporary differences between the carrying amounts 
of assets and liabilities in the financial statements and the 
corresponding tax bases used in the computation of taxable 
profit/(loss). The amount of deferred tax provided is based 
on the expected manner of realisation or settlement of the 
carrying amount of assets and liabilities, using tax rates 
that are expected to apply in the period when the liability 
is settled or the asset is realised based on tax rates (and 
tax laws) enacted or substantively enacted at the date of 
the Statement of Financial Position. A deferred tax asset is 
recognised only to the extent that it is probable that future 
profits will be available for offset.
The deferred tax liability in relation to investment 
properties that are measured at fair value is determined 
assuming that the property will be recovered entirely 
through sale.
Deferred tax has been recognised on the unrealised 
property valuation gains/(losses) of properties owned by 
Group entities which fall outside of the REIT tax rules.
The current rate of UK Corporation Tax is 25%. 
4.19 Stated capital
Stated capital represents the consideration received by the 
Company for the issue of Ordinary Shares. Ordinary Shares 
are classed as equity.
4.20 Share-based payments 
The Group has entered into performance fee arrangements 
with the Asset Manager and Investment Adviser which 
depend on the growth in the net asset value of the Group 
exceeding a hurdle rate of return over a performance 
period. The fee will be partly settled in cash and partly in 
equity and the equity portion is therefore a Share-based 
payment arrangement. The fair value of the obligation is 
measured at each reporting period, and the cost recognised 
as an expense. The part of the obligation to be settled 
in Shares is credited to equity reserves. If circumstances 
change and the fee is no longer settled by the issue of 
Shares, then the amounts previously credited to equity 
reserves are reversed. In the current and prior year, no cash 
or equity rewards have been made.
4.21 Leased assets
The Group has a number of leases concerning the long-
term lease of land associated with its long leasehold 
investment properties. These leased assets are capitalised 
as “right of use assets” by recognising the present value 
of the lease payments as an asset and a financial liability 
representing the obligation to make future lease payments.
Right of use assets are valued at fair value and the change 
in fair value is recognised in the Consolidated Statement of 
Comprehensive Income. 
The associated financial liability is valued at the present 
value of future lease payments using an applicable 
incremental borrowing rate. The value of the financial 
liability is revalued at each reporting date. Lease payments 
reduce the financial liability and interest on the financial 
liability is recognised in finance costs.
Year ended
31 December
2024
£’000
Year ended
31 December
2023
£’000
Rental income - freehold property
Rental income - long leasehold property
Recoverable service charge income and other similar items
53,406
11,833
25,742
57,845
12,210
21,825
Total
90,981
91,880
Year ended
31 December
2024
£’000
Year ended
31 December
2023
£’000
Other property expenses and irrecoverable costs
Recoverable service charge expenditure and other similar costs
19,279
25,742
16,336
21,825
Total
45,021
38,161
Year ended
31 December
2024
£’000
Year ended
31 December
2023
£’000
Investment management fees
Property management fees
Asset management fees
Directors' remuneration (see note 8)
Administrative fees
Legal and professional fees
Marketing and promotion
Other administrative costs 
Allowance/(credit) for doubtful debts
Abortive refinancing costs
Bank charges
1,362
2,541
1,360
265
679
2,509
71
186
454
412
12
1,944
2,677
1,944
293
727
2,203
87
194
542
-
15
Total
9,851
10,626
5. Rental and property income
6. Property costs
7. Administrative and other expenses
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
178
179

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2024 CONTINUED
Year ended
31 December
2024
£’000
Year ended
31 December
2023
£’000
Interest payable on bank borrowings
Amortisation of loan arrangement fees
Bond interest
Bond issue costs amortised
Bond expenses
Lease interest
11,881
1,497
1,344
93
5
404
12,517
875
2,250
155
8
405
Total
15,224
16,210
Year ended
31 December
2024
£’000
Year ended
31 December
2023
£’000
Loss before taxation
UK Corporation Tax rate
Theoretical tax at UK Corporation Tax rate
Effects of:
Revaluation of investment property
Permanent differences
Profits from the tax-exempt business
Deferred tax movement
(39,474)
25.00%
(9,868)
14,183
(169)
(4,114)
33
(67,447)
23.52%
(15,864)
20,310
(387)
(4,059)
9
Total
65
9
Year ended
31 December
2024
£’000
Year ended
31 December
2023
£’000
Corporation tax charge
Increase in deferred tax liability
32
33
-
9
Total
65
9
Year ended
31 December
2024
£’000
Year ended
31 December
2023
£’000
Fees payable to the Company’s Auditor for the audit of the Company’s annual 
accounts
Fees payable to the Group’s Auditor and its associates for the audit of the 
Company’s subsidiaries
110
147
105
134
Total fees payable for audit services 
Fees payable to the Group’s Auditor and its associates for other services:
Audit-related services
Corporate finance work for the share issue 
257
33
150
239
31
-
Total fees payable to the Group’s Auditor and its associates
440
270
Year ended
31 December
2024
£’000
Year ended
31 December
2023
£’000
Directors' fees
Employer’s National Insurance contributions
243
22
267
26
Total
265
293
Year ended
31 December
2024
£’000
Year ended
31 December
2023
£’000
Interest income
1,394
79
Total
1,394
79
10. Finance expense
11. Taxation
Services provided by the Company's Auditor 
and its associates
The Group has obtained the following services from the 
Company’s Auditor and its associates:
The current tax charge is reduced by the UK REIT tax exemptions. The tax charge for the year can be reconciled to the  
profit / (loss) in the Consolidated Statement of Comprehensive Income as follows:	
	
	
8. Directors’ remuneration
Key management comprises the Directors of the Company. 
A summary of the Directors’ emoluments is set out in the 
Directors’ Remuneration Report on page 152.	
	
9. Finance income
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
180
181

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2024 CONTINUED
Permanent differences are the differences between an 
entity's taxable profits and its results as stated in the 
financial statements. These arise because certain types of 
income and expenditure are nontaxable or disallowable, 
or because certain tax charges or allowances have no 
corresponding amounts in the financial statements.
The Group elected to be treated as a UK REIT with effect 
from 7 November 2015. The UK REIT rules exempt the 
profits of the Group's UK property rental business from 
corporation tax. Gains on UK properties are also exempt 
from tax, provided they are not held for trading purposes 
or sold in the three years after completion of development. 
The Group is otherwise subject to UK corporation tax.
As a REIT, Regional REIT Ltd is required to pay PID's equal 
to at least 90% of the Group's exempted net income. To 
retain UK REIT status, there are a number of conditions to 
be met in respect of the principal company of the Group, 
the Group's qualifying activity and its balance of business. 
The Group continues to meet these conditions.
UK Corporation Tax arises on entities which form part of 
the Group consolidated accounts but do not form part of 
the REIT group.
Due to the Group's REIT status and its intention to 
continue meeting the conditions required to maintain 
this status for the foreseeable future, no provision has 
been made for deferred tax on any capital gains or losses 
arising on the revaluation or disposal of investments held 
by entities within the REIT group.
No deferred tax asset has been recognised in respect of 
losses carried forward.
Year ended
31 December
2024 £’000
Year ended
31 December
2023 £’000
Calculation of earnings per Share
Net loss attributable to Ordinary Shareholders
Adjustments to remove:
Change in value of investment properties
Change in value of right of use assets
Loss on disposal of investment properties
Changes in fair value of interest rate derivatives and financial assets
Abortive costs
Deferred tax charge
(39,539)
56,732
138
3,180
1,703
412
33
(67,456)
86,350
139
726
7,194
-
9
EPRA net profit attributable to Ordinary Shareholders
22,659
26,962
Weighted average number of Ordinary Shares (2023 restated)
118,199,045
81,367,206
Loss per Share - basic and diluted (2023 restated)
(33.5)p
(82.9)p
EPRA earnings per Share – basic and diluted (2023 restated)
19.2p
33.1p
12. Earnings per Share
Earnings per Share amounts are calculated by dividing 
(losses)/profits for the year attributable to ordinary equity 
holders of the Company by the weighted average number 
of Ordinary Shares in issue during the year.
The calculation of basic and diluted earnings per Share is 
based on the following:
In accordance with IAS 33 "Earnings per Share", the weighted 
average number of shares have been recalculated as though 
the bonus issue and share consolidation were in place from 1 
January 2024. Consequently, the EPS calculations for the year 
ended 31 December 2024 have been restated.
The weighted average number of Ordinary shares in issue 
for the year ended December 2023 was previously stated 
at 515,736,583. This figure has been multiplied by a bonus 
factor of 1.5777 representing the bonus issue and 0.1 
representing the share consolidation.
Year ended
31 December
2024
£’000
Year ended
31 December
2023
£’000
Dividend of 1.20 (2023: 1.65) pence per Ordinary Share 
for the period 1 October – 31 December
Dividend of 1.20 (2023: 1.65) pence per Ordinary Share 
for the period 1 January – 31 March
Dividend of 2.20 (2023: 1.20) pence per Ordinary Share 
for the period 1 April – 30 June
Dividend of 2.20 (2023: 1.20) pence per Ordinary Share 
for the period 1 July – 30 September
Unpaid dividends held by Registrar
6,188
6,189
3,566
3,567
(70)
8,509
8,510
6,189
6,189
-
Total
19,440
29,397
13. Dividends
On 22 February 2024, the Company announced a dividend 
of 1.20 pence per Share in respect of the period 1 October 
2023 to 31 December 2023. The dividend payment was 
made on 5 April 2024 to shareholders on the register as at 
1 March 2024.
On 22 May 2024, the Company announced a dividend of 
1.20 pence per Share in respect of the period 1 January 
2024 to 31 March 2021. The dividend payment was made 
on 2 July 2024 to shareholders on the register as at 31 May 
2024.
On 10 September 2024, the Company announced a 
dividend of 2.20 pence per Share in respect of the period 
1 April 2024 to 30 June 2024. The dividend payment was 
made on 18 October 2024 to shareholders on the register 
as at 20 September 2024.
On 13 November 2024, the Company announced a 
dividend of 2.20 pence per Share in respect of the period 
1 July 2024 to 30 September 2024. The dividend payment 
was made on 10 January 2025 to shareholders on the 
register as at 22 November 2024.
On 20 February 2025, the Company announced a dividend 
of 2.20 pence per Share in respect of the period 1 October 
2024 to 31 December 2024. The dividend will be paid 
on 4 April 2025 to shareholders on the register as at 28 
February 2025. The financial statements do not reflect this 
dividend.
The Board intends to pursue a dividend policy with 
quarterly dividend distributions. The level of future 
payment of dividends will be determined by the Board 
having regard to, amongst other things, the financial 
position and performance of the Group at the relevant 
time, UK REIT requirements, and the interest of 
shareholders.
All dividend rates stated in this note represent the 
dividend rates announced to the London Stock Exchange. 
Following a share issue and 1 for 10 share consolidation 
on 29 July 2024, the number of Ordinary Shares in 
issue decreased from 515,736,583 Ordinary Shares to 
162,088,483 Ordinary Shares.
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
182
183

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2024 CONTINUED
Group Movement in investment properties for the year
ended 31 December 2024
Freehold
Property
£’000
Long Leasehold
Property
£’000
Total
£’000
Valuation at 1 January 2024
Property additions - acquisitions
Property additions - subsequent expenditure
Property disposals
Loss on disposal of investment properties
Change in valuation during the period
562,395
-
7,286
(28,574)
(3,180)
(45,031)
138,325
-
963
-
-
(9,704)
700,720
-
8,249
(28,574)
(3,180)
(54,735)
Valuation at 31 December 2024
492,896
129,584
622,480
Value advised by the property valuers
492,896
129,584
622,480
Less adjustment for rent smoothing assets (note 18)
(13,371)
(1,651)
(15,022)
Fair Value at 31 December 2024
479,525
127,933
607,458
Value advised by the property valuers
562,395
138,325
700,720
Less adjustment for rent smoothing assets (note 18)
(9,532)
(3,493)
(13,025)
Fair Value at 31 December 2023
552,863
134,832
687,695
Date of valuation:
Total
£’000
Quoted active
prices
(level 1)
£’000
Significant
observable
inputs
(level 2)
£’000
Significant
unobservable
inputs
(level 3)
£’000
31 December 2024
607,458
-
-
607,458
31 December 2023
687,695
-
-
687,695
Group Movement in investment properties for the year ended 
31 December 2023
Freehold
Property
£’000
Long Leasehold
Property
£’000
Total
£’000
Valuation at 1 January 2023
Property additions - acquisitions
Property additions - subsequent expenditure
Property disposals
Loss on disposal of investment properties
Change in fair value during the period
643,630
5
7,921
(25,004)
(691)
(63,466)
145,850
85
2,249
35
(35)
(9,859)
789,480
90
10,170
(24,969)
(726)
(73,325)
Valuation at 31 December 2023
562,395
138,325
700,720
14. Investment properties
In accordance with International Accounting Standard, IAS 
40, ‘Investment Property’, investment property has been 
independently valued at fair value by Colliers International 
Property Consultants Limited, an accredited independent 
valuer with recognised and relevant professional 
qualifications and with recent experience in the locations 
and categories of the investment properties being valued. 
The valuations have been prepared in accordance with the 
RICS Red Book and incorporate the recommendations of 
the International Valuation Standards Committee which are 
consistent with the principles set out in IFRS 13.
The valuations are the ultimate responsibility of the Directors. 
Accordingly, the critical assumptions used in establishing 
the independent valuation are reviewed by the Board.
The net book value of properties disposed of during the 
year amounted to £31,754,000 (2023: £25,695,000).
The historic cost of the properties is £850,152,000 (2023: 
£899,236,000).
Bank borrowings are secured by charges over investment 
properties held by certain asset–holding subsidiaries.
The banks also hold charges over the shares of certain 
subsidiaries and any intermediary holding companies of 
those subsidiaries. The independent valuer's assessment 
of the value of investment properties secured at 31 
December 2024 was £622,480,000 (2023: £700,720,000).
The following table provides the fair value measurement 
hierarchy for investment property:
The table below shows the total change in fair value during 
the year.
The hierarchy levels are defined in note 30.
It has been determined that the entire investment 
properties portfolio should be classified under the level 
3 category. The table below shows the movement in the 
year on the level 3 category:
The determination of the fair value of the investment 
properties held by each consolidated subsidiary requires 
the use of estimates such as future cash flows from 
investment properties, which take into consideration 
lettings, tenants’ profiles, future revenue streams, 
any environmental matters and the overall repair and 
condition of the property, and discount rates applicable to 
those assets. Future revenue streams comprise contracted 
rent (passing rent) and Estimated Rental Value (ERV) 
after the contract period. In calculating ERV, the potential 
impact of future lease incentives to be granted to secure 
new contracts is taken into consideration. All these 
estimates are based on local market conditions existing at 
the reporting date.
As at 31 December 2024, the estimated fair value of each 
property has been primarily derived using comparable 
recent market transactions on arm’s length terms and 
assessed in accordance with the relevant parts of the RICS 
Red Book.
The impact of climate change on the portfolio and the 
principal risk around environmental and energy efficiency 
standards are disclosed in the Strategic Report on pages 
76 to 96.
Year ended
31 December
2024
£’000
Year ended
31 December
2023
£’000
Balance at the start of the year
Additions
Disposals
Loss on the disposal of investment properties
Change in fair value during the year
687,695
8,249
(28,574)
(3,180)
(56,732)
789,480
10,260
(24,969)
(726)
(86,350)
Balance at the end of the year
607,458
687,695
31 December
2024
£’000
31 December
2023
£’000
Change in valuation during the period
Change in rent smoothing assets adjustment
(54,735)
(1,997)
(73,325)
(13,025)
Total
(56,732)
(86,350)
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
184
185

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2024 CONTINUED
Techniques used for valuing investment 
properties
The following descriptions and definitions relate to 
valuation techniques and key significant inputs made in 
determining the fair values:
Valuation technique: market comparable method 
Under the market comparable method (or market 
approach), a property's fair value is estimated based on 
comparable transactions in the market.
Significant input: market rental 
The rent at which space could be let in the market 
conditions prevailing at the date of valuation range: 
£14,200 - £3,715,000 per annum (2023: £16,200 - 
£3,237,000 per annum)
Significant input: rental growth
The decrease in rent is based on contractual agreements: 
8.64 % (2023: decrease 6.49%). There is a gross 
contracted rent reduction, as per normal operations 
it is a combination of property disposals, space under 
refurbishments and lease expiries.
Significant input: equivalent yield
The time-weighted average return that a property will 
produce including purchase costs. The equivalent yield 
generally sits between the net initial yield and reversionary 
yield. See below table.
Unobservable inputs:
The significant unobservable inputs (level 3) are sensitive 
to changes in the estimated future cash flows from 
investment properties such as increases and decreases 
in contracted rents, operating expenses and capital 
expenses, plus transactional activity in the real estate 
market.
Geographical and sector specific market evidence 
reviewed in the course of preparing the December 2024 
valuation had an initial yield range of 6.00% to 25.19%  
(2023: 5.78% to 15.0%).
As set out within the significant accounting estimates and 
judgements, the Group’s property portfolio valuation is 
open to judgement and is inherently subjective by nature, 
and actual values can only be determined in a sales 
transaction.
15. Investment in subsidiaries
List of subsidiaries which are 100% owned and controlled 
by the Group:
The impact of changes to the significant unobservable inputs:
Equivalent yield range by sector:
2024
Impact on
statement of
comprehensive
income
£'000
2024
Impact on
statement of
financial
position
£'000
2023
Impact on
statement of
comprehensive
income
£'000
2023
Impact on
statement of
financial
position
£'000
Improvement in ERV by 5% 
Worsening in ERV by 5%
Improvement in yield by 0.125% 
Worsening in yield by 0.125%
27,490
(27,009)
9,064
(8,792)
27,490
(27,009)
9,064
(8,792)
31,464 
(30,966)
10,361
(10,101)
 31,464
(30,966)
10,361
(10,101)
Country of
incorporation
Ownership
%
Beaufort Office Park Management Company Limited
United Kingdom
100%
Glasgow Airport Business Park Management Company Limited
United Kingdom
100%
Origin Appartments Management Company Limited
United Kingdom
100%
Regional Commercial MIDCO Ltd
Jersey
100%
RR Aspect Court Ltd
Jersey
100%
RR Bennett House Ltd
Jersey
100%
RR Bishopgate Street Ltd
Jersey
100%
RR Brand Street Ltd
Jersey
100%
RR Bristol Ltd
Jersey
100%
RR Chancellor Court Ltd
Jersey
100%
RR Crompton Way Ltd
Jersey
100%
RR Falcon Ltd
Jersey
100%
RR Glasgow Ltd
Jersey
100%
RR Glasgow II Ltd
United Kingdom 
100%
RR Harvest Ltd
Jersey
100%
RR Hounds Gate Ltd
Jersey
100%
RR Milburn House Ltd
Jersey
100%
RR Minton Place Ltd
Jersey
100%
RR Newstead Court Ltd
Jersey
100%
RR Portland Street Ltd
Jersey
100%
RR Rainbow (Aylesbury) Ltd
Jersey
100%
RR Rainbow (North) Ltd
Jersey
100%
RR Rainbow (South) Ltd
Jersey
100%
RR Range Ltd
Jersey
100%
RR Sea Dundee Ltd
United Kingdom
100%
RR Sea Hanover Street Ltd
United Kingdom
100%
RR Sea Lamont I Ltd
Jersey
100%
RR Sea Lamont II Ltd
Jersey
100%
RR Sea Lamont III Ltd
Jersey
100%
RR Sea St. Helens Ltd
United Kingdom
100%
Fair Value
Significant Unobservable Inputs
Sector 
£'000
ERV Range (per sq ft per annum)
Equivalent Yield Range
Industrial 
£23,075.00
£3.50 - £9.49
6.51% - 24.94%
Retail
£22,570.00
£4.50 - £45.02
6.00% - 30.97%
Alternatives
£12,150.00
£5.00 - £13.50
4.75% - 9.68%
Office by Region
Office South East
£106,100.00
£5.00 - £29.01
8.27% - 13.28%
Office South West
£59,275.00
£12.28 - £22.90
9.33%- 13.45%
Office Midlands
£116,650.00
£3.01 - £35.04
9.05% - 12.13%
Office North West
£86,625.00
£6.61 - £29.59
8.57% - 13.14%
Office North East
£92,265.00
£5.63 - £30.05
8.18% - 12.90%
Office Wales
£18,350.00
£10.00 - £13.50
8.89% - 10.85%
Office Scotland
£85,420.00
£4.50 - £24.02
9.09% - 52.34%
Total
£622,480.00
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
186
187

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2024 CONTINUED
Country of
incorporation
Ownership
%
RR Sea Stafford Ltd
United Kingdom
100%
RR Sea Strand Ltd
United Kingdom
100%
RR Sea TAPP Ltd
Guernsey
100%
RR Sea TOPP Bletchley Ltd
Guernsey
100%
RR Sea TOPP I Ltd
Guernsey
100%
RR Sheldon Court Ltd
Jersey
100%
RR Star Ltd
Jersey
100%
RR St Georges House Ltd
Jersey
100%
RR St James Court Ltd
Jersey
100%
RR Strathclyde BP Ltd
Jersey
100%
RR UK (Central) Ltd
Jersey
100%
RR UK (Cheshunt) Ltd
Jersey
100%
RR UK (Port Solent) Ltd
Jersey
100%
RR UK (South) Ltd
Jersey
100%
RR Wallington Ltd
Jersey
100%
RR Westminster House Ltd
Jersey
100%
RR Wing Portfolio Ltd
Jersey
100%
Tay Properties Ltd
Jersey
100%
TCP Arbos Ltd
Jersey
100%
TCP Channel Ltd
Jersey
100%
List of subsidiaries that are controlled by the Group:
Country of
incorporation
Control
%
Credential (Wardpark North) Ltd
United Kingdom
100%
Credential Estates Ltd
United Kingdom
100%
Rocket Unit Trust
Jersey
100%
Squeeze Newco 2 Ltd
United Kingdom
100%
View Castle Ltd
United Kingdom
100%
View Castle (Milton Keynes) Ltd
United Kingdom
100%
View Castle (Properties) Ltd
United Kingdom
100%
All of the above entities have been included in the Group’s 
consolidated financial statements.
By virtue of an Amended and Restated Call Option 
Agreement dated 3 November 2018, the Directors consider 
that the Group has control of View Castle Limited and its 
subsidiaries (the “View Castle Group”).
Under this option, the Group has the ability to acquire any 
of the properties held by the View Castle Group by issuing 
an option notice for a nominal consideration of £1. The 
recipient of the option notice will be obliged to convey its 
title within one month after receipt of the option notice.
Despite having no equity holding, the Group controls the 
View Castle Group as the option agreement has the effect 
that the Group is exposed to, and has rights to, variable 
returns from its involvement with the View Castle Group 
through its power to control.
The companies which make up the View Castle Group are 
as follows:
All of the above entities have been included in the Group’s 
consolidated financial statements up to 31 December 2024.
16. Investment in associates
During the year, the Company invested £276,000 in a new 
joint venture, Sugarbird Solar (UK) Limited (“SolarCo”), 
which represents 40% of the issued share capital. Sunbird 
Solar International (Cyprus) Limited contributed £408,000 
(60% of the share capital).
The investment represents a minority interest with 
significant influence but not control over SolarCo. SolarCo 
is operated and managed by Sunbird Solar International 
(Cyprus) Limited.
In addition the Company has holdings in two property 
management companies acquired for nil value.
The table below shows the movement in the investment 
during the year:
31 December 2024 £’000
31 December 2023 £’000
At start of year
Amounts paid for investment
Share of profits 
-
276
-
-
-
-
At end of year
276
-
List of companies not wholly owned by the Group:
Country of incorporation
Holding %
HCP (Estate Management) Limited
BHSE Chilterns Stokenchurch Management Company Limited
Sugarbird Solarco (UK) Limited
United Kingdom
United Kingdom
United Kingdom
49%
38%
40%
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
188
189

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2024 CONTINUED
31 December
2024
£’000
31 December
2023
£’000
At start of year
Amounts repaid in the year
578
(241)
770
(192)
At end of year
337
578
Asset due within 1 year (note 18)
Asset due after 1 year
193
144
193
385
337
578
31 December
2024
£’000
31 December
2023
£’000
< 30 days
30–60 days 
> 60 days
3,928
722
5,046
3,604
650
4,450
Net amount receivable from tenants
9,696
8,704
Less provision for impairment
(1,451)
(915)
Net amount receivable from tenants
8,245
7,789
31 December
2024
£’000
31 December
2023
£’000
At start of year
Provision for impairment in the year
Receivables written off as uncollectable
Unused provision reversed
915
1,739
(195)
(1,008)
902
903
(670)
(220)
At end of year
1,451
915
31 December
2024
£’000
31 December
2023
£’000
Gross amount receivable from tenants
Less provision for impairment
9,696
(1,451)
8,704
(915)
Net amount receivable from tenants
8,245
7,789
Current receivables – tenant loans (note 16)
Income tax
Other receivables
Prepayment for rent smoothing (note 14)
Prepayments
193
24
1,495
15,022
10,100
193
52
760
 13,025 
11,018
35,079
32,837
17. Non–current receivables on tenant loans
18. Trade and other receivables
During 2016, the Group entered into a loan agreement 
with a tenant for £1,926,000. The loan is subject to interest 
of 4% above the base rate of the Bank of Scotland on late 
payments and is repayable in instalments over ten years. 
No impairment has been recognised against the non 
current receivable as at 31 December 2024 or 31 December 
2023.	
	
	
The maximum exposure to credit risk at the reporting date 
is £10,077,000 as disclosed in the financial instruments 
table in note 30.1. The Group does not hold any collateral 
as security.
The aged analysis of trade receivables that are past due but 
not impaired was as follows:
The Directors consider the fair value of receivables equals 
their carrying amount.	
	
	
The table above shows the aged analysis of trade 
receivables included in the table above which are past due 
but not impaired. These relate to tenants for whom there is 
no recent history of default. 	
	
	
Provision for impairment of trade receivables movement as 
follows:	 	
	
	
	
Other categories within trade and other receivables do 
not include impaired assets. Receivables are written off as 
uncollectable where there is no reasonable expectation of 
recovery.
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
190
191

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2024 CONTINUED
31 December
2024
£’000
31 December
2023
£’000
Group
Cash held at bank
Restricted cash held at bank
55,869
850
30,679
3,826
At end of year
56,719
34,505
31 December
2024
£’000
31 December
2023
£’000
Deferred tax
741
708
At end of year
741
708
The movement on deferred tax liability is shown below:
At start of year
Deferred tax on the valuation of investment properties
708
33
699
9
At end of year
741
708
31 December
2024
£’000
31 December
2023
£’000
Bank borrowings drawn at start of year
Bank borrowings drawn
Bank borrowings repaid
370,750
-
(54,016)
390,792
3,729
(23,771)
Bank borrowings drawn at end of year
316,734
370,750
Less: unamortised costs at start of year
Less: loan issue costs incurred in the year
Add: loan issue costs amortised in the year
(5,147)
(761)
1,497
(5,527)
(495)
875
At end of year
312,323
365,603
Maturity of bank borrowings
Repayable within 1 year
Repayable between 1 to 2 years
Repayable between 2 to 5 years
Repayable after more than 5 years
Unamortised loan issue costs
-
99,789
216,945
-
(4,411)
-
-
310,721
60,029
(5,147)
312,323
365,603
31 December
2024
£’000
31 December
2023
£’000
Witholding tax due on dividends paid
Dividends announced but not paid
Trade payables
Other payables
Value added tax
Accruals
429
3,567
2,377
19,182
1,974
4,118
668
6,189
2,862
15,350
1,387
6,583
At end of year
31,647
33,039
19. Cash and cash equivalents
20. Trade and other payables
Restricted cash balances of the Group comprise:
• 	£850,000 (2023: £3,826,000) of funds held in blocked 
bank accounts which are controlled by the Group’s 
lenders and are released once certain loan conditions 
are met. The restricted funds arose on net proceeds 
from investment property disposals.
The following amounts are not analysed as restricted 
balances:
• 	£9,847,000 (2023: £7,863,000) of cash funds represent 
service charge income received from tenants for 
settlement of future service charge expenditure.
• 	£2,698,000 (2023: £2,846,000) of cash funds represent 
tenants’ rental deposits. 
The restricted cash balances are all accessible within 90 
days so meet the definition of cash and cash equivalents
Other payables principally include rent deposits held and 
service charge costs.
The Directors consider the fair value of trade and other 
payables to equal their carrying amounts.
21. Deferred income
Deferred rental income of £14,364,000 (31 December 2023: 
£15,597,000) represents rent received in advance from 
tenants.
23. Bank and loan borrowings
Bank borrowings are secured by charges over investment 
properties held by certain asset-holding subsidiaries. 
The banks also hold charges over the Shares of certain 
subsidiaries and any intermediary holding companies of 
those subsidiaries. Any associated fees in arranging the 
bank borrowings unamortised as at the year end are offset 
against amounts drawn on the facilities as shown in the 
table below:	
	
	
22. Deferred tax liabilities
The deferred tax liability relates to the potential tax liability 
that may crystalise when investment properties are sold. 
It is calculated on the revaluation gains of investment 
properties held by the Group which fall outside of the REIT 
regime.
As detailed in note 24, the Group has no (31 December 
2023: £50,000,000) retail eligible bonds in issue.
* Comparatives have been re-analysed between restricted and non-restricted balances.
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
192
193

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2024 CONTINUED
The table below lists the Group’s borrowings.
The percentage of borrowings at variable rates of interest 
was 47.2% (2023: 43.3%).
The weighted average term to maturity of the Group’s 
debt at the year end was 2.9 years (2023: 3.5 years).
The weighted average interest rate payable by the Group 
on its total bank borrowings, excluding hedging costs, as at 
the year end was 5.2% (2023: 5.4%). 
The Group weighted average interest rate, including and 
hedging activity at the year end, amounted to 3.4% per 
annum (2023: 3.5% per annum).
The Group has been in compliance with all of the financial 
covenants relating to the above facilities as applicable 
throughout the year covered by these consolidated 
financial statements. Each facility has distinct covenants 
which generally include: historic interest cover, projected 
interest cover, LTV cover and debt service cover. A breach 
of agreed covenant levels would typically result in an 
event of default of the respective facility, giving the lender 
the right, but not the obligation, to declare the loan 
immediately due and payable. Where a loan is repaid 
in these circumstances, early repayment fees will apply, 
which are generally based on a percentage of the loan 
repaid or calculated with reference to the interest income 
foregone by the lenders as a result of the repayment.
As shown in note 25, the Group uses a combination of 
interest rate swaps and fixed rate bearing loans to hedge 
against cash flow interest rate risks. The Group’s exposure 
to interest rate volatility is minimal.
SONIA = Sterling Over Night Indexed Average
* Before unamortised debt issue costs
** Based upon Colliers International Property Consultants Limited property valuations
Lender
Facility
£’000
Outstanding 
debt*
£’000
Maturity
date
Gross loan 
to value**
Annual 
interest
rate
Amortisation
Royal Bank of Scotland, Bank of 
Scotland and Barclays
99,789
99,789
Aug-26
51.3%
2.40% over 
3 months
£ SONIA
Mandatory 
prepayment
Scottish Widows Ltd & Aviva 
Investors Real Estate Finance
132,630
132,630
Dec-27
51.3%
3.28% 
Fixed
None
Scottish Widows Ltd
34,467
34,467
Dec-28
47.5%
3.37% 
Fixed
None
Santander UK
49,848
49,848
Jun-29
51.0%
2.20% over 
3 months
£ SONIA
Mandatory 
prepayment
Total bank borrowings
316,734
316,734
24. Retail Eligible Bonds
The table below shows the movement on the Company's 
£50,000,000 4.5% Retail Eligible Bonds that matured on 6 
August 2024. These unsecured bonds were listed on the 
London Stock Exchange ORB platform until their maturity 
in the year.
25. Derivative financial instruments
Interest rate caps and swaps are in place to mitigate the 
interest rate risk that arises as a result of entering into 
variable rate borrowings.
The calculation of fair value of interest rate caps and 
swaps is based on the following calculation: the notional 
amount multiplied by the difference between the swap 
rate and the current market rate and then multiplied 
by the number of years remaining on the contract and 
discounted. Further details can be found in note 30.1.
During the year the notional amount on derivative 
instruments was reduced with a cash amount realised of 
£2,698,000 (2023: £1,246,000).
31 December
2024
£’000
31 December
2023
£’000
Bond principal at start of year
Unamortised issue costs at start of year
Amortisation of issue costs
Maturity
50,000
(93)
93
(50,000)
50,000
(248)
155
-
At end of year
-
49,907
31 December
2024
£’000
31 December
2023
£’000
Fair value at start of period
Proceeds received from a reduction in notional amounts
Revaluation in period
16,009
(2,698)
(1,703)
24,449
(1,246)
(7,194)
Fair value at end of period
11,608
16,009
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
194
195

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2024 CONTINUED
The table below lists the hedging and swap notional 
amounts and rates against the details of the Group's loan 
facilities.
As at 31 December 2024, the swap notional arrangements 
were £96.1 million (2023: £120.4 million)and the cap 
notional arrangements amounted to £53.5 million (2023: 
£61.8 million).
The Group weighted average effective interest rate was 
3.4% (2023: 3.5%) inclusive of hedging costs and the Retail 
Eligible Bond.
The maximum exposure to credit risk at the reporting date 
is the fair value of the derivative liabilities.
It is the Group’s target to hedge at least 90% of the total 
debt portfolio using interest rate derivatives and fixed–
rate facilities. As at the year end, the total proportion of 
hedged debt equated to 100.0% (2023: 100.0%), as shown 
below. 
* Before unamortised debt issue costs 
SONIA = Sterling Over Night Indexed Average
Table may not sum due to rounding
Lender
Facility
£’000
Outstanding 
debt*
£’000
Maturity
date
Annual 
interest
rate
Notional
amount
£’000
Swap/cap 
rate
Royal Bank of Scotland, Bank of 
Scotland and Barclays
99,789
99,789
Aug-26
2.40% over 
3mth £ 
SONIA
54,827 
44,961
0.97% 
0.97%
Scottish Widows Ltd & Aviva 
Investors Real Estate Finance
132,630
132,630
Dec-27
3.28% 
Fixed
n/a
n/a
Scottish Widows Ltd
34,467
34,467
Dec-28
3.37% 
Fixed
n/a
n/a
Santander UK
49,848
49,848
Jun-29
2.20% over 
3mth £ 
SONIA
41,319 
8,529
1.39% 
1.39%
Total bank borrowings
316,734
316,734
26. Leases
The Group’s lease commitments which are now 
represented by the right of use asset and lease liability 
are spread across 10 separate leases with the two largest 
leases at Northern Cross Basingstoke and Quantum 
Court Edinburgh making up 48% of the balance. Total 
commitments on leases in respect of land and buildings 
are as follows:
Right of use asset
31 December
2024
£’000
31 December
2023
£’000
At start of year
Fair value movement
10,987
(138)
11,126
(139)
At end of year
10,849
10,987
Lease liability
31 December
2024
£’000
31 December
2023
£’000
At start of year
Lease payments
Interest charges
11,475
(435)
404
11,505
(435)
405
At end of year
11,444
11,475
Group
31 December
2024
£’000
31 December
2023
£’000
Payable within 1 year
Payable between 1 and 2 years
Payable between 2 and 5 years
Payable after 5 years
435
435
1,305
33,563
435
435
1,305
33,999
At end of year
35,738
36,174
31 December
2024
£’000
31 December
2023
£’000
Total bank borrowings
316,734
370,750
Notional value of interest rate caps and swaps
Fixed rate borrowings
149,637
167,097
182,250 
188,500
316,734
370,750
Proportion of hedged debt
100.0%
100.0%
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
196
197

27. Stated capital
Stated capital represents the consideration received by the 
Company for the issue of Ordinary Shares.
During the year the Company offered 15 new ordinary 
shares for every 7 existing shares. This resulted in an 
increase of 1,105,149,821 Ordinary Shares being issued. 
Subsequently, there was a 10 for 1 split with the resulting 
Ordinary shares in issue being 162,088,483.
29. Notes to the Statement of Cash Flows
29.1 Reconciliation of changes in liabilities to 
cash flows arising from financing activities
28. Net asset value (NAV) per Share
Basic NAV per Share is calculated by dividing the net 
assets in the Statement of Financial Position attributable 
to ordinary equity holders of the parent by the number of 
Ordinary Shares outstanding at the end of the year. See 
Note 27 for futher explanation.
Further detail of the EPRA performance measures can be 
found on pages 208 to 211.
The number of shares have been recalculated as though 
the bonus issue and share consolidation were in place at 
31 December 2023.
The number of Ordinary shares in issue at 31 December 
2023 was previously stated at 515,736,583. This figure has 
been multiplied by a bonus factor of 1.5777 representing the 
bonus issue and 0.1 representing the share consolidation.
Prior to this restatement the NAV and EPRA NTA were 
previously stated at 59.3p and 56.4p respectively.
31 December
2024
£’000
31 December
2023
£’000
Group
Issued and fully paid Shares of no par value
At start of the year
Shares issued in year
Share issue costs
513,762
110,515
(6,011)
513,762
-
-
At end of the year
618,266
513,762
Number of Shares in issue
At start of the year
Shares issued in year
Reduction in shares (See note above)
515,736,583
1,105,149,821
(1,458,797,921)
515,736,583
-
-
At end of the year
162,088,483
515,736,583
31 December
2024
£’000
31 December
2023
£’000
Group
Net asset value per Consolidated Statement of Financial Position
Adjustment for calculating EPRA net tangible assets:
Derivative financial instruments
Deferred tax liability
351,614
(11,608)
741
306,089
(16,009)
708
EPRA Net Tangible Assets
340,747
290,788
Number of Ordinary Shares in issue (2023 restated)
162,088,483
81,367,206
Net asset value per Share – basic and diluted (2023 restated)
216.9p
376.2p
EPRA Net Tangible Assets per Share – basic and diluted (2023 restated)
210.2p
357.4p
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2024 CONTINUED
Bank
loans and
borrowings
£’000
Retail
Eligible
Bonds
£’000
Lease
liabilities
£’000
Total
£’000
Balance at 1 January 2024
365,603
49,907
11,475
426,985
Changes from financing cash flows:
Bank borrowings repaid
Bank and bond borrowing costs paid
Repayment of bond
Lease payments
(54,016)
(761)
-
 - 
-
-
(50,000)
-
-
-
-
(435)
(54,016)
(761)
(50,000)
(435)
Total changes from financing cash flows
(54,777)
(50,000)
(435)
(105,212)
Amortisation of issue costs
Unwinding of discount
1,497
-
93
-
-
404
1,590
404
Total other changes
1,497
93
404
1,994
Balance at 31 December 2024
312,323
-
11,444
323,767
Bank
loans and
borrowings
£’000
Retail
Eligible
Bonds
£’000
Lease
liabilities
£’000
Total
£’000
Balance at 1 January 2023
385,265
49,752
11,505
446,522
Changes from financing cash flows:
Bank and bond borrowings advanced
Bank borrowings repaid
Bank and bond borrowing costs paid
Lease payments
3,729
(23,771)
(495)
-
-
-
-
-
-
-
-
(435)
3,729
(23,771)
(495)
(435)
Total changes from financing cash flows
(20,537)
-
(435)
(20,972)
Amortisation of issue costs
Unwinding of discount
875
-
155
-
-
405
1,030
405
Total other changes
875
155
405
1,435
Balance at 1 January 2023
365,603
49,907
11,475
426,985
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
198
199

30. Financial risk management
30.1 Financial instruments
The Group’s principal financial assets and liabilities are 
those that arise directly from its operations: trade and 
other receivables, trade and other payables and cash and 
cash equivalents. The Group’s other principal financial 
assets and liabilities are bank and other loan borrowings, 
amounts due to interest rate derivatives and lease 
liabilities, the main purpose of which is to finance the 
acquisition and development of the Group’s investment 
property portfolio.
Set out below is a comparison by class of the carrying 
amounts of the Group’s financial instruments that are 
carried in the financial statements and their fair value:
The following financial liabilities are recorded in the 
Consolidated Statement of Financial Position at amortised 
cost but their fair value is different as disclosed above. 
Their fair values are determined as follows:
• 	The fair value of bank and loan borrowings is 
determined by reference to mark–to–market valuations 
provided by the lenders.
• 	The fair value of Retail Eligible Bonds is determined by 
their published market value.
• 	The fair value of the lease liability has been determined 
as the present value of future cash flows discounted 
using the Group’s incremental borrowing rate.
The following financial assets and liabilities are recorded 
in the Consolidated Statement of Financial Position at fair 
value which is determined as follows:
• 	The fair value of interest rate derivatives is recorded in 
the Consolidated Statement of Financial Position and 
is determined by forming an expectation that interest 
rates will exceed strike rates and discounting these 
future cash flows at the prevailing market rates as at the 
year end.
Fair value hierarchy
The following table provides the fair value measurement 
hierarchy for financial assets and liabilities measured at 
fair value through profit or loss.
The different levels are defined as follows.
Level 1: Quoted (unadjusted) market prices in active 
markets for identical assets or liabilities.
Level 2: Valuation techniques for which the lowest level 
input that is significant to the fair value measurement is 
directly or indirectly observable.
Level 3: Valuation techniques for which the lowest level 
input that is significant to the fair value measurement is 
unobservable.
For assets and liabilities that are recognised in the 
consolidated financial statements on a recurring 
basis, the Group determines whether transfers have 
occurred between levels in the hierarchy by reassessing 
categorisation at the end of each reporting period.
There have been no transfers between levels during the 
year.
30.2 Risk management
The Group is exposed to market risk (including interest 
rate risk), credit risk and liquidity risk. The Board of 
Directors oversees the management of these risks. 
The Board of Directors reviews and agrees policies for 
managing each of these risks that are summarised below.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2024 CONTINUED
Total
£’000
Quoted active
prices
(level 1)
£’000
Significant
observable
inputs
(level 2)
£’000
Significant
unobservable
inputs
(level 3)
£’000
Balance at 31 December 2024
Interest rate derivatives
11,608
-
11,608
-
31 December 2023
Interest rate derivatives
16,009
-
16,009
-
31 December 2024
31 December 2023
Carrying
value
£’000
Fair
value
£’000
Carrying
value
£’000
Fair
value
£’000
Group
Financial assets – measured at amortised cost
Trade and other receivables
Cash and short–term deposits
Financial assets – measured at fair value through 
profit or loss
Interest rate derivatives
Financial liabilities – measured at amortised cost
Trade and other payables
Bank and loan borrowings
Retail eligible bonds
Lease liability
10,077
56,719
11,608
(29,244)
(312,323)
-
(11,444)
10,077
56,719
11,608
(29,244)
(301,293)
-
(11,444)
9,127
34,505
16,009
(30,984)
(365,603)
(49,907)
(11,475)
9,127
34,505
16,009
(30,984)
(354,124)
(46,700)
(11,475)
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
200
201

30.3 Market risk
Market risk is the risk that the fair values of financial 
instruments will fluctuate because of changes in market 
prices. The financial instruments held by the Group that 
are affected by market risk are principally the Group’s 
bank balances along with a number of interest rate swaps 
entered into to mitigate interest rate risk.
The Group’s interest rate risk arises from long–term 
borrowings issued at variable rates, which expose the 
Group to cash flow interest rate risk. Borrowings issued at 
variable rates expose the Group to fair value interest rate 
risk. The Group manages its cash flow interest rate risk 
by using floating to fixed interest rate swaps, interest rate 
caps and interest rate swaps. Interest rate swaps have the 
economic effect of converting borrowings from floating 
rates to fixed rates. Interest rate caps limit the exposure to 
a known level.
30.4 Credit risk
Credit risk is the risk that a counterparty will not meet 
its obligations under a financial instrument or customer 
contract, leading to a financial loss. The Group is exposed 
to credit risk from both its leasing activities and financing 
activities, including deposits with banks and financial 
institutions. Credit risk is mitigated by tenants being 
required to pay rentals in advance under their lease 
obligations. The credit quality of the tenant is assessed 
based on an extensive credit rating scorecard at the time 
of entering into a lease agreement.
Outstanding trade receivables are regularly monitored. 
The maximum exposure to credit risk at the reporting date 
is the carrying value of each class of financial asset.
30.5 Credit risk related to trade receivables
Trade receivables, primarily tenant rentals, are presented 
in the Group’s Statement of Financial Position net 
of provisions for impairment. Credit risk is primarily 
managed by requiring tenants to pay rentals in advance 
and performing tests around strength of covenant prior to 
acquisition.
30.6 Credit risk related to financial 
instruments and cash deposits
One of the principal credit risks of the Group arises 
with the banks and financial institutions. The Board of 
Directors believes that the credit risk on short–term 
deposits and current account cash balances is limited 
because the counterparties are banks, who are committed 
lenders to the Group, with high credit ratings assigned by 
international credit–rating agencies.
The list of bankers for the Group, with their latest Fitch 
credit ratings, was as follows:
30.7 Liquidity risk
Liquidity risk arises from the Group’s management of 
working capital and, going forward, the finance charges 
and principal repayments on its borrowings. It is the risk 
that the Group will encounter difficulty in meeting its 
financial obligations as they fall due, as the majority of 
the Group’s assets are investment properties and are 
therefore not readily realisable. The Group’s objective 
is to ensure that it has sufficient available funds for its 
operations and to fund its capital expenditure. This is 
achieved by continuous monitoring of forecast and actual 
cash flows by management.
The table below summarises the maturity profile of 
the Group’s financial liabilities based on contractual 
undiscounted payments.
While the bank borrowings aged liability interest rate 
derivative aged liability within the below table are 
presented separately, the payment obligation of the bank 
borrowings is the net of the two balances.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2024 CONTINUED
Bankers
Fitch Ratings
Barclays Bank Plc
A Stable
Royal Bank of Scotland
A+ Positive
Bank of Scotland plc
AA- Stable 
Santander UK
A+ Stable
Aviva
A+ Stable
Scottish Widows Limited
A+ Stable 
Group at 31 December 2024
Within
1 year
£’000
Between
1 and 2 years
£’000
Between
2 and 5 years
£’000
After
5 years
£’000
Total
£’000
Trade and other payables
bank borrowings and interest payments
Interest rate derivatives
Retail eligible bonds
Lease liability
(29,244)
(16,875)
6,554
-
(435)
-
(114,129)
5,025
-
(435)
-
(233,016)
4,919
-
(1,305)
-
-
-
-
(33,563)
(29,244)
(364,020)
16,498
-
(35,738)
(40,000)
(109,539)
(229,402)
(33,563)
(412,504)
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
202
203

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 31 DECEMBER 2024 CONTINUED
Group at 31 December 2023
Within
1 year
£’000
Between
1 and 2 years
£’000
Between
2 and 5 years
£’000
After
5 years
£’000
Total
£’000
Trade and other payables
bank borrowings and interest payments
Interest rate derivatives
Retail eligible bonds
Lease liability
(30,984)
(20,104)
7,810
(51,125)
(435)
-
(20,104)
7,810
-
(435)
-
(344,139)
10,735
-
(1,305)
-
(62,282)
1,185
-
(33,999)
(30,984)
(446,629)
27,540
(51,125)
(36,175)
(94,838)
(12,729)
(334,709)
(95,096)
(537,373)
31. Capital management
The primary objective of the Group’s capital management 
is to ensure that it remains a going concern and continues 
to qualify for UK REIT status.
The Group’s capital is represented by reserves and 
bank borrowings. The Board, with the assistance of 
the Asset Manager and Investment Adviser, monitors 
and reviews the Group’s capital so as to promote the 
long–term success of the business, facilitate expansion, 
deliver a quarterly dividend distribution and to maintain 
sustainable returns for shareholders.
The Group’s policy on borrowings is as follows: the 
level of borrowing will be on a prudent basis for the 
asset class and will seek to achieve a low cost of funds, 
while maintaining flexibility in the underlying security 
requirements and the structure of both the portfolio and 
of Regional REIT.
Based on current market conditions, the Board will target 
Group net borrowings of 40% of Investment Property 
Values at any time. However, the Board may modify the 
Group’s borrowing policy (including the level of gearing) 
from time to time in light of then–current economic 
conditions, relative costs of debt and equity capital, fair 
value of the Company’s assets, growth and acquisition 
opportunities or other factors the Board deems 
appropriate.
The optimal debt financing structure for the Group will 
have consideration for key metrics including: fixed or 
floating interest rate charged, debt type, maturity profile, 
substitution rights, covenant and security requirements, 
lender type, diversity and the lender’s knowledge and 
relationship with the property sector.
32. Operating leases
The future minimum lease payments receivable under 
non–cancellable operating leases in respect of the Group’s 
property portfolio are as follows:
The Group has in excess of 940 operating leases.
The number of years remaining on these operating leases 
varies between 1 and 997 years. The amounts disclosed 
above represent total rental income receivable up to the 
next lease break point on each lease. If a tenant wishes to 
end a lease prior to the break point, a surrender premium 
will be charged to cover the shortfall in rental income 
received.
33. Segmental information
After a review of the information provided for 
management purposes, it was determined that the Group 
has one operating segment and therefore segmental 
information is not disclosed in these consolidated financial 
statements.
34. Transactions with related parties
Transactions with the Directors
The following persons and entities are related parties 
because they have significant influence over the 
reporting entity or are key management personnel or the 
reporting entity.
Directors' remuneration is disclosed within the 
Remuneration Report on page 150 and note 8 to the 
financial statements. Directors' beneficial interests in the 
Ordinary Shares of the Company are disclosed within the 
Directors' Report.
The Asset Manager and Investment Adviser do not meet 
the definition of a related party transaction. Full details of 
the management arrangements are on page 101.
35. Subsequent Events
On 20 February 2025, the Company declared the Q4 2024 
dividend of 2.20pps, which will be paid to shareholders on 
4 April 2025.
Group
31 December
2024
£’000
31 December
2023
£’000
Receivable within 1 year
Receivable between 1–2 years
Receivable between 2–5 years
Receivable after 5 years
47,096
42,215
85,709
66,075
51,207
45,008
96,923
67,798
241,095
260,936
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
204
205

ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
206
207
Share Register enquiries: Link Group
ADDITIONAL 
INFORMATION
EPRA Performance Measures
208
Notes to the Calculation of EPRA Performance Measures
209
Property Related Capital Expenditure Analysis
212
Other Performance Measures
212
Glossary of Terms 
214
AIFMD Disclosures 
218
Company Information 
220
Forthcoming Events 
222
Shareholder Information 
224
Dividend History 
226

EPRA PERFORMANCE MEASURES
NOTES TO THE CALCULATION OF EPRA PERFORMANCE MEASURES
EPRA Performance Measure
Definition
EPRA
Performance
Measure
Year ended
31 December
2024
Year ended
31 December
2023
EPRA EARNINGS
Earnings from operational activities.
EPRA Earnings
EPRA Earnings per 
Share (basic and 
diluted
£22,659,000
19.2p
£26,962,000
33.1p*
The EPRA NAV set of metrics make adjustments to the NAV per the IFRS financial statements to provide stakeholders with the most relevant 
information on the fair value of the assets and liabilities of a real estate investment company, under different scenarios.
EPRA Net Reinstatement Value  
EPRA NAV metric which assumes that 
entities never sell assets and aims to 
represent the value required to rebuild 
the entity.
EPRA Net 
Reinstatement Value
EPRA Net 
Reinstatement Value 
per Share (diluted)
£381,885,000
235.6p
£337,030,000
414.2p*
EPRA Net Tangible Assets
EPRA NAV metric which assumes that 
entities buy and sell assets, thereby 
crystallising certain levels of unavoidable 
deferred tax.
EPRA Net Tangible 
Assets
EPRA Net Tangible 
Assets per Share 
(diluted)
£340,747,000
210.2p
£290,788,000
357.4p*
EPRA Net Disposal Value
EPRA NAV metric which represents 
the Shareholders’ value under a 
disposal scenario, where deferred 
tax, financial instruments and certain 
other adjustments are calculated to the 
full extent of their liability, net of any 
resulting tax.
EPRA Net Disposal 
Value
EPRA Net Disposal 
Value per Share 
(diluted)
£362,644,000
223.7p
£320,775,000
394.2p*
EPRA Net Initial Yield (NIY)
Annualised rental income based on the 
cash rents passing at the balance sheet 
date, less non-recoverable property 
operating expenses, divided by the 
market value of the property with 
(estimated) purchasers’ costs.
EPRA Net Initial Yield
6.3%
6.6%
EPRA ‘Topped-up’ NIY
This measure incorporates an adjustment 
to the EPRA NIY in respect of the 
expiration of rent-freeperiods (or other 
unexpired lease incentives such as 
discounted rent periods and stepped 
rents).
EPRA ‘Topped-up’ 
Net Initial Yield
7.3%
7.5%
EPRA Vacancy Rate
Estimated Market Rental Value (ERV) 
of vacancy space divided by ERV of the 
whole portfolio.
EPRA Vacancy Rate
22.5%
20.0%
EPRA Costs Ratio
Administrative and operating costs 
(including and excluding costs of direct 
vacancy) divided by gross rental income.
EPRA Costs Ratio
EPRA Costs Ratio 
(excluding direct 
vacancy costs)
44.7%
17.4%
38.5%
16.4%
EPRA LTV
Debt divided by the market value of 
property
EPRA LTV
44.8%
58.6%
The Group is a member of the European Public Real Estate 
Association (“EPRA”).
EPRA has developed and defined the following 
performance measures to give transparency, 
comparability and relevance of financial reporting across 
entities which may use different accounting standards. 
The Group is pleased to disclose the following measures 
which are calculated in accordance with EPRA guidance:
1. EPRA earnings
For calculations, please refer to note 12 to the financial 
statements.
2. EPRA Net Reinstatement Value
3. EPRA Net Tangible Assets
4. EPRA Net Disposal Value
31 December
2024
31 December
2023
NAV per the financial statements
Fair value of derivative financial instruments
Purchaser costs
Deferred tax liability
351,614
(11,608)
41,138
741
306,089
(16,009)
46,242
708
EPRA Net Reinstatement Value
381,885
337,030
Dilutive number of Shares (2023 restated)
162,088,483
81,367,206
EPRA Net Reinstatement Value per Share (2023 restated)
235.6p
414.2p
31 December
2024
31 December
2023
NAV per the financial statements
Fair value of derivative financial instruments
Deferred tax liability
351,614
(11,608)
741
306,089
(16,009)
708
EPRA Net Tangible Assets
340,747
290,788
Dilutive number of Shares (2023 restated)
162,088,483
81,367,206
EPRA Net Tangible Assets per Share (2023 restated)
210.2p
357.4p
31 December
2024
31 December
2023
NAV per the financial statements
Adjustment for the fair value of bank borrowings
Adjustment for the fair value of retail eligible bonds
351,614
11,030
-
306,089
11,479
3,207
EPRA Net Disposal Value
362,644
320,775
Dilutive number of Shares (2023 restated)
162,088,483
81,367,206
EPRA Net Disposal Value per Share (2023 restated)
223.7p
394.2p
*	 See note 12.
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
208
209

5. EPRA Net Initial Yield
6. EPRA Vacancy Rate
7. EPRA Cost Ratios
31 December
2024
31 December
2023
Investment properties
Purchaser costs
622,480
41,138
700,720
46,241
663,618
746,961
Annualised cash passing rental income
Property outgoings
53,840
(11,901)
59,522
(10,077)
Annualised net rents
41,939
49,445
Add notional rent expiration of rent-free periods or other lease incentives
6,604
6,670
Topped-up net annualised rent
48,543
56,115
EPRA NIY
6.3%
6.6%
EPRA topped up NIY
7.3%
7.5%
31 December
2024
31 December
2023
Estimated Market Rental Value (ERV) of vacant space
Estimated Market Rental Value (ERV) of whole portfolio
17,303
77,029
16,650
83,314
EPRA Vacancy Rate
22.5%
20.0%
Year ended
31 December
2024
Year ended
31 December
2023
Property costs
Less recoverable service charge income and other similar costs
Add administrative and other expenses
45,021
(25,742)
9,851
38,161
(21,825)
10,626
EPRA costs (including direct vacancy costs)
29,130
26,962
Direct vacancy costs
(17,791)
(15,441)
EPRA costs (excluding direct vacancy costs)
11,339
11,521
Gross rental income
Less recoverable service charge income and other similar items
90,981
(25,742)
91,880
(21,825)
Gross rental income less ground rents
65,239
70,055
EPRA Cost Ratio (including direct vacancy costs)
44.7%
38.5%
EPRA Cost Ratio (excluding direct vacancy costs)
17.4%
16.4%
NOTES TO THE CALCULATION OF EPRA PERFORMANCE MEASURES
Calculated as the value of investment properties divided 
by annualised net rents:
The Group has not capitalised any overhead or operating 
expenses in the accounting years disclosed above.
8. EPRA LTV
2023
2024
31 December 2024
£’000
31 December 2023
£’000
Borrowings from financial institutions
Retail eligible bonds
Net payables
Cash and cash equivalents
316,734
-
12,460
(56,719)
370,750
50,000
17,188
(34,505)
EPRA Net debt
272,475
403,433
Investment properties at fair value*
Financial Assets – loans
607,458
337
687,695
578
Total property value
607,795
688,273
EPRA LTV
44.8%
58.6%
Trade and other receivables - current
Less tenant loans
Current liabilities
Right of use asset
Finance lease liabilities
35,079
(193)
(46,752)
10,849
(11,444)
32,837
(193)
(49,344)
10,987
(11,475)
Net receivables/(payables)
(12,461)
(17,188)
* Colliers' valuation net of smoothing see note 3.1.1
EPRA BPR Awards
The Company is please to be have been granted again 
an EPRA BPR Gold Award in respect of the Company's 
compliance with EPRA's Best Practice Recommendations 
for financial reporting of listed property companies.
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
210
211

Net LTV
31 December 2024
£’000
31 December 2023
£’000
Borrowings from financial institutions
Retail eligible bonds
Cash and cash equivalents
316,734
-
(56,719)
370,750
50,000
(34,505)
Net debt
260,015
386,245
Investment properties at valuation
622,480
700,720
Net LTV
41.8%
55.1%
OTHER PERFORMANCE MEASURES
300 Bath Street, Glasgow
31 December
2024
31 December
2023
Acquisitions 
Development
Investment properties
Incremental lettable space
No incremental lettable space
Tenant incentives
Other material non-allocated types of expenditure
Capitalised interest
-
-
-
8,262
-
-
-
5
-
-
10,255
-
-
-
Total capital expenditure
8,262
10,260
Conversion from accruals to cash basis
-
-
Total capital expenditure on cash basis
8,262
10,260
PROPERTY RELATED CAPITAL EXPENDITURE ANALYSIS
Acquisitions – this represents the purchase cost of 
investment properties and associated incidental purchase 
expenses such as stamp duty land tax, legal fees, agents’ 
fees, valuations and surveys. 
Subsequent capital expenditure - this represents capital 
expenditure which has taken place post the initial 
acquisition of an investment property.	
	
	
REGIONAL REIT
212
213

GLOSSARY
OF TERMS
AIC – Association of Investment Companies. A trade body 
for closed-end investment companies (www.theaic.co.uk).
AIF – Alternative Investment Fund.
AIFMD – Alternative Investment Fund Managers Directive. 
Issued by the European Parliament in 2012 and 2013, the 
Directive requires the Company to appoint an Alternative 
Investment Fund Manager (AIFM). The Board of Directors 
of a closed-ended investment company nevertheless 
remains fully responsible for all aspects of the Company’s 
strategy, operations and compliance with regulations.
AIFM – Alternative Investment Fund Manager. The entity 
which ensures the Company complies with the AIFMD. The 
Company’s AIFM is ESR Europe Investment Management 
Limited.
Alternative Performance Measures (APMs) – APMs are 
key performance indicators used by the Board to assess 
the Company’s performance.
Asset and Property Manager – ESR Europe PM Limited.
Auditor – RSM UK Audit LLP.
Board – the Board of Directors of the Company.
Borrowings – aggregate amount of total drawn bank 
facilities and the retail eligible bond.
Break Option – a clause in a lease which provides the 
landlord or tenant with an ability to terminate the lease 
before its contractual expiry date.
CAPEX – capital expenditure relates to spend used by the 
organisation to maintain or upgrade physical assets.
Company – Regional REIT Limited (Company Number 
60527).
Company Adjusted Earnings – a company specific 
earnings measure which adds back the performance fee 
charged in the accounts to EPRA Earnings.
Core Plus Property – growth and income properties 
with the ability to increase cash flows through asset 
management initiatives.
Core Property – stable income properties with low risk.
Directors – the Directors of the Company whose names 
are set out on page 220.
EPC – Energy Performance Certificate.
EPRA – European Public Real Estate Association, a real 
estate industry body, which has issued Best Practice 
Recommendations to provide consistency and transparency 
in real estate financial reporting across Europe.
EPRA Cost Ratio – ratio of overheads and operating 
expenses against gross rental income. Net overheads 
and operating expenses relate to all administrative and 
operating expenses including the share of joint ventures’ 
overheads and operating expenses, net of any service 
fees, recharges or other income specifically intended to 
cover overhead and property expenses.
EPRA Dividend Cover – EPRA earnings per Share divided 
by the dividend per Share.
EPRA Earnings – profit after taxation excluding 
investments and development property revaluations and 
gains/losses on disposals, changes in the fair value of 
financial instruments and associated close-out costs and 
their related taxation.
EPRA LTV – EPRA Loan-To-Value is calculated as debt 
(including net payables) divided by market value of 
property as defined in the EPRA Best Practice Guidelines
EPRA Net Asset Value (EPRA NAV) – IFRS assets excluding 
the mark-to-market on effective cash flow hedges 
and related debt instruments and deferred taxation 
revaluations.
EPRA Net Initial Yield (EPRA NIY) – annualised rental 
income based on the cash rents passing at the balance 
sheet date, less non-recoverable property operating 
expenses, divided by the market value of the property with 
(estimated) purchasers’ costs.
EPRA Net Tangible Assets (EPRA NTA) – EPRA Net 
Asset Value Measure assumes that entities buy and sell 
assets, thereby crystallising certain levels of unavoidable 
deferred tax.
EPRA Occupancy Like for Like – the like-for-like 
movement in EPRA Occupancy against the same period 
in the prior year, on properties owned throughout both 
comparable periods.
EPRA Occupancy Rate – occupancy expressed as a 
percentage being the ERV of let space divided by ERV 
of the whole portfolio. Occupancy Rate should only be 
calculated for all completed properties but excluding those 
properties which are under development.
EPRA “Topped Up” Net Initial Yield – this measure 
incorporates an adjustment to the EPRA NIY in respect 
of the expiration of rent-free periods (or other unexpired 
lease incentives such as discounted rent periods and 
stepped rents).
EPRA Total Return – the movement in EPRA NTA plus the 
dividend distributions paid during the period, expressed as a 
percentage of the EPRA NTA at the beginning of the period.
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
214
215

Over Rented – when the Contracted Rent is higher than 
the ERV.
Passing Rent – the rent that is payable at any particular 
time, allowing for lease incentives. This phrase is often 
used for Contracted Rent.
Property Income Distributions (PID) – profits from 
property related business distributed to Shareholders 
which are subject to tax in the hands of the Shareholders 
as property income. PIDs are normally paid net of 
withholding tax, currently at 20%, which the REIT pays to 
the tax authorities on behalf of the Shareholder. Certain 
types of Shareholder (i.e. pension funds) are tax exempt 
and receive PIDs without withholding tax. Property 
companies also pay out normal dividends, called non-PIDs, 
which are treated as not subject to withholding tax.
Prospectus – the Company’s prospectus issued on 27 June 
2024.
REIT – a qualifying entity which has elected to be treated 
as Real Estate Investment Trust for tax purposes. In the 
UK such entities must be listed on a recognised stock 
exchange, must be predominately engaged in property 
investments activities and must meet certain ongoing 
qualifications as set out under section 705 E of the Finance 
Act 2013.
Rent Review – periodic review of rent during the term of a 
lease, as provided for within a lease agreement.
Rent Roll – is the contracted gross property rent 
receivable which becomes payable after tenant incentives 
in the letting have expired.
Reversion – expected increase in rent estimated by the 
Company’s External Valuers, where the passing rent is 
below the ERV. The increases to rent arise on rent reviews 
and lettings.
Reversionary Yield – anticipated yield, excluding lease 
expiry, to which the Net Initial Yield will rise (or fall) 
once the rent reaches the Estimated Rental Value. ERV/
Investment Properties Value expressed as a percentage.
Shareholder – a holder of Shares in the Company. 
Shares – ordinary Shares issued by the Company. 
SIPP – self-invested personal pension.
SONIA – Sterling Overnight Index Average.
SSAS – small self–administered scheme.
TCFD – Task Force on Climate-Related Financial 
Disclosures created in 2015 by the Financial Stability 
Board to develop consistent climate-related financial risk 
disclosures for use by companies, banks, and investors in 
providing information to stakeholders.
Total Shareholder Return – the movement in the 
Share price, plus the dividend distributions received and 
reinvested in the period, expressed as percentage of the 
Share price at the beginning of the period.
Triple Net Initial Yield (NNNIY) – (Annualised current 
passing rent net of property related taxes, building 
insurance, and maintenance costs (the three “nets”))/ 
(Investment Properties Value).
UN SDG – the Sustainable Development Goals or Global 
Goals are a collection of 17 interlinked global goals 
designed to be a “blueprint to achieve a better and more 
sustainable future for all”. The SDGs were set up in 2015 
by the United Nations General Assembly and are intended 
to be achieved by the year 2030.
Weighted Average Cost of Debt (WACD) – Group 
borrowings interest and net derivative costs per annum at 
the period end, divided by total Group debt in issue at the 
period end.
Weighted Average Debt Duration (WADD) – is 
calculated by multiplying each tranche of Group debt by 
the remaining period to its maturity, with the sum of the 
results being divided by total Group debt in issue at the 
period end.
Weighted Average Debt to Maturity (WAD) – each 
tranche of Group debt is multiplied by the remaining 
period to its maturity and the result is divided by total 
Group debt in issue at the period end.
Weighted Average Effective Interest Rate – the Group’s 
loan interest and hedging derivative costs per annum 
divided by total Group debt in issue at the period end.
Weighted Average Unexpired Lease Term (WAULT) – is 
the average lease term remaining to first break, or expiry, 
across the portfolio weighted by rental income (including 
rent-free).
Yield Compression – occurs when the net equivalent yield 
of a property decreases, measured in basis points.
EPRA Triple NAV (EPRA NNNAV) – EPRA net assets 
adjusted to include deferred tax liabilities and the fair 
values of financial instruments and debt.
EPRA Vacancy Rate – occupancy expressed as a 
percentage being the ERV of vacant space divided by ERV of 
the whole portfolio. Vacancy Rate should only be calculated 
for all completed properties but excluding those properties 
which are under development.
Equivalent Yield – weighted average of the initial yield and 
reversionary yield, representing the return that a property 
will produce based on the occupancy data of the tenant 
leases.
ESG – Environmental, Social and Corporate Governance 
refers to the three central factors in measuring the 
sustainability and societal impact of an investment in a 
company or business.
Estimated Rental Value (ERV) or Market Rent (MR) – 
external valuers’ opinion as to what the open market rental 
value of the property is on the valuation date and which 
could reasonably be expected to be the rent obtainable on 
a new letting of that property on the valuation date.
External Valuer – independent external valuer of a 
property. The Company’s external valuer is Colliers 
International Property Consultants Ltd.
Fair Value Adjustment – accounting adjustment to change 
the book value of an asset or liability to its market value.
GRESB – the Global Real Estate Sustainability Benchmark. 
The assessment is the investor-driven global ESG 
benchmark and reporting framework for listed property 
companies, private property funds, developers and 
investors that invest directly in real estate.
Gross Asset Value – the aggregate value of the total assets 
of the Company as determined in accordance with the 
accounting principles adopted by the Company from time 
to time.
Gross Investment Property Assets – investment 
properties encompassing the entire property portfolio of 
freehold and leasehold assets.
Gross Loan-to-Value (LTV) Ratio – (Borrowings)/ 
(Investment Properties Value), expressed as a percentage.
Gross Rental Income – see Rent Roll.
Group – Regional REIT Limited and its subsidiaries.
IAS – an international accounting standard established by 
the International Accounting Standards Board.
Investment Adviser - ESR Europe Private Markets Limited. 
IPO – Initial Public Offering. The Company’s admission to 
the London Stock Exchange was on 6 November 2015.
ISA – Individual Savings Account.
Law – The Companies (Guernsey) Law 2008, as amended.
Lease – legally binding contract between a landlord and 
a tenant which sets out the basis on which the tenant is 
permitted to occupy a property, including the lease length.
Lease Incentive – payment used to encourage a tenant 
to take on a new lease; for example, a landlord paying 
a tenant a sum of money to contribute to the cost of a 
tenant’s fit-out of a property or by allowing a rent-free 
period.
Lease Re-gear – renegotiation of a lease during the term 
and often linked to another lease event; for example, a 
Break Option or Rent Review.
Lease Renewal – renegotiation of a lease with the existing 
tenant at its contractual expiry.
Lease Surrender – agreement whereby the landlord and 
tenant bring a lease to an end other than by contractual 
expiry or the exercise of a Break Option. This will 
frequently involve the negotiation of a surrender premium 
by one party to the other.
Mark-to-Market (MTM) – difference between the book 
value of an asset or liability and its market value.
Net Asset Value (NAV) (or Shareholders’ Funds) (Prior 
EPRA methodology) – the value of the investments 
and other assets of an investment company, plus cash 
and debtors, less borrowings and any other creditors. 
It represents the underlying value of an investment 
company at a point in time.
Net Debt – total cash and cash equivalents less short- and 
long-term debt.
Net Gearing – (Borrowings – cash and cash equivalents)/ 
(Total Issued Shares + Retained Earnings).
Net Loan-to-Value (LTV) Ratio / Net Borrowings – 
(Borrowings (before debt issuance costs) – less cash)/ 
(Investment Properties Value) expressed as percentage.
Occupancy Percentage – percentage of the total area of 
all properties and units currently let to tenants.
Ongoing Charges – a measure, expressed as a percentage 
of NAV, of the regular, recurring costs of running an 
investment company, which is calculated in line with AIC 
methodology.
Ordinary Resolution – a resolution passed by more than 50 
per cent. majority in accordance with the Companies Law.
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
216
217

The Alternative Investment Fund Managers’ Directive 
(“AIFMD”) requires certain information to be made 
available to investors before they invest in Alternative 
Investment Funds and requires that material changes to 
this information be disclosed in the annual report of each 
AIF. Those disclosures that are required to be made pre-
investment are included within the Initial Public Offering 
(“IPO”) prospectus and subsequent equity capital raise 
prospectuses, which can be found on the Group’s website 
at: www.regionalreit.com. 
Management agreement
In April 2023, ESR Europe LSPIM Limited (formerly ARA Asset 
Management Limited) acquired a majority stake in London 
& Scottish Property Investment Management Limited.
In October 2023, ESR Europe Private Markets Limited 
(formerly ARA Europe Private Markets Limited) was 
appointed as the Company's Investment Adviser.
In August 2024, ESR Europe Investment Management 
Limited was appointed as the Alternative Investment Fund 
Manager (AIFM), replacing Toscafund Asset Management 
LLP.
ESR Europe Investment Management Limited was 
authorised by the UK's Financial Conduct Authority on 1 
August 2024.
Continuing appointment of the AIFM
The Board continually reviews the performance of the 
AIFM. The Board, through its Management Engagement 
and Remuneration Committee, has considered the 
performance of the AIFM and the terms of its engagement. 
It is the opinion of the Board that the continuing 
appointment of the AIFM on the terms agreed is in the 
interests of Shareholders as a whole. The Board believe 
that by calculating the management fee on the basis 
of EPRA NTA, the interests of the Asset Manager and 
Investment Adviser are closely aligned with those of the 
Shareholders.
Principal risks and uncertainties
An explanation of the principal risks and how they are 
managed and the policy and practice with respect to 
financial instruments are contained in note 30 on pages 
200 to 203.
Leverage
Leverage is defined in the AIFMD as any method by 
which the Group increases its exposure, whether through 
borrowing of cash or securities, or leverage embedded in 
derivative positions or by any other means.
Leverage has been measured in terms of the Group’s 
exposure and is expressed as a ratio of net asset 
value. The AIFMD requires this ratio to be calculated 
in accordance with both the Gross Method and the 
Commitment Method. Details of these methods of 
calculation can be found by referring to the AIFMD. In 
summary, these methods express leverage as a ratio of 
the exposure of debt, non-sterling currency, equity or 
currency hedging and derivatives exposure against the 
net asset value. The principal difference between the 
two methods is that the Commitment Method enables 
derivative instruments to be netted off to reflect hedging 
arrangements and the exposure is effectively reduced, 
while the Gross Method aggregates the exposure.
The AIFMD introduced a requirement for the AIFM to set 
maximum levels of leverage for the Group. The Company’s 
AIFM has set a maximum limit of 400 for both the Gross 
and Commitment Methods of calculating leverage.
At 31 December 2024, this gives the following figures:
In accordance with the AIFMD, any changes to the 
maximum level of leverage set by the Group will 
be communicated via the Group’s website to the 
Shareholders.
AIFMD DISCLOSURES
Leverage Exposure
Gross Method
Commitment 
Method
Maximum
400
400
Actual
266
285
Coach Works, Leeds
REGIONAL REIT
218
219

ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
220
221
Registered Office 
Regional REIT Limited 
Mont Crevelt House 
Bulwer Avenue
St. Sampson 
Guernsey 
GY2 4LH
Company Secretary
MUFG Corporate Governance Ltd
51 Lime Street, London,
EC3M 7DQ
Asset Manager
ESR Europe LSPIM Limited
300 Bath Street Glasgow
G2 4JR
Investment Adviser
ESR Europe Private Markets Limited
15 Marylebone Road
London
NW1 5JD
Financial Adviser and Joint Broker 
Peel Hunt LLP
7th Floor
100 Liverpool Street London
EC2M 2AT
Joint Broker 
Shore Capital
Cassini House
57 St James's Street
London 
SW1A 1LD
 
Legal Adviser to the Company 
Macfarlanes LLP
20 Cursitor Street
London 
EC4A 1LT
Administrator
Orbitus Fund Services (Guernsey) 
Limited
Mont Crevelt House
Bulwer Avenue 
St. Sampson 
Guernsey
GY2 4LH
Sub-Administrator
Waystone Administration Solutions 
(UK) Limited
Broadwalk House 
Southernhay West 
Exeter 
EX1 1TS
Registrar
MUFG Corporate Markets (Guernsey) 
Limited
Mont Crevelt House
Bulwer Avenue
St Sampson
Guernsey
GY2 4LH
 
Independent Auditor 
RSM UK Audit LLP 
Third Floor
Centenary House 
69 Wellington Street Glasgow
G2 6HG
Depositary
Ocorian Depositary (UK) Limited
20 Fenchurch Street
London 
EC3M 3BY
Public Relations
FTI Consulting
200 Aldersgate
Aldersgate Street, London 
EC1A 4HD
Property Valuer
Colliers International Property 
Consultants Limited
95 Wigmore Street
London
W1U 1FF
Tax Adviser
KPMG LLP
319 St Vincent Street
Glasgow
G2 5AS
Regional REIT Limited ISIN:
GG00BSY2LD72
SEDOL:
BSY2LD72
Legal Entity Identifier: 
549300D8G4NKLRIKBX73
Company website 
www.regionalreit.com
COMPANY
INFORMATION
REGIONAL REIT
220
DIRECTORS
David Hunter (Chairman and Independent Non-Executive Director)
Massy Larizadeh (Senior Independent Non-Executive Director, Chair of the Nomination 
Committee and Management Engagement and Remuneration Committee)
Nicole Burstow (Non-Executive Director)
Frances Daley (Independent Non-Executive Director, Chair of the Audit Committee)
Stephen Inglis (Non-Executive Director)

15 MAY
Q1 Trading Update
9 SEPT
Interim Results 
Announcement
12 NOV
Q3 Trading Update
Note: all future dates are provisional and subject to change.
FORTHCOMING 
EVENTS
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
222
223

ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
224
225
Share Register enquiries: Link Group
Please phone: 0371 664 0300 for any questions about:
• 	changing your address or other details
• 	your Shares
• 	buying and selling Shares
Calls are charged at the standard geographic rate and will vary by provider. 
Calls outside the United Kingdom will be charged at the applicable 
international rate. The Registrar is open between 09:00 and 17:30, Monday 
to Friday, excluding public holidays in England and Wales. For Shareholder 
enquiries, please email: shareholderenquiries@cm.mpms.mufg.com
SHAREHOLDER 
INFORMATION

Q4 2024
Q3 2023
Q2 2023
Q1 2023
22/02/2024
09/11/2023
12/09/2023
24/05/2023
29/02/2024
16/11/2023
21/09/2023
01/06/2023
01/03/2024
17/11/2023
22/09/2023
02/06/2023
05/04/2024
12/01/2024
19/10/2023
04/08/2023
1.20
1.20
1.20
1.65
5.25
-
-
-
-
-
1.20
1.20
1.20
1.65
5.25
Total dividend
Year
Period
Announcement date
Ex-date
Record date
Payment date
PID
Non-PID
Pence per share
Q4 2024
Q3 2024
Q2 2024*
Q1 2024
20/02/2025
13/11/2024 
10/09/2024 
22/05/2024
27/02/2025
21/11/2024
19/09/2024 
30/05/2024
28/02/2025
22/11/2024 
20/09/2024 
31/05/2024 
04/04/2025
10/01/2025
18/10/2024 
02/07/2024 
2.20
2.20
2.20
1.20
7.80 
-
-
-
-
-
2.20
2.20
2.20
1.20
7.80
Q4 2021
Q3 2021
Q2 2021
Q1 2021
24/02/2022
11/11/2021
26/08/2021
19/05/2021
03/03/2022
18/11/2021
09/09/2021
27/05/2021
04/03/2022
19/11/2021
10/09/2021
28/05/2021
08/04/2022
12/01/2022
15/10/2021
16/07/2021
1.70
1.60
1.60
1.60
6.50
-
-
-
-
-
1.70
1.60
1.60
1.60
6.50
Q4 2020
Q3 2020
Q2 2020
Q1 2020
25/02/2021
12/11/2020
26/08/2020
21/05/2020
04/03/2021
19/11/2020
03/09/2020
04/06/2020
05/03/2021
20/11/2020
04/09/2020
05/06/2020
09/04/2021
08/01/2021
16/10/2020
17/07/2020
1.50
1.50
1.50
1.90
6.40
-
-
-
-
-
1.50
1.50
1.50
1.90
6.40
Q4 2019
Q3 2019
Q2 2019
Q1 2019
27/02/2020
14/11/2019
29/08/2019
23/05/2019
05/03/2020
21/11/2019
05/09/2019
06/06/2019
06/03/2020
22/11/2019
06/09/2019
07/06/2019
09/04/2020
19/12/2019
15/10/2019
12/07/2019
2.55
1.90
1.90
1.90
8.25
-
-
-
-
-
2.55
1.90
1.90
1.90
8.25
Q4 2018
Q3 2018
Q2 2018
Q1 2018
21/02/2019
15/11/2018
31/08/2018
17/05/2018
28/02/2019
22/11/2018
13/09/2018
24/05/2018
01/03/2019
23/11/2018
14/09/2008
25/05/2018
11/04/2019
21/12/2018
15/10/2018
13/07/2018
2.50
1.85
1.85
1.85
8.05
-
-
-
-
-
2.50
1.85
1.85
1.85
8.05
Q4 2017
Q3 2017
Q2 2017
Q1 2017
22/02/2018
14/11/2017
31/08/2017
25/05/2017
01/03/2018
23/11/2017
07/09/2017
08/06/2017
02/03/2018
24/11/2017
08/09/2017
09/06/2017
12/04/2018
22/12/2017
13/10/2017
14/07/2017
2.21
1.62
1.08
1.26
6.17
0.25
0.18
0.72
0.54
1.69
2.45
1.80
1.80
1.80
7.85
Q1 1 Jan to 31 Mar
Q2 1 Apr to 30 Jun
Q3 1 Jul to 30 Sep
Q4 1 Oct to 31 Dec
2023
2024
2020
2018
2021
2019
2017
Q4 2022
Q3 2022
Q2 2022
Q1 2022
23/02/2023
10/11/2022
24/08/2022
25/05/2022
02/03/2023
17/11/2022
01/09/2022
01/06/2022
03/03/2023
18/11/2022
02/09/2022
06/06/2022
06/04/2023
12/01/2023
14/10/2022
15/07/2022
1.65
1.65
1.65
1.65
6.60
-
-
-
-
-
1.65
1.65
1.65
1.65
6.60
DIVIDEND
HISTORY
2022
*	 1 for 10 share consolidation 29/7/2024
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
226
227

NOTES
NOTES
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
228
229

NOTES
NOTES
ANNUAL REPORT AND ACCOUNTS 2024
REGIONAL REIT
230
231

Mont Crevelt House
Bulwer Avenue
St. Sampson
Guernsey 
GY2 4LH
www.regionalreit.com