The share price seems to us to be severely detached from reality, perhaps owing to lingering concern over the future of the office sector, and we expect the shares to rise in time: dividends and share prices cannot go in opposite directions forever. Hold.

Questor says: hold

Ticker: RGL

Share price at close: 89.3p

Update: Urban Logistics Reit

We have no such gripe about the share price of this Reit, which has risen by a welcome 34.6pc since it was added to the portfolio during the coronavirus panic of April last year. The shares yield 4.3pc at the current price, to suggest that this stock is priced more rationally than Regional Reit (Urban Logistics’ yield relative to our purchase price is 5.8pc).

Its half-year report, published last Thursday, read well. The interim dividend was maintained at last year’s level of 3.25p and the trust said it planned to pay a full-year dividend similar to last year’s, which was 7.6p. 

While as income investors we would like to see the dividend rise we will forgive the board in view of the share price growth, which was well underpinned by 7.9pc growth in net assets per share since March to 164.3p. The shares therefore trade at a premium of 6.5pc, which does not strike this column as excessive in view of the company’s record.

Occupancy and rent collection were both more than 99pc in the first half – an impressive achievement and one that backs up the chief executive’s assertion that the trust continues to see “extremely strong tenant demand for mid-sized ‘last mile/last touch’ logistics assets across the country, intensified by the structural shift towards ecommerce and the need for more resilient supply chains as a result of both Covid and Brexit”. Hold.

Questor says: hold

Ticker: SHED

Share price at close: 175p

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