RDI REIT

LSE:RDI

Snowflake Description

Average dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.

RDI

LSE

£410M

Market Cap

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Last updated 2019/06/24 21:40

Company description

RDI is a UK Real Estate Investment Trust (UK-REIT) committed to becoming the UK's leading income focused REIT. The last earnings update was 60 days ago. More info.

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RDI REIT has significant price volatility in the past 3 months.

RDI Share Price and Events

7 Day Returns

4.4%

LSE:RDI

-0.4%

GB REITs

0.3%

GB Market

1 Year Returns

-38.2%

LSE:RDI

-9%

GB REITs

-3.8%

GB Market

RDI Shareholder Return

	7 Day	30 Day	90 Day	1 Year	3 Year	5 Year
RDI REIT (RDI)	4.4%	-10.6%	-16.3%	-38.2%	-46.7%	-59.7%
GB REITs	-0.4%	-0.6%	-1.7%	-9%	2.5%	5.1%
GB Market	0.3%	1.2%	2.8%	-3.8%	18.5%	4.5%

1 Year Return vs Industry and Market

RDI underperformed the REITs industry which returned -9% over the past year.
RDI underperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -3.8% over the past year.

Price Volatility

RDI

Industry

5yr Volatility vs Market

Related Companies

RDI Value

Is RDI REIT undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.

INTRINSIC VALUE BASED ON FUTURE CASH FLOWS

Here we compare the current share price of RDI REIT to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.

Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for RDI REIT.

LSE:RDI Discounted Cash Flow Data Sources
Data Point	Source	Value
Valuation Model		2 Stage Free Cash Flow to Equity
Levered Free Cash Flow	Average of 4 Analyst Estimates (S&P Global)	See below
Discount Rate (Cost of Equity)	See below	9.2%
Perpetual Growth Rate	10-Year GB Government Bond Rate	1.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for LSE:RDI
Data Point	Calculation/ Source	Result
Risk-Free Rate	10-Year GB Govt Bond Rate	1.2%
Equity Risk Premium	S&P Global	6.7%
REITs Unlevered Beta	Simply Wall St/ S&P Global	0.49
Re-levered Beta	= Unlevered beta (1 + (1- tax rate) (Debt/Equity)) = 0.494 (1 + (1- 19%) (199.2%))	1.195
Levered Beta	Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm)	1.2
Discount Rate/ Cost of Equity	= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium) = 1.23% + (1.195 * 6.65%)	9.17%

Discounted Cash Flow Calculation for LSE:RDI using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for RDI REIT is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

LSE:RDI DCF 1st Stage: Next 10 year cash flow forecast
	Levered FCF (GBP, Millions)	Source	Present Value Discounted (@ 9.17%)
2019	44.00	Analyst x2	40.30
2020	37.00	Analyst x2	31.04
2021	38.50	Analyst x2	29.59
2022	34.31	Est @ -10.88%	24.15
2023	31.82	Est @ -7.25%	20.52
2024	30.32	Est @ -4.71%	17.91
2025	29.44	Est @ -2.93%	15.92
2026	28.94	Est @ -1.68%	14.34
2027	28.71	Est @ -0.81%	13.03
2028	28.65	Est @ -0.2%	11.91
Present value of next 10 years cash flows			£218.71

LSE:RDI DCF 2nd Stage: Terminal Value
	Calculation	Result
Terminal Value	= FCF₂₀₂₈ × (1 + g) ÷ (Discount Rate – g) = £28.65 × (1 + 1.23%) ÷ (9.17% – 1.23%)	£364.92
Present Value of Terminal Value	= Terminal Value ÷ (1 + r)¹⁰ = £364.92 ÷ (1 + 9.17%)¹⁰	£151.70

LSE:RDI Total Equity Value
	Calculation	Result
Total Equity Value	= Present value of next 10 years cash flows + Terminal Value = £218.71 + £151.70	£370.41
Equity Value per Share (GBP)	= Total value / Shares Outstanding = £370.41 / 380.09	£0.97

LSE:RDI Discount to Share Price
	Calculation	Result
Value per share (GBP)	From above.	£0.97
Current discount	Discount to share price of £1.08 = -1 x (£1.08 - £0.97) / £0.97	-10.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

The current share price of RDI REIT is above its future cash flow value.

Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.

PRICE RELATIVE TO MARKET

We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for RDI REIT's earnings, growth and assets is considered below, and whether this is a fair price.

Price based on past earnings

Are RDI REIT's earnings available for a low price, and how does this compare to other companies in the same industry?

Raw Data

LSE:RDI PE (Price to Earnings) Ratio Data Sources
Data Point	Source	Value
Earnings Per Share *	Company Filings (2019-02-28) in GBP	£0.08
LSE:RDI Share Price **	LSE (2019-06-24) in GBP	£1.08
United Kingdom of Great Britain and Northern Ireland REITs Industry PE Ratio	Median Figure of 43 Publicly-Listed REITs Companies	12.72x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio	Median Figure of 787 Publicly-Listed Companies	16.39x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of RDI REIT.

LSE:RDI PE (Price to Earnings) Ratio Calculation
	Calculation	Outcome
PE Ratio	= LSE:RDI Share Price ÷ EPS (both in GBP) = 1.08 ÷ 0.08	14.26x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

RDI REIT is overvalued based on earnings compared to the GB REITs industry average.
RDI REIT is good value based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.

Price based on expected Growth

Does RDI REIT's expected growth come at a high price?

Raw Data

LSE:RDI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point	Source	Value
PE Ratio	See PE Ratio Section	14.26x
Net Income Annual Growth Rate	See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts	41.9%per year
United Kingdom of Great Britain and Northern Ireland REITs Industry PEG Ratio	Median Figure of 23 Publicly-Listed REITs Companies	0.64x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio	Median Figure of 573 Publicly-Listed Companies	1.48x

*Line of best fit is calculated by linear regression .

LSE:RDI PEG (Price to Earnings to Growth) Ratio Calculation
	Calculation	Outcome
PEG Ratio	= PE Ratio ÷ Net Income Annual Growth Rate = 14.26x ÷ 41.9%	0.34x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

RDI REIT is good value based on expected growth next year.

Price based on value of assets

What value do investors place on RDI REIT's assets?

Raw Data

LSE:RDI PB (Price to Book) Ratio Data Sources
Data Point	Source	Value
Book Value per Share	Company Filings (2019-02-28) in GBP	£2.02
LSE:RDI Share Price *	LSE (2019-06-24) in GBP	£1.08
United Kingdom of Great Britain and Northern Ireland REITs Industry PB Ratio	Median Figure of 54 Publicly-Listed REITs Companies	0.89x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio	Median Figure of 1,371 Publicly-Listed Companies	1.49x

LSE:RDI PB (Price to Book) Ratio Calculation
	Calculation	Outcome
PB Ratio	= LSE:RDI Share Price ÷ Book Value per Share (both in GBP) = 1.08 ÷ 2.02	0.53x

* Primary Listing of RDI REIT.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

RDI REIT is good value based on assets compared to the GB REITs industry average.

Show me more potentially undervalued companies in the REITs industry

Value checks

We assess RDI REIT's value by looking at:

Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)

Full details on the Value part of the Simply Wall St company analysis model.

RDI Future Performance

How is RDI REIT expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!

41.9%

Expected annual growth in earnings.

Earnings growth vs Low Risk Savings

Is RDI REIT expected to grow at an attractive rate?

RDI REIT's earnings growth is expected to exceed the low risk savings rate of 1.2%.

Growth vs Market Checks

RDI REIT's earnings growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
RDI REIT's revenues are expected to decrease over the next 1-3 years, this is below the United Kingdom of Great Britain and Northern Ireland market average.

Annual Growth Rates Comparison

Raw Data

LSE:RDI Future Growth Rates Data Sources
Data Point	Source	Value (per year)
LSE:RDI Future Earnings Growth Rate	Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts	41.9%
LSE:RDI Future Revenue Growth Rate	Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts	-12.4%
United Kingdom of Great Britain and Northern Ireland REITs Industry Earnings Growth Rate	Market Cap Weighted Average	16.3%
United Kingdom of Great Britain and Northern Ireland REITs Industry Revenue Growth Rate	Market Cap Weighted Average	2.5%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate	Market Cap Weighted Average	10.9%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate	Market Cap Weighted Average	4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations

Raw Data

LSE:RDI Analysts Growth Expectations Data Sources
Data Point	Source	Value
Past Financials	Company Filings (3 months ago)	See Below
Future Estimates	Average of up to 4 Analyst Estimates (S&P Global)	See Below

All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.

LSE:RDI Future Estimates Data
Date (Data in GBP Millions)	Revenue	Cash Flow	Net Income *	Avg. No. Analysts
2022-08-31
2021-08-31	77	43	10	4
2020-08-31	80	44	-12	4
2019-08-31	95	48	-71	4

LSE:RDI Past Financials Data
Date (Data in GBP Millions)	Revenue	Cash Flow	Net Income *
2019-02-28	113	58	29
2018-11-30	112	58	59
2018-08-31	111	58	89
2018-05-31	109	52	85
2018-02-28	106	46	81
2017-11-30	104	48	73
2017-08-31	101	49	66
2017-05-31	100	50	54
2017-02-28	98	51	42
2016-11-30	94	45	25
2016-08-31	89	40	8
2016-05-31	84	39	25

*GAAP earnings excluding extraordinary items.

High Growth Checks

RDI REIT's earnings are expected to grow significantly at over 20% yearly.
RDI REIT's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.

Past and Future Earnings per Share

The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.

Raw Data

LSE:RDI Past and Future Earnings per Share
Data Point	Source	Value
Past Financials	Company Filings (3 months ago)	See Below
Future Estimates	Average of up to 4 Analyst Estimates (S&P Global)	See Below

All data from RDI REIT Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:RDI Future Estimates Data
Date (Data in GBP Millions)	EPS *	EPS High Estimate	EPS Low Estimate	Avg. No. Analysts
2022-08-31
2021-08-31	0.03	0.03	0.03	1.00
2020-08-31	-0.03	-0.03	-0.03	1.00
2019-08-31	-0.19	-0.15	-0.22	2.00

LSE:RDI Past Financials Data
Date (Data in GBP Millions)	EPS *
2019-02-28	0.08
2018-11-30	0.16
2018-08-31	0.24
2018-05-31	0.23
2018-02-28	0.22
2017-11-30	0.20
2017-08-31	0.18
2017-05-31	0.15
2017-02-28	0.12
2016-11-30	0.07
2016-08-31	0.02
2016-05-31	0.08

*GAAP earnings excluding extraordinary items.

Performance in 3 years

In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.

RDI REIT is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).

Show me more growth companies in the REITs industry

Future performance checks

We assess RDI REIT's future performance by looking at:

Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
Is the annual earnings growth rate expected to be above 20%? (1 check)
Is the annual revenue growth rate expected to be above 20%? (1 check)
Is the Return on Equity in 3 years expected to be over 20%? (1 check)

Some of the above checks will fail if the company is expected to be loss making in the relevant year.
RDI REIT has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

RDI Past Performance

How has RDI REIT performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.

Past earnings growth

Below we compare RDI REIT's growth in the last year to its industry (REITs).

Past Earnings growth analysis

We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.

RDI REIT's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
RDI REIT's 1-year earnings growth is negative, it can't be compared to the 5-year average.
RDI REIT's 1-year earnings growth is negative, it can't be compared to the GB REITs industry average.

Earnings and Revenue History

RDI REIT's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.

Raw Data

All data from RDI REIT Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:RDI Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions)	Revenue	Net Income *	G+A Expenses
2019-02-28	113.20	28.80	14.30
2018-11-30	112.30	58.85	14.25
2018-08-31	111.40	88.90	14.20
2018-05-31	108.60	84.70	13.35
2018-02-28	105.80	80.50	12.50
2017-11-30	103.50	73.30	13.10
2017-08-31	101.20	66.10	13.70
2017-05-31	99.75	54.00	13.90
2017-02-28	98.30	41.90	14.10
2016-11-30	93.55	24.90	12.50
2016-08-31	88.80	7.90	10.90
2016-05-31	84.45	25.00	10.85
2016-02-29	80.10	42.10	10.80
2015-11-30	79.90	56.35	10.95
2015-08-31	79.70	70.60	11.10
2015-05-31	81.71	101.00	9.87
2015-02-28	83.72	131.40	8.64
2014-11-30	82.31	113.30	10.27
2014-08-31	80.90	95.20	11.90
2014-05-31	72.32	69.45	16.43
2014-02-28	63.74	43.71	20.96
2013-11-30	62.71	52.61	18.72
2013-08-31	61.68	61.52	16.47
2013-05-31	69.98	7.18	13.22
2013-02-28	78.29	-47.17	9.98
2012-11-30	81.34	-85.96	10.70
2012-08-31	84.39	-124.76	11.41

*GAAP earnings excluding extraordinary items.

Performance last year

We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.

RDI REIT has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
RDI REIT used its assets less efficiently than the GB REITs industry average last year based on Return on Assets.
RDI REIT has improved its use of capital last year versus 3 years ago (Return on Capital Employed).

Past performance checks

We assess RDI REIT's performance over the past 5 years by checking for:

Has earnings increased in past 5 years? (1 check)
Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
Is the Return on Equity (ROE) higher than 20%? (1 check)
Is the Return on Assets (ROA) above industry average? (1 check)
Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)

The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
RDI REIT has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

RDI Health

How is RDI REIT's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up RDI REIT's finances.

The net worth of a company is the difference between its assets and liabilities.

Net Worth

RDI REIT's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
RDI REIT's long term commitments exceed its cash and other short term assets.

Balance sheet

This treemap shows a more detailed breakdown of RDI REIT's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.

Assets

Liabilities and shares

The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.

High level of physical assets or inventory.
Debt is not covered by short term assets, assets are 0.1x debt.

Historical Debt

Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.

Raw Data

All data from RDI REIT Company Filings, last reported 3 months ago.

LSE:RDI Past Debt and Equity Data
Date (Data in GBP Millions)	Total Equity	Total Debt	Cash & Short Term Investments
2019-02-28	827.80	803.90	48.60
2018-11-30	827.80	803.90	48.60
2018-08-31	862.80	778.60	59.00
2018-05-31	862.80	778.60	59.00
2018-02-28	853.10	814.60	53.90
2017-11-30	853.10	814.60	53.90
2017-08-31	762.20	814.80	52.80
2017-05-31	762.20	814.80	52.80
2017-02-28	740.60	729.00	61.70
2016-11-30	740.60	729.00	61.70
2016-08-31	733.40	765.20	32.00
2016-05-31	733.40	765.20	32.00
2016-02-29	744.10	670.40	155.10
2015-11-30	744.10	670.40	155.10
2015-08-31	636.80	550.80	93.60
2015-05-31	636.80	550.80	93.60
2015-02-28	533.61	598.38	56.25
2014-11-30	533.61	598.38	56.25
2014-08-31	509.70	633.50	90.40
2014-05-31	509.70	633.50	90.40
2014-02-28	407.20	757.72	85.22
2013-11-30	407.20	757.72	85.22
2013-08-31	310.45	674.31	33.66
2013-05-31	310.45	674.31	33.66
2013-02-28	275.11	591.15	57.88
2012-11-30	275.11	591.15	57.88
2012-08-31	138.26	754.49	17.73

RDI REIT's level of debt (98.8%) compared to net worth is high (greater than 40%).
The level of debt compared to net worth has been reduced over the past 5 years (188.3% vs 98.8% today).
Debt is not well covered by operating cash flow (7.1%, less than 20% of total debt).
Interest payments on debt are not well covered by earnings (EBIT is 2.9x annual interest expense, ideally 3x coverage).

Financial health checks

We assess RDI REIT's financial health by checking for:

Are short term assets greater than short term liabilities? (1 check)
Are short term assets greater than long term liabilities? (1 check)
Has the debt to equity ratio increased in the past 5 years? (1 check)
Is the debt to equity ratio over 40%? (1 check)
Is the debt covered by operating cash flow? (1 check)
Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)

For companies that are loss making and have been so on average in the past we replace the last 2 checks with:

Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)

Full details on the Health part of the Simply Wall St company analysis model.

RDI Dividends

What is RDI REIT's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.

Annual Dividend Income

12.5%

Current annual income from RDI REIT dividends. Estimated to be 9.44% next year.

If you bought £2,000 of RDI REIT shares you are expected to receive £250 in your first year as a dividend.

Dividend Amount

Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?

RDI REIT's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (1.96%).
RDI REIT's dividend is above the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (5.4%).

Annualized Historical and Future Dividends

It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.

Raw Data

LSE:RDI Annualized Past and Future Dividends
Data Point	Source	Value
Past Annualized Dividend Yield	S&P Global Market Data	See Below
Past Dividends per Share	Company Filings/ Annualized Dividend Payments	See Below
Future Dividends per Share Estimates	Average of up to 4 Analyst Estimates (S&P Global)	See Below
United Kingdom of Great Britain and Northern Ireland REITs Industry Average Dividend Yield	Market Cap Weighted Average of 49 Stocks	4.4%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield	Market Cap Weighted Average of 706 Stocks	4.3%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield	10th Percentile	1%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield	25th Percentile	2%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield	75th Percentile	5.4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

LSE:RDI Future Dividends Estimate Data
Date (Data in £)	Dividend per Share (annual)	Avg. No. Analysts
2022-08-31	0.11	1.00
2021-08-31	0.10	3.00
2020-08-31	0.10	3.00
2019-08-31	0.10	3.00

LSE:RDI Past Annualized Dividends Data
Date (Data in £)	Dividend per share (annual)	Avg. Yield (%)
2018-10-25	0.135	9.669
2018-05-21	0.133	7.737
2017-12-15	0.130	7.423
2017-10-26	0.130	7.117
2017-04-26	0.130	6.724
2016-10-27	0.160	8.410
2015-12-18	0.163	7.275
2015-10-28	0.163	6.126
2015-04-29	0.165	6.120
2014-10-29	0.160	5.849
2014-04-30	0.157	5.921
2013-11-08	0.156	5.942
2013-04-29	0.189	8.786
2012-12-12	0.256	14.456
2012-10-30	0.256	15.167
2011-12-15	0.229	12.901
2011-11-01	0.229	10.387

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

RDI REIT has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
RDI REIT has only been paying a dividend for 8 years, and since then dividends per share have fallen.

Current Payout to shareholders

What portion of RDI REIT's earnings are paid to the shareholders as a dividend.

Dividends paid are covered by earnings (1.2x coverage).

Future Payout to shareholders

Dividends after 3 years are expected to be covered by earnings (1.1x coverage).

Show me more dividend paying companies in the REITs industry

Income/ dividend checks

We assess RDI REIT's dividend by checking for:

Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
Is current dividend yield above the bottom 25% of dividend payers? (1 check)
Is current dividend yield above the top 25% of dividend payers? (1 check)
Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
If they have paid a dividend for 10 years has it increased in this time? (1 check)
How sustainable is the dividend, can RDI REIT afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)

Full details on the Dividends part of the Simply Wall St company analysis model.

RDI Management

What is the CEO of RDI REIT's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.

CEO

Mike Watters

COMPENSATION	£977,352
AGE	58
TENURE AS CEO	5.5 years

CEO Bio

Mr. Michael John Watters, also known as Mike, BSc Eng (Civil), MBA has been the Chief Executive Officer of Redefine Properties International Limited since June 1, 2010. Mr. Watters has been the Chief Executive Officer of RDI REIT Plc (formerly, Redefine International P.L.C.), since December 3, 2013. He served as the Chief Executive Officer at MetaSolv Inc. He has over 25 years experience in the investment banking and real estate industries. He serves as a Director of Cromwell Property Securities Limited and Redefine Properties International Limited. He serves as a Director of Corovest Offshore Limited. He has been a Non-Executive Director of International Hotel Properties Limited (also know as International Hotel Group Limited) since October 19, 2015. He has been an Executive Director at RDI REIT Plc (formerly, Redefine International P.L.C) since December 3, 2013, where he previously served as a Non Independent and Non Executive Director since September 28, 2005. He served as a Director of Cromwell Diversified Property Trust; Sycom Property Fund Managers Limited until November 3, 2004 and Sapphire Retail Fund Ltd., Wichford plc since July 2011. He served as a Non-Executive Director at Redefine Properties Limited from August 1, 2014 to February 9, 2017. He served as a Non Executive Director of Cromwell Property Group from April 4, 2011 to November 26, 2014 and Hyprop Investments Ltd., since August 25, 2000. Mr. Watters is an MBA and a registered professional engineer with a BSc. Eng. (Civil) Degree.

CEO Compensation

Mike's compensation has been consistent with company performance over the past year, both up more than 20%.
Mike's remuneration is higher than average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.

Management Team Tenure

Average tenure and age of the RDI REIT management team in years:

5.5

Average Tenure

Average Age

The average tenure for the RDI REIT management team is over 5 years, this suggests they are a seasoned and experienced team.

5.3 yrs

Janine Ackermann

TITLE

Head of Investor Relations

Michelle Daniels

TITLE

Group Head of Marketing

TENURE

4.4 yrs

Helder Pereira

TITLE

Chief Executive Officer of Redefine BDL Hotel Group Limited

AGE

63

TENURE

6.1 yrs

Lisa Hibberd

TITLE

Company Secretary

TENURE

9.4 yrs

Mark Sennett

TITLE

Executive Officer of Corovest International - Property Adviser

Richard Breese

TITLE

Executive Officer of Corovest International - Property Adviser

Board of Directors Tenure

Average tenure and age of the RDI REIT board of directors in years:

5.3

Average Tenure

Average Age

The tenure for the RDI REIT board of directors is about average.

Recent Insider Trading

More shares have been bought than sold by RDI REIT individual insiders in the past 3 months, but not in substantial volumes.

Show me more companies with insider buying in the REITs industry

Recent Insider Transactions

Announced	Type	Name	Entity	Start	End	Shares	Max Price (£)	Value (£)
26. Apr 19	Buy	Michael Watters	Individual	25. Apr 19	25. Apr 19	16,000	£1.28	£20,534
24. Apr 19	Buy	State Street Global Advisors, Inc.	Company	23. Apr 19	23. Apr 19	134,384	£1.48	£198,794
24. Apr 19	Buy	BlackRock, Inc.	Company	23. Apr 19	23. Apr 19	12,520	£1.43	£17,889
24. Apr 19	Buy	JPMorgan Chase & Co, Brokerage and Securities Investments	Company	23. Apr 19	23. Apr 19	2,328	£1.59	£3,702
24. Apr 19	Sell	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	23. Apr 19	23. Apr 19	-113,220	£1.58	£-178,891
24. Apr 19	Buy	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	23. Apr 19	23. Apr 19	111,048	£1.59	£176,659
23. Apr 19	Buy	JPMorgan Chase & Co, Brokerage and Securities Investments	Company	18. Apr 19	18. Apr 19	4,898	£1.60	£7,835
23. Apr 19	Sell	Allan Gray Limited	Company	18. Apr 19	18. Apr 19	-25,300	£1.59	£-40,110
23. Apr 19	Sell	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	18. Apr 19	18. Apr 19	-65,653	£1.59	£-104,445
23. Apr 19	Buy	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	18. Apr 19	18. Apr 19	67,601	£1.60	£107,913
18. Apr 19	Sell	BlackRock, Inc.	Company	17. Apr 19	17. Apr 19	-132,797	£1.57	£-207,920
18. Apr 19	Buy	BlackRock, Inc.	Company	17. Apr 19	17. Apr 19	13,762	£1.54	£21,115
18. Apr 19	Sell	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	17. Apr 19	17. Apr 19	-409,620	£1.60	£-654,718
18. Apr 19	Buy	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	17. Apr 19	17. Apr 19	389,308	£1.60	£622,465
18. Apr 19	Buy	M&G Investment Management Limited	Company	17. Apr 19	17. Apr 19	176,295	£1.59	£279,849
17. Apr 19	Sell	JPMorgan Chase & Co, Brokerage and Securities Investments	Company	16. Apr 19	16. Apr 19	-300	£1.59	£-477
17. Apr 19	Buy	JPMorgan Chase & Co, Brokerage and Securities Investments	Company	16. Apr 19	16. Apr 19	300	£1.59	£477
17. Apr 19	Buy	BlackRock, Inc.	Company	16. Apr 19	16. Apr 19	924	£1.59	£1,469
17. Apr 19	Sell	Allan Gray Limited	Company	16. Apr 19	16. Apr 19	-7,500	£1.56	£-11,675
17. Apr 19	Sell	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	16. Apr 19	16. Apr 19	-40,559	£1.60	£-65,005
17. Apr 19	Buy	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	16. Apr 19	16. Apr 19	51,424	£1.64	£84,209
16. Apr 19	Buy	JPMorgan Chase & Co, Brokerage and Securities Investments	Company	15. Apr 19	15. Apr 19	8,047	£1.54	£12,396
16. Apr 19	Buy	State Street Global Advisors, Inc.	Company	15. Apr 19	15. Apr 19	64,982	£1.54	£99,793
16. Apr 19	Buy	Legal & General Investment Management Limited	Company	15. Apr 19	15. Apr 19	1,200	£1.54	£1,843
16. Apr 19	Buy	M&G Investment Management Limited	Company	15. Apr 19	15. Apr 19	18,016	£1.52	£27,449
16. Apr 19	Sell	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	15. Apr 19	15. Apr 19	-3,039	£1.53	£-4,650
16. Apr 19	Buy	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	15. Apr 19	15. Apr 19	3,890	£1.53	£5,952
15. Apr 19	Sell	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	12. Apr 19	12. Apr 19	-47,751	£1.53	£-73,047
15. Apr 19	Buy	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	12. Apr 19	12. Apr 19	62,331	£1.53	£95,521
15. Apr 19	Sell	Allan Gray Limited	Company	12. Apr 19	12. Apr 19	-2,300	£1.53	£-3,513
15. Apr 19	Buy	M&G Investment Management Limited	Company	12. Apr 19	12. Apr 19	12,281	£1.52	£18,720
15. Apr 19	Buy	BlackRock, Inc.	Company	12. Apr 19	12. Apr 19	12,149	£1.52	£18,502
15. Apr 19	Buy	State Street Global Advisors, Inc.	Company	12. Apr 19	12. Apr 19	76,452	£1.52	£116,398
11. Apr 19	Sell	Allan Gray Limited	Company	09. Apr 19	09. Apr 19	-3,800	£1.52	£-5,779
12. Apr 19	Buy	BlackRock, Inc.	Company	11. Apr 19	11. Apr 19	9,857	£1.54	£15,118
12. Apr 19	Sell	State Street Global Advisors, Inc.	Company	11. Apr 19	11. Apr 19	-1,664	£1.54	£-2,556
12. Apr 19	Buy	State Street Global Advisors, Inc.	Company	11. Apr 19	11. Apr 19	9,864	£1.53	£15,053
12. Apr 19	Sell	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	11. Apr 19	11. Apr 19	-50,159	£1.52	£-76,370
12. Apr 19	Buy	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	11. Apr 19	11. Apr 19	60,755	£1.53	£92,868
11. Apr 19	Buy	M&G Investment Management Limited	Company	10. Apr 19	10. Apr 19	16,200	£1.51	£24,519
11. Apr 19	Sell	JPMorgan Chase & Co, Brokerage and Securities Investments	Company	10. Apr 19	10. Apr 19	-11,523	£1.51	£-17,377
11. Apr 19	Buy	JPMorgan Chase & Co, Brokerage and Securities Investments	Company	10. Apr 19	10. Apr 19	18,216	£1.51	£27,590
11. Apr 19	Sell	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	10. Apr 19	10. Apr 19	-24,491	£1.51	£-37,000
11. Apr 19	Buy	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	10. Apr 19	10. Apr 19	26,653	£1.54	£40,954
11. Apr 19	Buy	State Street Global Advisors, Inc.	Company	10. Apr 19	10. Apr 19	10,853	£1.51	£16,424
10. Apr 19	Sell	JPMorgan Chase & Co, Brokerage and Securities Investments	Company	09. Apr 19	09. Apr 19	-1,000	£1.50	£-1,495
10. Apr 19	Buy	JPMorgan Chase & Co, Brokerage and Securities Investments	Company	09. Apr 19	09. Apr 19	1,000	£1.50	£1,495
10. Apr 19	Buy	BlackRock, Inc.	Company	09. Apr 19	09. Apr 19	4,452	£1.52	£6,749
10. Apr 19	Buy	Legal & General Investment Management Limited	Company	09. Apr 19	09. Apr 19	12,830	£1.50	£19,181
10. Apr 19	Sell	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	09. Apr 19	09. Apr 19	-18,923	£1.51	£-28,510
10. Apr 19	Buy	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	09. Apr 19	09. Apr 19	28,577	£1.51	£43,054
09. Apr 19	Sell	JPMorgan Chase & Co, Brokerage and Securities Investments	Company	08. Apr 19	08. Apr 19	-350	£1.58	£0
09. Apr 19	Buy	JPMorgan Chase & Co, Brokerage and Securities Investments	Company	08. Apr 19	08. Apr 19	350	£1.55	£542
09. Apr 19	Buy	BlackRock, Inc.	Company	08. Apr 19	08. Apr 19	17,073	£1.55	£26,410
09. Apr 19	Sell	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	08. Apr 19	08. Apr 19	-7,405	£1.57	£-11,603
09. Apr 19	Buy	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	08. Apr 19	08. Apr 19	14,209	£1.57	£22,265
08. Apr 19	Sell	Sanlam Investment Management (Pty) Ltd.	Company	05. Apr 19	05. Apr 19	-1,935	£1.57	£-3,047
08. Apr 19	Sell	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	05. Apr 19	05. Apr 19	-5,688	£1.61	£-9,145
08. Apr 19	Buy	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	05. Apr 19	05. Apr 19	9,685	£1.61	£15,576
05. Apr 19	Buy	State Street Global Advisors, Inc.	Company	04. Apr 19	04. Apr 19	4,799	£1.58	£7,581
05. Apr 19	Sell	BlackRock, Inc.	Company	04. Apr 19	04. Apr 19	-924	£1.59	£-1,469
05. Apr 19	Sell	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	04. Apr 19	04. Apr 19	-29,058	£1.61	£-46,739
05. Apr 19	Buy	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	04. Apr 19	04. Apr 19	33,786	£1.61	£54,252
05. Apr 19	Buy	Sanlam Investment Management (Pty) Ltd.	Company	04. Apr 19	04. Apr 19	4,288	£1.58	£6,783
04. Apr 19	Buy	State Street Global Advisors, Inc.	Company	03. Apr 19	03. Apr 19	26,568	£1.56	£41,319
04. Apr 19	Sell	BlackRock, Inc.	Company	03. Apr 19	03. Apr 19	-76,070	£1.54	£-116,927
04. Apr 19	Buy	BlackRock, Inc.	Company	03. Apr 19	03. Apr 19	2,932	£1.58	£4,554
04. Apr 19	Sell	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	03. Apr 19	03. Apr 19	-26,027	£1.56	£-40,484
04. Apr 19	Buy	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	03. Apr 19	03. Apr 19	33,328	£1.57	£52,270
03. Apr 19	Sell	JPMorgan Chase & Co, Brokerage and Securities Investments	Company	02. Apr 19	02. Apr 19	-6,220	£1.54	£-9,599
03. Apr 19	Buy	JPMorgan Chase & Co, Brokerage and Securities Investments	Company	02. Apr 19	02. Apr 19	3,110	£1.54	£4,787
03. Apr 19	Buy	State Street Global Advisors, Inc.	Company	02. Apr 19	02. Apr 19	202,894	£1.55	£314,486
03. Apr 19	Sell	BlackRock, Inc.	Company	02. Apr 19	02. Apr 19	-17,158	£1.53	£-26,222
03. Apr 19	Sell	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	02. Apr 19	02. Apr 19	-26,767	£1.54	£-41,307
03. Apr 19	Buy	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	02. Apr 19	02. Apr 19	23,785	£1.55	£36,808
02. Apr 19	Sell	BlackRock, Inc.	Company	01. Apr 19	01. Apr 19	-69,081	£1.54	£-106,213
02. Apr 19	Sell	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	01. Apr 19	01. Apr 19	-37,544	£1.56	£-58,423
02. Apr 19	Buy	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	01. Apr 19	01. Apr 19	32,821	£1.54	£50,685
01. Apr 19	Sell	BlackRock, Inc.	Company	29. Mar 19	29. Mar 19	-45,078	£1.52	£-68,345
01. Apr 19	Buy	BlackRock, Inc.	Company	29. Mar 19	29. Mar 19	11,153	£1.52	£16,953
01. Apr 19	Sell	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	29. Mar 19	29. Mar 19	-49,387	£1.51	£-74,659
01. Apr 19	Buy	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	29. Mar 19	29. Mar 19	50,298	£1.53	£76,893
01. Apr 19	Buy	Sanlam Investment Management (Pty) Ltd.	Company	29. Mar 19	29. Mar 19	7,841	£1.52	£11,903
29. Mar 19	Sell	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	28. Mar 19	28. Mar 19	-23,748	£1.49	£-35,342
29. Mar 19	Buy	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	28. Mar 19	28. Mar 19	21,875	£1.49	£32,554
29. Mar 19	Sell	BlackRock, Inc.	Company	28. Mar 19	28. Mar 19	-8,508	£1.50	£-12,731
29. Mar 19	Buy	BlackRock, Inc.	Company	28. Mar 19	28. Mar 19	5,402	£1.50	£8,084
29. Mar 19	Buy	Sanlam Investment Management (Pty) Ltd.	Company	28. Mar 19	28. Mar 19	2,941	£1.45	£4,277
28. Mar 19	Buy	BlackRock, Inc.	Company	27. Mar 19	27. Mar 19	14,269	£1.47	£21,031
28. Mar 19	Sell	JPMorgan Chase & Co, Brokerage and Securities Investments	Company	27. Mar 19	27. Mar 19	-30,402	£1.45	£-44,097
28. Mar 19	Buy	JPMorgan Chase & Co, Brokerage and Securities Investments	Company	27. Mar 19	27. Mar 19	60,804	£1.49	£0
28. Mar 19	Sell	M&G Investment Management Limited	Company	27. Mar 19	27. Mar 19	-191,500	£1.45	£-278,029
28. Mar 19	Sell	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	27. Mar 19	27. Mar 19	-2,390,393	£1.53	£-3,660,326
28. Mar 19	Buy	RMB Morgan Stanley (Pty) Ltd, Asset Management Arm	Company	27. Mar 19	27. Mar 19	2,392,948	£1.54	£3,681,628
28. Mar 19	Buy	Sanlam Investment Management (Pty) Ltd.	Company	27. Mar 19	27. Mar 19	913	£1.46	£1,337
27. Mar 19	Sell	Investec Asset Management Limited	Company	26. Mar 19	26. Mar 19	-248,851	£1.31	£-326,779
27. Mar 19	Sell	State Street Global Advisors, Inc.	Company	26. Mar 19	26. Mar 19	-148,662	£1.29	£-191,774

Management checks

We assess RDI REIT's management by checking for:

Is the CEO's compensation unreasonable compared to market cap? (1 check)
Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
Is the average tenure of the management team less than 2 years? (1 check)
Is the average tenure of the board of directors team less than 3 years? (1 check)

Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

RDI News

Simply Wall St News

What You Need To Know Before Investing In RDI REIT PLC (LON:RDI)

real estate investment trust (REIT) based in London, United Kingdom. … See our latest analysis for RDI REIT … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation.

Simply Wall St - 10 months ago – Full article

Should You Buy RDI REIT PLC (LON:RDI) Now?

received a lot of attention from a substantial price movement on the LSE over the last few months, increasing to £0.38 at one point, and dropping to the lows of £0.32. … A question to answer is whether RDI REIT's current trading price of £0.35 reflective of the actual value of the? … Let’s take a look at RDI REIT’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change

Simply Wall St - 11 months ago – Full article

Should RDI REIT PLC (LON:RDI) Be Part Of Your Portfolio?

Over the past 7 years, RDI REIT PLC (LON:RDI) has returned an average of 11.00% per year to shareholders in terms of dividend yield. … 5 questions I ask before picking a dividend stock … When researching a dividend stock, I always follow the following screening criteria: