RLE’s FY results were in line, with the business delivering a respectable 13% accounting return in the period. We think it will hit a revenue and PBT trough in 2022, with income growing thereafter. Capital values also have headroom to recover, particularly where voids can be filled. There remain structural tailwinds for the West Midlands region. As voids are indeed filled, we think the market will gain confidence in RLE’s ability to increase dividends and begin to re-price the attractive c.8% DPS yield.