FY15 NAV growth of 5% to 64.5p was in line with our expectation. We make no change to our NAV forecasts. The outlook for further regional recovery in the West Midlands is positive. Distressed assets are coming to market and an institutional buying pause aids REI’s prospect to achieve its £200m targeted portfolio value. The shares trade on a CY16E DPS yield of 4.0% and a P/NAV of 0.92x vs. the sector 0.89x We make no change to our BUY and 75p TP.