Register Log-in Investor Type

News

QuotedData’s morning briefing 11 March 2021

LXi REIT LXI

In QuotedData’s morning briefing 11 March 2021

  • LXI REIT’s share issue was significantly oversubscribed. The company upped the amount raised from the initial £75m target to £125m. It will issue 100,401,606 shares at 124.5p.
  • Secured Income Fund, which is in the throes of organising a return of capital to its shareholders, says it will up the amount distributed from 10p per share to 12.5p per share. £6.6m is being handed back via a mechanism that sees it issue B shares to investors and then immediately buy these back. 12.5p is about 16% of the NAV. Money should hit accounts on or just after 31 March 2021.
  • A number of Irish companies, including Yew Grove REIT and Hibernia REIT have been making announcements as their shares migrate from the CREST settlement system to Euroclear Bank. This is related to Brexit – the CREST system operated by Euroclear UK & Ireland Limited is no longer authorised to do the job by the EU. UK-based shares are unaffected.
  • London office developer Derwent London posted full year results to 31 December 2020 in which EPRA net tangible assets (NTA) – the new EPRA measure for property companies that has replaced NAV – was down 3.7% to 3,812p per share. The group’s portfolio fell in value by 3.0% to £5.4bn. Net rental income was down 2.1% to £174.3m after £14.2m of impairments and write-offs due to the pandemic. Rent collection for the year was 92%, with 5% under payment plans and 3% granted rent frees. Full year dividend was up 2.8% to 74.45p per share, with EPRA earnings coming in at 99.2p per share.
  • Secure Income REIT saw EPRA NTA fall 11.7% in the year to 31 December 2020 to 379.3p per share, as the pandemic took its toll on its property portfolio – especially its hotel and leisure assets. Portfolio valuation was down 6.5% to £1.95bn, the bulk of the fall coming in the first half of 2020. In the second half, property values fell 0.6%. Budget hotel valuation accounted for 69% of the net value decline, falling 20.3% following Travelodge’s CVA. Leisure valuations were down 6.9%, while its healthcare assets were up 2.8%.

We also have results from Oakley Capital InvestmentsAberdeen Smaller Companies Income and Witan, plus a portfolio sale by LondonMetric.

Leave a Reply

Your email address will not be published. Required fields are marked *

Please review our cookie, privacy & data protection and terms and conditions policies and, if you accept, please select your place of residence and whether you are a private or professional investor.

You live in…

You are a…