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QuotedData’s morning briefing 4 August 2022

In QuotedData’s morning briefing 4 August 2022:

  • JLEN Environmental Assets says that its end June NAV was 123.1p, up 7.8p from 31 March. The drivers of this were higher fixed prices (+1.2p), higher seasonal forward pricing (+1.5p), and changes to long term forecasts from independent consultants (+5.8p). Our assumption would be that these uplifts reflect both electricity and gas prices. [JLEN is storming ahead, the share price is up by about 1.3% this morning, but at that level its premium is looking lower than normal so there could be more to go for. Our last note has some detail on the drivers of JLEN’s returns if you are interested to learn more.]
  • NB Global Monthly Income (NBMI) says that it has managed to raise sufficient cash to fund its cash exit offer much faster than expected. The plan was that the redemption proceeds would be paid in two instalments: 1 September 2022 for assets with higher settlement liquidity and 23 November for assets with lower settlement liquidity. However, following faster than anticipated settlement of trades, it is able to fund the redemption proceeds in full. A single payment will be made to eligible shareholders on 8 August 2022.
  • Tritax Big Box REIT (BBOX) reported a 9.1% uplift in EPRA NTA to 242.88p per share in half-year results to 30 June 2022. The group’s portfolio increased in value by 10% and is now worth £6.03bn. The company saw 10.5% growth in contracted annual rent, primarily through development letting activity. In the first half of the year it let 2.4m sq ft of developments, which increased contracted annual rent by £17.8m, or 9.1%. Adjusted earnings per share was up 1.1% to 3.73p, and the company paid a dividend of 3.35p
  • Target Healthcare REIT (THRL) posted a NAV total return of 2.0% for the quarter to 30 June 2022, made up of a 0.4% uplift in EPRA NTA to 112.3p and dividend of 1.69p. The group’s portfolio of care homes is now worth £911.6m, a 0.9% like-for-like uplift, primarily driven by rent reviews.
  • abrdn Property Income Trust (API) posted a 3.8% uplift in NAV in the quarter to 30 June 2022 to 110.7p per share, resulting in a NAV total return, including dividends, of 4.8%. The uplift was in part due to a 3.2% rise in the value of its portfolio to £543.6m.
  • API also announced the completion of the sale of a single-let office building in Kidlington for £8.033m, reflecting a net initial yield of 5.35%. The company recently renewed the lease on the building to Bio-Rad for a 10 year term with a tenant break option in year 5. Acquired in 2015, the investment has contributed a 14.4% annualised return over the hold period, API said. The sale continues the strategy of reducing the trust’s office weighting and the proceeds will be reinvested in more favoured sectors.
  • Phoenix Spree Deutschland (PSDL), the Berlin residential landlord, has updated on its investment portfolio valuation, which rose 1.4% over six months to 30 June 2022 to €812.4m, reflecting an increase in rental values and improvements in the micro locations of certain assets. The company says that pricing in the Berlin residential property market has remained stable in the first half of the year, although there has been a deterioration in buyer sentiment and, consequently, transaction volumes were significantly below peak levels.
  • Empiric Student Property (ESP) has appointed Donald Grant as chief financial & sustainability officer, replacing the departing Lynne Fannah. Grant was most recently CFO at RDI REIT plc (2015-2022), an income focused UK REIT. Prior to this, he was head of finance at Liberty International plc, a FTSE 100 UK REIT, from 2008. Two years later, when the business was de-merged, he moved with Capital & Counties Properties plc (CAPC) as its group financial controller.

We also have results from Henderson Smaller Companies, Invesco Select and Pantheon International, and an investment by Schroder British Opportunities

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