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QuotedData’s morning briefing 1 February 2023

In QuotedData’s morning briefing 1 February 2023:

  • Macau Property Opportunities (MPO) says its board has agreed to roll the terms of the investment management agreement with Sniper Capital, with effect (retrospectively) from 1 January 2023. Accordingly, a management fee of $100,000 per calendar month for the calendar year 2023 will continue to be payable. Realisation fees will continue on the same terms as in 2022 (using the 30 September 2019 valuation basis for calculating any realisation fees due) with all fees payable under the agreement subject to an overall cap of $1,780,000. China’s zero-COVID policy impacted the timetable for selling off the last of the fund’s assets, but the board feels that the manager is still best-placed to maximise value for shareholders.
  • UK Commercial Property REIT (UKCM) has reported a 21.5% fall in NAV to 79.7p (Sept 2022: 101.5p) for the quarter to 31 December 2022, following a 17.8% decrease in like-for-like portfolio capital value to £1.3bn. The fall was down to property yield expansion following increased interest rates / cost of debt. The company saw EPRA earnings increase 12.3% in the quarter to 0.82p per share (19% growth for the year). Dividend was maintained at 0.85p per share for the fourth quarter (payable 28 February 2023), equating to a dividend cover of 96.9% for both the quarter and year. The group has a low loan to value (LTV) of 20.0% and a current blended interest cost of 3.61% per annum, of which 68% is at a fixed rate.
  • Residential Secure Income (RESI) posted a 11.1% drop in NAV to 94.3p per share (Sept 2022: 106.1p) for the quarter to 31 December 2022. This was in part due to a 5.4% reduction in the value of its portfolio of retirement living and share ownership homes to £364m. The discount rate used in the discounted cash flow valuation of its portfolio increased 25 basis points (0.25%) to reflect the current economic environment. LTV was 48%, with 90% of its debt fixed or hedged at a weighted coupon of 2.5% and 22-year average maturity.
  • Alternative Income REIT (AIRE) saw its NAV fall 13.0% to 84.3p per share (Sept 2022: 97.0p). The value of its long-income portfolio fell by 9.4% to £107.4m, with its portfolio yield moving out 70 basis points (0.7%) to 6.4%. EPRA earnings increased 27.6% to 1.9p per share, comfortably covering its quarterly dividend of 1.4p. LTV was 36.8%.
  • Templeton Emerging Markets (TEM) says that the maturity date on its debt facility has been extended to 30 January 2024. The commitment fee on unutilised commitments has also been amended to a flat fee of 0.4% per annum.
  • Conviction Life Sciences decided not to proceed with its IPO.

We also have an NAV and trading announcement from Chrysalis

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