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QuotedData’s morning briefing 23 February 2023

In QuotedData’s morning briefing 23 February 2023:

  • Six months into its accounting year (which ends on 30 June 2023), Gulf Investments (GIF) had given up some ground with an NAV return of -1.8%. However, that compares well with a return of -7.1% on its benchmark. Unfortunately, the discount widened leaving investors with a return of -6.7%. One encouraging sign is forecasts for continued growth from the non-oil parts of the Gulf economy of 3.6% in 2023, as the region continues to transition away from fossil fuels.
  • abrdn European Logistics Income (ASLI) reports an 8% fall in its NAV over the quarter ended 31 December 2022, which translates into a -3.8% NAV return for 2022 as a whole in euro terms (+1.7% in sterling). Property yields moved out and values weakened across all parts of the real estate sector, a result of rapid central bank rate rises. All the rent due was collected. A new 9.5 year lease was agreed with Dachser France at its La Creche, Niort, property. The new rent is 3% ahead of previous annual rent payable and significantly ahead of the 30 September 2022 ERV.
  • Regional REIT (RGL) says that its like-for-like portfolio value fell by 12.1% over 2022. That helped drive its net loan to value to 49.5% – it says there is ample room on all loan covenants. Occupancy improved a little to 83.4% from 81.8% and almost all (99.2%) of rent due in Q4 was collected. The full year dividend is 6.6p (up from 6.5p) which puts it on a yield of 11%. It says the dividend is expected to be fully covered by earnings.
  • Supermarket Income REIT (SUPR) says that its direct portfolio was valued at £1.625bn at end December, down 13.3% over the second half of 2022. The valuation reflects a net initial yield of 5.5% as at 31 December 2022 (30 June 2022: 4.6%).
  • Fidelity China (FCSS) has a new $100m one-year borrowing facility which comes at a fixed rate of 6.335%. [Reflecting the jump in interest rates that has been driving the NAV falls in the property sector above]

We also have results from Greencoat UK Wind and Harmony Energy Income

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