In QuotedData’s morning briefing 23 November 2023:
- abrdn New India Investment Trust (ANII) announced its interim report for the six months to September 30 2023. Share price total return for the period was 13.7% while the NAV was up 13.2% with the discount narrowing slightly to -18.7% at last close. While impressive on an absolute basis, the company lagged the the MSCI India Index (sterling adjusted) which was up 17.1%. The performance of the trust marked a sharp turnaround from the previous 6 month period where shares fell 8.9%. The returns of the trust and the broader region have been driven by strong economic growth, positive fiscal spending, and modest inflation.
- Worldwide Healthcare Trust (WHH) announced its interim results for the six months to September 30 2023. NAV total return was down 0.6% while shares were up 0.1%, trailing the benchmark MSCI World Health Care Index which was up 0.8%. The discount narrowed to -10.7%. Commenting on the outlook, chair Doug McCutcheon noted that macroeconomic conditions continue to be difficult, however, the fundamentals of the healthcare sector remain strong with elevated M&A activity, an accelerating pace of R&D, and continuing elevated demand.
- NewRiver REIT (NRR) reported a 3.3% fall in EPRA net tangible assets (NTA) to 117p per share in half year results to 30 September 2023. The group’s property portfolio declined in value by 2.0% on a like-for-like basis to £553.1m, however, the group’s core shopping centres and retail parks delivered valuation growth of 0.7% and 0.2% respectively. Underlying funds from operations was 4.0p and the company paid dividends in the period of 3.4p. Loan to value was reduced to 29.5% following sales, with interest rates fixed at 3.5% on drawn debt and no maturity on drawn debt until 2028.
- LondonMetric Property (LMP) posted a 0.4% uplift in NAV to 199.6p per share in the six months to 30 September 2023. Its portfolio value was £3.2bn (31 March 2023: £3.0bn), with yield expansion of 10 basis points (0.10%) offset by ERV growth of 1.8% delivering a revaluation uplift of 0.1%. Net rental income increased 6.7% to £76.9m, and EPRA earnings were up 5.8% to £53.1m (2.1% on a per share basis). Dividend progressed 4.3% to 4.8p, 109% covered by earnings. The company said it expects continued dividend progression for the full year supported by earnings. LTV fell from 32.8% to 29.5% during the period and cost of debt from 3.4% to 3.3%. Debt maturity increased to 6.2 years with no refinancing requirement until 2027 and 99.5% of drawn debt hedged.