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QuotedData’s morning briefing 18 January 2024 – ORIT, ARR, NRR

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In QuotedData’s morning briefing 18 January 2024:

  • Octopus Renewables Infrastructure Trust (ORIT) is targeting a total dividend of 6.02p for the current calendar year, up 4% from 2023’s 5.79p. The increase matches UK inflation as measured by CPI, making it three years in a row that it has increased dividends by UK inflation [although the assets are in the EU where the inflation rate is lower]. The company says that the dividend is expected to be fully covered by cashflows generated from its operating assets.
  • Aurora Investment Trust (ARR) has issued 172,373 new shares to Phoenix Asset Management Partners Limited, its investment manager. These shares represent 80% of the performance fee due in respect of 2022 and 2023. The remaining 20% of the performance fee will become due following publication of the annual report for the year to 31 December 2023.
  • NewRiver REIT (NRR) has reported a quarterly update for the three months to 31 December 2023. In the period it completed 222,900 sq ft of lettings in its retail portfolio at a 2.4% premium to the previous rent and 1.6% ahead of the estimated rental value (ERV). Occupancy remains at 97.9% and occupier retention rates at 97%. The company’s capital partnerships business (in which it collects fees for managing assets on behalf of institutional investors) expanded, having been appointed by M&G to manage an additional retail park bringing the total number of assets managed on behalf of the institution to 17 retail parks and two shopping centres. Further progress was made with its ‘work out’ disposal programme. Of the four assets identified for disposal, one sale has completed, contracts have exchanged for the sale of another, and one is under offer for sale. Balance sheet wise, the company is a position of strength having refinanced £100m revolving credit facility at a reduced cost. Its debt has a fixed interest rate of 3.5%, with no maturity on drawn debt until March 2028.

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