In QuotedData’s morning briefing 1 February 2024:
- CVC Income & Growth (CVCE / CVCG) is holding a tender offer in March. As part of this it is offering shareholders the chance to sell their shares on to third parties rather than wait for the tender. The broker Winterflood will try to sell the shares but if it doesn’t manage to do so, shareholders can still get out via the tender offer. The placing price (the price at which the shares will be sold to third parties) will be at least equal to 98% of the last NAV published before the placing closes on 5 March 2024.
- GCP Asset Backed Income (GABI) has received cash proceeds of £18m from the early partial repayment of a loan secured against a portfolio of property investments that was due to be repaid in March 2024. In connection with this, the company has agreed to extend the maturity of the remaining amounts of loans made to the wider borrower group, totalling about £53.7m, which are also due in March 2024, to no later than 29 June 2024. However, the borrower will be paying a higher rate of interest to reflect current credit market conditions. GABI will now have a cash balance of about £50m and no outstanding balance on its revolving credit facility (RCF). The company’s recently announced £7m share buyback is going ahead [but could clearly be a lot bigger].
- Target Healthcare REIT (THRL) reported a 1.0% uplift in EPRA net tangible assets (NTA) to 106.7p per share over the quarter to 31 December 2023. This brings the 12-month NAV increase to 3.6% [impressive given the high interest rate environment and its impact on the real estate sector]. The uplift has been driven by a 0.6% like-for-like valuation growth in its portfolio of care homes to £911.1m. This was in turn driven by inflation-linked rent reviews, which more than made up for a slight outward movement in yields. Adjusted EPRA earnings per share for the quarter was 1.51p, which full covered the dividend of 1.428p. The company has a net LTV of 25.8%, a weighted average debt term of 5.7 years and a weighted average cost of debt of 4.05% (up from 3.91% at September 2023).
- abrdn Property Income Trust (API) posted a 4.6% drop in NAV to 78.4p per share in the quarter to 31 December 2023. This was mainly due to a 2.2% fall in the value of its portfolio, with office assets hardest hit, and capital expenditure. Dividend for the quarter of 1p was 83.4% covered by earnings.