In QuotedData’s morning briefing 10 September 2024:

• EPE Special Opportunities (ESO) announced its interim report for the six months to 31 July 2024. The company’s NAV total return was down 2%, while shares increased 2%. The share price represents a discount of 47% to the NAV per share. The company has cash balances of £18.4m, which are available to support the portfolio, meet committed obligations and deploy into attractive investment opportunities. Net third-party debt stands at 1.4x EBITDA.
• Schroder Asian Total Return (ATR) announced its interim results for the six months to 30 June 2024. The NAV total return was 10.1%, ahead of the reference index which was up 9.5% over the period. The share price total return was 7.5% as the discount to NAV widened during the six months. Technology holdings, especially those linked to artificial intelligence, were the largest contributors to performance and benefited the technology heavy Taiwan market, where stocks rose strongly. The share price traded below NAV during the six-month period, leading the board to repurchase 1,783,206 shares for a total consideration of £7.8m to assist in discount management and to reduce share price volatility. The portfolio managers actively utilised gearing throughout the period, with an average gearing of 6.3%, resulting in a net positive contribution to returns.
• Regional REIT (RGL) posted a 13.5% fall in EPRA net tangible assets (NTA) to 48.8p in half-year results to 30 June 2024. The value of its portfolio fell 5.1% on a like-for-like basis to £647.9m. Post-period end, the company completed a £110.5m equity fund raise, which was used to repay its £50m retail bond (which matured in August) with £26.3m used to further reduce debt. As a result of this, LTV reduced to 42.2% from 58.3% at 30 June 2024. The remaining £28.4m will be used in accretive capital expenditure projects on assets. A 1 for every 10 ordinary share consolidation was also completed in July. The company sold £21.9m of assets in the period, with the portfolio now comprising 132 properties (Dec 23: 144). Occupancy fell to 78.0% (Dec 23: 80.0%).
• Praxis has announced that it does not intend to make an offer for Capital & Regional (CAL). The private equity company had said on 19 July that it was considering tabling an offer. NewRiver REIT (NRR) has yet to make its intentions known having also expressed an interest in making an offer for the shopping centre landlord.