In QuotedData’s morning briefing 21 November 2024:
- Shires Income (SHRS) announced its interim results for the six months to 30 September 2024. The company delivered a NAV total return of 6.8%, compared to a benchmark return of 6.1%. The share price total return was 14.5%, resulting in a narrowing of the discount of share price to NAV, which was 7.4% at the end of the period. Based on the current annual rate of dividend, the dividend yield on the share price at the end of the period was 5.9%, a material premium to the benchmark which yields approximately 3.7%. Commenting on the performance and the outlook for the trust, chairman Robin Archibald added: “With inflation now seemingly under control and interest rates starting to fall, there are reasons to be optimistic about the prospects for economic stability. However, the conflicts in the Middle East and Ukraine continue to create significant geopolitical risk, and the recent UK budget and result of the US presidential election both create economic uncertainties that could have an impact on financial markets. Further reductions in interest rates should be beneficial for equity markets and the investment company sector, and the UK Equity Income sector in particular. However, as always, good stock selection will be key and the board has confidence in the ability of the manager to continue to deliver the company’s objective of delivering a high level of income for shareholders, together with the potential for growth of both income and capital.”
- BlackRock Loan Financing (BGLF) will return €61m to shareholders by way of a compulsory redemption of shares at €0.8970 per share, equivalent to the NAV per share as at 31 October 2024. Cash should be with you around 19 December.
- Tritax EuroBox (EBOX) shareholders voted overwhelmingly in favour of the offer for the company by Brookfield Asset Management. The deal is set to complete on 10 December, when shares in EBOX will cease trading.
- Warehouse REIT (WHR) has reported an uplift of 2.5% in EPRA net tangible assets (NTA) to 127.5p per share in half-year results to 30 September 2024, delivering a NAV total return over the period of 5.1%. Like-for-like portfolio valuation was up 2.3% to £811.3m. Adjusted earnings per share was up to 2.9p, from 2.3p in the same period last year. Dividends were maintained at 3.2p. The company says dividend coverage would be achieved on the completion of strategic initiatives. LTV was 34.1%, with 88.3% of debt hedged against interest rate volatility and no major refinancing until 2028.
- Triple Point Social Housing REIT (SOHO) posted a 1.4% drop in NAV to 110.82p over the quarter to 30 September 2024. The reduction in NAV was due to a £5.7m or 0.9% decrease in the valuation of the company’s property portfolio, primarily due to further adjustments attributable to properties leased to My Space Housing Solutions. The company is looking to transfer all or some of the 34 properties leased to My Space to alternative registered providers to restore rent collection. A proposed £20m portfolio sale previously announced has not progressed due to the buyer being unable to raise the required funds.
- Care REIT (CRT – formerly Impact Healthcare REIT) reported a 0.6% increase in EPRA NTA per share to 118.74p over the quarter to 30 September 2024. This was primarily due to a 1.0% like-for-like increase in its portfolio valuation to £672.1m.
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