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Where next for Perpetual Income shareholders?

One of the bigger news stories of the week in investment companies was Perpetual Income & Growth’s decision to remove Mark Barnett as manager and invite offers for the management contract. Interested parties have until 5pm on 17 April to throw their hat into the ring. One of the more bizarre reactions to this was […]

Will lenders be sympathetic to the plight of property companies?

As another week of lockdown comes to an end, property companies continue to update the market on the impact on their businesses. The latest slew of rent collection updates reveal that it isn’t just the retail, leisure and hospitality sectors that have been hit. Almost all companies have seen an impact on income (apart from […]

Town Centre Securities provides covid-19 update
Town Centre Securities provides covid-19 update

Town Centre Securities (TCS) has provided an update on the impact of covid-19, stating it has collected 71% of its rent for the quarter. For the rent quarters commencing 25 March and 1 April, TCS billed £4.9m of rent and service charge. As at 8 April 2020 it collected £3.5m or 71%, with a further […]

Warehouse REIT commits to 2020 dividend
Warehouse REIT commits to 2020 dividend

Warehouse REIT has committed to paying its 2020 dividend target. The group paid its third quarter dividend of 1.6p per share on 31 March 2020 and added that it remained committed to meeting its dividend target for the financial year to 31 March 2020 of 6.2p per share. As at 7 April 2020, it collected […]

Custodian REIT to reduce dividend as rent receipts fall
Custodian REIT to reduce dividend as rent receipts fall

Custodian REIT said it would reduce its quarterly dividend to a level broadly linked to net rental receipts. It said it intended to make the fourth quarterly interim dividend payment relating to the quarter ending 31 March 2020 of 1.6625p per share on 29 May 2020, reflecting the full collection of rent for that period. But due to a disruption to cash collection in the current quarter, as a […]

Regional REIT posts 2.5% fall in NAV and provides covid-19 update
Regional REIT posts 2.5% fall in NAV and provides covid-19 update

Regional REIT has reported a net asset value (NAV) fall of 2.5% in 2019 results and provided a covid-19 update, stating it had received 82% of rent due for the quarter. The group posted an EPRA NAV per share of 112.7p for the year to the end of December 2019, compared to 115.5p in 2018. Adjusted […]

Dunedin Income Growth did really well last year

Dunedin Income Growth did really well last year – over the year ended 31 January 2020, Dunedin Income Growth delivered a net asset value total return of 22.2% on a total return basis, more than double the return on the All-Share Index, which produced a total return of 10.7%. The share price total return for the […]

International Public Partnerships paints robust picture

International Public Partnerships paints robust picture – in its results for 2019, International Public Partnerships (INPP) emphasises the reliability and predictability of the cash flows that underpin its business. For the 2019 calendar year, its NAV rose from 148.1p to 150.6p and it paid dividends totalling 7.18p, up from 7.0p, whcih were covered by the […]

QuotedData’s morning briefing 9 April 2020

In QuotedData’s morning briefing 9 April 2020: Rating agency, Moodys has placed Hammerson’s credit rating under review. Currently it rates it as Baa1 (the equivalent of BBB+. If the rating falls below Baa3/BBB-, Hammerson’s debt will no longer be classed as investment grade and it could find it more expensive and harder to borrow and to […]

Urban Logistics acquires £56.1m of assets
Urban Logistics acquires £56.1m of assets

Urban Logistics REIT has acquired nine assets and a development site for a total of £56.1m. The deals follow its £136.1 million equity capital raise which completed in March. The acquisitions were made at an average net initial yield of 6.3% and comprise: a portfolio of seven single-let regional distribution warehouses for £31.9m; an NHS distribution centre in […]

Derwent London confirms final dividend
Derwent London confirms final dividend

London office developer Derwent London has confirmed its final dividend. The group will make a final dividend payment of 51.45p on 5 June 2020. Derwent said it had so far received 73% of rents due on the quarter day, with another 6% now being received on a monthly basis in May and June. Therefore, at […]

Tritax Big Box declares reduced dividend and updates on covid-19 impact
Tritax Big Box declares reduced dividend and updates on covid-19 impact

Tritax Big Box REIT has withdrawn its dividend target for 2020 in light of the covid-19 pandemic. The company has collected the majority of its advanced quarterly rent that was due on 1 April 2020 (86%, with a further 10% expected to be paid by the end of May 2020). Around 50% of Tritax Big […]

Annual results and an update from Fidelity Japan following an excellent 2019
JPMorgan Japan AGM 2018

Fidelity Japan (FJV) has released annual results to 31 December 2019. The company delivered an NAV total return of +36.6%, more than double its reference Index which returned +14.6%%, and the share price total return was +39.4%. Review from chairman David Robins “Holdings in mid to large cap growth stocks were the primary source of […]

Year-end update from NextEnergy Solar with no significant impact from covid-19 to-date

NextEnergy Solar (NESF) has released an operational update with respect to its performance over the financial year-end period to 31 March 2020. For the current financial year ending 31 March 2021, NESF says that around 61% of revenues in the UK will be derived from regulated revenues (renewable obligation certificates and others), and approximately 39% […]

Update from Marble Point Loan Financing as it suspends dividend
Marble Point Loan Financing : MPLF

Marble Point Loan Financing (MPLF) invests in US loans directly and indirectly through investments in collateralised loan obligation (CLO) equity and debt securities issued by Marble Point CLOs and Marble Point loan acquisition facilities. The company released the following update this morning: “As detailed in the company’s previous monthly reports, the quarterly cash distributions from its portfolio […]

Shareholders vote to extend Polar Capital Global Financials’s life indefinitely
Polar Capital Global Financials Trust - New lease of life

Shareholders have voted to extend Polar Capital Global Financials’s (PCFT’s) life indefinitely. following a general meeting held yesterday (7 April 2020). Results of the general meeting and tender offer “Subsequent to the company’s shareholder circular of 12 March 2020, in which proposals were put forward for the provision of a tender offer to shareholders together […]

QuotedData’s morning briefing 8 April 2020

Greencoat UK Wind (UKW) said that to-date, there has been no material impact on the company’s day-to-day operations or performance. Aberdeen Standard Asia Focus (AAS) released interim results to 31 January 2020 ( Total return  performance in NAV and share price terms was (8.3%) and (6.2%), compared to the MSCI Asia (ex-Japan) smaller companies index […]

Workspace collects 50% of rents and puts dividend under review
Workspace collects 50% of rents and puts dividend under review

Workspace Group, one of London’s leading providers of flexible office space, collected around 50% of rents for the quarter. The group said it expects a significantly lower level of cash rental income in the short term, as its 3,000 business tenants battle against the impact of the coronavirus pandemic. Workspace said it had received a “large […]

QuotedData’s morning briefing 7 April 2020
Assura updates on primary care portfolio

In QuotedData’s morning briefing 7 April 2020 At 16:42 yesterday, Assura announced plans to issue up to 240,207,920 shares to fund the purchase of additional medical centres. £2.5m would be donated to the Assura Community Fund, to support local communities in areas where it has assets, most would go to finance investments – it had a […]

Schroder REIT suspends dividend
Schroder REIT suspends dividend

Schroder Real Estate Investment Trust has postponed payment of its dividend due to the impact of covid-19. The group said it intends to pay the postponed dividend, which was due to be paid in June 2020, in part or whole at a later stage. As at 3 April 2020, the company had received payments reflecting 63% […]

LXI REIT to pay final dividend
LXI REIT to pay final dividend

LXI REIT has confirmed payment of its final dividend despite taking a hit on income due to the covid-19 pandemic. The company, which owns a portfolio of inflation-protected long-let property, said it expects to approve the payment of the company’s final quarterly dividend for the year ended 31 March 2020, at the rate of 1.4375 pence […]

An update from Impact Healthcare REIT

Impact Healthcare REIT (IHR) has provided a trading update in light of covid-19. The company has also signed a new revolving credit facility worth £50m with HSBC IHR said that as at 3 April 2020, it had received 100% of the rent due in respect of the forthcoming period from its tenants who operate care […]

Update from Secure Income REIT
NAV up 7.6% at Secure Income REIT

Secure Income REIT (SIR) provided the following update: “The evolving impact of covid-19 and the responses to it, including the UK wide ‘lockdown’, undoubtedly present challenges to a great many businesses across the globe. At this time of uncertainty, our priorities are to keep our team safe, maintain close relationships with our tenants and to […]

Performance and covid-19 update from Gresham House Strategic
Gresham house strategic GHS

The UK smaller companies-focused, private equity style fund, Gresham House Strategic (GHS) has provided an update on its financial performance over its year-ending period to 31 March 2020. GHS’s board and manager believes portfolio is well positioned in the present difficult environment. They say this reflected in their decision to retain their commitment to raise […]

Amedeo Air Four Plus suspends distributions as talks continue with Thai Airways

Amedeo Air Four Plus (AA4) noted that further to its announcement of 17 March 2020 (we covered this here), its board confirms that discussions are continuing between the company’s manager and Thai Airways (Thai), in respect of its ongoing lease obligations to the company, and with the lending banks providing debt financing in respect of the four […]

Perpetual Income and Growth serves notice to Invesco and Mark Barnett

The board of Perpetual Income and Growth (PLI) has announced that it has served Invesco Fund Managers (Invesco) with protective notice of termination, following an extended period of underperformance of the company’s benchmark.The decision will bring to an end Invesco and Mark Barnett’s 20-year tenure managing PLI and represents the loss of Markt’s last remaining investment […]

QuotedData’s morning briefing 6 April 2020

Financial markets have begun the week on the front foot with equities rallying on signs that the the daily mortality rates in Italy, Spain and France might be peaking. Some governments are believed to be countenancing measures to ease lockdowns as well. Elsewhere, UK Prime Minister, Boris Johnson, was admitted to hospital as a precautionary […]

Debt problems

Oil companies, airlines, travel companies, retailers – I am sure we can all think of examples of businesses that have been hit hard by COVID-19. Many of these businesses weren’t doing particularly well even before the lockdowns began. Default rates on loans to these sectors are set to rocket. Already, a large US shale oil […]

Covid-19 – not all doom and gloom for retail property
Covid-19 - not all doom and gloom for retail property

The effect of the covid-19 enforced lockdown has brought into sharp focus the importance of discretionary and non-discretionary spend in the retail sector. All four specialists retail REITs have now revealed how much rent they collected on rent quarter day and it doesn’t make for good reading. Intu received just 29%, Hammerson 37%, Capital & […]

SME Credit Realisation updates on COVID-19

SME Credit Realisation (SCRF) has provided the market with an update of its preliminary assessment of the potential implications of the COVID-19 pandemic. It says that, while it future performance may be adversely affected by COVID-19, it is able to report positive progress in the Company’s winding-down with returns of cash to shareholders of around […]

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