This sector includes mortgage companies, property management companies and REITs
In a trading update to 31 March 2020, BMO Real Estate (BREI) has said that its unaudited NAV per share at the period-end was 99.7 pence, representing a decrease of 2.8% 31 December 2019 of 102.6 pence and a NAV total return for the quarter of (1.6%)..BREI said the valuation certificate includes a ‘material uncertainty’ clause […]
The price of US oil, as measured by WTI, has fallen to a 20-year low this morning. A price of $14.99 a barrel at the European markets, reflects the demand impact of covid-19 and concerns that there is not enough storage to keep all the excess crude. Equity markets across Europe have started the week […]
We got the first real insight into the impact covid-19 is having on property valuations this week, with both Picton Property and BMO Commercial Property Trust announcing portfolio values for the quarter to 31 March 2020. BMO’s portfolio fell in value by 3.8% over the course of the period, while Picton’s was at a much […]
Helical has sold a central London office building for £48.5m and a net initial yield of 3.92%. The sale of 90 Bartholomew Close, Barts Square, EC1, which was made by Helical and its joint venture partner The Baupost Group, is a fillip for the property market during a period of few investment transactions due to […]
Several property companies have updated the market on the impact of covid-19 on their business, as the lockdown in the UK is extended. Schroder REIT Schroder REIT has drawn its revolving credit facility (RCF) with Royal Bank of Scotland International in full, totalling £52.5m, to boost its cash reserves. Following the drawdown, the company has […]
Self-storage specialist Big Yellow Group has reported relatively robust trading during the covid-19 pandemic. The group said it saw heightened levels of activity both in and out of the business in the last two weeks in March. It recorded a net overall loss of 23,000 sq ft in occupancy in the two-week period. It said customer move-ins […]
BMO Commercial Property Trust’s net asset value (NAV) fell 5% in the quarter to 31 March 2020 as the covid-19 pandemic hit the value of its portfolio. The unaudited NAV per share was 124.3p compared to a NAV of 130.9p per share at the end of December 2019. The NAV is based on the external […]
In QuotedData’s morning briefing 16 April 2020, as news emerges of a three-week extension to the lockdown in the UK and a debate rages over the availability of personal protection equipment for care home staff, we have news of: talks between Amedeo and Emirates, fundraisings by two of Augmentum’s companies, results from EPE Special Opportunities, and […]
Picton Property will review the level of its dividend due to the covid-19 pandemic. The company has collected 71% of rents due for the current quarter, as at 7 April 2020. Short-term monthly payment plans have also been agreed with some tenants, which brings this figure to 80%. Picton, which owns a £665m diversified UK […]
Specialist regeneration developer and investor U and I Group has suspended its dividend and is not proposing any dividend for full year 2020. The company said it would preserve £4.4m of cash by not declaring a final dividend. The group’s development timelines have been massively impacted by closures during the covid-19 pandemic. It now expects […]
UK-focused Mercantile (MRC), the £1.5bn market cap trust, reported annual results to 31 January 2020. The company out performed its benchmark, with a total NAV return of +28.0% (shareholder’s return was +40.2%). Stock-specific highlights from the year include: Winners: One of the company’s largest holdings is a long standing investment in alternative asset manager Intermediate Capital Group whose shares […]
German business park owner Sirius Real Estate has provided a covid-19 update in which it said it had collected 75% of rent for the month of April. The figure, as at 9 April 2020, represented around 90% of the normal working pattern, the company said. A small number of its tenants are facing covid-19 related […]
In QuotedData’s morning briefing 14 April 2020: Oil bounces a bit as OPEC announces production cuts Ashoka India Equity said that Manoj Garg, a member of the team managing the trust, has relocated from Mumbai to Singapore and will no longer be involved in the management of the fund. Aberdeen Asia Focus Income has renewed a […]
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 (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 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 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 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 […]
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 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 […]
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 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 […]
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 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 […]
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 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 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 […]
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 […]
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 […]
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 & […]
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