In QuotedData’s morning briefing 26 November 2024:

• LondonMetric Property (LMP) reported a 2.1% uplift in EPRA net tangible assets (NTA) to 195.7p per share over the six months to 30 September 2024. The company’s portfolio of predominantly urban logistics and long-income assets was up 1.1% to £6.2bn. Net rental income increased 154% to £193.1m, while EPRA earnings were up 155% to £135.4m, or 26.5% on a per share basis. This was partly down to a 400 basis points (4%) fall in its EPRA cost ratio to 7.6% (which is sector leading). Dividend increased 18.8% to 5.7p, 117% covered by earnings, with a dividend target for the full year of 12p. Active management of the portfolio continued with £193.3m acquired in the period comprising 19 logistics assets (£10m acquired post period end with a further £116m under offer) and £155.4m mainly LXi and CTPT assets disposed of (21 assets sold post period end for £78.4m with £86m under offer). LTV remains modest at 33.8%, with weighted average debt maturity of 4.8 years and cost of debt at 4.0% (100% hedged).
• Schroder REIT (SREI) posted a 1.0% increase in NAV to 59.4p per share in the six months to 30 September 2024. This was driven by estimated rental value (ERV) growth of 1.7%, and a stabilisation in yields. Like-for-like portfolio valuation increased by 0.9% to £465.5m. NAV total return (with dividends) was 4.0%. Dividends paid in the period totalled 1.71p, which were 102% covered by EPRA earnings. A further 3% increase in the quarterly dividend to 0.879p has been approved for the quarter ended 30 September 2024.
• London office developer Helical (HLCL) reported an uplift in NAV for the first time in years, as asset values finally stabilise. NAV was up 0.8% to £404.2m and was flat on an EPRA net tangible asset basis at 331p. Its operational portfolio increased in value on a like-for-like basis by 0.4%, while the development portfolio value increased by 9.0% to provide a net 1.3% improvement overall to £371.9m. EPRA earnings per share was 2.25p (2023: 1.15p), covering its reduced dividend of 1.50p (2023: 3.05p). Net borrowings were £120.5m (31 March 2024: £199.0m), with pro-forma see-through net borrowings of £77.0m, producing a pro-forma see-through loan to value(LTV) of 15.9%.
• Urban Logistics REIT (SHED) has announced its intention to commence a share buyback programme with a maximum aggregate consideration of up to £7.5m.
• Seraphim Space Investment Trust (SSIT) announced its first quarter results for the three-month period ended 30 September 2024. Portfolio valuation in the quarter was down £3.1m to £198.4m a fall of 1.5%. The change was driven by a £9.1m unrealised FX loss, a realised fair value loss of £0.9m and £3.0m in disposals more than offsetting a £6.1m unrealised fair value gain and a follow-on investment of £3.8m. Shares were down 1.6%, while the discount sat at 43% at the time of publishing. At the portfolio level, 71% of its investments by fair value have a robust cash runway, with 58% fully funded and 13% funded for 12 months or more from 30 September 2024, based on management projections and including raises completed post the quarter end.
• Value and Indexed Property Income Trust (VIP) announced its interim results for the six months to 30 September 2024. The company delivered a total return of 4.0% over the six months to 30 September 2024 against 2.7% for the MSCI UK Quarterly Property Index. Over the past 5 years the VIP property return was 3.6% p.a. (Index 1.1% p.a.) and over 10 years it was 6.8% p.a. (Index 4.3% p.a.). A first interim dividend of 3.4p per share was paid on 25 October 2024. The second interim dividend of 3.4p per share will be paid on 31 January 2025 with an ex-dividend date of 23 December 2024. It is intended that a third interim dividend of 3.4p per share will be paid on 25 April 2025 with an ex-dividend date of 27 March 2025. The targeted total dividend for the full year is 13.6p (+3.0%). Over the six months to end September, four properties were sold for 4.3% above their March 2024 valuation total (shorter let properties at Fareham, Risca, and Thurrock and one overrented long let London pub, back to the tenant, Shepherd Neame). In August, VIP reinvested the proceeds of these sales, along with part of a new £15m loan, in an RPI-linked long let Blue Diamond garden centre in Nantwich, Bridgemere Garden Centre. VIP continues to look for further opportunities to upgrade and strengthen the portfolio. Rent increases were achieved on nine properties, and 100% of rent due was collected. The portfolio is fully let, with no voids (MSCI UK Quarterly Property Index void rate: 9.1%).
• Augmentum Fintech (AUGM) announced its half year results for the six months to 30 June 2024. The company’s NAV total return was down 1.8% while shares rose 1.5%, narrowing the discount to 37.9%. During the period the company received proceeds of £9.9m from the sale of Onfido to Entrust, one of the leading global providers of online identity verification, delivering an IRR of 5.8% and a multiple on capital invested of 1.3x. Commenting on the results, CEO Tim Levene, noted: “This is another period where underlying growth across our portfolio remains strong. Across our top 10 positions, representing nearly 80% of NAV, revenues have grown 52% over the last 12 months. Since listing we have delivered almost £100m in realisations at an average premium of 33%, and expect significant capital growth over the long term. The asset value of our top four positions plus cash exceeds our market capitalisation, and with a further 22 assets in the portfolio, we are confident that patient investors will be rewarded over time.”

We also have annual results from Baillie Gifford European Growth Trust, an update from NextEnergy Solar Fund, and interim results from Caledonia Investments