RE: More downside?9 Dec 2022 13:59
The Half year Results look very strong to be fair! Assests at £700m - Current market cap £367m and at least a 4.5p dividend paid aiming for 7p per year.
Home REIT plc and its subsidiaries acquired 874
investment properties within the period, increasing
the Group’s portfolio to 1,585 properties in total. The
portfolio was independently valued on 28 February 2022
at £713.4 million. The properties have been valued on an
individual basis. No portfolio premium has been applied.
• The net asset value (“NAV”) and EPRA nettangible
asset (“NTA”) per ordinary share (“Share”) increased
to 111.2 pence as at 28 February 2022, an increase
of 5.8 per centfrom the 105.0 pence at 31 August
2021,reflecting the discount achieved on off market
acquisitions, new equity raised at a premium to NAV,
and capitalisation ofthe rental uplifts within the
Group’s inflation linked leases.
• In October 2020,the Company raised gross proceeds
of £240 million in its initial public offering (“IPO”) and
a further £350 million in an oversubscribed follow-on
equity issue in September 2021. The Company is listed
on the Official List ofthe Financial Conduct Authority
and was admitted to trading on the premium segment
ofthe main market ofthe London Stock Exchange on
12 October 2020.
• During the period,the Company paid dividends
totalling 2.21 pence per Share, in line with its target
dividend. Taken together with the increase in NAV/NTA
referenced above,the Company has delivered a NAV
totalreturn of 7.9 per cent since 31 August 2021.
• Profit before tax forthe period was £38.3 million.
• In addition to the Group’s long term 12-year debt
facility of £120 million, a further 15-year debtfacility
of £130 million was secured with Scottish Widows at an
all-in fixed rate of 2.53 per cent per annum forthe term.
This provides a wide spread (357 basis points) between
the current average netinitial property purchase yield
of 5.87 per cent and the 2.30 per cent per annum fixed
average rate ofthe debt.
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