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Lar España Real Estate continues to defy the doom and gloom surrounding the retail sector, posting strong financial and operational numbers. The value of its Spanish shopping centre and retail park portfolio has been stable despite higher interest rates – thanks in large part to extraordinary rental growth within its portfolio (gross rental income was up 16.4% over the first half of 2023).
Retail sales within its portfolio totalled more than half a billion euros in the first six months of the y
Companies: Lar Espana Real Estate (LRE:BME)Lar Espana Real Estate SOCIMI SA (LRE:MCE)
Lar España Real Estate’s manager says that the company’s strong financial and operational numbers show that it continues to defy the doom and gloom surrounding the retail sector. The value of its Spanish shopping centre and retail park portfolio has been stable despite higher interest rates – thanks in large part to rental growth within its portfolio (gross rental income was up 16.4% over the first half of 2023).
Retail sales within its portfolio totalled more than half a billion euros in the f
Lar España Real Estate has passed the most severe stress test in recent history in the form of the pandemic, and has come out the other side in good shape. 2022 results show that the value of its Spanish shopping centre and retail park portfolio has rebounded (undeterred by rising interest rates in the second half of the year). Sales at its assets broke through the €1bn mark for the first time and are well ahead of pre-pandemic levels.
The good operational performance can be put down to the qua
Companies: Lar Espana Real Estate SOCIMI SA
Lar España Real Estate has passed probably the most severe stress test in recent history in the form of the pandemic. 2022 results show that the value of its Spanish shopping centre and retail park portfolio has rebounded (seemingly undeterred by rising interest rates in the second half of the year). Sales at its assets broke through the €1bn mark for the first time and are well ahead of pre-pandemic levels.
The good operational performance can be put down to the quality of the portfolio and do
Lar España Real Estate has lined up its ducks ready for a growth push, having trod water successfully through the COVID-19 pandemic. The group has made significant headway in improving the ESG-credentials of its more than €1.4bn shopping centre and retail park portfolio, so much so that it was able to refinance its debt through the issue of two ‘green’ bonds worth €700m, substantially lowering its cost of debt while increasing its maturity. It has also sold a non-core portfolio at a premium and
Lar España Real Estate has lined up its ducks ready for a growth push, having trod water successfully through the COVID-19 pandemic. The group has made significant headway in improving the environmental, social and governance (ESG) credentials of its more than €1.4bn shopping centre and retail park portfolio, so much so that it was able to refinance its borrowings through the issue of two ‘green’ bonds worth €700m, substantially lowering its cost of debt while increasing its maturity. It has als
Impact: Positive. Regulatory approval under the Investment Canada Act removes a significant hurdle for the deal and should serve to bridge part of the gap between the current market price and the cash bid price of $0.52 per share implied under the deal.
Impact - we view the quarter as a non-event in light of the pending sale of the Company to Calgary Sinoenergy Investment Corp.
With this publication we briefly summarize our projections for 1Q16e quarterly results for the Junior E&P (Intermediate, Mid & Small Cap) segments of our coverage universe
Companies: ARX 0UG9 TNZ BTE BNP BNE CJ CKE 0UR7 CR DEE ERF GXE IKM JOY KEL ROAOF MQL NVA PPY POU PGF PMT 0VCO PNE PSK RMP RRX SKX SGY TVE TOU TVETF VET WCP YGR YO RE/ TET SPE LRE LTS
Impact: Neutral. Sinoenergy has extended the outside date to accommodate the extension to the Investment Canada Act review period by Industry Canada.
With this publication we highlight various metrics and statistics forthcoming from yearend reserve books for our Domestic E&P coverage universe (Integrateds, Large Cap, Oilsands, Intermediate, Mid Cap, and Small Cap). Similar charts for YE2014 reserves can be found in our Statistical Package dated April 7, 2015.
Companies: ARX 0UG9 TNZ BTE BNP BNE BXO CJ CKE 0UR7 ERF GXE IKM KEL MQL NVA PPY POU PGF PWT PMT 0VCO RMP RRX SKX SGY TVE TXP TVETF VET WCP YGR YO TET LRE LTS PNE
We view Long Run’s year-end results largely as a non-event in the context of the previously announced sale of the Company to Calgary Sinoenergy Investment Corp. Fourth quarter results saw production that was largely in line with our thinking, while cash flow was ahead primarily on lower royalties and production costs. Year-end reserves were down in all categories, reflecting lower commodity prices and a muted capital program in 2015. In light of the pending sale of the Company, Management has no
Impact - we view the Company's year-end results largely as a non-event in the context of the previously announced sale of the Company
With this publication we highlight forecast revisions associated with our crude oil commodity price update. Concurrent within a dynamic time for E&Ps, some of which have already begun the process of 2016 capital budget downdrafts, revised estimates attempt to directionally capture a shift towards capital conservation, though severely weakened futures curves have influenced our thinking for the better part of 6 months anyway. We expect further capital investment reductions forthcoming from E&Ps i
Companies: ARX 0UG9 TNZ BTE BNP BNE BXO CJ CKE 0UR7 CR DEE ERF GXE IKM JOY KEL ROAOF MQL NVA PPY POU PGF PWT PMT 0VCO PNE PSK RMP RRX SKX SGY TVE TOU TVETF VET WCP YGR YO RE/ TET SPE LRE LTS
Impact - neutral. Long Run announced it has entered into an amending agreement with its bank syndicate that will see the borrowing base reduced to $620 mm from $650 mm previously, comprised of a $240 mm revolving facility, a $30 mm operating facility, and a $350 mm non-revolving facility. The Company is currently drawn ~$580 mm on the facilities. The financial covenants have been removed on the facilities and the interest and fees have been reduced with the facilities terminating six months foll
Research Tree provides access to ongoing research coverage, media content and regulatory news on Lar Espana Real Estate SOCIMI SA.
We currently have 32 research reports from 3
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Our new Fund Insight report series breaks down the strategies and performance of listed funds. This investment trust research is available to all readers.
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NextEnergy Storage Fund now has 100 operational assets with a combined installed capacity of 933MW and exclusivity over, or ownership of the project rights for, most of its c£500m pipeline of domestic and international solar and energy storage assets. H1/24 performance was robust, with power generation in line with budget and the 36MW Whitecross solar farm energised. The first sale from the asset recycling programme has been completed post-period, with the proceeds being used to reduce short-ter
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In previous notes, we have reviewed why we believe RECI has procedures and practices that limit downside losses to help ensure the resilience of the NAV. In this note, we explore further how portfolio management helps optimise risk/reward with a dynamic approach to bond portfolio allocation, leverage, top 10 concentrations, geographical sectors, and duration. RECI’s portfolio is not a static, long-duration, totally illiquid book. It is actively managed to the latest market opportunities, with an
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Hardman & Co
Cobra has reported upgrades to both the gold and rare earth element (REE) Mineral Resource Estimates (MRE) at its Wudinna multi-mineral project located in South Australia’s Gawler Craton. Cobra moves another step closer to demonstrating the commercial opportunity of this unique multi-mineral occurrence in a Tier 1 jurisdiction.
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Aberdeen Smaller Companies Income aims to generate an income and capital growth from investing predominantly in UK smaller company equities. The trust currently yields 3%, with a fully covered dividend. As well as an income, the trust’s portfolio offers high exposure to quality growth characteristics in pursuit of its capital growth objective. Since September the trust has been run by Abby Glennie, one of the two UK small cap managers in the Standard Life Smaller Companies team, which has an out
Companies: ABRDN Smaller Companies Income Trust Plc
Kepler | Trust Intelligence
As the end of the financial year approaches, we enter ‘ISA season’. In the first of several articles on generating income for an ISA investment, we look at the advantages of investing in equity income trusts. We explain why investment trusts can be useful for long-term, income-hungry investors, and the myriad benefits that the closed ended structure offers. We also identify trusts that best exploit the tools that investment trusts have to offer to achieve their income objectives, and illustrate
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Edinburgh Dragon (EFM) aims to generate long-term capital returns by investing in Asia Pacific ex-Japan equities, with a focus on quality growth characteristics and a secondary focus on starting valuations. The management team, headed by Adrian Lim, aims to select world-class Asian companies with strong balance sheets that are transforming their sector and setting governance standards. The trust’s net asset value of £583m is the second largest in the AIC Asia Pacific peer group and makes it one
Companies: Asia Dragon Trust PLC
An Englishman, an Irishman and a Scotsman walk into a bar. But they can’t get past the front door because it’s been boarded up. And then they get floored by a soldier in a hazmat suit who is now part of a unit patrolling London because there’s a ban on public gatherings. It’s funny because it’s true, right? We aren’t quite at the stage where troops are patrolling London’s streets, but back in January, when we published our ‘top picks for 2020’, nobody could’ve predicted that by now we’d be loc
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A number of REITs have the ability to thrive in current market conditions and thereafter. Not only do they hold assets that will remain in strong demand, but they have focus and transparency. The leases and underlying rents are structured in a manner to provide long visibility, growth and security. Hardman & Co defined an investment universe of REITs that we considered provided security and “safer harbours”. We introduced this universe with our report published in March 2019: “Secure income” REI
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Whilst the ongoing trade dispute between the US and China creates a strong headwind for the region, this more challenging time is playing to Aberdeen New Dawn (ABD)’s strengths. Its focus on high-quality companies is being rewarded and it is climbing the performance league table once again. It is striking that, despite ABD’s improved relative performance and a low ongoing charges ratio (one of the lowest of its peers), ABD remains on one of the widest discounts versus its competitors.
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It was a remarkable second quarter with global markets staging the sort of comeback few would have thought plausible, at the end of March. With some countries still battling the first wave of infection and others seemingly headed to a second, not to mention what happens when governments start to remove direct stimulus measures, uncertainty still abounds.
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