Category: Uncategorized (Page 312 of 345)

Gresham House Energy Storage Fund plc

(“GRID” or the “Company“)

Capacity Market (CM) auction results

Gresham House Energy Storage Fund plc (LSE: GRID), the UK’s largest fund investing in utility-scale battery energy storage systems (BESS), is pleased to provide shareholders with an update on the 2023 Capacity Market auction results for the portfolio.

The latest T-1 CM auction concluded on 20 February 2024, clearing slightly higher than expected at a price of £35.79/kW. The Company has secured additional 1-year contracts across 13 of its Projects with a total derated capacity of 90.491MW. In total, the additional contracts are expected to generate £3.2mn of additional revenue from October 2024 to September 2025.

In the valuation process for the Company’s assets, CM revenues are only included where contracts are held at the date of valuation, therefore these new contracts are in addition to current revenue assumptions and are accretive to NAV. The NAV benefit from these contracts will be recognised at the next valuation date of 31 March 2024.

Ben Guest, Fund Manager of Gresham House Energy Storage Fund plc, said: “We’re pleased with these results from the latest annual Capacity Market auction, as well as their expected positive contribution to our NAV from 31 March 2024.

“One of the great attributes of battery energy storage systems is their flexibility. We can swiftly and remotely configure our software to tap a wide range of potential revenues available to BESS without needing to make any physical changes to hardware. These revenues include both contracted income such as the Capacity Market auction results we’re announcing today, as well as merchant, or trading, revenues

2024 dividends received £1,903.00

Dividends announced for March £933.00

1st Quarter fcast £2,836 (Fcast £2,000.00)

Dividends announced for April £538.00 with

a further £300.00 expected.

In only year 2 of the portfolio the 2024 target of 9k already

exceeds the current annuity available in the market and u get

to keep all your hard earned capital.

Real Estate Credit Investments Limited (the “Company”)

Ordinary Dividend for RECI LN (Ordinary shares)

Real Estate Credit Investments Limited announces today that it has declared a third interim dividend of 3.0 pence per Ordinary Share for the year ending 31 March 2024. The dividend is to be paid on 5 April 2024 to Ordinary Shareholders on the register at the close of business on 15 March 2024. The ex-dividend date is 14 March 2024.

Positive Update on Office Active Occupancy

The Company is pleased to provide an update on active office occupancy based on a survey of the Group’s tenants across 122 buildings in the Company’s portfolio. The survey’s results are based on the Company’s office tenants across a wide geographic spectrum of the main regional centres of the UK and in aggregate account for over 29,000 employees. The survey showed that employees have returned to the office for an average of 4.1 days per week.

The survey also showed 71.4% active office occupation across the portfolio, which compares favourably to the 65.4% announced in June 2023. Pre-pandemic active occupation is estimated at 70.0% The Asset Manager’s study of the office portfolio shows that current active occupation is 102% of the pre-pandemic occupancy levels and is expected to grow further.

GRID has cancelled it’s expected dividend.

VPC Specialty Lending Investments PLC

(the “Company”)

DIVIDEND DECLARATION

The Board of Directors of the Company has declared an interim dividend of 2.00 pence per share for the three-month period to 31 December 2023. The dividend will be paid on 21 March 2024 to shareholders on the register as at 1 March 2024. The ex-dividend date is 29 March 2024.

The Company has elected to designate all of the interim dividend for the three-month period to 31 December 2023 as an interest distribution to its shareholders, thereby “streaming” income from interest-bearing investments into dividends that will be taxed in the hands of shareholders as interest income.  No income tax will therefore be deducted at source from this, or from future interest distributions.

REGIONAL REIT Limited

(“Regional REIT”, the “Group” or the “Company”)

Dividend Declaration

Positive Update on Active Office Occupancy

Regional REIT Limited (LSE: RGL), today declares its Q4 2023 dividend, provides an update on office occupancy and asset disposals to date.

Q4 2023 Dividend Declaration

The Company confirms that it will pay a dividend of 1.20 pence per share (“pps”) for the period 1 October 2023 to 31 December 2023. The entire dividend will be paid as a REIT property income distribution (“PID”).

The key dates relating to this dividend are given below:

The level of future payments of dividends will be determined by the Board having regard to, among other factors, the financial position and performance of the Group at the relevant time, UK REIT requirements and the interest of shareholders and the long term future of the Company.

Positive Update on Office Active Occupancy

The Company is pleased to provide an update on active office occupancy based on a survey of the Group’s tenants across 122 buildings in the Company’s portfolio. The survey’s results are based on the Company’s office tenants across a wide geographic spectrum of the main regional centres of the UK and in aggregate account for over 29,000 employees. The survey showed that employees have returned to the office for an average of 4.1 days per week.

The survey also showed 71.4% active office occupation across the portfolio, which compares favourably to the 65.4% announced in June 2023. Pre-pandemic active occupation is estimated at 70.0%^[1].The Asset Manager’s study of the office portfolio shows that current active occupation is 102% of the pre-pandemic occupancy levels and is expected to grow further.

Retail Bond Update

The Company continues to explore actively a range of refinancing options for the £50m retail bonds and it looks forward to providing an update in due course.

Sales

Total disposals in 2024 to date amounted to £5.0m (before costs), reflecting a net initial yield of 10.7% in-line with 31 December 2023 valuation. In addition, £22.2m of disposals are in solicitors’ hands.

Investment Objective

The investment objective of the Company is to provide shareholders with attractive and stable returns, primarily in the form of quarterly dividends, by exposure to a diversified portfolio of real estate credit investments, predominantly comprising real estate loans and bonds.

To achieve the investment objective, the Company invests and will continue to invest in real estate credit secured by commercial or residential properties in the United Kingdom and Western Europe (“Real Estate Credit Investments”). The Real Estate Credit Investments may take different forms but are likely to be:

1. Secured real estate loans, debentures or any other forms of debt instruments (together “Secured Debt”). Secured real estate loans are typically secured by mortgages over the property or charges over the shares of the property-owning vehicle. Individual Secured Debt investments will have a weighted average life profile ranging from six months to 15 years. Investments in Secured Debt will also be directly or indirectly secured by one or more commercial or residential properties, and shall not exceed a loan-to-value (“LTV”) of 85% at the time of investment;
2. Listed debt securities and securitised tranches of real estate-related debt securities, e.g. residential mortgage-backed securities and commercial mortgage-backed securities (together “MBS”), (for the avoidance of doubt, this does not include equity residual positions in MBS);
3. Other direct or indirect opportunities, including equity participations in real estate, save that no more than 20% of the total assets will be invested in positions with an LTV in excess of 85% or in equity positions that are uncollateralised. On certain transactions, the Company may be granted equity positions as part of its loan terms. These positions will come as part of the Company’s overall return on its investments and may or may not provide extra profit to the Company depending on market conditions and the performance of the loan. These positions are deemed collateralised equity positions. All other equity positions that the Company may invest in are deemed uncollateralised equity positions.

 Real Estate Credit Investments January NAV 145.5p per share, up from 144.2p in December

Current yield 9.9%

Discount to NAV 17%

A bridge too far this time.

The expected dividend total for the first 3 months of the year

with only VPC to declare a dividend is £2,835.00 ahead of

the fcast of £2,000.00.

Do not scale the figure to arrive at a yearly total.

The target will be updated after RGL declare their next dividend.