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REAL ESTATE July 2020
LISTED MARKETS – REAL ESTATE July 2020 Leo Zielinski Partner Tel. +44 (0)7980 809031 [email protected] John Rodgers Partner Tel. +44 (0)7810 307422 [email protected] Will Strachan Partner Tel. +44 (0)7929 885859 [email protected] Lloyd Davies We track the share price movement and regulatory announcements Partner of 57 real estate owning listed entities (“Gerald Eve tracked index”). Tel. +44 (0)7767 311254 A summary of the Gerald Eve tracked index in terms of GAV, NAV, [email protected] LTV, Dividend, Share Price, Market Cap, Discount/Premium to NAV and their respective weekly movement is attached. Lorenzo Solazzo Data Analyst We provide a comparison to share price data from 3 February 2020 Tel. +44 (0)783 309 5582 [email protected] (pre-Covid-19 level) to present day to demonstrate the impact across certain entities as a direct result of Covid-19. James Brown Surveyor As at 30 of June, the Gerald Eve tracked index is currently down 30% to pre- Tel. +44 (0)7464 656563 Covid-19 level, under-performing the FTSE350 which is slowly recovering and is [email protected] now down 16%. The tracked listed REITs share price decreased on average 3% since 1 June 2020 (March: -25%, April: +6%, May: -3%). To provide context around the share price movement, the average discount to NAV is currently 31% against 3% pre-Covid-19. It is unsurprising to note that specialist sector entities across Industrial, Healthcare and Supermarkets have out-performed the REIT universe relative to other strategies within the Gerald Eve tracked index. -
COVID-19 Proxy Governance Update
COVID-19 Proxy Governance Update 2020 AGM mid-season review FROM EQUINITI 01 Looking back and planning ahead It is incredible to note that it has been over 12 weeks since the official announcement on 23 March of the UK Government’s Stay at Home Measures, and nearly seven months since the severity of the pandemic became apparent in China. Over the said period, PLC boards, company secretaries and investor relations officers have kept their corporate calendars going thanks to rapid adoption of modified regulatory guidelines and inventive modes of engagement with investors. With annual general meetings being an obvious highlight in the corporate calendar, we take stock of the progress made so far over the 2020 AGM season, as well as using what we learned to plan ahead. Now that we are over the first ‘hump’ with the busy period of May AGMs out of the way, we are readying for the second ‘peak’ of June and July AGMs, and then an ‘easing’ until the second ‘mini’ season in the early autumn. As such, in this update, we look at: • 2020 AGM season statistics…so far • Proxy adviser engagement and ISS recommendations review • High-level assumptions for Q3 and Q4 • Relevant updates from the regulators, industry bodies and proxy advisers • Communications in the COVID-19 world – special commentary by leading financial PR firm,Camarco • How has COVID-19 impacted activism – special commentary by international law firm,White & Case 02 2020 AGM Season Statistics…so far Scope of data To assess progress and forecast what is to come, we look at the key statistics for the UK AGM season 2020 thus far. -
Retirement Strategy Fund 2060 Description Plan 3S DCP & JRA
Retirement Strategy Fund 2060 June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA ACTIVIA PROPERTIES INC REIT 0.0137% 0.0137% AEON REIT INVESTMENT CORP REIT 0.0195% 0.0195% ALEXANDER + BALDWIN INC REIT 0.0118% 0.0118% ALEXANDRIA REAL ESTATE EQUIT REIT USD.01 0.0585% 0.0585% ALLIANCEBERNSTEIN GOVT STIF SSC FUND 64BA AGIS 587 0.0329% 0.0329% ALLIED PROPERTIES REAL ESTAT REIT 0.0219% 0.0219% AMERICAN CAMPUS COMMUNITIES REIT USD.01 0.0277% 0.0277% AMERICAN HOMES 4 RENT A REIT USD.01 0.0396% 0.0396% AMERICOLD REALTY TRUST REIT USD.01 0.0427% 0.0427% ARMADA HOFFLER PROPERTIES IN REIT USD.01 0.0124% 0.0124% AROUNDTOWN SA COMMON STOCK EUR.01 0.0248% 0.0248% ASSURA PLC REIT GBP.1 0.0319% 0.0319% AUSTRALIAN DOLLAR 0.0061% 0.0061% AZRIELI GROUP LTD COMMON STOCK ILS.1 0.0101% 0.0101% BLUEROCK RESIDENTIAL GROWTH REIT USD.01 0.0102% 0.0102% BOSTON PROPERTIES INC REIT USD.01 0.0580% 0.0580% BRAZILIAN REAL 0.0000% 0.0000% BRIXMOR PROPERTY GROUP INC REIT USD.01 0.0418% 0.0418% CA IMMOBILIEN ANLAGEN AG COMMON STOCK 0.0191% 0.0191% CAMDEN PROPERTY TRUST REIT USD.01 0.0394% 0.0394% CANADIAN DOLLAR 0.0005% 0.0005% CAPITALAND COMMERCIAL TRUST REIT 0.0228% 0.0228% CIFI HOLDINGS GROUP CO LTD COMMON STOCK HKD.1 0.0105% 0.0105% CITY DEVELOPMENTS LTD COMMON STOCK 0.0129% 0.0129% CK ASSET HOLDINGS LTD COMMON STOCK HKD1.0 0.0378% 0.0378% COMFORIA RESIDENTIAL REIT IN REIT 0.0328% 0.0328% COUSINS PROPERTIES INC REIT USD1.0 0.0403% 0.0403% CUBESMART REIT USD.01 0.0359% 0.0359% DAIWA OFFICE INVESTMENT -
Fidelity® Low-Priced Stock K6 Fund
Quarterly Holdings Report for Fidelity® Low-Priced Stock K6 Fund April 30, 2021 LPSK6-QTLY-0621 1.9883997.103 Schedule of Investments April 30, 2021 (Unaudited) Showing Percentage of Net Assets Common Stocks – 91.1% Shares Value COMMUNICATION SERVICES – 1.6% Diversified Telecommunication Services – 0.0% Verizon Communications, Inc. 2,636 $ 152,334 Interactive Media & Services – 0.1% Dip Corp. 24,518 677,504 QuinStreet, Inc. (a) 25,997 526,959 XLMedia PLC (a) 268,040 190,641 ZIGExN Co. Ltd. 54,118 197,576 1,592,680 Media – 1.5% AMC Networks, Inc. Class A (a) (b) 33,496 1,684,179 Comcast Corp. Class A 130,298 7,316,233 Corus Entertainment, Inc. Class B (non‑vtg.) 49,446 236,539 Discovery Communications, Inc.: Class A (a) (b) 145,589 5,482,882 Class C (non‑vtg.) (a) 310,153 10,021,043 Gray Television, Inc. 28,620 581,558 Hyundai HCN 211,755 859,684 Intage Holdings, Inc. 244,992 2,992,628 Legs Co. Ltd. 1,400 29,325 MSG Network, Inc. Class A (a) 45,058 715,070 Nexstar Broadcasting Group, Inc. Class A 2,261 333,294 Nordic Entertainment Group AB (B Shares) 56 2,600 Pico Far East Holdings Ltd. 1,820,216 321,032 Proto Corp. 14,723 156,539 Reach PLC 503 1,528 RKB Mainichi Broadcasting Corp. 2,889 161,513 Saga Communications, Inc. Class A 35,206 793,191 Sky Network Television Ltd. (a) 1,984,879 241,465 TechTarget, Inc. (a) 12,227 937,811 Tegna, Inc. 85,733 1,719,804 The New York Times Co. -
Marten & Co / Quoted Data Word Template
Monthly roundup | Real estate August 2020 Kindly sponsored by Aberdeen Standard Investments Winners and losers in July Best performing companies in price terms in July Worst performing companies in price terms in July (%) (%) AEW UK REIT 18.9 Hammerson (20.0) UK Commercial Property REIT 14.9 Countryside Properties (14.4) Schroder REIT 14.5 U and I Group (14.0) Empiric Student Property 11.4 Real Estate Investors (13.4) Palace Capital 10.6 Tritax EuroBox (11.8) LondonMetric Property 9.7 St Modwen Properties (10.9) Triple Point Social Housing REIT 9.2 Drum Income Plus REIT (10.0) RDI REIT 8.5 Alternative Income REIT (8.4) SEGRO 8.3 Panther Securities (8.2) CLS Holdings 5.5 BMO Commercial Property Trust (7.1) Source: Bloomberg, Marten & Co Source: Bloomberg, Marten & Co. AEW UK REIT share price YTD A number of REITs Hammerson share price YTD Retail landlord and property Hammerson continued 110 companies saw big 300 to see its share price 95 255 share price gains 210 fall during July and has 80 over the month of 165 now lost 79.2% of its 120 65 July as covid-19 value in the year to 75 50 restrictions started to 30 date – the worst in the Dec Jan Feb Mar Apr May Jun Jul ease across the UK Dec Jan Feb Mar Apr May Jun Jul real estate sector. The Source: Bloomberg, Marten & Co and greater Source: Bloomberg, Marten & Co company, which owns economic stimulus shopping centres, retail was revealed. The biggest mover was AEW UK REIT. -
FTSE Factsheet
FTSE COMPANY REPORT Share price analysis relative to sector and index performance Custodian REIT CREI Real Estate Investment Trusts — GBP 0.885 at close 03 August 2020 Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 03-Aug-2020 03-Aug-2020 03-Aug-2020 1.2 105 130 1D WTD MTD YTD Absolute -0.6 -0.6 -0.6 -22.4 100 Rel.Sector -0.5 -0.5 -0.5 2.2 1.1 120 Rel.Market -2.6 -2.6 -2.6 -2.7 95 1 110 VALUATION 90 Trailing Relative Price Relative 0.9 Price Relative 100 85 PE 16.1 Absolute Price (local currency) (local Price Absolute EV/EBITDA 15.8 0.8 90 80 PB 0.9 PCF 12.0 0.7 75 80 Div Yield 6.8 Aug-2019 Nov-2019 Feb-2020 May-2020 Aug-2020 Aug-2019 Nov-2019 Feb-2020 May-2020 Aug-2020 Aug-2019 Nov-2019 Feb-2020 May-2020 Aug-2020 Price/Sales 8.6 Absolute Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Net Debt/Equity 0.3 90 100 100 Div Payout +ve 80 90 90 ROE 5.6 80 70 80 Share Index) Share 70 Share Sector) Share - - 70 60 60 DESCRIPTION 60 50 50 50 40 The Company is a real estate investment trust. 40 RSI RSI (Absolute) 40 30 30 30 20 20 20 10 RSI (Relative to FTSE UKFTSE All to RSI (Relative RSI (Relative to FTSE UKFTSE All to RSI (Relative 10 10 0 Aug-2019 Nov-2019 Feb-2020 May-2020 Aug-2020 Aug-2019 Nov-2019 Feb-2020 May-2020 Aug-2020 Aug-2019 Nov-2019 Feb-2020 May-2020 Aug-2020 Past performance is no guarantee of future results. -
Industrial & Logistics Viewpoint
INDUSTRIAL & LOGISTICS VIEWPOINT 2020 UK CONTENTS FOREWORD 4 NATIONAL MARKET 6 LONDON & THE SOUTH EAST 8 WEST LONDON 10 SOUTH WEST 12 MIDLANDS 14 NORTH WEST 16 YORKSHIRE & THE NORTH EAST 18 SCOTLAND 20 NORTHERN IRELAND 22 CAPITAL MARKETS 24 2 3 We are pleased to launch our new Industrial and Logistics Viewpoint 2020, which is designed to give you an overview of national and regional activity. Despite the political and economic uncertainty that many businesses in the UK faced in 2019, the Industrial and Logistics sector has remained resilient. Some of the key findings of this Viewpoint include: • Demand for industrial and logistics space in 2019 remained strong with take-up reaching in excess of 30m sq ft for the year, exceeding the 10-year annual average by 17%, but 14% below the record breaking 2018 • The industrial sector out-performed all other property asset classes in 2019, partly driven by very strong rental growth in London and key South East locations • Rental growth is expected to moderate in 2020, although logistics units located in heavily populated areas will reach above average returns • At the beginning of the year we were expecting 2020 to be a record year in terms of demand. However, material downside risks associated with the Covid-19 virus may limit the occupational upside. Should the virus run its course in the first half of 2020, we may expect to see a busy second half as occupiers regroup and press ahead with urgent projects For an informal chat, please do not hesitate to get in touch with either myself or one of the team. -
2021 Quarterly Report (Unaudited)
JANUARY 31, 2021 2021 Quarterly Report (Unaudited) iShares Trust Table of Contents Page iShares Cohen & Steers REIT ETF.......................................................................................................................................... 3 iShares Core Dividend Growth ETF ........................................................................................................................................ 5 iShares Core High Dividend ETF............................................................................................................................................ 11 iShares Core U.S. REIT ETF ............................................................................................................................................... 14 iShares Dow Jones U.S. ETF ............................................................................................................................................... 17 iShares Global REIT ETF................................................................................................................................................... 29 iShares International Developed Real Estate ETF............................................................................................................................ 34 iShares International Select Dividend ETF................................................................................................................................... 38 iShares Morningstar Large-Cap ETF ....................................................................................................................................... -
Public Affairs and Lobbying Register
Public Affairs and Lobbying Register 3x1 Offices: 16a Walker Street, Edinburgh EH3 7LP 210 Borough High Street, London SE1 1JX 26-28 Exchange Street, Aberdeen, AB11 6PH OFFICE(S) Address: 3x1 Group, 11 Fitzroy Place, Glasgow, G3 7RW Tel: Fax: Web: CONTACT FOR PUBLIC AFFAIRS [email protected] LIST OF EMPLOYEES THAT HAVE CONDUCTED PUBLIC AFFAIRS SERVICES Ailsa Pender Cameron Grant Katrine Pearson Lindsay McGarvie Patrick Hogan LIST OF CLIENTS FOR WHOM PUBLIC AFFAIRS SERVICES HAVE BEEN PROVIDED Atos North British Distillery Scottish Child Abuse Inquiry SICPA The Scottish Salmon Company Viridor Public Affairs and Lobbying Register Aiken PR OFFICE(S) Address: 418 Lisburn Road, Belfast, BT9 6GN Tel: 028 9066 3000 Fax: 028 9068 3030 Web: www.aikenpr.com CONTACT FOR PUBLIC AFFAIRS [email protected] LIST OF EMPLOYEES THAT HAVE CONDUCTED PUBLIC AFFAIRS SERVICES Claire Aiken Lyn Sheridan Shane Finnegan Simon Tiernan LIST OF CLIENTS FOR WHOM PUBLIC AFFAIRS SERVICES HAVE BEEN PROVIDED McDonald’s Diageo Public Affairs and Lobbying Register Airport Operators Associaon OFFICE(S) Address: Airport Operators Association, 3 Birdcage Walk, London, SW1H 9JJ Tel: 020 7799 3171 Fax: 020 7340 0999 Web: www.aoa.org.uk CONTACT FOR PUBLIC AFFAIRS [email protected] LIST OF EMPLOYEES THAT HAVE CONDUCTED PUBLIC AFFAIRS SERVICES Ed Anderson Henk van Klaveren Karen Dee Michael Burrell - external public affairs Peter O'Broin Roger Koukkoullis advisor LIST OF CLIENTS FOR WHOM PUBLIC AFFAIRS SERVICES HAVE BEEN PROVIDED N/A Public Affairs and Lobbying Register Al -
Woodcote Grove • Epsom • Kt18 5Bw
WOODCOTE GROVE • EPSOM • KT18 5BW PRIME SOUTH EAST PRE-LET FORWARD FUNDING OPPORTUNITY INVESTMENT SUMMARY • Located 500 metres south of Epsom town centre within easy walking distance of Epsom Station and The Ashley Centre • Attractive low density landscaped site totalling circa 2.89 hectares (7.14 acres) • A state of the art Grade A headquarters style office building anticipated to provide a NIA of 8,604 sq m (92,613 sq ft) over ground and two upper floors • Exceptional car parking ratio of 1:21.51 sq m (1:232 sq ft) • A highly specified building which will have a BREEAM rating of ‘Excellent’ and EPC rating of A • To be let to the secure covenant of Atkins Limited on an unbroken 25 year full repairing and insuring lease from practical completion and guaranteed by the tenant’s global parent company WS Atkins plc • Income protection through restrictions on assignment • A low anticipated annual rent from lease completion of £1,950,000 per annum, equating to only £227 per sq m (£21.06 per sq ft), over 30% below achieved rents within other comparable South East office markets, offering excellent long term value protection • Five yearly upwards only rent reviews linked to the “All Items” Retail Prices Index, capped at 4% per annum • Freehold • Practical completion targeted for September 2017, with site works set to begin in January 2016 • Cushman & Wakefield are instructed to seek a full forward funding proposal for the development based upon a price in excess of £41,600,000, subject to contract and exclusive of VAT. -
Segmental Review Land Promotion
Henry Boot PLC Annual Report and Financial Statements for the year ended 31 December 2020 Segmental Review Land Promotion Nick Duckworth Hallam Land Management Limited HLM performed well, achieving a Significant strides forward were achieved at Didcot with Oxfordshire County Council securing an important infrastructure funding package £14.2m operating profit (2019: £31.0m) which enabled it to reaffirm its support for our 2,170-plot scheme. We from selling 2,000 plots (2019: 3,427 are hopeful that the final planning consent will be secured in 2021. plots), at an average of £6,456 per plot Furthermore, we continued to make good progress at Eastern Green, (2019: £10,000 per plot). Coventry where in November a resolution to permit planning permission was secured for 2,400 plots, 37 acres of commercial development, plus During 2020, UK greenfield land values remained relatively stable a primary school and community centre. This scheme requires a grade with a decline of 0.6% in the year according to Savills Research. separated junction on the A45 to effect access, and a loan from the After suspending land buying in H1, the majority of the major national Homes and Infrastructure Fund (HIF) has been secured, with delivery and regional housebuilders re-entered the market in H2 with land expected during 2021/22. values increasing by 0.3% in Q4. This followed a strong recovery in HLM secured further opportunities in its land bank during the year, new housing sales, leading to continued demand for our land, where increasing it to 16,607 acres (2019: 14,898) with just under 60% encouragingly we received bids at pre-CV-19 prices. -
CDP Climate Change Report 2015 United Kingdom Edition
CDP Climate Change Report 2015 United Kingdom Edition Written on behalf of 822 investors with US$95 trillion in assets CDP Report | October 2015 1 Contents Foreword 3 Global overview 4 2015 Leadership criteria 8 The Climate A List 2015 10 2015 FTSE 350 Climate Disclosure Leadership Index (CDLI) 12 Investor engagement in the UK 13 Profile: BT Group 14 United Kingdom snapshot 16 Profile: SSE 18 Natural Capital 20 Appendix I 24 Investor signatories and members Appendix II 25 FTSE 350 scores Appendix III 30 Responding FTSE SmallCap climate change companies Please note: The selection of analyzed companies in this report is based on market capitalization of regional stock indices whose constituents change over time. Therefore the analyzed companies are not the same in 2010 and 2015 and any trends shown are indicative of the progress of the largest companies in that region as defined by market capitalization. Large emitters may be present in one year and not the other if they dropped out of or entered a stock index. ‘Like for like’ analysis on emissions for sub-set of companies that reported in both 2010 and 2015 is included for clarity. Some dual listed companies are present in more than one regional stock index. Companies referring to a parent company response, those responding after the deadline and self-selected voluntary responding companies are not included in the analysis. For more information about the companies requested to respond to CDP’s climate change program in 2015 please visit: https://www.cdp.net/Documents/disclosure/2015/Companies-requested-to-respond-CDP-climate-change.pdf Important Notice The contents of this report may be used by anyone providing acknowledgement is given to CDP Worldwide (CDP).