Growthpoint Properties: FY22 results and valuation update
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Spear REIT: 1H FY23 pre-close and earnings update
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NEPI Rockcastle: 1H FY22 results and valuation update
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Emira Property Fund: FY22 results and valuation update
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Resilient REIT – 1H FY22 results and valuation update
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Liberty Two Degrees – 1H FY22 results and valuation update
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Sirius Real Estate – FY22 results and valuation update
Key message: Sirius remains in excellent operational shape and its FY22 results were ahead of our expectations. Now down ~40% from its Jan-22 highs and trading in line with NAV, we think it is oversold at current levels.
Investec Property Fund – FY22 results and valuation update
Key message: a good recovery in FY22 was driven by improved leasing and operating conditions in the SA portfolio and highly favourable tailwinds in the PEL platform. Relatively strong share price performance over the last twelve months had rendered IPF comparatively expensive, but after a recent selloff its price now more fairly reflects its risk and prospects.
Spear REIT – FY22 results and valuation update
Key message: an impressive set of results and solid guidance provides continued justification for Spear’s Western Cape-focused investment case. The LTV reduction roadmap has been achieved and the focus will soon return to finding accretive inorganic growth opportunities.
Redefine Properties – 1H FY22 results and valuation update
Key message: Redefine’s strategic repositioning of its asset platform is now largely complete. While there is still work to be done on reducing LTV and see-through gearing and addressing EPP’s near-term debt maturities, we think these factors are now under control