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    <title>Edison Investment Research &#45; recent research</title>
    <link>http://www.edisoninvestmentresearch.co.uk</link>
    
    <dc:language>en</dc:language>
    <dc:rights>Copyright 2012</dc:rights>
    <dc:date>2012-02-08</dc:date>



    <item>
      <title>Ashley House &#45; Broader revenue base</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/ashley-house</link>
      <headline>Broader revenue base</headline>
      <description>Edison Investment Research - <![CDATA[Property - Ashley House: A number of key messages emerge from the interim statement. The first, that new revenue streams are gaining momentum and will compensate for what should be a temporary gap in demand for new primary care, due to delayed NHS reforms. These new business sources, such as extra care social housing schemes, contributed 18% of H112 revenue (FY11: 2%). Further such projects are due to be secured shortly, as well as the first scheme for a private sector health provider. The pipeline of NHS-derived work fell to &#163;115m (FY11: &#163;131m). It should pick up in FY13, prompted by resolution of the ongoing healthcare debate. The interim statement anticipates full recovery in NHS-led revenues over the medium term. <br />ISIN: GB00B1KKCZ55]]></description>
      <dc:date>2012-01-31T10:07:22+00:00</dc:date>
    </item>


    <item>
      <title>MedicX Fund &#45; On track for 2012 growth</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/MedicX-Fund-Limited</link>
      <headline>On track for 2012 growth</headline>
      <description>Edison Investment Research - <![CDATA[Property - MedicX Fund Limited: Last week&#8217;s IMS confirmed further investment, with acquisitions and new construction in Q1. The most recent portfolio valuation (end December 2011) was &#163;246.7m, a 5.87% net initial yield and &#163;0.9m underlying increase over the quarter. MedicX is in a strong position to pursue further growth, with &#163;15m of cash and &#163;30m of undrawn debt (Deutsche Postbank facility) at end Q1 and terms agreed on a new &#163;50m 20-year facility with Aviva. There is a &#163;86.5m pipeline of investment opportunities, &#163;29.8m already approved. The statement confirmed the intention referred to at the results in early December, to raise new equity. The broad structure is a c &#163;45m open offer, placing and offer for subscription. Details will be set out in a prospectus published later this month, with dealings likely to start towards the end of February. <br />ISIN: GG00B1DVQL92]]></description>
      <dc:date>2012-01-26T14:49:03+00:00</dc:date>
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    <item>
      <title>Public Service Properties Investments &#45; Strategic review progress</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/public-service-properties-investments</link>
      <headline>Strategic review progress</headline>
      <description>Edison Investment Research - <![CDATA[Property - Public Service Properties Investments: The year-end update focused on the progress of the strategic review. It confirmed that efforts are well underway to address the issues we perceive to be undermining the shares. The first priority is the debt refinancing due next September, but a broad range of initiatives are also under consideration &#8211; group ownership, corporate and financing structures and the dividend policy. All these seek to establish a more appropriate value for the equity, in line with the steady, visible cash flows generated by its care home assets. The most advanced initiative could see disposals of non-core &#8211; German, Swiss and US &#8211; assets in H112. The statement confirmed that local advisers have been appointed to test market appetites. <br />ISIN: VGG729641024]]></description>
      <dc:date>2012-01-06T14:38:46+00:00</dc:date>
    </item>


    <item>
      <title>Treasury China Trust &#45; Core property holding</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/China-Real-Estate-Opportunities</link>
      <headline>Core property holding</headline>
      <description>Edison Investment Research - <![CDATA[Property - Treasury China Trust: We expect Treasury China Trust (TCT) to continue to capitalise on proven asset management strategies to derive revenue growth from its stable investment property portfolio and returns from refurbishment and developments over the next few years. When complete, these will improve sector and geographical diversification and potentially generate a step-change in group revenues. The key in both cases is TCT&#8217;s strategy to tap into resilient demographic trends, in particular the growing scale and disposable income of China&#8217;s middle class. Risks are managed by avoiding more speculative areas of commercial real estate, and zero exposure to residential property. <br />ISIN: JE00B1P8F991]]></description>
      <dc:date>2012-01-04T12:56:14+00:00</dc:date>
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    <item>
      <title>Japan Residential Investment Company &#45; Solid start to new year</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/japan-residential-investment-company</link>
      <headline>Solid start to new year</headline>
      <description>Edison Investment Research - <![CDATA[Property - Japan Residential Investment Company: The group ended FY11 in good shape, despite a challenging period for Japan. Average portfolio occupancy for the year to end November was 94.9%, vs 92.4% for FY10. The actual end FY11 occupancy rate was 94.8% (FY10: 95.1%). We anticipate that levels will be maintained at c 95%, near full occupancy allowing for typical tenant turnover rates. Although the sharp, 9% increase in NAV/share during H2 was mainly the result of foreign exchange movements during the final quarter, there was consistent improvement in the underlying operational performance of the portfolio across the year. The scarcity of new condo supply has seen prices recover to pre-crisis levels. <br />ISIN: GG00B1FB3X85]]></description>
      <dc:date>2011-12-20T08:57:00+00:00</dc:date>
    </item>


    <item>
      <title>MedicX Fund &#45; On the acquisition trail</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/MedicX-Fund-Limited</link>
      <headline>On the acquisition trail</headline>
      <description>Edison Investment Research - <![CDATA[Property - MedicX Fund Limited: The current gap between the group&#8217;s cost of new debt (c 4.7%) and the net initial yield on new acquisitions (c 6.0%) creates an exceptionally attractive backdrop for portfolio growth. It should enable the group to lock in an immediate positive return, secured by long-term leases with 20 years or more to run, with c 90% of rent underwritten by the UK government. Further earnings growth will then flow from rent reviews and portfolio/asset management. MedicX has access to a pipeline of potential acquisitions, with financial capacity provided by &#163;35.8m (net) of equity raised last year (at an average 72.3p/share) and a new &#163;50m facility. Further operational gearing is derived from a revised management fee structure that should enhance EPS and dividend cover and support progressive distribution growth. <br />ISIN: GG00B1DVQL92]]></description>
      <dc:date>2011-12-19T14:20:41+00:00</dc:date>
    </item>


    <item>
      <title>Sirius Real Estate &#45; Potential re&#45;rating ahead</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/sirius-real-estate</link>
      <headline>Potential re&#45;rating ahead</headline>
      <description>Edison Investment Research - <![CDATA[Property - Sirius Real Estate: There is potential for a re-rating early in the new year. The first catalyst is removal of uncertainty regarding the new asset management structure and the second, strategies to address investor concerns over short-term cashflows and loan maturities due in late 2012. This should progressively return attention to the operational characteristics of the German business park portfolio, which produced another period of growth in occupancy, net lettings, rents and ERVs, as well as new tenant enquiry levels and lettings. The indication from the interim statement is that the management agreement will be settled in the final quarter of the current year. We will comment in more detail post that, on the back of news flow in early 2012. <br />ISIN: GG00B1W3VF54]]></description>
      <dc:date>2011-12-16T08:19:54+00:00</dc:date>
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    <item>
      <title>Dolphin Capital Investors &#45; Intriguing NAV discount</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/dolphin-capital-investors</link>
      <headline>Intriguing NAV discount</headline>
      <description>Edison Investment Research - <![CDATA[Property - Dolphin Capital Investors: The shares, at 16% of underlying 164p NAV/share (before deferred tax at end Q3), present a clear option on management&#8217;s ability to convert its leisure and residential development assets into cash over the medium term. This hinges upon a strategy to complete the initial phases of four advanced schemes in Cyprus, Panama, the Dominican Republic and Greece, to create leisure destinations that attract end purchasers, JV partners and investors and generate positive cashflows as soon as practicable. <br />ISIN: VGG2803G1028]]></description>
      <dc:date>2011-12-08T11:50:02+00:00</dc:date>
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    <item>
      <title>NewRiver Retail &#45; Acquisition&#45;driven growth</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/newriver-retail</link>
      <headline>Acquisition&#45;driven growth</headline>
      <description>Edison Investment Research - <![CDATA[Property - NewRiver Retail: The interims were in line with strategic objectives. The initial phase &#8211; assembly of a high-yielding retail property portfolio &#8211; is well progressed, with &#163;270m of assets ready for intensive asset management. Portfolio performance reflects NewRiver Retail&#8217;s (NRR) ability to buy well, with high occupancy underpinning income sustainability. Portfolio returns will depend on planned asset improvements and, despite expected tough retail markets, we expect NRR to generate steady appreciation in rents and values as it secures &#8216;leasing events&#8217; (new lettings, lease extensions, reviews), refurbishment and other assets upgrades over the next 18 months to three years. The forecasts reflect the underlying benefits of those initiatives to drive progressive dividends. <br />ISIN: GG00B4Z05859]]></description>
      <dc:date>2011-12-02T13:01:54+00:00</dc:date>
    </item>


    <item>
      <title>LSL Property Services &#45; Strategic acquisition</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/lsl-property-services</link>
      <headline>Strategic acquisition</headline>
      <description>Edison Investment Research - <![CDATA[Property - LSL Property Services: The Marsh & Parsons acquisition fills the London-shaped gap in LSL&#8217;s estate agency network and brings with it to the enlarged group an ambitious management team, incentivised to continue to grow the business&#8217;s profits. The fit thus looks highly complementary, on purchase terms very likely to enhance group earnings in FY12. The acquisition cost LSL &#163;46.5m net, funded by debt, but we expect internal cashflows to reduce the group&#8217;s net borrowings to c &#163;25m by the end of 2012, subject to further enlargement of the M&P network next year. LSL fully intends to support management&#8217;s intentions to roll out new branches and improve coverage in the capital, a relatively vibrant and steadily performing segment of the UK market. <br />ISIN: GB00B1G5HX72]]></description>
      <dc:date>2011-11-30T10:16:50+00:00</dc:date>
    </item>


    <item>
      <title>Primary Health Properties &#45; News on portfolio &amp; debt</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Primary-Health-Properties</link>
      <headline>News on portfolio &amp; debt</headline>
      <description>Edison Investment Research - <![CDATA[Property - Primary Health Properties: The Q3 IMS confirmed the portfolio&#8217;s inherent operational stability. There was also positive news on the refinancing of short-term debt, with a new &#163;75m, seven-year, interest-only facility from Aviva, two-thirds of which will replace existing borrowings. The high visibility provided by long-term leases and government-backed tenants represents near ideal security for insurance industry funders, supplementing banks as traditional sources of finance. The period saw further acquisition and rent review led growth. The market should pick up in H212 as the industry digests the implications of the Health & Social Bill, due to become statute early next year. It repeats the UK government&#8217;s commitment to deliver primary care from modern, purpose-built, environmentally efficient facilities and thus there is potential demand for new assets. <br />ISIN: GB0007015521]]></description>
      <dc:date>2011-11-21T08:39:58+00:00</dc:date>
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    <item>
      <title>Ablon Group &#45; Making headway</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/ablon-group</link>
      <headline>Making headway</headline>
      <description>Edison Investment Research - <![CDATA[Property - Ablon Group: Although the group&#8217;s key property markets remain tough, the IMS, covering the period from 1 July to 17 November, confirmed stable operational activity. Annual gross rents and overall portfolio occupancy were maintained during the period, the latter helped by the opening of a c 7,000sqm retail store within the group&#8217;s Buy-Way Dunakeszi shopping centre in Budapest, recently let to M&#246;belix. Footfall for the centre overall was reported to be well ahead. There was also a better financial performance by the Marriott Hotel and, in July, Ablon started constructing the Karolkowa Business Park in Warsaw, with completion scheduled for mid-2013. <br />ISIN: GG00B1LB2139]]></description>
      <dc:date>2011-11-18T12:23:39+00:00</dc:date>
    </item>


    <item>
      <title>MedicX Fund &#45; Further growth in Q4</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/MedicX-Fund-Limited</link>
      <headline>Further growth in Q4</headline>
      <description>Edison Investment Research - <![CDATA[Property - MedicX Fund Limited: The Q4 update confirmed the portfolio&#8217;s operational resilience and its secure income characteristics. The quarter saw four new acquisitions and the outlook remains positive, with access to further cash and debt for investment and proposed NHS reforms that support the case for modern primary care facilities. The group reported a small improvement in the year-end external portfolio appraisal as at end September 2011. The portfolio was valued at &#163;241m, with a net initial yield of 5.84% (5.87% at end June), reflecting the visible, long-term revenue outlook provided by primary care assets. It also confirmed a 1.375p/share Q4 dividend and 5.5p for FY11, with a 7.3% yield. Full-year results will be announced on 8 December. <br />ISIN: GG00B1DVQL92]]></description>
      <dc:date>2011-11-16T11:35:07+00:00</dc:date>
    </item>


    <item>
      <title>Treasury China Trust &#45; Strong Q3 performance</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/China-Real-Estate-Opportunities</link>
      <headline>Strong Q3 performance</headline>
      <description>Edison Investment Research - <![CDATA[Property - Treasury China Trust: Q3 saw another strong performance from TCT&#8217;s core portfolio. Occupancy and average rents within its near fully-let Shanghai investment portfolio improved y-o-y and vs end-Q2. The Chinese economy provides a positive backdrop for further revenue growth. TCT&#8217;s portfolio and increased retail weighting looks well placed to capitalise on a growing, increasingly prosperous middle-class and domestic rather than export-led growth. Our recent visit to TCT&#8217;s proposed developments in Shanghai and Qingdao gave the chance to discuss the projects and their positioning with architects, agents and economists. We expect these developments, mainly focused on mid-range retail, will add materially to rents and valuations over the next two to five years. We will review these plans in a note to be published shortly. <br />ISIN: JE00B1P8F991]]></description>
      <dc:date>2011-11-03T10:07:06+00:00</dc:date>
    </item>


    <item>
      <title>Sirius Real Estate &#45; Solid trading</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/sirius-real-estate</link>
      <headline>Solid trading</headline>
      <description>Edison Investment Research - <![CDATA[Property - Sirius Real Estate: The group&#8217;s first-half trading update, ahead of full interims due on 5 December, confirmed that trading in the first half was broadly in line with expectations. The core focus on increasing portfolio occupancy delivered results, with further growth to 77% by the period end, ahead of both September 2010 (73%) and end FY11 (76%). During the first half Sirius secured new tenants for 65,000 square metres (sqm) of portfolio space, a net 28,000sqm gain (ie, less 37,000sqm of tenant move outs). The equivalent figure for the first half of last year was a 13,000sqm net gain. <br />ISIN: GG00B1W3VF54]]></description>
      <dc:date>2011-10-24T09:15:26+00:00</dc:date>
    </item>


    <item>
      <title>Public Service Properties Investments &#45; Benefit of capex in H2</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/public-service-properties-investments</link>
      <headline>Benefit of capex in H2</headline>
      <description>Edison Investment Research - <![CDATA[Property - Public Service Properties Investments: The first half was steady despite recent care home industry turmoil. Although PSPI is a property owner not a care home operator, its interests are closely linked to those of its tenants, so its capital investment programme is important (and, indeed, reassuring) as it underpins both the assets&#8217; operational performance and rental sustainability. It also provides a very clear distinction vs Southern Cross and others, whose portfolios fell behind market trends due to lack of capital for upgrades. We see two potential catalysts for improved performance and re-rating this year. The first, securing refinancing or extension of facilities maturing in 2012, and the second, evidence of reduced pressure on operator margins. We discuss both in this note. <br />ISIN: VGG729641024]]></description>
      <dc:date>2011-10-18T15:00:55+00:00</dc:date>
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    <item>
      <title>Ablon Group &#45; Debt &amp; portfolio progress</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/ablon-group</link>
      <headline>Debt &amp; portfolio progress</headline>
      <description>Edison Investment Research - <![CDATA[Property - Ablon Group: Although recent stock market volatility has triggered weaker share performance, the period post the successful rights issue in April did see a justified re-evaluation of the underlying value in the group assets. Ablon has received support from investors and lenders, with a &#8364;9.9m rights issue in May and a series of agreed extensions to short-term debt facilities in the last six months. The latter will remain a feature of the story over the next 18 months but the announcement, in July, that it had secured &#8364;24.1m of new senior debt from 24.5% shareholder Volksbank was positive. It both finances a new office development in Warsaw and provides some confirmation that one of the group&#8217;s major lenders remains keen to build its relationship with the group. <br />ISIN: GG00B1LB2139]]></description>
      <dc:date>2011-09-02T07:14:05+00:00</dc:date>
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    <item>
      <title>Primary Health Properties &#45; Secure port in a storm</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Primary-Health-Properties</link>
      <headline>Secure port in a storm</headline>
      <description>Edison Investment Research - <![CDATA[Property - Primary Health Properties: The interims showed portfolio performance and revenue growth on track for our full year and dividend growth forecasts. H2 looks well set, with firepower ready for acquisitions and strategies under consideration to unlock value. The medium-term objective remains a material increase in portfolio scale and, although we assume that the debate over healthcare reform results in a development hiatus into 2012, PHP still expects to fold-in another &#163;40-60m of assets from market purchases in the next year, refinance current debt and roll out earnings enhancing asset management initiatives. These should benefit operating margins and EPS in the short term. The shares have strong attractions in an uncertain economic backdrop. The downside, as ever, remains well-covered by long-term revenue visibility and security, a fully-let portfolio and a resilient asset class relative to other commercial property. <br />ISIN: GB0007015521]]></description>
      <dc:date>2011-08-30T14:25:43+00:00</dc:date>
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    <item>
      <title>Japan Residential Investment Company &#45; Portfolio growth in H1</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/japan-residential-investment-company</link>
      <headline>Portfolio growth in H1</headline>
      <description>Edison Investment Research - <![CDATA[Property - Japan Residential Investment Company: The interims confirmed steady operational and valuation performances, despite the impact of the earthquake on Japan&#8217;s economy. JRIC&#8217;s assets did not incur any significant damage and average portfolio occupancy was 95.5% during H1 2011, vs 91.2% a year earlier. There was further market evidence to suggest that valuations may be at a turning point, with a small &#163;0.14m gain in aggregate portfolio value (assisted by JPY/&#163; strength), relative to a &#163;12m decline in H110. Mid-year NAV was 64.4p/share and with firm demand dynamics for the kind of mid-range apartments that make up JRIC&#8217;s portfolio, we anticipate further asset value progression. The shares are supported by a 6.2% prospective yield and prospects backed by the market outlook and narrowing discount to NAV. <br />ISIN: GG00B1FB3X85]]></description>
      <dc:date>2011-08-26T12:16:05+00:00</dc:date>
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    <item>
      <title>Marti REIT &#45; Q1 figures on track</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/marti-reit</link>
      <headline>Q1 figures on track</headline>
      <description>Edison Investment Research - <![CDATA[Property - Marti REIT: We have maintained our forecasts after the Q1 results and discussions with management. These confirmed that residential sales are on track with the budget. However, the summer season (to November) is the critical period and will not be reflected in the figures until September/December 2011 (Q3). The group has recently engaged architects for phases 2 and 3 of Narin Park and plans to start marketing phase 2 during Q4. Completion of the new hotel in I&#231;meler is running a month or two behind schedule, which means a similar delay in receipt of the first payment of the fixed management fee. We will adjust our forecasts at the interims when there is more clarity on timing. <br />ISIN: DE000A0LD2U1]]></description>
      <dc:date>2011-08-26T11:39:25+00:00</dc:date>
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