Share Name Share Symbol Market Type Share ISIN Share Description
Highcroft Inv. LSE:HCFT London Ordinary Share GB0004254875 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 882.50p 865.00p 900.00p 882.50p 882.50p 882.50p 0 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 0.0 2.8 55.6 15.9 45.60

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Date Time Title Posts
08/7/201610:25REIT success92
15/3/201213:20REIT failure39

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Highcroft Daily Update: Highcroft Inv. is listed in the Real Estate Investment Trusts sector of the London Stock Exchange with ticker HCFT. The last closing price for Highcroft was 882.50p.
Highcroft Inv. has a 4 week average price of 882.50p and a 12 week average price of 891.44p.
The 1 year high share price is 1,000p while the 1 year low share price is currently 800p.
There are currently 5,167,240 shares in issue and the average daily traded volume is 448 shares. The market capitalisation of Highcroft Inv. is £45,600,893.
topvest: Excellent. Chart looks nice here. Nice steady income and capital growth - share price starting to show that investors now like this company.
mtioc: This post follows the recent announcements and the interim results. 1. Sale of SW1 Property The sale price was of £4.9m was £1.5m (44%) above the 31 Dec valuation and £0.6m (13%) above the 2006 purchase price. While there may have been exceptional factors (London, redevelopment opportunities etc..) the level of uplift suggests conservatism in the property valuations. This property accounted for 11% of the total property valuation at Dec 2012, so the sale and reinvestment should increase diversification. Property specific factors aside, the bet appears to be that London office yields have stayed relatively low and in the current market there is better value elsewhere. 2. Purchase of Bedford Industrial Property The purchase appears to lock in an 8.1% yield for at least 14 years to a reasonable covenant (Booker) for what appears to be a cash and carry (which while not open to the public does not appear to be trade only either). This, together with the purchase of the industrial property in Andover (in November 2011), suggests the board are looking to industrial property in the SE with decent yields in preference to: office (portfolio still has quite a bit), retail (structural change in market and again quite a bit in the portfolio) and further north (different dynamics and outside board's area of expertise). I am not a property expert, but this seems pretty sensible. Does anyone know the long term average (real) yields on London office vs ex London light industrial? The challenge appears to be acquiring properties with current cash and equities let alone borrowing (at c. 3% fixed for 7-8% inflation linked). 3. Interims The interims were pretty self-explanatory. Revenues up a bit, costs down and profits up. Administrative costs are remarkably low compared to similar operations. 4. Valuation The market cap is £29.7m. I calculate an NAV of £38.3m. The main assets comprise £5m cash [Dec 11 cash, plus Victoria proceeds less Midlands purchase], £5.6m equities (Dec 2011, little change in FTSE) and £29.2m property [Dec2011 value less Victoria plus Midlands]. There appears to be net working capital of c. -£1.5m. Assuming the cash and equities should not trade at a discount, this implies a property valuation of £19m versus a balance sheet value of £29m or a discount of 30%. As discussed in para 1 above, I think the property values are bit conservative, but not as conservative as the SW1 transaction may suggest. A 10% uplift in property value, increases the property valuation to £32m and implied property discount to 40%. A 20% discount to my property valuation (i.e. Dec 2011 adjusted for transactions and +10%), with cash and equities at par, suggests a market cap of £33m or a share price of £6.40/6.50 (vs £5.75 mid or £6.0 offer). The investment thesis outlined in this thread and elsewhere appears to still hold. Highcroft is a conservatively run group that targets attractive yields with a minimum of risk, with an ungeared and well diversified property portfolio with low management costs (that is an effective partnership with the Kingerlee family). The high-ish yield and REIT status has significant tax advantages within a SIPP. The wide bid/offer spread and low volumes seem to deter both short term traders and market commentators. All this seems to work very well for the (smaller) long term SIPP investor. At the current price, there still seems to be some "margin of safety", but recent share price increases have reduced it. I remain a long term holder and may buy more if the price fell back or spread narrowed. MTIOC
mtioc: Losos: Not sure about non residents. I hold mine in a SIPP, which combined with the REIT status is quite tax efficient. SV and TV: Interesting RNS pre-Xmas. Conns have added 20k shares to their c. 1m since Dec 10 accounts. I am sure they are playing a very long stake building game, so it does not change much. However, it does give some comfort that this will be more liquid than most closely held small companies (i.e. there is a ready buyer) and there is significant support at the current share price).
semper vigilans: Agree with you Topfest - there should be more showing in the share price to reflect 'old-fashioned' sensible, financial control! Now , an interest rate hike would help the cash pile to become more productive...........
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