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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Invista Fnd Tst | IFD | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 35.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 35.50 | 35.50 |
| Top Posts |
|---|
Posted at 05/3/2012 07:46 by lord gnome Looks like a good deal has been done, although I am slightly concerned that we have lost a good asset, a good tenant and a good income. My only concern with IFD is dividend cover and the BT. building was supposed to cover a large part of the shortfall. I just hope that they have got something lined up to replace it. I am not sure that a simple repayment of debt is the way forward if we want the company to grow. |
Posted at 19/2/2012 13:16 by dendria Sleepy - the 14 March 2012 EGM is for the name change. If approved IFD would be renamed 'Schroder Real Estate Investment Trust Limited' and the code changed from IFD to SREI. |
Posted at 17/2/2012 16:17 by skyship BT - no, regretably not. Good article on PCTN yet again in the online IC yesterday; but they keep overlooking the better value IFD.Still, we're UP again & KERCHING - 0.88p divi arrived in my Sippdeal a/c today. |
Posted at 14/2/2012 09:44 by sleepy The placing was discussed at some length on this Board at the time. The market (and the IFD share price) had already well recovered by July 2010 and there was certainly no need for it. It has been dilutive to both asset value and dividend cover. The management company has presumably benefited from extra fees as a result of the placing. |
Posted at 14/2/2012 09:32 by skyship Sleepy - 2007/8 was a near catastrophic bear market for all commercial property companies. Most companies had heavily dilutive Rights Issues in order to survive/recapitaliseThat said, the share price has marginally underperformed; but I expect that under-performance might soon be reduced. Of course, if you adjust for the dividends we have been receiving, performance is on par, or even better than the "big boys". |
Posted at 02/2/2012 14:49 by skyship Going back to Jan'11 IFD has still outperformed PCTN. But going back to the start of Jan'12, PCTN has substantially outperformed. A good switch perhaps SELL PCTN @ 42.5p BUY IFD @ 32.5p... |
Posted at 27/1/2012 14:36 by skyship There remain just two and a half days to buy IFD before they go ex the latest 0.88p dividend: "The dividend payment will be made on 17 February 2012 to shareholders on the register on 3 February 2012. The ex-dividend date will be 1 February 2012." If you BUY @ 33.0p (currently on offer @ 32.967p online) you do so at a 10.66% yield and on a 41% EPRA NAV discount. An unpopular sector for sure; but IFD has to be one of the cheapest stocks on the LSE. I've added a few again today... |
Posted at 11/1/2012 17:44 by skyship YS - to learn more about the incipient dividend cover, take a look at the prolonged statements accompanying all the IMS, Interim & Final reports. Also take a look at the Presentation of the last finals on the Company website...In essence you will see all the the management and property initiatives being pursued to increase net revenue and therefore cover. Our general view (certainly my view) is that the 2010 placing @ 36p was accomplished by making a tacit agreement that the dividend would be held @ 3.52p (4 x 0.88p). We all await the next IMS/NAV/Divi statement with bated breath - likely to be c26th January - so not long to wait. |
Posted at 25/10/2011 09:29 by davebowler Real EstateInvista Foundation Property Trust (IFD / HOLD) September NAV. n IFD reports an adjusted NAV per share of 55.9p as at Sep'11 reflecting a decrease of 1.9% in the 3 months since Jun'11. The NAV decrease is a result of the uncovered dividend and a £0.8m (-0.2%) decrease in the valuation of the like for like portfolio. n The property portfolio was valued at £331.55m at Sep'11 and produces a rent roll of £22.35m which equates to a net initial yield of 6.4% (6.52% at Mar'11). A further £2.8m will be added to the rent roll from asset management initiatives (expiry of rent free periods, fixed uplifts etc) by Sep'14 which will raise the net initial yield to 7.2%. n New lettings generating an additional £472k in rent were completed in the quarter. The void rate on the portfolio has decreased to 12.06% (12.85% at Jun'11). 1.96ppts of this is under offer to new tenants. n The pre-let development funding of the BT building is expected to complete shortly at a price of £14.9m (7.6% NIY). The property is let to BT on a 15 year lease with no breaks for £1.2m p.a. (subject to fixed uplifts of 3% p.a.). The property has been valued at £18.9m by the company's valuers and will add £3.1m (after acquisition costs) to IFD's NAV on completion. n JVs - £60k was added back to NAV from JVs during the period (all from Merchant Property Unit Trust). It is interesting to note the value of IFD's holding in One Plantation Place Unit Trust (OPPUT) continues to recover (£8m at Sep'11 vs. £4m at Mar'11). The investment continues to be held at nil value due to the ongoing LTV breach (87% LTV vs. covenant of 82.14%) on the securitised debt facility associated with the property. n Net LTV was 40.3% at Sep'11 (39% at Mar'11) against a LTV covenant of 60% and the interest cover ratio is 226% against a covenant of 150%. n The dividend has been maintained at 0.88p per quarter (9.8% yield). Liberum View n IFD trades at 36p reflecting a discount of 36% to the Sep'11 NAV. The current dividend offers an attractive yield of 9.8% although the low dividend cover continues to over hang the shares (we estimate c. 56% dividend cover in the year to Mar'12). We expect the dividend cover to increase to c. 80% in the year to Mar'13 as a result of acquisitions and asset management initiatives. We do not expect the dividend cover improvement to be a short term catalyst for a share re-rating Remain HOLD. n We note the potential NAV uplift from JVs particularly Plantation Place. IFD's adjusted NAV of 55.9p only excludes the mark to market adjustments of swaps held on balance sheet. If we exclude the swap liabilities on JVs and include IFD's share of OPPUT the potential NAV uplift could be £18m or 5p per share. The vast majority of this relates to Plantation Place which clearly carries a greater risk of realisation given the current covenant breach. n We await further details regarding the proposed merger between Picton Property Income Ltd and IFD. PCTN has until 31 October to announce a firm intention to make an offer. |
Posted at 19/8/2011 09:10 by davebowler LiberumReal Estate n Invista Foundation Property Trust (IFD / HOLD) New investment manager and merger talks with Picton Property. IFD reports that it has received a merger approach from Picton Property Income Ltd ("PCTN"). A non-binding indicative offer was received by IFD's board on 29 July 2011 and discussions are ongoing. Separately, (as expected) IFD has announced that heads of terms have been agreed with Schroders Property Investment Management Ltd to take over as investment manager of the portfolio from Invista Real Estate Investment Management. Under the proposed terms Schroders will be paid a management fee of 1.1% of NAV (expected to generate savings of £1.8m p.a.). The contract will not be subject to a notice period or termination fee should the merger with PCTN proceed. Schroders intends to recruit certain senior executives from IREIM who have been part of the management of IFD's portfolio in the past and would therefore provide continuity of management and a strong knowledge of the existing assets. Liberum View: We view the potential merger with PCTN as a positive development for shareholder value for IFD. Liquidity would be enhanced as the market cap of the enlarged company would be c. £296m (based on current prices) vs. a current market cap of £128m for IFD. We would also expect a realigned, covered dividend - PCTN currently pays a dividend of 4.0p (8.2% yield) which we estimate was c. 105% covered in 2010 by recurring profits and cover should increase going forward due to lower management costs. IFD pays a dividend of 3.5p (9.8% yield) but only c. 50% covered in the year to Mar'11 although we see this increasing to c. 95% by Mar'14 as a result of asset management initiatives and acquisitions. Consequently we would expect the discount for the proposed enlarged company to narrow from IFD's current levels (IFD currently trades on a 37% discount to Jun'11 NAV). |
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