Invista Share Discussion Threads

[skyship] 14/7/2011 14:29

Yes, a great sale which in itself added another 0.33p to the NAV.

Hoping we may see that IMS/NAV/Divi statement tomorrow...(If not, then it
will certainly be sometime soon)

[alanji] 14/7/2011 09:53

kramch - the aim is to cover dividend by 2013. See posts 168 onwards:

In particular see the anticipated rental chart on page 27 of the December presentation to analysts -
Very positive rns on 11 July - buying a property with an 11.3% yield and selling another at a 27% uplift in value.
Plantation place is carried at nil value but current valuation of property exceeds loans so might be some value at some point.

[asmodeus] 12/7/2011 16:43

Yes, the dividend is paid Gross, and so is tax-free, I think you'll find.

[kramch] 12/7/2011 16:00

but then, they're only doing what many Western Governments are doing!

[kramch] 12/7/2011 15:54

sorry typo, 3.5p, but still £12m div cost vs recurring profit of £6m. Bit of a hostage to fortune, paying out more than you're getting in.

K.

[jimcar] 12/7/2011 15:40

kramch

where do you get "The dividend is 5.5p" from?

The accounts say
Dividend declared and paid of 3.52p per share for the 12 months to 31 March 2011,

Does anyone know if there is a tax advantage on the dividend from holding these in an ISA as it is Guernsy registered?

[kramch] 12/7/2011 14:53

'been having a look at the accounts to understand how un-covered the div is; Rental income £22.0m less admin costs £6m and finance costs £11m leaves an "income" profit of £5.9m, about 1.7pps. The dividend is 3.5p (corrected), though the actual cost is hidden in the notes (11); £11.96m. So the dividend is c. 50% covered. One wonders what the point is of raising £12m in a "tap" at 38p just to distribute it as dividend subject to marginal rate tax?

Certainly they are trying to manage their portfolio more actively than many funds, and have some quality properties (hence the lower yields).

But I don't see them covering their dividends any time soon, so they will be cash negative unless they sell stuff, yet they intrend to buy more higher yielding properties they say.

No sign that they have any intention of liquidating the portfolio which must be the best way of closing the discount!

Their JV on Plantation Place seems to be locked up due to a single loan note holder refusing to play ball, but no mention of what the potential value might be.

All IMHO etc, K.

[4spiel] 11/7/2011 13:26

Is it not fair comment that earnings have reduced since 2010 -therefore when they say dividend cover will be increasd it means that a better covered dividend will be paid -but not necessarily as much in the short term ? So having a small holding will not add yet but do not see much downside share price being below NAV in an interesting little property investment

[lord gnome] 11/7/2011 12:11

FDH - IFD would certainly benefit. The old BBC property would be on to a certainty.

[envirovision] 11/7/2011 11:47

Large pub chains. Would help the proposed demerged punch property portfoilio:

[fardistanthills] 11/7/2011 11:45

Anyone got any views on which property companies might benefit from proposals to allow conversions of commercial property to residential use without having to seek planning permission. (apparently not those majoring on retail)

[envirovision] 11/7/2011 11:14

Nothing suggests any reason not to maintain the dividend forward, indeed we are being told to expect the share price to improve as the situation evolves.

I may have to consider increasing my weighting further.

[jimbo3352] 11/7/2011 11:08

Hopefully the dividend will be maintained in the interim period until rent free periods expire and the dividend cover improves. Improving the dividend cover is mentioned several times in the report. I was disappointed there was nothing of substance re Plantation Place: press reports suggest the property has already been acquired by Jamie Ritblat whose vehicle Delancey is apparently the blocking bondholder. The medium term prospects still look pretty good: residential planning app at Reynard's Park; new high yield acquisitions; reduction to come in investment management fee. etc

[skyship] 11/7/2011 10:43

Spec - No, you are right.

Last year, just 4 days after the Finals the Company issued the following IMS, NAV & Divi statement. Declaration Date 16/07, XD 04/08, PayDate 20/08



So, on past performance we could get the next RNS this Friday - 15/07.

[specuvestor] 11/7/2011 09:11

Hello Skyship

I dont see anything about dividends for the coming year. They just say that divis of 3.52pps were paid for the year to March 2011. There is no declaration or dates mentioned for the next interim. Have I somehow missed it?

[skyship] 11/7/2011 07:18

Dividend confirmed @ another 0.88p for an annual 3.52p. Cover increased to 71% with EPS of 2.5p. NAV pretty well static. New investment manager appt expected shortly.

Outlook

The Company has gone through a period of disruption and uncertainty as a result of changes at the Investment Manager. This, coupled with the Company's low dividend cover, has contributed to our shares standing at a material discount to Net Asset Value. With a resolution of the uncertainty surrounding the Manager in the near future and the benefits of improving dividend cover as asset management and initiatives and acquisitions come to fruition, the Board looks forward to an improvement in the Company's market rating over the coming year.

[meadow50] 08/7/2011 19:01

Skyship
Similar to HPEQ is GHE.Shares and property trust in the course of liquidation.Quite a lot to go for there too imo

[envirovision] 08/7/2011 18:49

Invista Foundation Property Trust, the property
investment trust, will report its preliminary results on
Monday, 11 July, 2011.
In an interim management statement issued in April, the
company reported a net asset value ('NAV') of £181.1 million or
50.9 pence per share ('pps') as at 31 March 2011. This reflected an
increase of 1.0 pps or 2.1% compared with 31 December 2010.
The directly held property portfolio increased in value by £1.7
million or 0.5% over the quarter, and the Company benefited
from an additional increase of £0.3 million in the NAV of its joint
ventures. The largest contributor to the positive quarterly
movement was a £3.7 million decline in the negative marked to
market value of the Group's interest rate swaps.
The total negative marked to market value of these swaps
reduced to -£23.2 million, now representing 6.5 pps or 12.8% of
the total NAV.

[skyship] 03/7/2011 13:58

Hybrasil - Seems a sensible buy ahead of the 11th July Finals.

Suddenly we are seeing quite a lot of activity across the piece with these secondary/tertiary property plays. IERE, INRE, MCKS, MERE & TEIF - all seem to have a story to tell at the moment.

IERE, INRE & MERE are in self-liquidation ("SL")

TEIF in partial liquidation (so far!)

MCKS just conventionally cheap on a yield of 6.5% and a 43% discount to EPRA NAV.

The SL plays are a great mini-sector and each of them well worth researching. HPEQ has been a superb SL play, not a property company, but as a Private Equity Trust it was another asset play. They are now fully valued IMO, but all of the above look good value.

[hybrasil] 01/7/2011 15:50

bought more today had to pay 38.75

[hybrasil] 01/7/2011 05:38

got nothing at 38p

[jrr774] 30/6/2011 16:32

Thanks Skyship - should have pulled the trigger when they dipped below 37.5 yesterday.

[envirovision] 30/6/2011 15:17

Tell you what though, everyone will probably be sitting down crying in their beer in 6-7 years time when all these property funds have vanished and thinking if only !