The Local Shopping Reit Share Discussion Threads

[eeza] 22/11/2016 09:44

Yet another buying opportunity.

[skyship] 22/11/2016 09:28

Website states Annual Reort date estimated as 15th December. surely that has to be brought forward.

I'll email them...

[spectoacc] 22/11/2016 08:47

@Skyship - what do you make of the new banking facilities? Looks from a glance like any returns will be weighted very much towards "the end", ie 2019+, but I've not looked in depth.

[skyship] 22/11/2016 08:44

A couple of points:

1. Note that the Canadian pension fund seems to have readily sold its half of the LSR assets:

“The portfolio, comprising over 300 properties, contains many small assets, with 50% of the assets remaining being valued at GBP120,000 or less, and there is a limit on how many properties of the type owned by the Company the market can absorb at any one time without materially affecting price.”

2. I assume those results will be out BEFORE the 8th December AGM; but surely they should have been explicit on this aspect:

“A detailed roadmap of how the Board intends to complete the task of turning property into cash will be set out in the results for the financial year ended 30 September 2016, which will be published in early December.”

Seems to me that valuation-wise we should assume a worst case scenario of 31st Dec’19 for the completion of liquidation. That date would provide Gross Redemption Yields as below from 28p to that stated:

38p would deliver 10.33%pa
39p would deliver 11.26%pa
40p would deliver 12.17%pa

[hillofwad] 22/11/2016 08:42

They make great play on the difficulty ,management time involved in selling the individual properties Seems to me that they are trying to justify the high fees.How difficult is it to instruct Allsops who are more familar with the individual properties than Internos as they have valued them in the first instance to put them into auction . Placing 30 or 40 wouldnt hurt and lets not forget they are geograpically diverse Surely they can be held to account and waive any abortive selling costs if they dont achieve the book prices

[tiltonboy] 22/11/2016 08:18

Perhaps precluded from saying something ahead of the figures, but some sort of mention of dividends might have added to the incumbent's case.

They couldn't resist a little dig at the THAL performance!

[spectoacc] 22/11/2016 08:17

Quite a bit to read through this morning for holders - from a glance, the new bank facilities look interesting, albeit that £1m of property has been added and any sales have to go to reduce the outstanding loans (from those particular pools).

[tiltonboy] 21/11/2016 18:44

SteMis,

You have to hope that 9.5% yields are sufficient to retain value. Obviously a risk, but hopefully calculated.

[stemis] 21/11/2016 17:56

Where is the value here? Because of the debt it would only take a 15% loss on book value of the properties to wipe out the discount to NAV...

[tiltonboy] 17/11/2016 21:13

Some double counting again in the volume, so not as many sold as you would think.

[tiltonboy] 17/11/2016 16:12

I've added a few more today.

[skyship] 17/11/2016 16:01

Looks as though the seller has managed to shift another 200k so far today

[skyship] 17/11/2016 14:48

I'll bill you should it go the wrong way :)

[fozzie] 17/11/2016 13:34

Apologies Sky lol

[skyship] 17/11/2016 13:19

Talked myself into adding another 20k!

[skyship] 17/11/2016 13:08

Yes, already did so at 28p a couple of weeks ago in between the last two announcements. Also, as stated, sorely tempted to add further ahead of the Board's response.

[fozzie] 17/11/2016 11:47

Anyone adding here?

[orinocor] 17/11/2016 09:19

Still no counter statement from the Board to Soukup's criticisms.

Seems Duncan just wants to speed up the liquidation process and cut costs. If he has another motive it's not clear.

[hillofwad] 16/11/2016 11:26

Pugh tend to have a lot of dross so wouldnt be the best for the majority of LSR.s,s kit burersof small lots are many and varied .owner -ccupiers,Commerical SIPPs Asian community and the Stamford Hill Gang all in search of yield

[spectoacc] 16/11/2016 10:57

Thanks @Sky. Had seen Thalassa's stake building & thought it interesting, but haven't been tempted back in. Will watch with interest what those 4 small sales fetch.

[eeza] 16/11/2016 09:07

"there is a good market for these high yielding tertiary props"

But the BOD here are totally incapable (unwilling) to exploit it.