Standard Life Investment... Share Discussion Threads

[speedsgh] 12/5/2016 08:58

Agreed re falls in REITs. SLI in particular still trades at a premium whereas most others are trading at a small (but widening) discount.

[jonwig] 11/5/2016 18:15

From the terminology, I took it to be a PID. (My shares are in an ISA and the broker gets the full amount, so I don't care, but some holders may have problems!)

The NAV: I think we might have to get used to some falls amongst REITs, etc. in the coming months.

[speedsgh] 11/5/2016 17:23

Negligible movement in NAV over the quarter...

Net Asset Value -

* Net asset value per ordinary share was 82.3p as at 31 March 2016, an
increase of 0.1% from 31 December 2015 resulting in a NAV total return of
1.5% for Q1;
* The portfolio increased by 0.1% on a like for like basis which compares
favourably to the quarterly capital return on the monthly IPD Monthly Index
capital return over the quarter (fall of 0.2%);
* The increase in stamp duty land tax announced in the March 2016 budget
resulted in a GBP3.5 million reduction in valuations across the portfolio;
excluding this the portfolio showed a like for like increase of 0.8%;

[speedsgh] 11/5/2016 17:20

Due to the terminology they have used, I have no idea as to whether the 'property income dividend' declared is a PID (Property Income Distribution) or an ordinary dividend. Will probably have to wait + see if the amount received has any tax withheld which will of course provide the answer in itself.

Dividend Declaration -

First Interim Dividend
The Directors of Standard Life Investments Property Income Trust Limited (the "Directors") have declared that a property income dividend be payable in respect of the quarter ended 31 March 2016 as follows;

Ex-Dividend Date - 19 May 2016
Record Date - 20 May 2016
Payment Date - 31 May 2016

Dividend per Share - 1.19p

[jonwig] 19/4/2016 07:43

Very positive results: dividend increase to 4.76p, NAV of 82.2p (so premium doesn't look excessive) and total return over 2015 marginally ahead of sector.

Outlook: "...it is anticipated that commercial property returns will moderate with total returns being driven by income."

Debt to be consolidated and re-financed on better terms.

Looks a solid hold in the REIT sector.

[speedsgh] 08/3/2016 09:52

Dividend Announcement

As detailed in the prospectus, announced on 18 November 2015, amended by the
supplementary prospectus announced on 15 December 2015, Standard Life
Investments Property Income Trust Limited (the "Company") announced its
intention to split the final interim dividend in respect of the period to 31
December 2015 into: (i) a fourth interim dividend for the period between 1
October 2015 and 20 December 2015 (the date immediately prior to Admission and
the completion of the Acquisition) which was announced on 16 December 2015; and
(ii) a fifth interim dividend for the period between 21 December 2015 and 31
December 2015. The Company's existing Shareholders who were on the share
register on 18 December 2015, the record date of the fourth interim dividend,
qualify for the fourth and fifth interim dividends which together equal the
equivalent of 1.161 pence for the quarter per Share. The New Shares issued
pursuant to the Initial Placing and Offer only qualify for the fifth interim
dividend.

The Company therefore announces that the fifth interim dividend will be 0.139
pence per share. The ex-dividend date, record date and payment date for the
fifth interim dividend are as follows:

Ex-dividend Date 17 March 2016
Record Date 18 March 2016
Payment Date 31 March 2016

The split of this fifth interim dividend between a property income dividend and
ordinary dividend is as follows:

Property Income Dividend ("PID") - 0.072 pence per share
Ordinary Dividend ("Non PID") - 0.067 pence per share

The split of the fourth interim dividend of 1.022 pence per share, which was
announced on 16 December 2015, is as follows:

Property Income Dividend ("PID") - 0.528 pence per share
Ordinary Dividend ("Non PID") - 0.494 pence per share

This dividend is also payable on the 31 March 2016.

[lord gnome] 22/1/2016 17:19

Good to see this looking a bit stronger despite the general market carnage. Property stocks still seem to have outperformed on the way down, even if this does mean just that investors have lost less money then they could have done in other stocks. The recent major share issue at 82p seems to have worked its way through already, with all the stock issued seemingly in safe hands for now. A return to 90p would be nice.

[jonwig] 16/12/2015 14:11

The six largest shareholders hold several million shares between them: around 50%.
There would have been an insurrection if the dividend had gone to the new shareholders who hadn't earned it, and take-up would have been lower if new shareholders had got no dividend.

And the cover would have reduced owing to cash drag.

[speedsgh] 16/12/2015 13:29

LG - agreed

[lord gnome] 16/12/2015 12:58

Splitting the divi in this way is a lot of nonsense. Hardly worth the bother.

[speedsgh] 16/12/2015 12:22

Dividend Announcement -

As detailed in the prospectus, announced on 18 November 2015, amended by the supplementary prospectus announced on 15 December 2015, Standard Life Investments Property Income Trust Limited (the "Company") announced its intention to split the final interim dividend in respect of the period to 31 December 2015 into: (i) a fourth interim dividend for the period between 1 October 2015 and 20 December 2015 (the date immediately prior to Admission and the completion of the Acquisition); and (ii) a fifth interim dividend for the period between 21 December 2015 and 31 December 2015. The Company’s existing Shareholders will qualify for the fourth and fifth interim dividends in respect of their existing holdings of Ordinary Shares which together will equal the equivalent of 1.161 pence for the quarter per Share. The New Shares issued pursuant to the Initial Placing and Offer, and which are expected to commence trading on 21 December 2015, will only qualify for the fifth interim dividend.

The Company therefore announces that the fourth interim dividend will be 1.022 pence per share. Given the New Shares will not rank for this fourth interim dividend, the timetable will fall outside the standard dividend procedure timetable. The ex-dividend date, record date and payment date are therefore as follows:

Ex-dividend Date - 17 December 2015
Record Date - 18 December 2015
Payment Date - 31 March 2016

The split of this dividend between a property income dividend and ordinary dividend will be announced at the same time as the announcement of the fifth interim dividend which is expected to be in early March 2016.

[jonwig] 21/11/2015 12:27

Thanks - I see it's appeared now on the NSM. 158 pages ... gulp.

I need to re-read them, but this week's statements from BLND and LAND contain notes of caution. It may be that property share prices will find it hard to make headway from now, even though the physical market is relatively strong.

So I'm inclined to pass as well.

[asmodeus] 21/11/2015 12:08

Got the prospectus this morning. Offer is at 82p, min. 3000 ord. shares. Current offer price 84.5 (according to ADVFN). I already have enough.

[jonwig] 20/11/2015 08:26

Thanks, both, but I'm still searching:

The 13 Nov RNS is pretty detailed and covers most of the points, but the 18 Nov is just an RNS saying that the prospectus was now available on the company website.

So I went to the company website looking for a pdf but couldn't find it. (The 2014 ones are there!)

It looks as though the 13 Nov one more-or-less is the circular, but it says -

The Company will shortly publish a Prospectus and Circular which will provide Shareholders with further details of the Acquisition and the Initial Placing and Offer. and I can't find details of minimum application or a timeline;

- so there's a pdf around ... somewhere.

It's not on the NSM either -



I'll get on the phone.

[jaws6] 20/11/2015 07:20

jonwig
is this the one you after ?

[daveofdevon] 20/11/2015 07:17

The link above on post 202 works and seems to cover it.

[jonwig] 20/11/2015 06:38

I'm hunting for the circular which should have been published a couple of days ago.
It's not here:



Has anyone located it, please?

[dragonsteeth] 19/11/2015 20:40

SLI has been good to me in the past both in terms of divi and share price rise, so I'm looking at participating.

[speedsgh] 13/11/2015 10:41

Undecided yet as to whether to participate but small div increase would be welcome.

Fundraising and Acquisition of Property Portfolio -

"In the event that the Acquisition completes, the Board believes that the dividend cover would be enhanced. Accordingly if the Acquisition completes it is the Board's intention to increase the quarterly dividend by 2.5 per cent. to 1.19 pence per Share commencing with the quarter ending 31 March 2016."

[jonwig] 13/11/2015 10:13

Yes, the track record is excellent, I think, and I'd want to participate.

I suppose the circular will contain the necessary details, but I'm a bit confused by the statements:

... Shareholder approval being granted in respect of the issue of New Shares, on a non pre-emptive basis, in relation to the Initial Placing and Offer

and

... applications from existing Shareholders are given priority over other applicants, and, where applicable, with a view to ensuring that existing Shareholders are allocated such percentage of New Shares as is as close as possible to their existing percentage holding of Ordinary Shares.

I think it means that the placing will be non-pre-emptive to institutions, then the open offer will be given to existing holders.

[lord gnome] 13/11/2015 09:18

Looks to be a good deal and we also get the bonus of a small divi increase. Share price should pick up again once this is out of the way.

[jonwig] 05/11/2015 11:04

Most trades are within the nominal spread.

Holding a REIT outside a tax wrapper (ISA, SIPP) made no sense up to now, even less now!

[schofip] 05/11/2015 10:26

Probably due to the new £5K limit on Dividend interest it woulds appear that the spread (particularly on SLI but maybe all shares) has widened on the run up to ex divi date to catch out anyone looking to sell and buyback make a capital gain as opposed to the divi income. This rather annoying as 1.5p spread on an 87p share is rather a lot.

[schofip] 04/11/2015 12:08

ahhI now remember it being discussed in the past but was not sure how it affected the divis I will receive. The British Land situation made it clear so thanks for that.

[speedsgh] 03/11/2015 16:14

schofip - This explanation on the British Land website is v useful...