Abrdn European Logistics... Share Discussion Threads

[arja] 26/6/2023 11:07

chart looks dreadful and no support level I think . ie a SOR situation and more downside likely

[giltedge1] 26/6/2023 07:58

Looks positive update on debt & revenue, my concern is why are these RPI/CPI increases in rent so painfully slow in coming through? Has very low debt interest rate, but hasn't stopped share price falling more than peers. Also claims very low vacancy rate in Europe but has had an empty unit in France for 1 year now. Should have been snapped up if what they say is true. Also 1 tenant in Madrid is struggling & wants to be released. Will need positive Q2 update before I add. Any thoughts others?.

[speedsgh] 23/6/2023 13:36

New QuotedData note...

abrdn European Logistics Income: Riding out the storm -

abrdn European Logistics Income (ASLI) is riding out the storm of market valuation declines, with a focus on managing its portfolio and securing income. It has recently completed a number of letting renewals across its portfolio (see page 9) and uncapped, annual inflation-linked rental uplifts on two-thirds of its leases offer further promise. Evidence that valuations in the European logistics real estate sector are stabilising is growing, not least through the sale of an asset from ASLI’s portfolio at a small premium to book value, which should serve to support its net asset value (NAV).

The sale of the mid-box property in Leon, northern Spain, formed part of the group’s strategic pivot to urban logistics properties, where the supply-demand dynamic is favourable and rental growth prospects are strong. The transaction improves the company’s cash position (thereby lowering its loan-to-value ratio – LTV) and reduces the company’s all-in interest rate to 1.97% – one of the lowest in the real estate sector (with its first refinancing event not until mid-2025)...

[spectoacc] 16/6/2023 15:18

@CWA1 - when the lows look as daft as the highs. Bear markets never stop at FV!

[cwa1] 16/6/2023 15:07

Please ring a bell when you see the bottom S2A ;-)

[cwa1] 16/6/2023 15:07

Please ring a bell when you see the bottom S2A ;-)

[spectoacc] 16/6/2023 14:38

Oof. I'd worry for all of those testing lows, that those that have tested them recently haven't stopped.

There's a new normal around the corner. There'll be some great buy ops.

[hugepants] 01/6/2023 09:12

The reits are just so volatile. If you top slice on the way up you almost always get a chance to buyback the ones you sold cheaper. It's been like this since COVID when I started buying reits in earnest.

[spectoacc] 25/5/2023 16:15

Enjoy those @speedsgh, thanks.

Not sure I'd fancy producing one of the future, albeit it may look much the same.

[speedsgh] 25/5/2023 13:14

NAV per share:

97.7p (EUR 1.112) as at 31/3/23
105.4p (EUR 1.189) as at 31/12/22
114.1p (EUR 1.292) as at 30/9/22
112.4p (EUR 1.309) as at 30/6/22
111.3p (EUR 1.316) as at 31/3/22
108.5p (EUR 1.291) as at 31/12/21
109.0p (EUR 1.267) as at 30/9/21
106.1p (EUR 1.236) as at 30/6/21
103.6p (EUR 1.216) as at 31/3/21
107.9p (EUR 1.201) as at 31/12/20
102.9p (EUR 1.127) as at 30/9/20
103.0p (EUR 1.128) as at 30/6/20
99.92p (EUR 1.127) as at 31/3/20
94.21p (EUR 1.11) as at 31/12/19
94.95p (EUR 1.07) as at 30/9/19
95.85p (EUR 1.07) as at 30/6/19
91.13p (EUR 1.06) as at 31/3/19
96.7p (EUR 1.08) as at 31/12/18
97.3p (EUR 1.09) as at 30/9/18
98.3p (EUR 1.11) as at 30/6/18

[hugepants] 21/4/2023 14:52

Final results out this morning.


So yield is 6.9% at current price and discount to NTA is 34%.
LTV 34%.
No future development commitments
Dividend not covered last year but giltedge thinks it should be soon (post #241).

I cant see valuations falling much.
"...Two of the key drivers of the expected limitations of new supply are increased financing and development costs. 2022 has seen development economics deteriorate, with estimated profit margins halving to c.15%, driven by higher construction input costs (up 25% in 2022)."


There are never many posts on this REIT unlike some others. Always seems to be under the radar. I swapped some of my ebox last week into this.

[alan pt] 17/4/2023 13:34

Dividend cover might be a better (though still imperfect) measure

Unfortunately it is an item of data which is not always shared and ASLI are one of those who are less than forthcoming about the level of dividend cover. However, if you look back to early Oct on this thread you'll find some speculation/calculation suggesting that it is at best marginal

I'm a fan of the ASLI strategy and have been invested in the past, but right now I think they have a bit of a problem because the timing of their raises and investments has meant that they bought a lot at the top of the market

[apollocreed1] 16/4/2023 01:58

Using the FT Global Equity Screener filtered for Closed End investment companies, ASLI has one of the lowest payout ratios in the sector at just 18.93. That looks very positive, but does that seem correct or is payout ratio not an accurate measure for Investment Trusts?

[cwa1] 17/2/2023 11:37

DECLARATION OF FOURTH INTERIM DISTRIBUTION



17 February 2023 - abrdn European Logistics Income plc (LSE: ASLI), the
Company which invests in a diversified portfolio of European logistics
properties, announces its fourth interim distribution for the quarter ended 31
December 2022.


The Directors have today declared a fourth interim distribution of 1.41 euro
cents (equivalent to 1.20 pence) per Ordinary share, in respect of the year
ended 31 December 2022 (2021: 1.41 euro cents). This fourth interim
distribution will be paid in sterling on 24 March 2023 to Ordinary
shareholders on the register on 3 March 2023 (ex-dividend date of 2 March
2023).

[speedsgh] 13/1/2023 10:23

New QuotedData 'paid for' research note...

abrdn European Logistics Income: Negotiating choppy waters -

[neilyb675] 05/12/2022 09:41

74.60 - 75.90 (GBX) at 09:36:40
on Market (LSE)

[hugepants] 01/12/2022 10:24

Yes NAV only down 1% although they do anticipate valuation "weakness" in the coming 12 months

[petewy] 01/12/2022 09:52

Decent set of results?

[cwa1] 24/11/2022 16:54

DECLARATION OF THIRD INTERIM DISTRIBUTION

24 November 2022 - abrdn European Logistics Income plc (LSE: ASLI), the Company which invests in high quality European logistics properties, announces its third interim distribution for the quarter ended 30 September 2022.

The Directors have today declared a third interim distribution of 1.41 euro cents (equivalent to 1.20 pence) per Ordinary share, in respect of the year ending 31 December 2022 (2021: 1.41 euro cents). This third interim distribution will be paid in sterling on 30 December 2022 to Ordinary shareholders on the register on 2 December 2022 (ex-dividend date of 1 December 2022).

The Company intends to declare quarterly interim distributions to Shareholders in respect of the quarters ending on the following dates: 31 March, 30 June, 30 September and 31 December in each year. Any such distribution payment to Shareholders may take the form of either dividend income or "qualifying interest income" which may be designated as an interest distribution for UK tax purposes and therefore subject to the interest streaming regime applicable to investments trusts.

Of this third interim distribution declared of 1.20 pence per Ordinary share, 1.01 pence (equivalent to 1.19 euro cents) is declared as dividend income with 0.19 pence (equivalent to 0.22 euro cents) treated as qualifying interest income.

The interim distribution will be paid in sterling to shareholders on the register. However, shareholders are able to make an election to receive distributions in euros. The form for applying for such election can be obtained from the Company's UK registrars (Equiniti Limited) and any such election must be received by the Company's registrars no later than 5:00 p.m. on 2 December 2022.

[speedsgh] 11/10/2022 13:38

... Numis Securities analyst Andrew Rees said the manager’s departure was a surprise but was unlikely to lead to a significant change in the fund’s focus on the ‘mid box’ and urban logistics parts of the logistics sector.

‘Although it faced some initial deployment challenges following launch, the fund has now built up a portfolio of 28 properties diversified across five countries,’ said Rees.

Like other Reits, ASLI shares have de-rated as red-hot valuations of warehouses and distribution depots in the aftermath of the pandemic have subsided in the face of rising interest rates. The shares have fallen 32% this year to 76.5p, 24% below their 100p flotation price in November 2017.

Even with dividends included that has left shareholders with a 4.7% total loss over three years. The decline puts the company on a 6% yield and 33% discount below net asset value, reducing its market value to £316m...

[speedsgh] 11/10/2022 09:20

Evert Castelein has resigned from abrdn and is stepping down as lead fund manager with immediate effect. Replacement seems to have a pretty good CV but unsettling all the same. No reason for EC's departure given.

Appointment of New Lead Fund Manager -

[spectoacc] 07/10/2022 05:58

"...early refinancing of the Company's next major debt expiry, a EUR170 million facility with Berlin Hyp AG, approximately one year in advance of the facility's due date."

and

"This refinancing facility extends the Group's total weighted average debt expiry from 3.8 years to 5.0 years. When the new facility commences just over a year from now, the Group's weighted average cost of debt will increase from 1.4% to 1.9%".

on SRE.

Not saying this isn't sensible, and their overall cost of debt is OK, and duration much better, but - they'll have paid to exit a year early, and it shows they recognise how much worse this would have been 12 months from now.

And whilst they say they've increased duration from 3.8 years to 5 years, they don't say (I don't think?) when the next one comes up.

And those numbers are Euro, where interest rates - and rates expectations - are lower than UK.

I do fear for our small REITs, even those claiming long debt durations. ASLI likely to be nearer SRE's experience at least.

[alan pt] 06/10/2022 22:54

Last ASLI refinance was 2.57% on Madrid, three year term. That was two months ago though, back in a different world...