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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Abrdn Property Income Trust Limited | API | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.50 | 0.93% | 54.00 | 16:11:48 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 53.60 | 53.20 | 54.20 | 54.00 | 53.50 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 02/05/2024 | Interim | GBP | 0.01 | 16/05/2024 | 17/05/2024 | 31/05/2024 |
| 19/01/2024 | Final | GBP | 0.01 | 08/02/2024 | 09/02/2024 | 23/02/2024 |
| 07/11/2023 | Interim | GBP | 0.01 | 16/11/2023 | 17/11/2023 | 30/11/2023 |
| 09/08/2023 | Interim | GBP | 0.01 | 17/08/2023 | 18/08/2023 | 31/08/2023 |
| 11/05/2023 | Interim | GBP | 0.01 | 18/05/2023 | 19/05/2023 | 31/05/2023 |
| 02/02/2023 | Interim | GBP | 0.01 | 09/02/2023 | 10/02/2023 | 24/02/2023 |
| 03/11/2022 | Interim | GBP | 0.01 | 10/11/2022 | 11/11/2022 | 25/11/2022 |
| 04/08/2022 | Interim | GBP | 0.01 | 11/08/2022 | 12/08/2022 | 26/08/2022 |
| 03/05/2022 | Interim | GBP | 0.01 | 12/05/2022 | 13/05/2022 | 27/05/2022 |
| 02/02/2022 | Interim | GBP | 0.01 | 10/02/2022 | 11/02/2022 | 25/02/2022 |
| 04/11/2021 | Interim | GBP | 0.008925 | 11/11/2021 | 12/11/2021 | 26/11/2021 |
| 04/08/2021 | Interim | GBP | 0.008925 | 12/08/2021 | 13/08/2021 | 27/08/2021 |
| 06/05/2021 | Interim | GBP | 0.008925 | 13/05/2021 | 14/05/2021 | 28/05/2021 |
| 19/04/2021 | Interim | GBP | 0.00381 | 29/04/2021 | 30/04/2021 | 18/05/2021 |
| 03/02/2021 | Interim | GBP | 0.00714 | 11/02/2021 | 12/02/2021 | 26/02/2021 |
| 04/11/2020 | Interim | GBP | 0.00714 | 12/11/2020 | 13/11/2020 | 30/11/2020 |
| 03/08/2020 | Interim | GBP | 0.00714 | 13/08/2020 | 14/08/2020 | 28/08/2020 |
| 23/04/2020 | Interim | GBP | 0.0119 | 14/05/2020 | 15/05/2020 | 29/05/2020 |
| 04/02/2020 | Interim | GBP | 0.0119 | 12/03/2020 | 13/03/2020 | 31/03/2020 |
| 06/11/2019 | Interim | GBP | 0.0119 | 14/11/2019 | 15/11/2019 | 29/11/2019 |
| 06/08/2019 | Interim | GBP | 0.0119 | 15/08/2019 | 16/08/2019 | 30/08/2019 |
| Top Posts |
|---|
Posted at 14/5/2024 09:01 by spectoacc Circular is out:"James Clifton-Brown, Chair of API, said: "API has consistently sought to invest in good quality assets that produce an attractive level of income and which also have the prospect of income and capital growth, resulting in an attractive portfolio and consistent outperformance against the benchmark at the property level. Nevertheless, API, along with other REITs and diversified investment trusts, continues to contend with the significant challenges facing the real estate sector which in API's case are compounded by the relatively small scale of the Company, resulting in a sustained and substantial trading discount to net asset value, low share liquidity and a concentrated debt structure. Pursuant to its comprehensive review of API's strategic options, and consistent with its previous announcements, the Board believes that a Managed Wind-Down is now the best means of maximising value and unanimously recommends that API shareholders vote in favour of the proposed change to API's investment policy at the forthcoming General Meeting." |
Posted at 13/5/2024 19:00 by nexusltd Wind-up proposal docs to be published tomorrow 14/05.Diary notes. Review of FY24Q1 RNS & RCF estimate post #753 RCF 31.6mn v. 29.745mn estimate. Significant variances: • Capex Knowsley, and other expenses: 1.8mn not accounted for. • Merger costs: 1.1mn v. 2mn estimate • Uncovered FY23Q4 dividend: adding 0.94mn to RCF v. fully covered estimate Valuations • FY24Q1 Industrial: +0.3% v. CBRE +0.1% • FY24Q1 Office: -4.0% v. CBRE -1.7% (Williamcooper recently posited a 10% haircut on office portfolio; on target.) • FY24Q1 Retail: -0.6% v. CBRE +0.2% Office 54 Hagley Rd, Birmingham From FY23 AR. 4.5% of portfolio. Leasehold. Note 16 “Obligations under Finance Leases” of AR informs ground rent liability. Valuation likely in right ball park. Far Ralia, FY23 AR Quotes. “Soft marketing commenced after the period end for the sale of Far Ralia, the Company’s natural capital asset. Timing of the exit is being influenced by changes to the grant funding submission period and strong progress on planting in order to maximise value for the Company.” “Indications suggest the capital value uplift on a sale will make this investment one of the Company’s better investments.” ” To date, the Company has completed approximately 80% of the detailed planting plans … ” My reading & questions. • Potentially profitable investment, testing the waters for now. • Exit timing to maximise return unknown; paperwork problems, & hope that the exceptionally low rainfall in the Cairngorms region is not an impediment to planting saplings or a fire risk. • FY23 AR Note 8 Land. So far we have spent 9.6mn-0.62mn grant, & written down by 1.3 mn. • With the Greens out of the coalition will the “grant funding” be deemphasised? • Is work progressing presently & if so how are the costs of labour, plant (digger) hire, and materials being funded? Disposal difficulties? • FY24Q1, 06 May 2024 “The largest vacancy is of a logistics unit that became vacant in November 2023, and had been under offer to sell to an owner occupier, but that is no longer progressing.” • RNS, 1 February 2024 announced sales that have not completed. Odd announcements b4 cash in hand & during corporate action. o “Sales have also been agreed of two industrial assets for a total of £24.4m (year-end valuation £22.4m. “ o “Terms were also agreed for the sale of our City of London office and Manchester Office for a combined £14.75m (year-end valuation £15.35m) reducing office exposure by 3.5% to 13%. -3.9% valuation discount” (Monck Street, London? 101 Princess Street, Manchester?) Dividend • Expect FY24Q1 proposed dividend to still be uncovered; another c. 0.9mn added to RCF? • “Dividend guidance will be revisited after the wind-down vote.” Since FY22Q2 total 1.2p of dividend not covered by EPS, increasing RCF by 4.5mn + compounding interest @ 6.70% p.a. • Dividend to be reduced to 2pps? Yield margin on cost of capital @4.8% v. EPRA NIY @4.8%, =0%. If dividend reduced to 2pps, cost of capital @1.4% v. EPRA NIY @4.8%, margin =3.4%, which is reasonable. • Loan agreements, from FY23 AR P9 “The two facilities from RBSI are due to expire in April 2026 and incur no early repayment fees.” Incentive to scrub the dividend and focus on repayment. Is REIT regime terminated on a wind-up vote allowing discretion on earnings/capital allocation? Other • Vacancy rate 7.9% v FY23Q4 7.6%. “The vacancy rate of 7.9% excludes! the recently completed speculative development which represents 2.5% of ERV. That and the logistics unit in Swadlincote (3.3% of ERV)”. • Rent collection FY24Q1 99% • Lease incentives increased in FY24Q1 & reduced EPRA earnings by an additional 0.3mn. • “Further strategic review costs of 0.5p per share will crystallise if the managed wind-down is voted for by shareholders.” = 1.9mn |
Posted at 30/3/2024 16:37 by skyship Been running some numbers:# Q4'23 NAV = 78.5p # Disc. by, say, 2% for Q1'24 NAV = 76.9p # Disc by, say, 7% for portfolio liquidation = 71.5p Add back reducing EPRA earnings over the liquidation timetable, say, 3.5p (pretty conservative figure that!) # That would deliver 75p in, say 2yrs That delivers a GRY from Thursday's close of 49.3p of 23.33% pa IMO the worst possible outcome might be 70p in 2.5yrs for a GRY of a still acceptable 15% pa Now, one has to accept what the BoD stated c10days ago when trying to persuade shareholders to accept the CREI bid: "The API Board expects that the net disposal values that would be realised in a Managed Wind-Down would be lower than those achievable on carefully selected individual assets marketed by API in the ordinary course of business - such as API's current programme of disposals to reduce floating rate debt. The API Board's expectations have the benefit of input from API's investment manager and API's independent advisers." But IMO that was a load of fluff. Perhaps some truth in it; but my 7% discount, ie c£20m write off from accelerated sales, should be quite enough for Jason Baggaley to improve upon! Makes API a very attractive proposition down at these levels. Interested to read others' sliderule/back-of-en |
Posted at 30/3/2024 16:34 by stockstockham A good deal of uncertainty ahead. The board have failed in their preferred option of merger, and should really go.They may well fail in winning the winding-up vote too. They made it clear future sales will likely, in sum, be below NAV, a view shared by the investment manager. '..Input from API's investment manager as well as the API Board's financial, tax, legal and property advisers.' 'The API Board has reviewed a range of detailed disposal scenarios over an illustrative aggregate disposal period for the whole portfolio of 18-30 months, with capital being returned to API Shareholders from Q3 2024. The API Board has also considered the impact of: direct disposal costs (estimated to be 1.25-1.5% of proceeds); management fees...; certain fixed ongoing corporate costs (which would gradually increase as a proportion of NTA); the gradual pay down of the existing debt facility maturing in April 2026; and costs associated with the review and implementation of strategic options... During the Managed Wind-Down, API Shareholders would continue to receive dividend income, but this income would diminish over time and would be materially lower than that received in the context of a merger..'. Expect these words to change when pitching for the wind-down vote. |
Posted at 27/3/2024 19:40 by hindsight The docs state will be same as PCA suggest via tendersThe API Board would anticipate API returning capital proceeds to API Shareholders through a combination of on-market share buybacks and periodic returns of capital through other means (such as tender offers or compulsory partial redemptions) Think biggest question is what will discount to NAV of windup. Be disappointing if dont get 65p+ |
Posted at 27/3/2024 14:16 by killing_time EventTime and/or date (2024) Latest time for lodging Forms of Proxy for the: API Court Meeting (BLUE form) 10.00 a.m. on 25 March(1) API General Meeting (WHITE form) 10.15 a.m. on 25 March(2) Voting Record Time for the API Court Meeting and the API General Meeting 6.00 p.m. on 25 March(3) API Court Meeting 10.00 a.m. on 27 March API General Meeting 10.15 a.m. on 27 March(4) |
Posted at 22/3/2024 15:52 by pavey ark No sensible person would assume that the worth of API's assets has even been tested.There have been sales worth over £60m at over NAV figures and the moorland and the recently vacated industrial unit could /should achieve a price well over NAV figure. The rest of the deal looks simple enough: take the assets that are quick and easy to sell (£100m+ total)and flog them off at above their rather harshly marked down values. You now have 40% of your portfolio away at a 5% premium .....discount the remainder...some a little and some a lot.....you have achieved 90%+ It is not that I am over simplifying things but it rather looks to me that the board are making the case that suits THEM best. I don't think anyone expects that a rapid selloff would generate full NAV for the portfolio but it shouldn't take a very long time and it should be possible to generate 90+% But it looks like we are heading for CREI with their large number of smaller, higher risk properties .....at least they don't have the ABRDN board to "help" them. As I said before I have a price set for my looming CREI shares and will sell a large proportion of my shares. I sold out of API at the top in April 22 (pure luck as I wanted to buy elsewhere) bought back some at 52p&53p collected my dividends and sold at59p ....I think we all have "lucky" shares. Since March 23 I have bought 8 times av 52p and 48p with dividends. I am saying this because I now know API (and the management team).......this deal is a loss for the sector......the API portfolio was well bought and well managed and was always worth much more than the values given. |
Posted at 18/3/2024 07:30 by spectoacc Isn't this the same offer SHED made to API, and API announced, post their first offer?There's too much to wade through but basically SHED buys the bits it wants - ie the good part of API - and API wind down the rest. Rejected by API previously, can't see they've improved it, particularly since the purchase of the good part is still in SHED shares (I think). Clearly API shareholders would be better served if the board auctioned off the good bit (ie industrial/RPs), rather than gave it to SHED for weakened shares. |
Posted at 14/3/2024 14:42 by mindthestash I hope the API board replied book value to shed on the sheds only dealRNS extract Urban Logistics made a further indicative, conceptual proposal (the "ULR Alternative Proposal") involving a break-up of API, pursuant to which API's industrial and retail warehouses portfolios ("Portfolio 1") would be acquired by Urban Logistics on a share-for-share basis based on the original exchange ratio multiplied by the pro rata share of API's portfolio represented by Portfolio 1, and the remaining properties ("Portfolio 2") would remain within API, with the intention that API should dispose of the properties and return capital to API Shareholders. API's other assets and liabilities would be apportioned between the two portfolios If I were chair I'd pull both deals. I'd put the sheds up for sale as a single entity and incentivise current mahager on selling out the rest with a small oversight board. MLI went for a premium to book if I remember correctly.... |
Posted at 14/3/2024 07:06 by spectoacc All sensible, I'd say:"The API Board has also updated its assessment of a potential managed wind-down ("Managed Wind-Down"), which now appears more viable than at the time of the Board's original review in light of increased visibility on property market conditions, but remains subject to risks relating to the quantum, value and timing of proceeds and associated returns of capital. · Accordingly, and for the reasons outlined in this announcement, the API Board continues to believe that the CREI Merger represents the best outcome for API Shareholders, and reiterates its recommendation that API Shareholders vote in favour of the CREI Merger. · Nevertheless, the API Board has decided that, while it continues to view a Managed Wind-Down as a less attractive option for API Shareholders than the CREI Merger, it intends to pursue such an option in the event that the CREI Merger is not approved by the requisite majorities of API and CREI Shareholders." |
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