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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Abrdn Property Income Trust Limited | LSE:API | London | Ordinary Share | GB0033875286 | ORD 1P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 49.40 | 865,789 | 16:35:03 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 49.15 | 49.50 | 49.75 | 49.05 | 49.75 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Real Estate Agents & Mgrs | 31.11M | -51.05M | -0.1339 | -3.70 | 188.7M |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 17:19:32 | O | 693 | 49.40 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 17/4/2024 | 10:45 | ALNC |  IN BRIEF: abrdn Property completes sale of assets for small premium |
| 17/4/2024 | 07:30 | UKREG | abrdn Property Income Trust Limited - Sale of Assets |
| 15/4/2024 | 11:10 | UKREG | abrdn Property Income Trust Limited - Holding(s) in Company |
| 03/4/2024 | 16:17 | UKREG | abrdn Property Income Trust Limited - Holding(s) in Company |
| 03/4/2024 | 09:31 | UKREG | abrdn Property Income Trust Limited - Blocklisting Interim Review |
| 28/3/2024 | 15:20 | UK RNS | BlackRock Group Form 8.3 - abrdn Property Income Trust Limited |
| 28/3/2024 | 14:15 | UK RNS | Brewin Dolphin Limited Form 8.3 - abrdn Property Income Trust Limited |
| 28/3/2024 | 12:48 | UK RNS | State Street Global Advisors Form 8.3 - Custodian Property Income REIT plc |
| 28/3/2024 | 12:48 | UK RNS | Brooks Macdonald Asset Management Form 8.3 - Custodian Property Income REIT.. |
| 28/3/2024 | 12:44 | UK RNS | State Street Global Advisors Form 8.3 - abrdn Property Income Trust Limited |
Abrdn Property Income (API) Share Charts1 Year Abrdn Property Income Chart |
|
1 Month Abrdn Property Income Chart |
Intraday Abrdn Property Income Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 18/4/2024 | 18:11 | Abrdn Property Income Trust - High yielding generalist REIT | 753 |
| 25/6/2023 | 10:02 | abrdn Property Income Trust Limited | 491 |
| 07/3/2015 | 13:14 | **** API Group **** | 1,092 |
| 01/2/2014 | 10:31 | API - Freddy's thread and so time to get in | 320 |
| 11/3/2010 | 09:18 | API - A Prime Investment (120p) | 546 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 16:19:43 | 49.40 | 693 | 342.34 | O |
| 15:57:22 | 49.40 | 4,857 | 2,399.50 | O |
| 15:35:03 | 49.40 | 35,948 | 17,758.31 | UT |
| 15:29:58 | 49.50 | 1,642 | 812.79 | AT |
| 15:29:44 | 49.50 | 102 | 50.49 | O |
| Top Posts |
|---|
Posted at 18/4/2024 09:20 by Abrdn Property Income Daily Update Abrdn Property Income Trust Limited is listed in the Real Estate Agents & Mgrs sector of the London Stock Exchange with ticker API. The last closing price for Abrdn Property Income was 49.40p.Abrdn Property Income currently has 381,218,977 shares in issue. The market capitalisation of Abrdn Property Income is £188,703,394. Abrdn Property Income has a price to earnings ratio (PE ratio) of -3.70. This morning API shares opened at 49.75p |
Posted at 08/4/2024 20:30 by m_kerr THe current share price discounts the assets by approx 28-30%. The offices will not be easy to sell quickly, but the rest should be. offices are only 14% now anyway.....the combination of solid income levels together with capital returns should make for a highly attractive total return over the next 2-3 years if the wind up goes through. industrial asset values have stabilised,and there will be buyers for the b&q and morrisons at prices closer to book than the share price implies. overall, with asset values rebased and interest levels falling over the period of proposed windup, IMV there is ample reward for dealing with any uncertainties. |
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 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." |
Posted at 21/2/2024 11:45 by skyship Early indications surely suggest that SHED may turn out the winner here. Their share price down "only" 5% on the news; whereas CREI still down 13% even after today's relief rally with buyers assuming they will withdraw to lick their wounds.API shareholders being sold out by their BoD; as the API portfolio is a good one. Note what SHED think: "Attractive API portfolio of c. £315m(3) of assets in Industrial and Retail Warehouses. Urban Logistics knows these assets well from its day-to-day market appraisals and would have bid on all or any one of them had they come up for sale privately..." At 121p for SHED the bid is worth 56.7p for API. Makes API a great buy at 52.6p as now not only trading at a 7% discount to the SHED terms; but also an outside chance of someone else joining the game. A cash offer would be nice! |
Posted at 19/2/2024 18:42 by nexusltd @ mindthestash & nickrl Thank you for your diverting posts #361, #362 in reply to my post #356.mindthestash Are you an API shareholder? An interested shareholder would have read the merger proposal docs to help make an informed decision and readily found the answers to the questions you listed. In good faith I’ll reply to your post. However unless anyone offers a nugget of consequential information, useful scuttlebutt etc, this will be my final post on the topic of the API/CREI merger Many of your post-merger queries are dealt with in the official LSE announcement & plan that CREI’s managers have set out for the merged entity. [RECOMMENDED ALL-SHARE MERGER - 07:00:04 19 Jan 2024 - CREI News article | London Stock Exchange] In direct reply to the post-merger stats requested. Dividend: Page 4. 1. CREI probably maintaining the 5.5pps p.a. dividend so API shareholders will receive 5.5 * 0.78 = 4.29pps, a +7.27% uplift on the currently uncovered 4pps. 2. Dividend cover >=100%. Debt facilities: Page 4. 1. Given that this is an official LSE announcement it is likely that the managers have done DD, and agreed terms with the lenders to retain all current term debt facilities. Is this an adequate reply to nickrl’s #362? 2. LTV 30.3% 3. Cost of debt 5.0%, maturity 3.8 yrs. Merged NAV: Two ways it can be looked at: 1. A reasonable estimate can be calculated from the two recent December API & CREI RNS’s taking account of the recent disposal announcements. 2. CREI’s stated longer term target LTV is 25%. Also CREI state that they intend to repay all the RCFs, retaining the two term loans; CREI 140mm+API 85mn. That would imply a NAV of 675mn. Assuming static property valuations, the implication is that over time the disposal program would be of c. 100mn. Changes in property asset valuations and borrowing facilities will alter the arithmetic. Regarding the Drum merger in Q3 2021. As you say Drum was a much smaller target than API. The share price discount to NAV steadily narrowed in the weeks following the merger closing onto zero; however note that the BoE rate in Q3 2021 was 0.1%. First increment of 15bps on 16th December 2021. Do you not think that subsequent BoE rate increases explain the failure to fully close and then subsequent widening of the discount? Bank Rate history and data | Bank of England Database I have these questions regarding API, can anyone help? 1. Lease expiry/break schedule? API’s leases are chunky in value. What is the % of passing rent that needs to be negotiated in FY 2024? For example. How close is Atos, a company in financial difficulty, to lease expiry/break? 2. When a lease ends how much time and capex will be required before it can be re-leased? What incentives will be required? How long before it produces income? 3. Effect on NIY of disposals. I would expect that announced disposals will increase the NIY. By how much? 4. Both the term loan and the RCF are tied to SONIA. What is the plot of SONIA plot going to be in 2024? 5. When will API’s gross income cover its cost of capital (debt interest +dividends) + expenses + essential capex? 6. How will APIs’ shareholders benefit remaining standalone? Specifically: a. some numbers supporting the thesis that a stand-alone API is preferable and b. how the vexing issue of an incompetent Abrdn that seems to have lost interest in its fund management division is resolved? I ask these very granular questions, because I believe that API’s business plan is failing. It is struggling; running hard to stand still. Taking leverage risk to increase the potential of capital growth or income is fine. When leverage becomes a liability on the cash flow account, immediate action should follow. API’s borrowings have been deployed to finance one third of the assets by value, generate an income that does not cover its interest bill. There is no margin of error left to cope with the vicissitudes of business. The assets are good, the financing broken. In my view a merger with CREI repairs the financing and will allow the assets to shine. Further to nickrl’s comment regarding Aberdeen; I read in the FT that the well-known value investor Harris Associates, has dumped all its Abrdn stock after losing faith in its management’s ability to revive its asset management division. It looks like ASLI, whose dividend pay-out has been excessive for a long while, may soon follow the steadily expanding list of wind-downs and mergers of closed-end funds in the Abrdn stable. Finally there seems to be much animus regarding BoD’s, which I think odd as the BoD’s of REIT’s etc. are almost exclusively NEDs. Certainly I have no intention of teaching this very knowledgeable community from which I have learned much. It ought to be known that NEDs duty is not to formulate or execute business plans; a task that executives & managers are paid to deliver. Failing plan delivery, NEDs fire the managers and appoint replacements. The one key decision that REIT NEDs take is setting the level of the dividend. On that basis my view is that API’s board are in a delusional headspace. Cutting the dividend would give Jason the financial flexibility to execute his plan. |
Posted at 12/2/2024 18:20 by nexusltd I’ve reviewed the Q4 December 31 updates from both API & CREI. I have accumulated CREI @ average 71p to equal weight of my API holding. I’m voting my API & CREI shares for the proposed merger.The reason. Portfolio yield wrt cost of borrowings. API. The RCF (56.9mn) and Term Loan (85.0mn) facilities are both at a margin of 150bps over SONIA. Q3 & Q4 cost of debt was 6.69%. Portfolio topped up EPRA NIY is 5.40%; a –ve spread of 129bps. It could be that the recent sale of the Cullen Square assets in Livingston, has further reduced the NIY. The numbers in detail: • Using the topped up EPRA NIY which assumes all rent free periods and lease incentives have expired. 141.9mn debt, -ve 129bps, = -1.83mn = net payment of 0.48pps p.a. to RBS for the ownership of a third of the assets by value. • Applying the actual EPRA NIY of 4.9%, spread -179bps, = -2.54mn = net payment of 0.67pps p.a. When I calculate the figure for my holding, it amounts to a sizeable cheque that is being written every year to RBS on my behalf. CREI. The RCF (50.0mn SONIA+171bps = 6.90%) and Term Loan (140mn@3.4%, 6.3yrs) facilities, giving a weighted average cost of 4.3%. Portfolio topped up EPRA NIY is 6.20%; a +ve spread of 190bps. CREI & API merged. The RCF (35.0mn SONIA+171bps = 6.90%) and Term Loan (140mn@3.4%, 6.3yrs, 85.0mn@6.69%) facilities, giving a weighted average cost of 5.0%. Estimated merged portfolio topped up EPRA NIY is 5.9%; a +ve spread of 90bps. Dividend cover. API: The dividend has been uncovered for seven quarters. • Q1 2022 103.0% • Q2 2022 94.0% • Q3 2022 90.0%, • Q4 2022 98.5% • Q1 2023 88.6%. • Q2 2023 72.7%. • Q2 2023 79.9% • Q4 2023 83.4% When will it be covered? The 4p p.a. dividend costs 15.25mn p.a. Need additional c. 3mn net cash to cover. Possibilities: 1. SONIA needs to come down by =>100pbs. Four BoE 25bps cuts. My view one to three cuts in 2024. 2. Asset disposal to reduce the RCF at a NIY < cost of debt, 6.69%, will increase cover. a. Fully occupied 6.25mn Cullen Square sale is doubtful. b. The partially occupied offices 14.75mn, Monck Street, London + 101 Princess Street, Manchester sales, should be cover accretive. c. What of the Q1 2024 £24.4mm sale of the two industrial fully occupied assets? I don’t know. 3. Speculative logistics new build, Villiers Road, Knowsley which is now ready for leasing will start producing income. When? Negotiation time added to possible lease incentives may not bring any net cash in 2024. Tenant risk. API: With its concentrated portfolio of 47 assets, is at more risk of significant void increase when a tenant departs. From API Q4 RNS. “Despite these lettings the void rate only reduced to 7.6% from the Q3 level of 8% as we had the tenant of a logistics unit leave in late November”. I note that Atos with a passing rent of ￡872,466 (3.3%) is in financial difficulty and retrenching. Could this be an issue for API? CREI: Portfolio of 158 assets, 374 tenants is more diversified. Worth noting that the CREI/DRUM REIT merger was well handled and accretive to CREI; I believe that CREI will greatly benefit from a merger with API. Larger asset base = reduced fixed costs & tenant risk, additional financial flexibility for asset management initiatives, improved loan negotiating position, enhanced wealth manager awareness. CREI has the quality of management and the financial flexibility to deliver. Long term performance. 5yr NAV total return annualised: API 3.0%, CREI 3.6%. +60bps p.a. Thank you, I’ll take that. Conclusion In my view Jason Baggaley has built a quality portfolio, and has been near the forefront for recognising a) the need to upgrade the portfolio to conform to the evolving Minimum Energy Efficiency Standards, and b) that quality-tenants are prepared to pay for more energy efficient and well configured space. The ownership change from SLI to Abrdn has been a catastrophic failure for API. I entirely blame the Abrdn credit management team for not moving earlier to refinance API’s debt on decent terms. The debt refinancing terms have comprehensively x-shredded Jason’s long term plans. Abrdn’s BoE end of ’23 interest rate forecast was laughable. They need to go. Further, it is evident that Abrdn’s asset management division is losing its balls (APEO, UKCM, ACIC) literally and metaphorically. |
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