Abrdn Property Income Share Discussion Threads

[flyer61] 20/9/2023 09:32

Topped up in a couple of accounts....

[skyship] 20/9/2023 08:51

Since April the MACD has been indicating a gradual climb; whilst the share price presenting a gradual decline. The gap between the 50day SMA & the 200day SMA likely to close, taking API back into the 50s.


free stock charts from uk.advfn.com

[skyship] 20/9/2023 08:29

Jason Baggaley a big bull of Retail Park sector. API has a 14.8% portfolio exposure; so good to see what BLND had to say yesterday:
=======================================================

British land upgradeS guidance for retail parks:

Today, British Land will host an asset tour for investors and analysts at Nugent Shopping Park in Orpington.

The event will consist of a presentation from senior management, providing more detail on our strategy for retail parks, the occupational dynamics and investment landscape as well as a tour of the site.

We are the UK's largest owner and operator of retail parks with 8% of the market. Retail parks are the preferred format for a wide range of customers due to the format's affordability, convenience, and omni-channel compatibility. This, combined with limited new supply due to planning constraints, small lot sizes, and market values below replacement costs make retail parks an attractive and liquid investment in the direct market.

Strong demand and limited supply, combined with our scale and focus on operational execution is keeping occupancy at 99% and is giving us strong pricing power. We continue to see significant leasing momentum across our retail parks, and in the 5 months to 30 August have leased 511,000 sq ft, 15.3% above of ERV, with 677,000 sq ft under offer at 19.4% above ERV. Key deals include:

- Five deals with Frasers Group, including Sports Direct doubling in size to 21,000 sq ft and 24,000 sq ft at Teesside Park and Wheatley Retail Park, Doncaster respectively and a new 13,000 sq ft letting to FLANNELS at Teesside Park

- A 23,000 sq ft letting to fashion retailer Primark at Glasgow Fort
- A 43,000 sq ft letting with value retailer B&M at Teesside Park

Given we continue to lease significantly above ERV we are upgrading our retail park ERV growth guidance for FY2024 from 2-4% to 3-5%.

[giltedge1] 10/9/2023 12:08

Good to read in weekend article IC no Raac concrete found in buildings gives confidence proactive mgt others said, no comment ie on holiday can t be bothered.

[skyship] 10/9/2023 11:31

Thanks. Just read that after your post. I own API, EBOX & SREI for an average yield of 8.3% !

[flyer61] 10/9/2023 09:34

note the IC has dropped API in favour of SREI. Ironically I am thinking of going the other way!

[kenmitch] 28/8/2023 18:15

I use ii and H/L and neither of them charge platform fees for Investment Trusts held in ISAs. I don’t know about open ended funds as I never buy them.

[garbetklb] 28/8/2023 17:49

I've never been with HL, but thought they only charged platform fees for open ended funds?
I look after accounts on Iweb (Halifax no frills), II & AJ Bell - none would charge for holding a share such as API.

[dr biotech] 28/8/2023 16:14

I quit HL because of their high fees (and overpromotion of woodford). I found I was paying several hundred pounds a year in platform fees - it was also quite opaque as they take in platform fees but give discounts and loyalty bonuses as well. Now with the halifax, platform not as good but cheaper. Just need my actual shares to go up...

[aishah] 28/8/2023 13:40

SKYSHIP, these are platform and dealing charges which HL levy on top. Those with HL accounts can check this in the 'Charges' tab.

[skyship] 28/8/2023 11:58

AISHAH - As usual a long way from the correct figure.

AIC reports ongoing charges as: 2.2%

[aishah] 28/8/2023 11:31

HL has an average annual charge of 4.13% for holding API in a SIPP!

[nickrl] 23/8/2023 21:59

@pavey ark the figure i quoted was the current contracted rental income as of H2 + the value they have in legals. Im using this as opposed to published accounts to gauge how probable it is in the future that they can cover the divi. There are plenty of assumptions on my behalf as API mgrs dont give too much away but they do at least engage and provide data where they can. We may get interims towards end of next month and they are pretty good at online investor events (one of teh few benefits that covid gave us smaller shareholders)which will give us some more detail.

[skyship] 23/8/2023 20:14

EI - pretty simple to answer your own Q - just look at the chart:


free stock charts from uk.advfn.com

[essentialinvestor] 23/8/2023 18:03

Current share price is around autumn 2009 levels?, am I looking at that correctly..

[pavey ark] 23/8/2023 17:27

Nickrl, have driven a fair distance as away for a few days so not at my best but I can't make any sense of your numbers.The net rental for the whole of 2022 was£25.5m so I take that your £26m (H2 ?) was for the previous 12 months Q3,Q4,Q1 and Q2 ?Q2 saw the perfect storm for API as the previous finance deal ended just as rates rose AND as they had capex at St Helens, Rainhill, and Knowsley PLUS the finance costs and the supermarket purchase.I would suggest that only St Helens contributed to increased rent in Q2 but they all contributed to RCF costs.The void rate has come down from over 10% ( year end) to 8.2% (H1) then to under 5% ......void costs are down but again the rental income may not be available for a good few months yet.Then we have rent revision.....substantial rent increases may come with some rent free period.Again, I may have misread or misinterpreted your figures but you seem to have based your calculations on a rental figure of £26.7 m where reduced voids, completed, income generating projects, recent purchases and rent revisions point to a higher figure. The most difficult calculation/assumption for me has been the length of the recent lease incentives.......the clock is ticking on these and obviously things will improve when the money does come through.....results for Q4 and Q1 is where I'm looking .REITs are not really my thing though and open to the real possibility of getting these figures wrong or interpreting them in the wrong way but it looks to me that API figure are likely to improve in the next 6 months........all things being more or less at they are now.

[jonwig] 23/8/2023 16:59

The German for debt is Schuld. It can also be translated as guilt.

[nickrl] 23/8/2023 16:40

Guilts sounds about right to me as its govt who has guilty conscience issuing all this debt for future generations to payback.

[spittingbarrel] 23/8/2023 14:49

Sky - Thanks, still here but didn't double up.

[skyship] 23/8/2023 14:30

Agreed - pretty unusual. The BoE MPC is partly to blame; enjoying their notoriety and screwing things up badly!

[2wild] 23/8/2023 13:15

skyship today's low on the 10 year guilt was 4.493%.

15 nins go 4.525%

This level of volatility is Insane

[skyship] 23/8/2023 12:20

2wild - quite an amusing spelling error - s/b gilt of course. As for the 10yr gilt yield - it is now at 4.53%.

[2wild] 23/8/2023 12:13

Nice little dead cats bounce. Suppose it will depend on the Guilt market whether this Rise continues are not. We saw 10 year guilt yields rise to 4.73% on Monday, a 15-year high, now down below 4.51% as I type.

[skyship] 23/8/2023 11:55

nick - thnx for your analysis...

[nickrl] 23/8/2023 11:51

Jason Bagley ast fund Mgr Mark Blyth updated my request on contracted rent as of Q2 as 26.7m plus 1.1m in legals. Declined to provide the amount of capex still to go at Knowlsey other than saying they have positive interest already so expect to secure lettings by completion.

So the divi needs 15.25m but out of income they have the interest bill currently 8m plus operating/admin costs of 7.7m but with substantially reduced voids and lower inv mgt fee a reduction of 1m seems reasonable assumption. This give divi around 87% covered by my estimate. Im assuming they dont need to add to RCF currently as have some cash in hand for capex and divi deficit so much improved on Q2 but sensitive now to whether property mkt stalls or not.