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
  0.40 0.61% 66.40 405,875 16:35:23
Bid Price Offer Price High Price Low Price Open Price
65.60 66.30 66.30 65.80 66.20
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 26.49 85.73 21.54 3.1 253
Last Trade Time Trade Type Trade Size Trade Price Currency
17:42:43 O 1,831 66.40 GBX

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Date Time Title Posts
02/2/202310:06abrdn Property Income Trust Limited282
07/3/201513:14**** API Group ****1,092
01/2/201410:31API - Freddy's thread and so time to get in320
11/3/201009:18API - A Prime Investment (120p)546
26/1/200417:31API buys Van Leer7

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Posted at 06/2/2023 08:20 by Abrdn Property Income Daily Update
Abrdn Property Income Trust Limited is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker API. The last closing price for Abrdn Property Income was 66p.
Abrdn Property Income Trust Limited has a 4 week average price of 63.40p and a 12 week average price of 51.40p.
The 1 year high share price is 90p while the 1 year low share price is currently 51.40p.
There are currently 381,218,977 shares in issue and the average daily traded volume is 506,113 shares. The market capitalisation of Abrdn Property Income Trust Limited is £253,129,400.73.
Posted at 16/1/2023 10:19 by rcturner2
I think you might have sold too soon here Skyship.

The UK economy seems to be holding up better than many people expected and a lot of the falls in the share prices in various sectors are overdone.

Posted at 30/12/2022 10:34 by nickrl
@specto re #266 taking your ready reckoner of 3% margin over a 2yr fix savings account would only liberate the following currently at SPs at the time of posting and my view of risk-

RGL - 11.1% capital loss highly likely
NRR - 9.2% capital loss low-med probability
RLE - 8.6% selling down the estate by stealth but Bassi could make a move?
EPIC - 8.3% capital appreciation possible if it buys at the right price
AIRE - 8.2% stable but at risk from Meridan being dominant tenant
AEWU - 7.9% capital loss low-med probability
SREI - 7.9% capital loss low-med probability

All on hefty discounts except AEWU so it depends on whether the SP's have priced in too much gloom already and will react to NAV's not falling as much at Q4. This is about a quarter of the reit/propcos on my tracker so a lot don't make the cut but are well supported.

Posted at 29/12/2022 11:15 by nickrl
@specto well if divi goes nowhere its still worth 6.4% at todays share price but they will be eating into capital to sustain it for at least next 12mths. In the short term 6.07m of shareholder funds has been consumed remedying the disastrous loan refinancing with no guarantee this arrangement will be of long run benefit. That said as i see it with 10yr yield drifting out to 3.7% it seems pretty likely by April 23, when current loan arrangements expire, SONIA will be at 3.5-4%. So the interest rate cap on teh new loan will kick in at 5.46%. The RCF has no protection although no need to use it currently with cash on hand. As others have said in the round this feels like window dressing and a high cost to shareholders and will only really pay off if IR fall back substantially. Mind you given your forward view (mine isn't far behind) on the economy at least API will be able to benefit as soon as SONIA is less than 3.5% again.

Looking at NAV compared to peer group they were middle of the pack although their retail valuation looks too low compared to others so may see that down more at Q4.

On the positive side there declaration of several new leases being close to be secured is probably what helped here as it both lower the vacancy levels a fair amount and all the costs that go with that along with giving a boost to NRI so divi becomes closer to being covered again.

For me its got too high for now but im more disposed towards it.

Posted at 13/12/2022 08:57 by adae
'Totally 100% wrong'?

How is a bond, didn't say a long-dated one, but taking that as an example, any more hostage to an interest rate rises than a theoretically infinite duration equity invested in property? Share prices say they have been just as affected by interest rate rises, none so spectacularly as API.

IPF2, 8% GRY, maturing a year from now. Go out a little longer and IPF3 pays you 12% pa a year for 5 years.

Co-op's 42TE, 9.2% GRY to 2025.

Esure, 2 years to redemption, 8.7% GRY.

No shortage of examples, or bond funds if you don't want a spread of GRYs & prefer a better spread of risk. PIBs, if you want invest-and-forget.

Buy equity for rising yields. API more at risk of it falling. Bond prices can fall, of course, but the coupons are safe barring corporate troubles, and necessarily safer, all being equal, than equity.

NAV isn't even an argument. There's no GRY in equity.

Posted at 20/11/2022 17:50 by pavey ark
"lack the professionalism " just gets better ...sorry I mean worse.

Looked at all three "star performers"(above) by these consummate professionals.

Obviously your starting point is important but over 1,2,3 and 5 years SREI and CREI (it could be argued) slightly underperform API but not much in it.

Big divergence from September due to refinancing mess at API.

Strange that API seems to have underperformed during covid but I did manage to catch quite a few at c.55p on the way out of Covid and sell at c.88p in April.

Anyway AEWU looks a bit different, not big, outperformed most over the last couple of years BUT LTV over 30% , discount just over 20% and yield 4.2% (?).(just a quick skim of their results so not that sure of these figures)

As my original post was questioning whither API was good value at LTV under 20% , discount almost 50% and yield 7.6%....I'm going to answer my question and say yes especially with such an experience and highly regarded lead manager.

Posted at 02/11/2022 15:37 by pavey ark
nickrl, a bit more thought in your post but it does focus on this sale and then that is simply extrapolated to fit you views.

Looking simply at the sale: it looks a very good deal in the current climate.... regardless of the refinancing or any other aspect of API's circumstances.

As I said before the occupancy levels have always been low/poor and the valuation over the last few years is shown at £8m-£10m.

API did some work on the property, signed up new a new tenant or two, got the occupancy up to 100% and unsurprisingly the valuation rose ....just a guess but £8m to £9m.........the weighted lease period was 2.5 years !!!

Obviously API want to sell and since June the market has fallen and certainly looks like falling further is the clincher....If I owned it I would have been happy to sell at £7.75m!!!

This is a win win for API as they have sold a historically underperforming asset in challenging times and there is the additional benefit of increasing cash reserves ...again in challenging times.

My view of the sale as a stand alone is.... GOOD!!
My view of the sale in terms of the additional bonus of cash generation is ....VERY GOOD!!

This is still a sound and reasonable deal on its own and can not be construed as a panic measure or fire sale.

NB I am not saying things are rosy for any REIT or perhaps any share but time for a bit of objectivity.

Posted at 02/11/2022 10:47 by pavey ark
I doubt if this is anything close to a distressed or forced sale.

These sort of negotiations must have a considerable lead time but the final sale price may have been "adjusted".

API sold offices for c£8m in August on a 5.3% yield and did say that it could have problems with improving the EPC rating.

The company recently stated that ALL offices were compliant with the 2030 EPC requirements so this asset (after recent refurbishment) was now at least B rated.

Obviously the almost 12% discount is "disappointing " but at least 5% has been acknowledged as the Q3 industry wide valuation guide....... more for offices ?

Perhaps more importantly the API share price has dropped over 30% since June and any share buyback would obviously be a better deal than holding this asset.
If the dividend is held at anything close to the current value the "yield" on the buyback is c. 7%

My guess is that the £7.7m will simply go against the revolving credit debt and bring the total (term + RCF) very close to £100m with the possibility of a future buyback programme.

Interesting to look at the 2021 report and the occupancy rates "The portfolio vacancy rate at the end of 2021 was 9.7%. This is higher than the Investment Manger targets (5%) and is predominantly within the office portfolio."

Given that things are unlikely to get better for the office sector sales in this sector should be viewed against this backdrop.

Posted at 28/10/2022 08:19 by pavey ark
Adae, you seem to be taking a rather firm tone.....with yourself ??

Again, I have looked at SREI and UKCM against API over any number of years and the graphs are absolutely in step with one crossing the other from time to time but but all three would be very close to any best fit curve/graph.

The problem (if there is one) is the sector and as far as I can see not with API.

Jason Baggaley took over in 2007 and is highly thought of in the industry and was always a consideration when I was buying.

Back to the graphs and you will see that although the share price graphs were almost in lock step over the last 15 years there has been a substantial divergence over the last month .....buying opportunity ?....I thought so.

The drop of API shares was on top of the industry wide selloff due to the ongoing financial situation.

There is always a point in any asset when the price compensates for any problems.

There was a considerable amount of pearl clutching over the debt renewal but at 16-20% of the book value I considered the problem to manageable.
Little attention was given to the £30m of sales (very low yielding industrial unit and an office block that had questionable potential) or to the share buyback.

The refinancing took this lower than the others but the economic problems still exist.

The question is has the market indeed been looking forward......50% discount and almost 8% yield would suggest that the market has indeed taken a view.

Will things get worse (?) possibly/probably but it would be foolish to view this worsening situation as though API hasn't been discounted already.

Further falls would see me buying more....currently at under 3% of my total share holdings.

Posted at 27/10/2022 18:58 by pavey ark
I assume you are both shareholders.

EssentialInvestor, I didn't mention discount to NAV or relative performance but I have just put API against UKCM and SREI and very little difference in share price performance until very recently, especially in the last month (5,3,2,1 year show little difference)

The recent steep fall may be down to the concerns over refinancing.

Other than this blip I have always considered this REIT to be very well run.

nickrt, as I said, I think the debt/refinancing issue was overblown.
It could have been handled differently but there is a real chance a dividend cut can be avoided.
The higher rates don't kick in until April so nine months of next year at the higher rate .By my calculations they will have £2m extra to find next year with the newly refurbished properties kicking in with c.£800k.
Rent increases must come at some point so things look manageable.

A 0.5p cut would reduce cost by c.£2m and still yield 6.5% at today's close but if they cut I suspect it would be 0.25p giving almost 7%.

2024 is a bit away and a number of rent rises would have been achieved by then.

Before people jump up and down I am fully aware that things could go seriously wrong but that is the case for every single share in every single company.

The rather unhelpful questions are :-

How much bad news is in the price now ?
How bad can things get ?

Posted at 14/10/2022 08:28 by essentialinvestor
Share price since listing tells the story of the Trust.

Views are subjective, the share price cuts out the noise and shows the reality.

Abrdn Property Income share price data is direct from the London Stock Exchange
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