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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Abrdn European Logistics Income Plc | ASLI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -0.60 | -1.03% | 57.60 | 12:07:23 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 59.80 | 57.40 | 59.80 | 58.20 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 12/10/2023 | Interim | GBP | 0.0123 | 30/11/2023 | 01/12/2023 | 29/12/2023 |
| 18/08/2023 | Interim | EUR | 0.0141 | 31/08/2023 | 01/09/2023 | 22/09/2023 |
| 22/05/2023 | Interim | EUR | 0.0141 | 01/06/2023 | 02/06/2023 | 23/06/2023 |
| 17/02/2023 | Interim | GBP | 0.012 | 02/03/2023 | 03/03/2023 | 24/03/2023 |
| 24/11/2022 | Interim | EUR | 0.0141 | 01/12/2022 | 02/12/2022 | 30/12/2022 |
| 22/08/2022 | Interim | GBP | 0.012 | 01/09/2022 | 02/09/2022 | 23/09/2022 |
| 24/05/2022 | Interim | GBP | 0.0119 | 01/06/2022 | 06/06/2022 | 24/06/2022 |
| 18/02/2022 | Interim | GBP | 0.0121 | 03/03/2022 | 04/03/2022 | 25/03/2022 |
| 23/11/2021 | Interim | GBP | 0.0121 | 02/12/2021 | 03/12/2021 | 30/12/2021 |
| 19/08/2021 | Interim | GBP | 0.0121 | 02/09/2021 | 03/09/2021 | 24/09/2021 |
| 24/05/2021 | Interim | GBP | 0.0121 | 03/06/2021 | 04/06/2021 | 25/06/2021 |
| 24/02/2021 | Interim | GBP | 0.0124 | 04/03/2021 | 05/03/2021 | 26/03/2021 |
| 24/11/2020 | Interim | GBP | 0.0124 | 03/12/2020 | 04/12/2020 | 30/12/2020 |
| 25/08/2020 | Interim | GBP | 0.0124 | 03/09/2020 | 04/09/2020 | 25/09/2020 |
| 26/05/2020 | Interim | GBP | 0.0124 | 04/06/2020 | 05/06/2020 | 26/06/2020 |
| 24/02/2020 | Interim | GBP | 0.0127 | 05/03/2020 | 06/03/2020 | 27/03/2020 |
| 20/11/2019 | Interim | GBP | 0.0127 | 28/11/2019 | 29/11/2019 | 20/12/2019 |
| 06/09/2019 | Interim | GBP | 0.0127 | 19/09/2019 | 20/09/2019 | 07/10/2019 |
| 12/06/2019 | Interim | GBP | 0.0127 | 20/06/2019 | 21/06/2019 | 10/07/2019 |
| Top Posts |
|---|
Posted at 22/3/2024 09:22 by stun12 I'd forgotten to look at the news. ASLI secured a new tenant for the Madrid warehouse at 8.7% above the previous rent. They didn't get a lease break fee from Arrival, but decided that getting them out was a better idea. New tenant will pay for site improvements.Share price is looking a bit neglected down here - added a bit at just over 61p. |
Posted at 19/2/2024 12:39 by williamcooper104 Expect it will be round up like EPIC (though hopefully at a better price/close to NAV) Part of reason why I'm comfortable with EBOXs tight divi cover as either they make it post the 2026 refi or else they cut and are forced to sell up |
Posted at 19/2/2024 07:30 by speedsgh Discussions ongoing with third parties that have made non-binding proposals. Q4 dividend axed; payments to be recommenced as per previous timetable subject to outcome of strategic review. But at what level?Update on Strategic Review & Fourth Int. Dividend - The Board of abrdn European Logistics Income plc (the "Company") provides an update in respect of the strategic review announced on 27 November 2023 (the "Strategic Review"). Since 27 November 2023, the Company has received a number of broad ranging preliminary, indicative non-binding proposals. While there can be no certainty at this stage that the final terms of any proposal will prove to be sufficiently attractive to merit a Board recommendation to the Company's shareholders, the Board is encouraged by the progress made to date and the Company's advisers are actively engaging with a select number of parties to satisfy their due diligence requirements. The Board will provide further updates as appropriate. Fourth Interim Dividend In light of the initial response to the Strategic Review, the Board and its advisers are keen to ensure that the Company is optimally positioned, and that it maintains the maximum flexibility, to allow it to advance any particular proposal. As a result, the Board has taken the decision to forgo declaring a fourth interim distribution for the quarter ended 31 December 2023, which has historically been declared in February and paid in March each year. Subject to the outcome of the Strategic Review, the Board intends to recommence dividend payments in line with the Company's standard dividend timetable. |
Posted at 10/1/2024 12:53 by williamcooper104 Buying back in here The divi is not sustainable but that's been admitted by ASLI so the cut must be nearly fully priced in In any event, ASLI is up for sale, so buying for capital gain not for income (A merger with EBOX will likely be Abrdn's preferred outcome but think a sale more likely given the discount) |
Posted at 17/12/2023 15:20 by skyship ASLI beginning to look interesting as the share price drifts back below 60p; and as other REITs continue strong recoveries.A 732k UT trade at 59p after hours on Friday, so may well be on offer below 60p tomorrow. At 59.8p the discount is 30.7% (03'23) and the yield 8.01% - the yield now one of the highest across the board for the "sensible" players; in spite of the ongoing Strategic Review. NB: The dividend is uncovered and would be "rebased" if the company continues; so prospective possibly just 6.75%-7.0%. |
Posted at 27/11/2023 10:30 by williamcooper104 Sale of all assets, with proceeds distributed to shareholders and the reit would down Annoyingly EPIC didn't need to cut their dividend A merger with BBOX is possible; they are both now managed by Abdrn but suspect the temptation to realise value at NAV too great |
Posted at 24/10/2023 14:49 by skyship ASLI plummeting new lows. They have an uncovered dividend and debt issues, but 50.5p does seem rather harsh. |
Posted at 19/10/2023 17:20 by wiganpunter Pro-active asset management initiatives to underpin portfolio occupancy and indexation-led earnings growth, leveraging embedded pan-European platform· Portfolio value as at 30 June 2023 was €693 million (31 December 2022: €759 million), reflecting the disposal of Leon; the like-for-like portfolio valuation decreased by 6.4%, largely driven by outward yield movement · Completed the disposal of a warehouse in Leon, Northern Spain, for €18.5 million, reflecting a small premium to the 31 March 2023 valuation · Attractive WAULT to expiry of 8.7 years and inflation linked lease profile, with c. two thirds of current portfolio income subject to full uncapped indexation · Headline passing rent of €33.7 million at 30 June 2023 (30 June 2022: €28.3 million) · Completed income enhancing asset management successes across 80,819 sqm, generating €5 million of annualised rent: o 9.5 year lease with Dachser France at its La Creche, Niort, property, 3% ahead of previous annual rent payable o 12-year lease extension agreed with Biocoop on 28,500 sqm at its highly sustainable warehouse near Avignon, France, generating an annual contracted rent of €2.5 million o Five-year lease extension with Kruidvat at its 39,840 sqm single-tenant warehouse in Ede, the Netherlands, reflecting a 4% increase on the previous passing rent · The Company maintained its four stars out of five awarded in the Global Real Estate Sustainability Benchmark ('GRESB') survey with expectations for further improvement this year. The Company's rent collection remained robust, despite the continued economic pressures, with 96% of the expected rental income for the half year ended 30 June 2023 collected. Following the planned lease surrender in August, the Investment Manager is now actively seeking a tenant for the smaller, modern unit in Madrid previously occupied by Amazon, with interested parties in active discussions with agents. Talks are also ongoing with Arrival as we seek agreement on their proposed surrender of two leases in Madrid. The warehouses in question provide good optionality for splitting into up to five smaller units, which could help to satisfy local occupier demand. During the period the Company completed four leasing transactions, in three countries, across 80,819 sq m extending the WAULT to expiry to 8.7 years. It also completed the disposal of the warehouse in Leon, Northern Spain, for €18.5 million, reflecting a small premium to the 31 March 2023 valuation. We remain positive on the long-term demand drivers from e-commerce, near-shoring, supply chain diversification and modernisation. The reconfiguration of supply chains, driven by the need to adapt in the face of pressures such as technological change, e-commerce and deglobalisation, is a process that should drive strong demand for modern logistics properties for some time to come. Following the 20% decline in All Property (according to abrdn research) values since June 2022, the yield revaluation phase appears to be closer to the end than the beginning, although risks of another step down are elevated because of the weakening economic outlook and the ongoing difficulties in debt refinancing. We continue to monitor loan covenants, which are seeing pressure from continued yield movement, but mitigants including loan repayment and additional security remain options if required. Logistics is expected to outperform the EU average All Property total return with 7.8% per annum over the next three years and 7.6% per annum over five years. This is mainly driven by income returns and modest capital growth prompted by a balance of yield compression and income growth. The use of financial leverage today is not particularly attractive given elevated interest rates and persistent downside risks to the market. We think that interest rates more widely should peak in late H2 2023, before falling back gradually in 2024. Our all-in fixed debt at 2% per annum stands us in good stead and our earliest refinancing is only required in June 2025. However, we remain alive to the fact that rates may not stabilise back to previous low levels, and we are working with the Board to use all levers available to us to improve dividend cover. We continue to expect a three-phase outlook: - Yield revaluation - we believe that the yield correction is roughly three-quarters of the way through, although price discovery will take more time as liquidity remains low. - Economic recovery - Eurozone recession expected in Q4 2023/H1 2024, followed by a recovery; interest rate expectations have fallen back and a cutting cycle is expected in 2024. - Supply-driven rental rebound - lack of supply to support rental growth prospects while sticky inflation is supporting real income growth. Given the elevated risk levels and the delay in the turning point in 2024, we currently believe in a low-risk approach. We believe that attractive opportunities will arise for investors over the next six to twelve months, and so being ready to take advantage of better pricing entry points will be crucial. We expect logistics to be one of the best performing sectors over the medium term, given the structural pressures behind demand. Units of between 20,000 to 40,000 square metres in fringe city locations currently represent the most 'liquid' part of the logistics market from both a leasing and investment perspective and offer robust performance prospects in the long run. A fully covered dividend pre any of above initiatives would be c 3p a share annually. 60% of rents are uncapped inflation linked so even at 60p ( 20% ) higher you would have a 5-6% yield which is target range but a tonne of capital upside. Food for thought - my sense is here they are liquidated at nav or taken out at around nav. |
Posted at 19/10/2023 12:53 by williamcooper104 The divi the last I looked wasn't remotely covered by EPRA Earnings (excluding FV movements) And the most recent paid for research i read didn't once mention dividend cover Remember material debt needs to be refinanced at least a year before legal maturity So while this could indeed get taken over - the assets are cheap - the dividend is highly unlikely to stay if it's not taken over I prefer EBOX which at least has a fighting chance of not cutting their dividend as they currently cover it |
Posted at 19/10/2023 12:19 by wiganpunter hi right now we know the nav is 93p with the sterling translation so today we have a 45% discount . Price per square metre at nav is roughly 80 euros per square foot so you are getting a massive discount to that - sub replacement cost in fact. if you really look at this the dividend cover is 60% but thats driven by accounting given the property revaluation more than the rent cashflow which is 96% collected and several renewals recently with inflation linkage. the window to refinance is 2025 so lets assume that happens at 3.5-3.75 percent versus 2 currently but progressively. the arrival lease issue is relatively minor and can be reworked / relet . Taking a step back here you have high msg compliant mid and big boxes trading at less than it would cost them to build with a good tenancy roll. they will either sell assets like they did at Leon or increase the rents in line with the contracts . to answer your question on liquidation these assets would fetch close to nav - why ? they are esg complaint which is huge for buyers, under 5 years old and with a great tenancy book ex part of Spain which they believe they can further sub divide . this is a crazy level . you will get 5 year capital gain here and income at 6-7% or it will get bought out. look at what Blackstone and bigger pe houses are doing they are all buying mid and big box . this weeks move has been electronic trading correlated to rates but either it recovers / fresh money comes in ( note none of the bigger shareholders have Done anything so far ) or they announce an asset sale / buyback / dividend rework but you are still buying top class industrial for almost 50% off which is madness if you can have the duration on it. I bought today and yesterday its a gift imho . |
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