Yes, always happy to hear contrary viewpoints constructively made, even if I disagree with them |
Thanks SpectoAcc. I have a few on your list, bought near recent lows and GABI bought at £1+ :-(
Always seem to have too much invested in my winners and not enough in my losers!
Edit, got that one the wrong way around!! :-0 |
@Tag57 - quite a few, but ramping them across multiple BBs isn't my way ;)
Top 5 holdings fwiw:
CGT
SGLN
ERNS
(Cash)
SEIT
CSH2
Which is clearly bearish, but some recent purchases:
LTI (discount)
BBGI (quality at a discount)
LABS (risky discount)
REIT holdings, back on topic:
CLI (added to below 90p this week)
SHED
CREI
The latter two in the hope neither gets lumbered with API, but realistically one will get it and fall further, the other bounce back strongly. Also hoping SGRO may come in for SHED.
Horses for courses - and inevitably have a few bad losers, eg DGI9, GCP. Other holdings I'm positive on: SSIT, GABI, CORD, MERC etc.
Everything has its price - including AEWU. |
SpectoAcc, I like reading your comments as they usually give an opposing view to the norm (although usually negative :-) ) Just out of interest are their any companies / trusts that you are actually bullish on? |
Yes, the dividend has become almost a matter of honour for AEWU so I also would be surprised if they cut it.
Just to add to my previous post. Since 31 March 2018, despite paying out 44p in dividends, the net asset value per share has increased from 96.36p to the current 103.53p, so dividend cover hasn't been a problem so far... |
 "EPRA earnings per share have been negatively impacted by 0.28 pence due to two tenants entering administration during the period.."
"Despite our recent asset management achievements, we remain cognisant of the economic backdrop and its cumulative effect on occupational markets."
"The Company has committed to pay its market-leading dividend of 2.00 pence per share this quarter..".
"Prospective lettings at three void units....are advancing well. The re-letting of these units are expected to have completed during the first half of this calendar year, further improving income streams and mitigating the incurrence of void costs, albeit with associated tenant incentives suppressing earnings potential over the short term."
That you'd come out with:
"So - wrong. Would be totally surprising if they cut. They won't."
surprises me not in the least.
They'll probably continue to hold the divi. But nobody should be surprised if they don't at some point. A sale or larger letting falling through, or another CVA(s), could do it.
AEWU clearly want to maintain their record, but they're not daft & they'll be hoping the mood music changes. Div unlikely to be covered next qtr either. |
Specto - in their IM presentation (see link below) they confirmed the Wilko site already under negotiations for re-letting; and the industrial property at Runcorn likely to be re-let at a higher level.
They go on to explain their track record of 33 qtrs of 2p/share dividend. When not covered by earnings, they show cover with capital gains from property sales.
They would be very loath to cut; and certainly no need to as adequate reserves to cover any earnings shortfalls.
So - wrong. Would be totally surprising if they cut. They won't. |
Agreed, AEWU has delivered, but best to value it now with the dividend lowered, say 1.5p/qtr going forwards.
The cut may not happen - they only need one good sale in the pipeline - but nobody could be surprised if it gets cut. |
Agreed - but although based over a perhaps statistically significant period of 5.5 years, that still does not include a lot of transactions, nor the change in investment manager as of not that long ago. Added to the risk is the relatively small size of the REIT. This is not to say that it cannot continue to outperform, but therein lies some increased risk. Hence my preference for one or two others, although the now hard hit share price of 84p to give a yield of 9.5% is beginning to get interesting (once again).
Competition from SREI, once again, as it just gapped down 5% on nothing whatsoever. Bought those first. |
One man's 'churn' is another man's 'asset management to improve the quality of income streams and maximise value, exploiting pricing inefficiencies in smaller commercial properties, let on shorter occupational leases in strong commercial locations'.
I think if you expected this to be a passive landlord, sitting on a bunch of properties to generate a rental income and pay this out as a dividend, you were looking in the wrong place.
I've just looked back at my financial data, going back to 1 April 2018 (the period of my interest). During the 5.5 years since then the company has paid out 44p in dividends, costing £69.7m. Net rental income (after costs and interest) was £60.8m. However it also made a £20.8m gain on sale of properties. Net revaluation of properties over the period was a surplus of £2.2m. Overall a 'profit' of £83.9m.
Clearly there's no guarantees going forward but, so far, I'd say it's done pretty much what it says on the tin... |
Nickrl, that is my sense. I have been an avoider of AEWU (for 18 months or so) after having been a cheerleader (arguing against the dividend doubters). The price reflects far less benefit of doubt than some others, at a time when doubt is reappearing to some extent. |
Modest top up just under 83p. Seems very weak with a persistent seller. Ho hum... |
Seems the luv affair is over here that they can keep churning the portfolio to cover the divi deficit |
Oh, go on then, I'll have a handful at 85.74p. Price does seem very weak though, so probably further to fall. Wish folk wouldn't keep putting temptation in my way. I blame that Skyship...mutter...grumble :-)) |
No indeed. Discount only 15%; but the stock has always enjoyed a slightly higher rating than many peers due to its consistent 8p/annum dividend - paid every year since IPO nearly 9yrs ago.
I've bought for the likely swing back up toward 100p - see chart in 1536 above. |
Not as big a discount as you usually go for Skyship??? |
Hitting the Q4'22 lows. On offer below 88p for a 9.1% yield.
Added a few more, though only a few as pretty fully invested in my SIPP. |
Just a different observation:
free stock charts from uk.advfn.com |
The couple of CVA's causing the divi to be uncovered again won't have helped. They'll no doubt try to maintain it indefinitely as per usual, but no one can say they weren't warned, if they did cut it. Plenty of commentary in every release about it.
One of the better REITs tho - perhaps they should bid for something. I hear API's for sale. |
Just an observation :- |
Alex was running the show at the time |
You ask anything behind the fall?
Investment manager Laura Elkin gone on maternity leave! 😀 She's done it before without problems; so unlikely to be a true reason for current weakness. |
Averaged down at 89.56p - c90p inc SD. Discount at 13%; yield at 8.9%. |
anything behind thus fall
sub 90?
its looking like time to add more |
@grahamnash re ~1527 its gone down....
Seriously these have shown significant resilience and the manager has certainly been very adept at well time sales and acquisitions so one to trade in / out of as Sky has above by the looks of it. |
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