Bmo Real Estate Investme... Investors - BREI

Bmo Real Estate Investme... Investors - BREI

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Stock Name Stock Symbol Market Stock Type
Bmo Real Estate Investments Limited BREI London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
0.80 1.08% 75.20 16:35:05
Open Price Low Price High Price Close Price Previous Close
75.40 74.40 75.60 75.20 74.40
more quote information »
Industry Sector

Top Investor Posts

spectoacc: Aye in fairness, if BREI traded over NAV, a placing to raise funds to buy more property wouldn't be unreasonable. Not sure I'd still be in it at a premium mind. For most of them, the best property deals atm are to buy back their own shares at a thumping discount. FWIW, interesting Times article this morning on some of the Unit Trusts: "Savers must wait for up to two years to get their money back from property funds run by Aegon Asset Management and Aviva Investors, after the pair closed their doors permanently. Aegon said that it would shut the £381 million Aegon Property Income fund, after failing to raise enough cash to satisfy investor withdrawals during a 13-month suspension. The move comes a month after Aviva made the same decision on its £367 million property fund. Both firms said it would take between 12 and 24 months to sell the remaining assets. Aegon said that it would return cash to investors “as quickly as possible, in a fair and orderly manner”. The first payment from Aegon should take place a few days after the closure of the fund as it has about 40 per cent of cash on its balance sheet." Be interesting to see what junk they've got that they can't shift in this hot market, and why it'll take another 12-24 months.
alan pt: I don't normally post, but I do read a lot, so I can see that there are some very experienced investors here who like SREI. That puzzles me a little - like SLI, the collection numbers aren't good (at least compared with BREI, EPIC, SERE) I get that the buybacks generate some short/medium term gain, but I find it disappointing that they spend money on that (and on paying a big loan repayment penalty) rather than investing in properties in a depressed market With SLI I take the point that they seem to be favoured as a long term hold and may return to a premium, but that seems less true with SREI Obviously I'm missing something, but I can't work out what it is? Sorry, maybe this belongs on the SREI chat!
spectoacc: Mildly interesting & relevant to us (particularly the redemption/flow numbers): Https://
nickrl: Fair set of results and good to see receivables pretty static so no its real cash coming in not being propped up by rent deferrals too much like some others. The latest uplift in the divi is about covered at the cash level so not much more scope to increase it imv although historically these always ran with a well uncovered divi which didn't seem to dissuade investors so who knows. Otherwise very little new from the recent trading update.
hugepants: Yes Id think the quarterly dividend should rise from 0.625p per quarter given the collection rates. Even if they only pay the 90% minimum they should be able to afford at least 3.5p per annum. The covenant headroom looks strong;. From Kepler Research BREI has net gearing of 25% on an LTV basis, or 33% on an NAV basis. The company has structural debt of £90m, maturing in November 2026. This is offset by £13.4m of cash. The debt covenants require the LTV to be below 55%, so the portfolio could withstand a 40% decline to its valuation before the covenants were breached. In our view this level of decline is unlikely given the weightings of the portfolio and quality characteristics. The loans also require the interest cover to be 2.3 times on any calculation date. The rate on the loan is 0.9% per quarter, which implies interest of £810,000. Given quarterly income of c£3.0m for the security pool, by our calculations the covenant would only be breached if the rent collected fell by c.70%, which seems unlikely given the >40% weighting to industrials.
hugepants: They have 11.5% central London exposure. The portfolio mix is decent. 42.6% industrial 29.4% offices 16.9% retail warehouses 11.1% high street retail There's a pretty good overview of this reit here (dated June 2020)
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