CT Property Share Discussion Threads

[spectoacc] 05/11/2020 15:48

Basically, ITs but with liquidity constraints, too much cash due to redemption needs, & no discount (or only via a spread). Can't think of anything less appealing when the same money could be in ITs on c.40% discounts to NAV!

[hindsight] 05/11/2020 15:45

Does anyone have knowledge on property unit trusts, they dont seem like IT world

[essentialinvestor] 05/11/2020 14:42

There is also Brexit to navigate.

A deal/no deal is perhaps 7% in either direction for the sector,
more for the central London focused office REITS.

A Biden Presidency makes some sort of deal more likely - rudimentary take.

[skyship] 05/11/2020 13:44

Thnx for that...

[hindsight] 05/11/2020 11:15

52.40 with Panmure. Im not saying this is a bad thing

[skyship] 05/11/2020 10:55

Ah...I don't have L2...never have. Can you see at what price the 250k are on offer?

[hindsight] 05/11/2020 10:51

Brought a few, waiting was 0.4p cheaper but the 250k is still being offered

[skyship] 05/11/2020 10:40

EI - Joined you for a few BREI at 52.17p....that = a 45% NAV discount.

[skyship] 04/11/2020 20:51

As frequently stated, what SREI holds above all others is a concerted, short-term interrupted, buyback scheme still in its early days.

Serves both to underwrite the share price and promise upside when recommences after 17th November - just a fortnight to go...

[essentialinvestor] 04/11/2020 20:18

Hi SKY, on MCKS the honest answer is I dont know.

The comment I can add is there will be an uplift on the Theale
logistic asset. They also hold a Woking property which will be sold for redevelopment
if a revised planning application (apartment block) is granted, that should be
NAV accretive in 2021 if successful.

My main main concern on MCKS is potentially rising vacancies on their office portfolio.

As one example they own an asset called Mallard Court in Staines, I know this building as it happens.
They may be fortunate to rent that at anywhere near the advertised PCM, just imv.
Neither did MCKS update on their vaccancy rate at the last update. Bought a small amount only.

[hindsight] 04/11/2020 20:14

Think these have a large seller, for thier normal volume, was offered 250k at the bid today, so toke view wait till tomorrow

[hugepants] 04/11/2020 18:23

Hold SREI also but BREI has a better portfolio. It has over 40% industrial, less than 10% general retail and no leisure assets, a sector that is currently in the toilet. This ones off the radar a bit. Maybe if they increased the dividend. They should be able to increase by 40% based on the rent collections.

[skyship] 04/11/2020 17:24

EI - I have been watching the pullback here, waiting to se if they get back below 53p. Also watching MCKS, though as stated on their thread, concerned at what the upcoming 30th Sept. NAV will reveal. What %age fall are you looking for there?

Personally I feel that the most likely 10% rallies at the moment are RGL & SREI.

[essentialinvestor] 04/11/2020 16:34

Back in today for a small amount and on MCKS.

These are my only sector holdings atm.

My idea was to start building back up positions, but not feeling that
optimistic about the sector atm. The new lockdown will impact macro in to 2021,
meaning the moritorium is likely to remain in place for H1 2021, at least.

The flip side is you could make a case price already discounts this.

My caution may be a bullish sign!

[hugepants] 04/11/2020 14:07

Surprised this one is falling back again given that portfolio, LTV, collection rates etc.

Industrial 44.1%
Offices 30%
Retail Warehouse 16%
Retail Standard 9.9%

[spectoacc] 22/10/2020 07:48

Some interesting comments in there (tho topped by both SHB and CAPC - check out CAPC's Q3 & Q4 rent).

[hugepants] 22/10/2020 07:44

Pretty good update

[skyship] 05/10/2020 17:27

An extract from my spreadsheet on 16 secondary propcos.

# Extracted to show those on 40%+ discounts

# AIRE & RGL included because of the great yields

# All NAV stats are to Jun'20, exc. MCKS still to Mar'20


EPIC share price ...NAV...Disc...Divi..Yield
---------------------------------------------
AIRE 51.00 83.60. 39.00 5.00 9.80
BCPT 67.20 120.70 44.30 3.00 4.46
BREI 52.00 96.60. 46.20 2.50 4.81
EPIC 49.50 90.24. 45.10 4.00 8.08
MCKS 190.00 329.00 42.20 7.20 3.79
RGL 66.00 102.60. 35.70 6.00 9.09
SLI 46.80 79.60.. 41.20 2.86 6.10
SREI 32.85 57.70. 43.10 1.54 4.70

"You pays your money you takes your choice"....but sure looks to be
some great value out there, especially those showing good rent collections.

[spectoacc] 04/10/2020 19:41

"More sellers than buyers" gave me a chuckle.

[skyship] 04/10/2020 16:17

mushy - do the Maths both ways and you'll see what I mean.

[mushypeas] 04/10/2020 11:52

I allways thought that the discount was a negative number and the premium a positive number?

[mushypeas] 04/10/2020 11:52

I allways thought that the discount was a negative number and the premium a positive number?

[skyship] 04/10/2020 11:31

S/b:

Discount (c = (a-b)/a)

NOT as stated:

Discount (c = (b-a)/a)

A schoolboy howler surely!