CT Property Share Discussion Threads

[hindsight] 06/4/2021 12:34

Good call EI, thank you

[essentialinvestor] 06/4/2021 10:20

At the target price recently mentioned, nice result.

[essentialinvestor] 01/4/2021 12:59

On the move.

[hindsight] 30/3/2021 17:26

Added some in the auction to those held from the dark days

[hindsight] 30/3/2021 11:27

Thanks for the reply EI
Agree and also finding it hard to see value atm once have discounted for variant risk

[essentialinvestor] 30/3/2021 11:02

It does not follow that you are missing anything!.
I want some sector exposure and BREI looks one of the best placed
in terms of risk/reward to me - but that's highly subjective obvs.

Given the multi month rebound I'm not finding much of interest atm.

[hindsight] 30/3/2021 08:51

Unless im missing something EI, these seem hard to trade. No real life on the order book and MMs want a wide spread

[essentialinvestor] 29/3/2021 17:38

Hoping this will have another crack at the 75/76 pence area.

[nickrl] 22/3/2021 08:52

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.

[playful] 22/3/2021 07:42

Demonstrating good resilience:

Interim results in respect of the six-month period ended 31 December 2020
• Net asset value total return* of 3.0 per cent
• Portfolio ungeared total return* of 3.4 per cent
• Annualised dividend yield* of 4.8 per cent based on the period end share price
• Dividend cover* of 118.9 per cent for the period

[skyship] 23/2/2021 08:08

Thnx Frazboy - missed that LTV adjustment in the 15th Feb.update.

[frazboy] 23/2/2021 07:57

I think SREI went on a December acquisition spree, Sky, hence LTV ~32%.

[skyship] 23/2/2021 07:46

LTV lower? I have BREI @ 25.8% & SREI @ 24.0%. Perhaps my spreadsheet needs updating! I also have BREI's debt costing 3.1% versus just 2.25% for SREI.

With SREI's higher NAV discount (31.1% v. 24.1%) and higher Yield (6.2% v. 5.4%), then yes, SREI currently the better value of the two.

As a matter of interest, or not, BREI's stablemate BCPT now at a 40% discount again.

[sphere25] 22/2/2021 13:41

Some interesting delayed trading activity here on Friday with buyers happy to pay well through the offer of 77.4p to pick up blocks of 253k, 201k, 785k at a price of 81.5p so a 5% premium to the offer price.

Looks a bullish sign.

All imo
DYOR

[hugepants] 22/2/2021 13:00

Yes its about 7% lower.

[epistrophy] 22/2/2021 11:26

I think BREI also has a lower LTV, so the NAV discounts aren't really directly comparable.

[hugepants] 21/2/2021 22:38

Not looked at management charges or costs of debt fraz but the yield is now 4.5% compared with SREI's 6.5% and SREI's discount to NAV is about 10% greater so I think more upside with SREI. However I do think BREI has a better portfolio since has a higher industrial weighting and no leisure assets.

[frazboy] 19/2/2021 17:09

Agree HP. I realise that BREI has an SE bias but I'm struggling to see that justifies the NAV discount differential (if any?), plus SREI has cheaper funding. I must confess to having not compared management charges of the two.

[hugepants] 19/2/2021 15:58

Out of BREI now. Can't really justify holding it at this level when SREI is at only 40p.

[sphere25] 18/2/2021 14:30

Price currently 76p.

It's close to making another leg up this. Interesting to note that, despite what is being reported on the book of late, you might be surprised to hear that the trades have been massively skewed to the sell side here (even the 25k just reported at 76.321p).

Clearly buyers in size in the background mopping up all the sells and allowing a continuation of the breakout. If there wasn't such a skew to the sell side and more buyers, this would have moved alot better but it's getting there - slow but sure.

All imo
DYOR

[sphere25] 10/2/2021 16:38

Price has closed at 73p so it has broken out, hardly explosive stuff but I'll take slow and boring. Bought a few of these slow and boring REIT's recently with this, RGL, PRSR and AIRE and with other boring stuff like FIF, they've actually done well so hell might have to get involved with these boring ones more in the future.

Can we get a steady boring move back up into that mid 80's range here?

It's hardly Reddit stuff, but I'd take it!

All imo
DYOR

[sphere25] 09/2/2021 16:46

Thank you SpectoAcc.

Yes, we have to be careful on particular shares with stops because they can naturally have less liquidity or less participation, particularly on a morning when it can take time for the order book to fill.

A mental stop can be used as well as physical too. I'm watching pretty much all the time though so it's easier to work the stops. There are alot of new folk nowadays so it's a good idea to observe the movements of the prices, especially on the mornings to see how wide the spreads can be.

Getting stopped out unnecessarily is annoying - we have all been there though. We all learn along the way.

This one has been 70-71 and the positioning of an active market maker (non-active will be well below the bid and will be programmed to move with the order movements on the book so they're hardly ever involved in the market making or participation) on the book will give a guide too because they won't (barring news/tip/broker upgrade etc) move from that price on most days overnight.

Price is bang on testing that breakout now so could be an interesting day tomorrow.

All imo
DYOR

[spectoacc] 09/2/2021 14:03

Watch you don't get a gappy day with that tight stop - have a look at the candlestick chart.

Good luck - not in BREI atm but agree it's hardly pricey here.

[sphere25] 09/2/2021 13:58

Taken a few here.

Been watching since the upgrade to NAV:

"The unaudited NAV per share of BREI as at 31 December 2020 was 98.1 pence. This
represents an increase of 3.5 per cent from the NAV per share as at 30
September 2020 of 94.8 pence and a NAV total return for the quarter of 4.4 per
cent."

There is also dividend progression and the chart is sat at an interesting point here. Trying to play the narrowing gap to the valuation too. Surely if they upgrade the NAV like that, there must be a good possibility of a breakout and a narrowing to the valuation gap, particularly in this bullish market.

Stick a stop at just under that recent low of 68p.

All imo
DYOR

[sphere25] 28/1/2021 08:10

Noted a delayed buy print of 2.24m here (well through the offer) at 73p yesterday. A significant buy considering the normal volumes here so watching to see if it can breakout.

All imo
DYOR