Not in this one but with its diversified portfolio gives you a broader view of what is happening. I also like the transparency they give leases on the qtr although they of course never mentions the ones that walked away! So NAV is up a 8.5% divi up to 1.375p/qtr will give a forecast yield on current share price of 5.2%. Vacancy rate is up a tad but they imply that's largely down to the DRUM acquisition which had a high vacancy rate.
Steady eddie this one and I do wonder if they will jump back on their old bandwagon of almost weekly placements that they were doing pre pandemic. |
6.29% yield isn't to be sniffed at but shows how much retail wharehouses have tightened up over the last year and should have good read across to other like EPIC. |
"The Company has acquired a 45,779 sq ft retail warehouse unit in Cromer occupied by Homebase, with nearby retailers including Travis Perkins, Topps Tiles, Screwfix, Halfords and Argos.
The property is let on a lease expiring in July 2028 with a current passing rent of £300,000 per annum, reflecting a net initial yield1 of 6.29%." |
hxxps://www.edisongroup.com/publication/strong-h122-returns-and-further-dps-growth/30276
Good report |
They always give a comprehensive portfolio update and plenty of positives on lettings although do draw our attention to couple of hefty administrations. The 5.5p dividend is covered at the cash level at HY so with addition of DRIP maybe scope for a bit more by year end. |
excellent results and increased dividend |
fyi there's a recent article from Proactive investors which includes a link to a pdf document
The are estimating LTV rising to 20% to include the effects of the DRIP acquisition. The DRIP portfolio adds about 10% to the portfolio value. DRIP portfolio is about 50% offices with remainder split between retail w/house, other and industrial. So overall office exposure rises to about 15% but is still low. Industrial and retail warehouse will account for about 65% of the portfolio.
Dividend next year is 5.5p so forward yield of 5.8% and now an a double digit discount of 11%. At this price I think this is no one of the more attractive REITS. It's certainly one of the bigger ones with a £0.4 billion market cap. |
HP couple of the sales shows how superheated some areas have become
A portfolio of seven industrial assets for £32.6m, £5.1m (19%) above the properties' 31 March 2021 valuation, when terms of the sale were agreed, and £2.9m (10%) above the 30 June 2021 valuation;
A retail warehouse in Galashiels to a special purchaser for £4.5m, £1.8m (67%) ahead of the 30 June 2021 valuation
so probably a smartish move to buy DRUM and avoid stamp duty.
These used to regularly issue shares at a modest premia so thats my indicator that the good times are back but they generally traded just above NAV so with prospective divi boost as well will keep watching. |
Q3 update.
Actually look interesting with a portfolio of 49% industrial and 19% retail warehouse.
Dividend up and yield now above peer group at 5.7%. Discount lower than peers at 9%. |
2 months on and CREI now languishes at 93p; trading where all the other mortal propcos trade, ie, at a discount! |
CREI finds another way to issue equity and expand the company.
Still standing at a premium, so a sensible thing for them to do; but yet again undermines any reason to hold IMO. |
It's cheap even with the retail. It makes a mockery of the open market valuations if a Board accepts this rather than sell the assets! |
CREI making an offer of shares for DRIP not sure what they get out of this as its nearly 45% retail, very little industrial and rest offices other than they avoid stamp duty. Opening offer is low ball mind you and giving biggest shareholder (7IM) at c67% has accepted maybe a smart move. |
NAV update put out and then replaced an hour later with some adjusted percentage figures as they'd miscalculated them!! NAV stated at 7.2% increase was actually 6%!! Not that its harmed share price and CREI back trading above par. Never know why this one attracts so much attention OK it has 51% industrials, 18% retail parks rest offices and a little bit of high st retail but then BREI isn't dissimilar but has been a laggard.
Suspect we will see more share issues again as well. |
CREI another one now trading above par although it generally did till 15 months ago seemingly able to seduce investors to buy into every share offering at a premium.
Yesterdays RNS
confirms a modest uptick in NAV to 97.6 primarily from the industrial assets offset by the other sectors. Divi remain unchanged but let see at final results what they say albeit this is a pretty comprehensive FY21 update. Occupancy down 4.4% to 91.5% and along with other rental collection challenges thats caused a 10% reduction in rent translating into a 20% reduction in EPRA from 7p to 5.6p but covers divi but not much scope to increase it from here me thinks.
Edit: 24hrs on from writing this CREI have managed to issue 550k new shares at 101.5p |
CREI NAV update out today up a modest 95.2 > 96.4 and the divi is uplifted from 1.05p to 1.25p with intention to at least at that rate till Mar 22.
Rental collection looks reasonable at 96% for Q3 and 79% for Q4/21 so far and modest improvement on the position at Q3 of 74%.
Plenty of asset mgt updates but omits giving previous rates to compare but one can infer I guess from the valuation increases they report on most assets that its been positive.
Yields 5.4% on todays share price
This one hasn't had the volatility of some others in this sector and I wonder whether thats due to investor base being diversified through all the share placings it was making over previous years. |
 CREI not my favourite REIT but manages to maintain a stable share price compared to its peer group has interims out today and you can't fault its level of transparency on its tenants. It helpfully provides a complete schedule as well as advising on tenants lost or at risk.
NAV has previously been updated and whilst there rental collection rate looks reasonable at 88% against the contracted rent roll its more like 75% but at least they are clear about what is being deferred. Compared to others they have provided a hefty provision of around 16% of rent roll over above agreed deferments. They are also benefiting to the tune of 3.5m for HMRC payments that can be deferred til Mar 21.
They are keeping a lid on admin and director costs but voids have crept up. Lower dividend is 120% covered on cash and yields 4.8% on current share price Should be scope for another small increase but will be a while before it gets back to its previous levels.
Doubt they will issue shares at premia for a while either but another one if it goes 5% threshold might tempt me. |
Back to the top of the channel:
free stock charts from uk.advfn.com |
Sky interesting that these don't get caught up in the swings that some of its peers have been through given its still around 30% retail.
Detailed NAV update although you do wonder on some of the asset mgt updates what level of rent has been forgone with statements like
"Completed a twenty-year lease extension with Bannatyne Fitness on a leisure scheme in Perth, extending lease expiry to August 2046 and incorporating five yearly RPI linked rent reviews, which increased valuation by £1.5m"
and
"Completing a deed of variation with Urban Outfitters in Southampton to push the October 2021 tenant only break option back to April 2024, increasing the term certain to 3.5 years, which increased valuation by £0.1m" sounds like we given rent forbearance to make our WAULT look good.
There are positives in here though just wish there was more transparency but maybe they will be giving too much away for other tenants to take advantage off!
Anyhow qtrly divi up 10% over previous qtr giving a yield of 4.9% on todays share price Maybe better yield elsewhere but if share price is more resilient getting interesting if it drops much more. |
Other than with that crazy and very brief spike to 95p in September, these have for the past 4 months traded in a very narrow 85p/90p band, so very little chance of profitable forays either way.
Fortunately better shorting opportunities with another crazily over-priced REIT (thnx to institutional support) - LMP. Down 10% from recent highs yet still at a c25% PREMIUM!
free stock charts from uk.advfn.com |
Shorted with a CFD into yesterday's absurd rise; bought them back today. Only a small 10k trade to get the hang of it. Could be a good repetition trade this one... |
pharma - as it happens I own and actively trade 6 of their better value peers; but follow all on the CP+ thread.
I forgot that I could have shorted them yesterday as today found them on the tradeable list of my CFD provider. A stupid oversight.
Anyway, I hope my alert enabled you to sell if you hold/held. |
Skyship.Do you own shares in CREI?If not, then why are you on this BB.Please find below a quote from a senior member of the group."Nothing fundamentally has changed, but we believe some large funds have included us in their allocations/index - which happens as we become more and more established. In doing so, they have heightened demand and increased the share price. " |
Sanity returns - back down to 89p...still vastly over-priced v. peers... |
Totally bizarre. NAV @ 95.7p, so now standing at NAV. Most other propcos of an exactly similar profile trade on discounts of 40%!
No explanation. Obviously sell into the strength if anyone holds; though I suspect no-one does. Why would they? |
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