Over SREI, or the largely recession-proof SUPR? Not so sure, I think the latter benefits the most from lower long rates, and much less chance of losing tenants.
Which isn't to say CREI isn't decent down here - just Opportunity Cost. |
Looks rather good value down here. 9%+ yield. 30% discount |
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Large UT of 871k down at 74.6p. Hopefully that is the end of the tap.
Bought more down to 75.2p today. |
On Tuesday I decided to bank the quick 8% turn at 78.5p. Looking at the trades on Thursday I could find no reason for the subsequent pullback. I assumed perhaps XD, but no. So bought back in again at 75.95p. Pity having to top-up "Rachel of Accounts" coffers with that annoying 0.5% Stamp Duty.
This is a well-managed REIT, with just one recent aberration with the failed bid for API. |
Undevalued? Nosey buying? Leaky management that's seen some interest in the company? Who knows but happy to see it perky whatever the reason! |
Any reason this suddenly perked up this afternoon? |
It's a funny ole game, innit?
Two weeks ago they can barely be given away. Today? Market seems keen as mustard.
No accounting for it all... |
riverman - Offices posting the fastest valuation rises recently - beginnings of recovery from oversold lows. |
CREI looking decent value, but I'm personally holding on to SHED as logistics assets seems to be the ones getting bids. I think there's less likelihood of a bid for the more generalist REITs (and definitely nothing with offices). |
First purchase here this morning. |
spoole - Well done on SHED; looks to have now reached its recent resistance level; so may well be right to bank the turn and move on to one rather left behind. |
Sold SHED this morning to take a nice quick gain and bought in here. These seem to have missed out on the recent REIT uptick, which looks undeserved unless I'm missing something? |
Another run up to 80p would still deliver a 7.5% yield. |
Certainly one of the ones I've become interested in after what seems to have been an inexorable downwards slide of late. Good fortune with it |
CREI so far not sharing in a pretty general REIT recovery. Decided to buy a few at 72.7p for the 23% discount; but more importantly the 8.25% yield on a 6.0p dividend, which may well increase. |
Good volume of over 10 million in that UT...but the price...ouch :-( |
Blimey CWA swallowed a dictionary.
CREI was tipped alongside SUPR recently, this slide is surprising and inviting an add, especially as it is dividend day. But yes can see why folks might prefer SUPR. |
SGRO - lovely run for 10yrs : 2012-2022. Then down 50% over the past two years.
Still, 9.4% pa compound plus divis. Do you ever sell?
free stock charts from uk.advfn.com |
@skyship #424. Thank you. I've not done the sums to correct book cost for RPI. |
Good call... |
@skyship #422. Better than that, bought soon after name change, average book cost after expenses 210pps. |
nexus - hopefully SGRO only bought recently! |
riverman77 #419. Absolutely agreed. SEGRO is excellent; their NAV and dividend increases over time have been very good. However I do already have 4.2% of AUM invested in SGRO. |
 @Spectoacc #417. Because in my opinion:
1. IM Webcast Presentation of 2024 03 15 P46. My modelling disagrees with P46. Perhaps I have misunderstood their assumptions which suggest that an IRR of 12% is achievable. I question how this can be possible unless either the OCR soars well beyond the 3.8% average stated in the SUPR accounts for a FRI lease, or the retailer manages to increase turnover by 3.5% + inflation, y/y for 18 years. Looking at Tesco & Sainsbury historic accounts, like for like t/o increase seems to just keep up with inflation. Indeed in any long term forecasting model my inclination would be to, at the most optimistic, allow for annualised ERV = GDP. If I model for acquisition of shares based on the share price discount to NAV and assume zero discount on share sale, the best achievable IRR = 10.5%. So .. while still on my watchlist I have red-flagged Atrato as being, economical with the truth.
2. I have been unable to determine how much skin Atrato have in SUPR.
One important positive is that the assets are leased by blue chip companies that have high resilience to economic vagaries.
In summary, like you I do look at comparatives, discount, yield etc, but also factor in management's financial commitment, quality & integrity. |
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