Custodian Property Incom... Share Discussion Threads

[skyship] 26/11/2020 13:25

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[nickrl] 30/10/2020 11:04

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.

[skyship] 27/10/2020 10:15

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!


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[skyship] 23/9/2020 16:02

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...

[skyship] 18/9/2020 10:03

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.

[pharmaboy3] 18/9/2020 09:49

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. "

[skyship] 18/9/2020 09:37

Sanity returns - back down to 89p...still vastly over-priced v. peers...

[skyship] 17/9/2020 14:54

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?

[1nf3rn0] 17/9/2020 14:41

Anyone aware of any news behind the 7% rise and decent buying volume today?

[nickrl] 30/7/2020 10:31

Sky another propco that has to go for headline on rental collection rather than reality of cash actually in the bank but the detail is there. They say they've collected 92% of June qtr but in cash terms its actually 81% and likewise for Sept its 80% headline 75% in pound notes. June qtr doesn't look too bad compared to others but why is Sept not so good as if they've cut deals with tenants then it should roll over to future qtrs (even if the cash isn't in the bank which they say will be 12-18mths.

Whats quite illuminating is the schedule of sites that are impacted by CVA's/prepacks where the tenants are still in situ under licence and the amounts that are at risk or well actually forgone as they are unlikely to retain rents at these values but at least they are transparent.

Finally they've upped the dividend from 0.75 to 0.95 due to higher cash collection so they are to be applauded for that as others are just sitting on the fence. If they maintain that going forward thats c4.4% so certainly if it goes below 80 I might be tempted but this lot have been habitual at issuing new shares.

[skyship] 30/7/2020 09:02

CREI has always been ridiculously over-priced versus its peers; and may still be so.

An 8% discount and a 4%-5% yield (who knows!) suggests that the support line may well crack. It is already below the 50day SMA, so 80p beckons...


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[nickrl] 24/6/2020 16:49

Interview with CREI posted on proactive investors

[...]

Haven't given any rent away (yet) and expect to recover it in future qtrs. Pretty plain talking and worth 13mins of your time (or turn up the playback speed!!)

[nickrl] 22/6/2020 10:27

So i see the Inv Mgt agreement has been renewed with current provider and the good news is the fee is reduced from 0.65% to 0.55% above £750m - am i missing something here but NAV at 31st Mar 20 was £426.7m so that ain't saving us a penny.

Another REIT being run for the benefit of the directors and investment mgr.

[scubadiverr] 21/6/2020 13:01

The retail warehousing is b&m bargains and such like. These are generally national companies with more negotiation clout. If you want online logistics real estate you want to be looking at Bbox

[pharmaboy3] 21/6/2020 12:07

That's probably it.15% retail stores. If I remember some in Chester town centre.Not too shabby.And the rest in warehousing.I guess that's still needed for online.

[scubadiverr] 21/6/2020 10:19

They differentiate between retail and warehouse retail - maybe the reason

[pharmaboy3] 20/6/2020 18:26

I was "verbally "informed 2 weeks ago,15% with a very upbeat view.You obviously know your stuff.As you can guess, from my nom de plume I'm more pharma BUT have very sizeable holding in CREI in my SIPP .

[nickrl] 20/6/2020 17:56

Pharmaboy retail is 33% according to latest factsheet but not all dodgy tenants but concur they have a reasonable portfolio spread but tables are turned in favour of tenants. We saw behaviour of some of the bigger retailers (Boots/Superdrug/JD Sports) over March qtr and the fact that the govt has now extended moratorium on rental recovery to end Sept why pay any rent and cede advantage to your competitors will be an option for everybody but hopefully CREI have recognised this risk and been proactive. There lowered divi needs them to maintain c70% collection levels to be sustainable and thats paying just over 3% for ongoing capital risk. share price needs to be lower for me although i suspect industrials will become the 'must have' asset so will act as a counterbalance on NAV potentially so will be interested at 80p.

[pharmaboy3] 20/6/2020 16:58

Retail is only 15% of portfolio.They're incredibly well placed .Small properties , outside London. Can pay dividends from own cash

[scubadiverr] 20/6/2020 11:24

I've now sold as can only see pain come Wednesday. Retail and offices are likely to be hit hardest. Retail by defaults and office space is likely to see vastly reduced demand in the future. All imo dyor

[scubadiverr] 05/6/2020 10:46

Can't be long before they advise upon NAV, rental payment defaults and rent negotiation outcomes.

[nickrl] 09/4/2020 10:53

Despite my comment yesterday they've put out a reasonable C19 update confirming 67% rent collected with another 5% "to be received shortly".

Further goes on to say " a number of tenants move from quarterly in advance to monthly in advance rent payments, or defer the March quarter's rent with a full recovery over the next 12 months. Some tenants have yet to agree a payment profile, but the Investment Manager remains in active discussion with over 40 tenants to agree payment plans for the balance of outstanding rent, which remains contractually due".

Will pay declared dividend 1.6625p per share on 29 May 2020 and says will pay another 1.5p over first half of 2021 after then looks like it will be based on whats coverable by rental receipts. This at least goes further than others have done and leaves an escape route of if things don't improve.

No immediate pressure on debt til Sept 22 but lowish LTV of 35% compared to 22% at last valuation.

As Sky says being priced at NAV is too bullish in this market potentially but if its still able to pay a divi it will retain its halo in this negligible interest world but when the next lurch down comes in the broader market maybe worth a punt.

[nickrl] 08/4/2020 10:11

This lot have a halo above them - probably Mattioli Woods wealth mgrs still pushing them

[skyship] 08/4/2020 09:08

CREI never sold off as much as others; but have now rallied almost to their historic NAV level at c100p. Surely have to be sold at this level; though I suspect no-one holds in any event...

[skyship] 08/2/2020 13:59

nick - actually Mattioli holding reduced as a %age from 6.03% to 5.98% - passing the 6% threshold, hence the need for the RNS even though their holding remains unchanged!