Ediston Property Investm... Share Discussion Threads

[skyship] 26/6/2022 14:48

Specto - we were both buying SREI last week - and why not!? Yield only just short of that here; and dividend growth more likely given their incredibly attractive financing. Also discount even after Friday's bounce rests at 31.3% v. just 18.8% here.

[alan pt] 23/6/2022 11:02

Another one gone to AEW at a 9.4% yield https://www.londonstockexchange.com/news-article/AEWU/acquisition-of-railway-station-retail-park/15489191 EPIC acquisition better be impressive when it finally appears

[spectoacc] 23/6/2022 09:38

They've held up much better than others in fairness (added to UKCM & SREI today), but having sold out to wait to see what they put the cash into, have ended up being out a long time :) Just think they could have handled it far better - and that they seem surprisingly unbothered.

[flyer61] 23/6/2022 09:32

Agreed Spec, but I want them to get this right as I am in this for the long haul ie the Dividend pays towards my pension. Going to keep the faith.

[spectoacc] 23/6/2022 09:02

Can only imagine they've had a few fall through - fire-sold the final office, but they've been free to invest since at least last December, during which time the Retail Park market has only gone up. If it's now on the turn - and who knows, but the economy suggests so - how long before anything "cheap" appears? Meanwhile, as well as the fees and the cash drag, inflation is depreciating it.

[nickrl] 23/6/2022 08:23

CREI picked up a retail pk at 6.21% yield so that's another one that's disappeared over the horizon. I wouldn't mind so much but Edison IV are making a turn on funds not working for us albeit at a lower rate than invested funds but......

[spectoacc] 22/6/2022 21:54

#1159 - was tongue-in-cheek, but now looking prescient :) "Maybe they're waiting for the crash before investing". Seems ridiculous they didn't use some or all of the Offices cash on a buyback, but now I think they'd do even better buying some of the better quality -30%'ers. They're not going to find a retail park any better value than that.

[rambutan2] 22/6/2022 21:46

In the just published TRY annual report, its stake in EPIC was valued at £22m as at the 31/03/22 Y/E. For reference, the shares closed that day at a bid of 78p. So that does tie in with a 15-16% stake as seen on the rns by Ameriprise etc.

[skyship] 09/6/2022 07:17

playful - sorry, but that's just plainly incorrect. A quick look down my spreadsheet shows: # BCPT - 10% R/W # BREI - 18% R/W # CREI - 18% R/W # HCFT - 33% R/W # SLI - 10% R/W # SREI - 11% R/W Most have general portfolios; EPIC are a specialist play on the one sector. Personally I view EPIC as fully valued on a 17% discount. Better value beckons from SLI, SREI & UKCM all on c25% discounts; whilst Best Value is BREI on a 29% discount.

[playful] 08/6/2022 23:32

I do think this is good value as they invest where others can’t be bothered.

[nickrl] 08/6/2022 23:17

This is Savills overview of Retail Pks in Q1/22. Reinforces that EPIC finding a bargain is reducing although their view is the hot money may drop back as the quick wins have been had. hxxps://www.savills.co.uk/research_articles/229130/329248-0

[nickrl] 08/6/2022 20:12

We need an announcement on an acquisition!

[cwa1] 08/6/2022 17:37

Announcement of Interim Dividend Declaration of Interim Dividend The Company declares its interim dividend (property income distribution) payment in respect of the period from 1 to 31 May 2022 of 0.4167 pence per share, as timetabled below: Ex-Dividend 16 June 2022 Date: Record Date: 17 June 2022 Pay Date: 30 June 2022 This monthly dividend of 0.4167 pence per share equates to an annualised dividend level of 5.00 pence per share and is unchanged from the previous dividend declared on 3 May 2022 .

[spectoacc] 08/6/2022 08:23

Perhaps they're waiting for the crash? Not what they're being paid for tho.

[novision] 25/5/2022 13:22

Depends when you bought I suppose. Up c20% in last year and 6% yield.

[marktime1231] 25/5/2022 12:19

What sort of phrase is "well advanced". Unimpressed by the lack of progress. We knew that an extended hiatus would introduce the possibility of income not covering the dividend, and put at risk the increase to 5.5p by year end which was a repeated promise until now. So yes that is a back-track. At least the NAV is moving ahead. Wide discount. Otherwise disappointing. On the whole this is a disappointment. I am disappointed.

[catch007] 25/5/2022 11:04

I don't believe their office disposals have been very smart taking haircuts on sales and impacting NAV. Hopefully they will deploy funds very shortly so that the portfolio reconstruction is complete.

[nickrl] 25/5/2022 09:39

Thing with EPIC is they called the retail pks as the place to be in before the bandwagon really started rolling but they've been prevaricating for some time now and can't see them finding anything of the value they achieved with Stirling. Of course the IM doesn't have be too bothered as they still earn a reduced fee on our cash sitting in the bank doing nothing. Dividend no longer covered although maybe one off costs from the office sales thats depressing it this half. Need someone to just buy them out now!

[frazboy] 25/5/2022 07:33

"Disposing of the offices and reinvesting the proceeds into retail warehousing has created a hiatus in the Company's income profile during the execution of this strategy. The Board believes that it is not prudent to consider increasing the dividend until the portfolio has been re-positioned. The Board will update shareholders further on both investing for the portfolio and the resultant net income position when it is able to do so." Dividend stuck at 5p for now… had we already been told that, I forget!?

[spectoacc] 25/5/2022 07:28

"The Investment Manager is well advanced with the reinvestment of the office sale proceeds and announcements on acquisitions will be made in the normal way as and when contracted." Better value than their own shares? Let's see - been a very long wait already, during which time the values of retail parks have only gone up.

[rik shaw] 25/5/2022 07:24

Half year results hTtps://uk.advfn.com/stock-market/london/ediston-property-investm-EPIC/share-news/Ediston-Property-Inv-Comp-PLC-Half-year-Results/88204035 NAV increase to 96.1p

[badtime] 23/5/2022 23:44

Nice bit of strength

[rambutan2] 18/5/2022 15:20

BLND finals out today, the best performing part of its portfolio was... Retail Parks delivered a valuation uplift of 20.7% driven by yield compression of 151bps reflecting a strong investment market and improving occupational market given their relative affordability and compatibility with online retail. This fully offset an ERV decline of 2.0% which was weighted towards the first half. ...In Retail Parks, we attract a broad tenant base and space is more affordable than alternative formats, thereby making them attractive for retailers facing increased margin pressures due to rising input prices and labour costs; supply is relatively tight, with retail parks accounting for around 10% of the total retail market and vacancy falling. We expect the value play opportunity in retail parks to continue and our ability to unlock value through asset management means we are well placed to make further acquisitions whilst retaining a strong focus on returns. Overall, we expect rents to be stable with some growth for smaller, well-located parks with further yield compression likely. ...Investment activity continues to be dominated by retail parks, which have seen volumes of £4.5bn in the period, compared to £1.7bn in the 12 months to March 2021. Confidence in the sector is strong, reflecting lower occupancy costs for retailers and the important role retail parks can play in online fulfilment. In particular, the market has focused on assets which are small-to-medium in lot size and offer secure, sustainable income streams. As a result, average market yields have moved in 200bps over the year to 5%. The investment market for shopping centres is slowly improving as investors begin to see value despite continuing weakness in the occupational market. £1.2bn transacted in the period compared to £430m last year and yields shifted out 25bps to 7.75%. After a challenging few years reflecting the structural shift to online and impact of Covid-19 there were signs of a pick up in activity in retail occupational markets. Activity has been skewed towards retail parks which are more affordable and where footfall and sales are near pre-pandemic levels, and in some cases ahead. However, as we move into a more inflationary environment, consumers will be more focused on value and occupiers will need to mitigate the impact of higher input costs. This will focus attention on the affordability of retail space which plays to the retail park proposition. https://investegate.co.uk/british-land-co-plc--blnd-/rns/final-results/202205180700108554L/

[rambutan2] 10/5/2022 15:12

nickrl, I assumed that was a reduction and checking today in the annual report (pg67), Capital was last reported as holding 7.559m/3.59%. Transaction date was 29/04, which ties in with the last Thames River top up. It is worth noting that as at 30/09/21 ie EPIC's y/e, TRY held 13.6m/6.44%. It is now at 35.335m/16.7%. A big vote of confidence imho.