Ediston Property Investm... Share Discussion Threads

[cwa1] 12/5/2020 11:50

Interesting HP, wonder why that crucial 289th store has not opened for B & Q :-)

[hugepants] 12/5/2020 11:09

According to the Kingfisher update today 288 out of 289 B&Q stores are open. B&Q are EPIC's biggest tenants at 9% of the portfolio.

[2wild] 11/5/2020 14:17

Picked up a few at 44.636p this afternoon. Nice 9% yield paid monthly.

[nickrl] 06/5/2020 16:27

Huge Mr Market never content though and this has been my worst performer despite having a better showing than others on rental income.

The board and inv mgr should be taking some of the pain though given they can't exactly be fully employed currently.

[hugepants] 06/5/2020 15:37

Decent update today. Dividend cut but still yielding over 8%. This outfit appear to be in a much stronger position than the likes of NRR.

[skyship] 27/4/2020 19:23

Ahh - DOH! Sorry, missed that guys. Yes 66.31 would not have been very clever...

[skyship] 27/4/2020 18:02

Maybe - we'll see. Sold RGL again today, so continue successfully scalping the sector - just AIRE being recalcitrant, but look at the huge volume there today following a Simon Thompson tip in IC Online.

[badtime] 27/4/2020 17:00

I'm a bigger fool then 63 would have been acceptable

[cwa1] 27/4/2020 16:20

I agree with CJ...being a fool to myself I'd have done 'em for 60...

[cousin jack] 27/4/2020 15:40

I think you’ve overpaid Sky !

[skyship] 27/4/2020 15:19

Back in for a few at 66.31p...

EDIT - meant 46.31p 😊

[spectoacc] 23/4/2020 15:38

Agree with all, I'm no fan of EPIC but not sure what holders were expecting to mark it down on that RNS. Divi is obviously going to be an issue going forwards - as it is for nearly all.

[jombaston] 23/4/2020 13:01

I can't see that there any surprises there especially after the recent update. The NAV is pretty meaningless in the current environment with material uncertainty and we knew the broad brush of the rent collection.

[irishmatt] 23/4/2020 12:51

I didn't think the update warranted such a sell off, thought the numbers were ok considering but what do I know

[nickrl] 23/4/2020 09:27

EPIC Q1 NAV update out today and very comprehensive






Updates on rent now at 72.2% with following commentary

monthly tenants payments will be monitored closely as the quarter progresses, with further updates provided in due course.

collected 100% of rent from its office tenants. But makes a more prophetic forecast

"Whilst the office market has been more resilient to date, the impact of an economic downturn on the office sector is likely to reduce tenant demand and thus rental growth prospects. An increase in supply due to vacated space is also anticipated"

NO rent from Bingo operators (3 units) and gym (2 units) tenants. This represents 7.4% of the portfolio's income.

not unexpected but still expects "to agree a repayment plan for any rent foregone during the pandemic" as owners have good covenants.

68.5% of rent from its retail warehouse tenants - doesn't say who hasn't paid just that 56% of units providing essential services.

NAV down 7.2% with warning that establishing true values will take some time

Divi maintained but warns if income deteriorates dividends will

Haddington devpt suspended

Got 13m in cash for operations and 10.7m of devpts as of yesterday so can't get more upto date than that.

[badtime] 08/4/2020 21:39

Nice one Sky

[spectoacc] 08/4/2020 20:34

Good work, well done :) None of us will be getting many dividends for a while, nothing wrong with some short term punts.

[skyship] 08/4/2020 18:23

Well, happily scalped my 10% just before the close @ 50.28p.

Now got to find another to play...

[nickrl] 07/4/2020 14:39

Sky they've had good credentials but anything retail centric is lumped in as though it was an INTU from what i can see. At the end of the day its rents are lower than shopping centres but suspect the national retailers will just demand a rent reduction across the board whilst they've got the upper hand so that won't necessarily help them.

It has been oversold but its not bounced back unlike SLI and a few others so certainly an opportunity but a little early as i fear that the market will snap back down if it becomes clear that lockdown is being extended without any clarity from govt on what the way back is. I also believe Raab will sit on the fence over this as they will want BJ to be waving the white flag.

[skyship] 07/4/2020 13:56

Well, that RNS read a whole lot better than I was expecting - so bought back in @ 44.9p, using the cash raised from my SREI sale. Only here as a trade so would be quite happy to scalp 10%.

That said, may be this has been way oversold. Would one be better running for a recovery to the 55p/60p level. If they re-base the divi from 5.75p down to 4.0p; they would still be a high yielder. Also bear in mind the historic dividend cover of 1.15x.

[nickrl] 07/4/2020 11:07

Reasonable update and there statement about assisting tenants where necessary is a positive in my opinion as the balance of power shifts towards tenants over this they will look favourable on landlords that assist them (hopefully).

The statement on capex isn't explicit but hopefully means they've deferred the construction of Haddington retail pk to keep cash in the business.

Can't see how dividends can be sustained for long at 1m/mth with outgoings of 6m pa and rental income at maybe 14-15m (normally 21m) but all credit to EPIC and at least with a monthly dividend they can offer this flexibility.

There good on loans til 2025 at c2.8% interest but covenants are at LTV of 50% so limited headroom as they are at 35% and being retail you can expect valuation to be bashed down indiscriminately. Also if (when) they breach 40% the loan rate goes up by 0.1% but manageable.

Also good to see no movements in holdings from major shareholders so far.

Still though despite me making the case here and EPIC providing positive RNS today they've been lumped into the broader retail camp and they get dragged down with any negative sentiment in this sector so will wait it out till C19 exit strategy clearer.

Note i bought at 83p 6mths ago

[spectoacc] 07/4/2020 10:32

They're certainly in a much better place than I'd expected. But I'm holding off from going back in when my view on Covid-19 likely scenarios is extremely negative. I don't see it fully over for 9-12 months, and when we exit the various lock-downs, I can't see crowds at retail parks being encouraged.

If I did think (like the market clearly does) that Covid-19 was now coming to an end (based partly on an erroneous reading of false weekend data btw - watch today's UK & US death figs), then I'd certainly be looking at EPIC down here.

[jombaston] 07/4/2020 10:28

I had suspected that the update wouldn't be all bad news but only had the confidence to add following the announcement, which is better than I could have hoped for. It looks like we won't have to wait long for the next update either.

Nothing can be ruled out in the current environment but I'm much less concerned about the survival of the company now. If we can get through the next few months, that points to the possibility an exceptional income stream next year.