Ediston Property Investm... Share Discussion Threads

[jinkypearson] 28/9/2020 08:48

Why not "look under the lid" of an RNS before making such flippant statements. This is one of the best deals EPIC have done.

[spectoacc] 28/9/2020 08:41

Know next to nothing about Haddington, but know plenty about the differing approach to the Rule of Law and property rights north of the border - something we're starting to see here too of course.

Add in the threat of independence (something the Shetlands would also like, taking much of the remaining oil) & corresponding threat to the economy, and I'd much rather not be invested in Scotland.

[gary1966] 28/9/2020 08:02

This is the bit I particularly like:

weighted average unexpired lease term of 14.4 years

All good, big tenants and as you say nice return.

[spectoacc] 28/9/2020 07:31

Briefly concerned about the development RNS'd this morning - until getting to the "..97% pre-let.." part :)

Would prefer not Scotland, but the return is strong.

[skyship] 24/9/2020 09:49

Includes a piece on EPIC - though nothing new:

[spectoacc] 16/9/2020 15:57

Shouldn't bother EPIC too much, almost all are open, most are paying.

[speedsgh] 16/9/2020 15:27

Government extends commercial evictions ban until the end of 2020 -

The government has extended its moratorium on commercial tenant evictions until the end of 2020 in a move that will likely further deepen divisions between retailers and landlords.

In a statement this afternoon, the government said it had extended its ban on landlords evicting commercial tenants behind on their rent payments until at least the end of the year, in a bid to protect jobs.

The secretary of state for housing Robert Jenrick said extending the ban until the end of the year would give struggling high street retailers and restaurant chains a chance to “focus on rebuilding their business over the autumn and Christmas period”.

Jenrick, however, said that “where businesses can pay their rent, they should do so” as the measure was only designed to support those “struggling the most during the pandemic”.

[gary1966] 10/9/2020 09:28

Thanks SpectoAcc. Have to assume that is what has caused a strong firming of the bid price on XD day and a poor day, so far, for the markets in general.

I understand that the company has to be prudent with cash currently but collections net of expenses are well ahead of the rebased dividend level. I wonder in these uncertain times if the company will consider a special dividend at year end once all information is known. Going down this route keeps their options open.

[spectoacc] 10/9/2020 09:10

Another retail park sale RNS'd this morning - UKCM the seller, M7 again the buyer. At a June NAV without a discount, & at c.£46m, a decent size.

Material uncertainty clauses are lifting, and if retail park transactions being done at even the written-down NAVs, bodes well for EPIC IMO. c.90p NAV at June valuation, perhaps more likely to tick down than up, but feels like we're now moving to ticks not chunks :)

[flyer61] 07/9/2020 17:58

Bought 7000 at a tad over 50p. In for a pound and all that....

[hugepants] 07/9/2020 16:16

spec well spotted

[saucepan] 07/9/2020 14:36

Float Date: 27 February 2020

[spectoacc] 07/9/2020 14:18

@HP - last NAV c.90p, your c.96p the previous one. But would be a fair point that RDI's sale, at 3% under NAV, was based on an earlier valuation than EPIC's 90p.

Lots available on EPIC: difficult to sell, easy to buy. My money's with the buyers.

Vacancy rate the only slight negative, had risen to 6% as of June.

[nickrl] 07/9/2020 14:04

Valuers go with the flow there like an 'upward only rent reviews' except its on valuations when times are good then when Humpty Dumpty came tumbling down they over react the other way indiscriminately slashing valuations to cover themselves.

I'd like to know how money is chucked at this every qtr by some propcos and what they get in return.

[jombaston] 07/9/2020 12:09

Valuations have been very uncertain and valuers very cautious. There is nothing like actual transactions at decent prices to guide prices and give valuers greater confidence

[skyship] 07/9/2020 11:08

Yes, it would seem as though the shopping public has more confidence being out in the retail parks; and that valuation for the RDI sale would seem to underwrite EPIC's NAV more than somewhat.

On a 44% NAV discount (Jun'20) and 7.95% yield there seems to be clear value here, so bought back in for a few this morning.

[hugepants] 07/9/2020 08:54

Yep that gives confidence in the EPIC NAV of 96.25p.
And retail parks continuing to trounce high streets and shopping centres

September 3, 2020


Overall footfall in August declined by 31 per cent year-on-year, an improvement on July when it dropped 39.4 per cent year-on-year, according to data from Springboard.
Retail park footfall boosted the overall August figures, declining by 11 per cent year-on-year compared to the 19.9 per cent decline in July. Footfall on UK high streets was 38 per cent lower in August than the same month last year, while shopping centres were down by 34 per cent.

[spectoacc] 07/9/2020 07:29

RDI sold their retail parks, announced today:

"The Disposal, which is a sale of the six associated special purpose vehicles, is anticipated to complete in mid-October 2020. The purchase price reflects a 3.0 per cent. discount to the last reported 29 February 2020 values and a topped-up net initial yield of 7.5 per cent. "

Within 3% of a largely pre-Covid NAV bodes well for EPIC IMO.

[hugepants] 03/9/2020 17:27

Clearly mispriced.

[skyship] 03/9/2020 16:36

nick - EPIC certainly looking attractive again at c50p; but being long SLI & SREI I'll hold off for the time-being to see whether they explore back into the 40s...

[nickrl] 03/9/2020 16:08

Monthly dividend update released confirming maintained reduced divi. Rent collection 90% for q3 covering 130% of payout and upto 140% when deferrals paid.

These continue have positive collection percentage for retail space but share price doesn't respond!

[ramellous] 29/8/2020 13:38

I noticed that AEWU divi was paid gross into my ii isa yesterday too so looks like they’ve changed this for the better..

[ramellous] 28/8/2020 23:03

Hope they’re doing this with all pid payments. Have had no messages about it