Ediston Property Investm... Share Discussion Threads

[spectoacc] 23/4/2021 07:23

The important bits for me:



"The development of Haddington Retail Park continues on time and budget and is expected to complete during June 2021. It is 97% pre-let to Aldi, Home Bargains, Food Warehouse, Costa Coffee and Euro Garages, with one unit of 1,500 sq. ft. available to let. Once completed and fully occupied, the retail park will provide the Company with new contracted rental income of £875,000 per annum.

The Investment Manager is reporting improving occupational demand from the Company's retail warehouse and office tenants and is currently in discussions with tenants on new lettings and lease regears. These will be reported on more fully in due course."

[rambutan2] 22/4/2021 20:54

Would appear to be a steady seller.

[brwo349] 22/4/2021 11:15

bought another 5K at 69.1p

[flyer61] 19/4/2021 13:50

Yes very much looking forward to the NAV update!

[rambutan2] 19/4/2021 13:28

Also got a write up in Masterinvestor over the weekend:


The commercial property trust with a 7% yield and a 19% discount

By Nick Sudbury 13 April 2021

"...Investec has recently upgraded EPIC to a buy rating as it offers the potential for an attractive sustainable income stream that may be accompanied by some capital growth if the economy improves. They say that having a high proportion of essential tenants, a defensive convenience-led bias and affordable rents, leaves the company well-positioned.

EPIC will publish its 31 March NAV later this month and will provide a full trading update at the same time. The shares pay an attractive monthly income of seven percent and offer considerable value if you think the worst of the pandemic is behind us."

[8w] 19/4/2021 09:26

Two notable articles in the FT over the weekend...

1 The rise and rise of retail parks

2 The rise and rise of Birmingham as a place to do business... chosen by Goldman Sachs and others. EPIC largest office investment is in Brum.

[flyer61] 16/4/2021 12:47

That must be a buy as I bought another 10k at 70.55 this morning.

[panshanger1] 16/4/2021 11:43

590 000 @ 71 gone through too I notice

[brwo349] 16/4/2021 10:18

I've been watching this for a while and bought this morning at 70.4p. I just found out today the dividend has been raised 25%. It's strange the price has not risen and I honestly don't think the seller has realised this. It was a low key announcement hidden away in a monthly dividend declaration.

[flyer61] 12/4/2021 15:16

AIRE - I've moved the market :-)

[flyer61] 12/4/2021 09:34

Thanks Skyship.

Have topped up AIRE this morning. Expecting 4.5 - 5p dividend and believe they should achieve their annual aim of 5.5p. Giving 8 plus percent on present purchases.

Main worry IMHO is insolvency of tenants.

[spectoacc] 12/4/2021 08:52

HMSO in talks to sell £350m of retail parks, seemingly one of the few things they hold that are in demand (Sunday Times).

[nickrl] 10/4/2021 22:55

They've got a more upto date construction picture here and all looks good

[...]

they just need to recycle the Tesco sale funds into another couple.

[playful] 10/4/2021 12:08

Not too long before this site is up and running...

[skyship] 10/4/2021 09:48

Flyer - well, I try to track everything from my spreadsheet portfolio of 18 REITs, most of the charts of which are on the CP+ thread.

The one I believe to be best VALUE from an increasing dividend point of view is AIRE.

At 63.5p they stand at a 25% discount to the Dec'20 NAV of 84.68p. They are targeting a return to a 5.5p dividend by Sept'22; delivering a prospective yield of 8.66%.

The other interesting aspect is the 15% stake by Glenstone; acquired by public tender in November last year. Also the appointment in May'20 of the major player M7 as manager. Why? - this for a mini-REIT with a portfolio of just £108m.

The result is the distinct possibility of some sort of corporate activity in the year ahead.

So all-in-all AIRE again looks value after a recent retrace from as high as 71p.

[flyer61] 09/4/2021 21:57

Bought more today. Hugely impressed.

Now which other REITs are set up for a decent divi raise...

[hugepants] 09/4/2021 16:20

Impressive in that they've sold their biggest property (a whopping 9% of the portfolio) but still increased the monthly divi by 25%.

[nickrl] 08/4/2021 08:38

Been on the cards for a few months now and great to see them honouring the commitment to improve it. Hopefully we will also see valuers recognising that retail parks have a long term future at at least stabilising NAV.

[spectoacc] 08/4/2021 07:08

Not before time but def yippee - reads v well:


"Dividend rate increase of 25% from May 2021

The Company will increase its dividend by 25%, to 5.00 pence per share annualised, from 4.00 pence annualised. The first payment at the increased rate will be made in May 2021, for the month of April.

The Board believes that the new dividend level will be well-covered and sustainable, based on net income projections, subject to there being no dramatic deterioration in the trading conditions, as was the case a year ago.

The 25% dividend increase takes into account the improving outlook for income and rent collection and is not to the detriment of the Company's current projected investment and asset management activities. Should the improving outlook continue, there could be further dividend progression in due course.

The projected annualised yield based on the closing share price of 69.20 pence as at 7 April 2021 would be 7.2%.

The Company will publish its 31 March 2021 net asset value later this month and will provide a full trading update at that time."

[playful] 08/4/2021 07:03

Dividend rate increase of 25% from May 2021

Yippee!

[nickrl] 16/3/2021 22:05

EC been surprised we've seen no merger of equals through the last 12mths to bring economies of scale given the challenges in the sector.

I recollect PCA have tried to take out CDFF but they weren't interested.

[ec2] 16/3/2021 16:30

I would prefer to see a merger with another small REIT. On a market cap of just GBP144m EPIC is hardly big enough to be economically viable. SREI market cap GBP200m would for example be a good match. Similar type of portfolio and investment style and also on big discount. Chairman of EPIC understands the SREI portfolio well from his days at Schroders where he was Head of Real Estate having responsibility for SREI. Many benefits of merging in terms of economies of scale, greater diversification, increased liquidity and marketability in the shares. I could go on and on about the many benefits all of which would further improve performance and lead to a narrowing of discounts.

[spectoacc] 16/3/2021 14:24

Nice to see a few buyers today, EPIC been stuck in this range for a while, a break up is overdue IMO.

[spectoacc] 04/3/2021 15:28

Not convinced MKS as the anchor to the rest of the park is so good, but better than MKS High St.

There'll be some rent recovery remember - some Sports Directs etc, who are going to have to pay up eventually. CAshley unlikely to want to walk away from retail park sites, and hopefully EPIC have enough to refuse him any easy switches.

Am certain they must have a use for the funds already, recycling the capital at a higher yield. Will be the c.5% stamp duty to absorb first, but don't doubt our divi will be higher a year from now. Today's move helps rather than hinders that.

[nickrl] 04/3/2021 13:16

Divi RNS announced with rental update

At the date of this announcement, rent collection is in line with previous forecasts. If the tenants who pay their rent monthly continue to do so, it is projected that the Company will collect 92% of the rent due for quarter 1. On this basis, the current dividend level would be 123% covered by rent collected (less expenses) for quarter 1.

On SUPR RNS they say its been bought on a yield of 5.3% so thats c1.4m rent forgone so until recovered the divi is unlikely to increase now.