Ediston Property Investm... Share Discussion Threads

[marktime1231] 11/2/2022 11:30

You have all summed that up rather nicely. How come a £36M disposal leaves them with only £30M in cash, does not compute. The only thing I would add is that an apology would have been nice for delaying publication for a couple of weeks, causing all sorts of speculation, for no reason. The awaited step up in dividend is looking further away.

[alan pt] 11/2/2022 10:24

Definitely disappointing (possibly lack of SE England exposure?) though partly because expectations had been raised by other results, nothing wrong with 4.4%/qtr!

[riverman77] 11/2/2022 09:42

Yes rather underwhelming and not sure it deserves its higher rating relative to the likes of BREI which reported much stronger NAV growth.

I agree about the value in SREI although this has a slightly higher office exposure than I would like (32% on latest factsheet, albeit this should have come down a little following today's news of an office sale).

[nickrl] 11/2/2022 09:26

After all that build up turned out to be damp squib which doesn't chime with what others have reported. Also its going to be a waiting game on reinvestment by the looks of it they are not in a rush

"The Investment Manager remains focused on the redeployment of capital into retail warehouses and is pursuing several opportunities. It is targeting the completion of the reinvestment programme over the next four months"

and they do need to pick wisely but there is a danger here that they won't make back the office income on purchases with RW market heating up albeit that may have been on a declining trajectory.

Already overweight in REITs so maybe time to recycle out of here or will Q1 NAV be more reflective of RW market and interesting that they say that will be published in a little over two months in April 22 so wonder why this qtr was late coming out.

[skyship] 11/2/2022 08:54

Rather bizarre valuation increase for RWs - up "only" 4.4%. Everybody else reporting far greater increases.

I'd already banked most of the great gains here; but sold my last 3% allocation this morning.

Continue to hold AIRE & HCFT for the yields; and BREI & SREI for great discounts.

BREI in particular a standout value play IMO.

[spoole5] 11/2/2022 08:23

Disappointing NAV update. Should get a rerating when it becomes a pure warehouse play though, similar focused REITs on premiums and yield much less.

[skinny] 11/2/2022 07:43

If you are on the app :-

[cwa1] 11/2/2022 07:39

Yes, it's in the header here under news tournesol

[waterloo01] 11/2/2022 07:30

it's above

[tournesol] 11/2/2022 07:23

Where are you getting the RNS. It's not on investegate and it's not on the stock exchange's system either.

[spectoacc] 11/2/2022 07:17

Why I'm not a holder:

"Quarter Summary

-- Fair value independent valuation of the property portfolio at 31 December 2021 of GBP249.85 million, a like-for-like increase of 2.03% compared to the valuation at 30 September 2021.

-- The uplift was reduced by the sale of the office assets below the 30 September valuation and by a fall in the value of the remaining office asset.

-- Retail warehouse values continued to improve with a 4.4% like-for-like increase in the quarter."


No news on sale of final large office, and a touch embarrassing that SREI releases this the same day:

"Schroder Real Estate Investment Trust, the actively managed UK-focused REIT, announces that it has exchanged unconditional contracts to sell The Arc, a 44,602 sq ft office in Nottingham. The disposal price represents a 39% premium to the 31 December 2021 independent valuation"


But little doubt EPIC are doing the right thing offloading offices - big question (still) is what they put the cash into. Or rather, how much they pay for new retails parks.

[spectoacc] 10/2/2022 15:04

Completely agree. Would hope EPIC might do another Haddington-style development with the cash instead of over-pay for Retail Warehouse, but time will tell.

[catch007] 10/2/2022 15:02

Watched AEWU REIT presentation yesterday on Investor Meet. They stated several times how well their Retail Warehouse assets were doing and described the sector as 'very hot' and that competition is this space is fierce. Harder and harder to find value purchases. This should augur well for EPIC's existing holding however new acquisitions may come at a lower yield.

[skinny] 10/2/2022 13:09

Thanks - Interesting that it doesn't show on

[alan pt] 10/2/2022 13:07

Skinny, oops, I misread, sorry!

It's here:

[spectoacc] 10/2/2022 12:54

Just to add to the confusion, this is the calendar. They're in danger of getting a bit near to the AGM:


Anticipated Financial Calendar 2022


January 2022

Announcement of net asset value as at 31 December 2021

February 2022

Annual General Meeting (AGM)

April 2022

Announcement of net asset value as at 31 March 2022

May 2022

Publication of Half Yearly Report for the six months to 31 March 2022


etc.

[marktime1231] 10/2/2022 12:50

Yes a strange delay, as you suggest maybe wanting to announce its reinvestment plan at the same time. The only other reason I can think of is that they have a takeout offer in the boardroom, a large REIT has spotted the temporary cash position and the strong underlying prospects and shoved all-in, studying the books in-camera.

[skinny] 10/2/2022 12:48

Alan - I'm referring to 2021 - I can't find the net asset value that was supposedly declared 'later this month (January 2021)'.

[alan pt] 10/2/2022 12:42

Skinny - yup, that's what we are all waiting for. Financial calendar states "January"

[skinny] 10/2/2022 12:13

You've got me scratching my head now - from the from January 2021 :-


"The Company will publish its net asset value as at 31 December 2020 later this month and expects to provide a full trading update at that time."

But I can find no such declaration?

[nickrl] 10/2/2022 12:07

They can put out an RNS whenever they want about that but guess if they are close to having a significant announcement good to tie it up with NAV.

[spectoacc] 10/2/2022 12:02

No, but they all like to announce what they've done since.

[clausentum] 10/2/2022 12:01

If we are waiting for the NAV for the end of December it should not be affected by any transactions after that date.

[spectoacc] 10/2/2022 11:59

Wonder if they're trying to get an acqn over the line with the 3x office sale proceeds. And/or the final office sale signed off, which they seem to be struggling with.

Surely what EPIC already hold is going to be nicely up in value - is the first paragraph why I'm no longer a holder.