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Share Name Share Symbol Market Type Share ISIN Share Description
Ediston Property Investment Company LSE:EPIC London Ordinary Share GB00BNGMZB68 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 102.00p 100.00p 102.50p - - - 6,900 09:56:55
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 12.2 8.2 6.3 16.1 214.54

Ediston Property Investment Share Discussion Threads

Showing 126 to 150 of 150 messages
Chat Pages: 6  5  4  3  2  1
interesting comment today in Custodian RNS: We believe well located retail warehouse properties which either do not compete with on-line retailing or are complementary, through offering easy click and collect services, will remain in demand despite the current restructuring of the retail market.
NAV per share at 30 September 2018 of 115.30 pence (30 June 2018: 114.19 pence), an increase of 1.0%.
Last Qtly NAV statement: NAV per share at 30 June 2018 of 114.19 pence (31 March 2018: 112.48 pence), an increase of 1.52%. The 30th September stat could well be next week. 115p+?
IT Insider article on EPIC: ...and an earlier one:
Back in here at average 109.5p after the welcome pullback provided the opportunity. As I posted on the CP+ thread, totally bizarre that CREI trades at a 12% premium and continues to issue stock at that level "to meet investor demand". Yet EPIC, a far better managed concern IMO, trade at a 4% discount; in spite of very similar LTVs and yields! So often no accounting for fund manager actions...
Thanks guys, dropped them a line, but yeah, waiting for a cheque is an excuse I’ve had trotted out from various brokers too...
HL paid on the day.
I find AJ Bell poor in terms of getting divis paid on the due date. Typically I get an excuse such as 'we are waiting for the cheque to clear'
Anyone else still waiting on their May divvy? Still nothing in AJBell, so given them a little 'nudge'.
Bit of a weird spread currently
NAV rises 1.3% in Q1'18: "The unaudited NAV of the Company at 31 March 2018 was GBP236.59 million, or 112.48 pence per share, an increase of 1.32% on the Company's NAV per share as at 31 December 2017." bb - what an excellently timed purchase. Well done you... It was certainly a very poorly executed sale going through then; and with hindsight should have used that opportunity for a top-up.
I was concerned there may be something company specific. Yields rising and sector weakness have been present for some time and the shares had still held up. Anyway - having been on my watchlist, I finally picked some up just below 104p. Seemed a decent entry point
Sector weakness..
You mean because of the Bank declaration on a likely rise in interest rates in May?
I assume on yield grounds. Even with 5.75p the yield at 110p was "only" 5.22%. At 105p that has increased to 5.48%; whilst the NAV discount has widened out to 5.5%. Annoying to effectively lose a year's income in 2days; but EPIC will remain a core portfolio holding, especially as that NAV is likely to see a good increase in 2018.
Any reason this has fallen out of bed today?
NAV per share at 31 December 2017 of 111.02 pence (30 September 2017: 111.32 pence), a modest decrease of 0.27%, after taking into account capital expenditure and costs of the Acquisition. The unaudited NAV of the Company at 31 December 2017 was GBP233.52 million, or 111.02 pence per share, a decrease of 0.27% on the Company's NAV per share as at 30 September 2017. Property valuations increased by 0.76 pence per share supported by capital expenditure of 0.25 pence per share. The principal movement was the incurring of a one-off transaction cost of 1.14 pence per share relating to the acquisition of a GBP144 million property portfolio, a capital raise of GBP88.7 million and a new debt facility of GBP54.2 million.
Sky Respect what you say about Mucklow and very much thank you for the 2018 JDT thread I have followed Mucklow for many years (occasionally have been a shareholder (not currently or for some time) and I also have direct commercial property interests) and would like to make two points: 1)They are family owned and run. Their objective is to benefit the family through growth in asset value and dividends. This compares to the recently established REITs where a major (main?) objective is to increase AUM so that their investment management fee income is maximised 2)as stated in their 2012 interim statement “50th Anniversary In April 2012, A & J Mucklow Group will be celebrating 50 years as a listed company. Its principal objective has always been to deliver steady, long-term income and capital growth for its shareholders. The Group's financial performance has been exemplary since it was floated on the London Stock Exchange in 1962. The ordinary dividend has increased in 45 out of the last 50 years and never been cut. An investment of £1,000 in Mucklow shares in 1962 would today be worth around £1.6m, assuming dividends were reinvested. The total shareholder return has averaged over 16% per annum for the last 50 years‡” My understanding and belief is that their asset valuations are conservative (is that always the case with REITs?). I have a little knowledge of the Birmingham property market but no specific knowledge of the Bull Ring Trading Estate I have not studied their last annual report but two possibilities come to mind regarding the very large excess to book value of the Bull Ring Trading Estate sale 1) properties are valued based on their existing use or 2) given its size and location its value is as a development property. By their nature development properties are more difficult to value than most other properties and the valuers took a conservative (over conservative?) view. Possibly a special purchaser (eg a developer who owned adjoining property) was prepared to pay a premium price? Perhaps someone more familiar with Birmingham would like to comment?
Ho Jombaston Yes, I have MKLW in the Header on the Commercial Property thread - (CP+) - see link: Not one I really like as I won't buy propcos at an NAV premium. At 30th June valuation the premium is just over 8%; though that could well come down to 3-4% with the Interims in February. Aided by that bizarre sale of the Birmingham Trading Estate for £13m v. £5.4m valuation! How could they have the value so wrong in their books! Also the yield @ 4.3% is hardly generous these days; and their gearing is over-cautious...
Thanks for the link, Skyship. CREI is a well-run company with one of the highest covered yields in the sector, with room to edge the divi up over time. RSC also talks a lot of sense. If it were at NAV it would be a 6.1% yield which would be too high especially now that they have executed well over the last 3 years. Clearly, EPIC is more of a bargain probably more due to current overhang of stock rather than anything else. I don't have any insight as to how long that will last. I have taken a small position to encourage further research. Certainly, analysts are increasingly suggesting retail warehousing is the place to be. In case you missed it, this is what Deutsche Bank are saying. P.S. if you are interested in quality players in Midlands property, you should look at MKLW. Their track record is exemplary. Div might be slightly lower than some of the others discussed but look at the cover, low debt and progression over a very long period. I own shares in all the above so please DYOR.
At the current shareprice of 110p, the yield is 5.2% based upon the new annual dividend of 5.75p.
CREI isn't my favourite in the new "Income" sector due to its NAV premium. Personally I prefer EPIC, RGL & RLE; but whichever, this interview explains exactly why I believe the sector to be safe for income and growth:
16:46 Thank you for your responses. Coincidentally, this attached report from Colliers has appeared hot of the press. I would definitely recommend reading it if you are invested in this stock. From my calculations, the recently increased dividend does seem sustainable. Thanks in part to rent guarantees, it seems that the new portfolio should produce a gross yield similar to the pre-existing portfolio. If they can achieve economies of scale in admin costs and some rent increases then there could be room for future dividend increases. I have been looking to buy pure Warehouse/logistics REITs but the premiums all seem to be in double-digits so I am considering this as an income play. I have been invested previously so I am comfortable with the management. Importantly, the prospectus says they will only issue at NAV plus so this provides some comfort given that it is now close to NAV. I'm still interested in any cheap Warehouse REITs if you have any ideas(with a track record - before you suggest WHR!)
The EPIC management is Industry recognised as one of the best in the sector; so more than happy to delegate my cash to their ambitions. In the same space I also like RGL where the yield is an even more impressive 7.7% on the Edison f/c of 7.85p for this year just ending. (Divi qtly - 3x1.8p thus far...)
Chat Pages: 6  5  4  3  2  1
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