Ediston Property Investm... Share Discussion Threads

[flagon] 23/11/2020 16:42

Retail bargain? Covid-19 underscores opportunity in unloved retail parks
23 November 2020

Ediston Property Investment Company's Calum Bruce considers the continued need for physical retail and the benefits of being out-of-town in terms of adhering to social distancing measures.

Link :

[spectoacc] 19/11/2020 10:15

Currently 63.3p to sell, 65.5p to buy (25k), but MMs been enjoying this spread for a while, including selling at 66p to the unwary.

[spectoacc] 18/11/2020 10:32

Comes down to value, yield, rent collection, vaccine possibilities - agree there's more to go, particularly if/when NAVs stop getting marked down and start climbing again, possibly within 12 months.

Easier to trade in/out when there's clear value, harder when they've all gone up :)

Divis being restored also a good sign - EPIC ahead of the pack in that.

[clausentum] 18/11/2020 10:16

It was so easy to decide to buy EPIC in October at 50, the only difficulty was which of the bargain REITs to choose. Now RGL, EPIC, SREI etc still seem to have further capital gain potential, but I am finding it psychologically hard to put further money into them because of the 30% rise I have missed. I currently have equal amounts in these 3 REITS, and a long term holding in SHED which is safe but with limited near term upside.

[owenski] 17/11/2020 19:50

Wasn't expecting to make such capital appreciation on this, bought it as an income stock. :-)

[spectoacc] 12/11/2020 11:55

XD today, but too small to bother the s/p, and all trades over 60p today.

[spectoacc] 09/11/2020 11:33

Sold a wee few at 59.4, couldn't resist the spike, but seems a good market.

[gary1966] 05/11/2020 15:36

As I said, nailed on now I have sold.:-)

[spectoacc] 05/11/2020 15:34

Good luck, going higher I reckon ;)

[gary1966] 05/11/2020 15:13

Well I have taken a chance and sold in the hope that they may retrace a little, as I would like to increase my holding, with the 2 and 14 day RSI running at nigh on 100 and 74 respectively and they have moved up from 46 to 56.5p since the 6th October. Usually get it completely wrong and so you should all be good for a continuation of this fine run up to 65p at least!!

GLA

[spectoacc] 05/11/2020 13:20

EPIC got a lot further to go I'm sure - particularly if/when they sail through this lockdown too. Any shops allowed to stay open in the Xmas season ought to do well.

Just needs the divi to be increased.

[nickrl] 05/11/2020 09:51

UKCM NAV update has there retail parks only down 0.2% on the qtr.

Beginning to feel this supertanker is close to turning around and we will see retail pks start to be treated differently from rest of retail.

[rambutan2] 04/11/2020 20:56

Noted in the SLI nav update today:

Retail warehouses are also expected to deliver sharply negative returns
but there are signs that the value and convenience end of that market may be
stabilising. While supermarkets are still expected to be the strongest retail
performer over the forecast period - and by some distance in the short term -
the performance outlook for retail warehouses beyond the next 12 months is
healthier.

[chucko1] 04/11/2020 18:36

I expect that risk to be moderate. 4 weeks rather than 3 months, although some will have reserves exhausted. Bring on March - all will become clearer then. Survivors will thrive, but we need a little more than that and that is a matter for government assistance.

[nickrl] 04/11/2020 18:00

EPIC reconfirmed monthly div remains at 0.3333p and that its forecast to be 139% covered at Q4 if remaining monthly payments are made although i guess there's modest risk of some loss from tenants on forced lockdown but still should be possible for special dividend here.

[flyer61] 02/11/2020 15:18

Interestingly SREI is down today. However very pleased with the price action here.

[chucko1] 02/11/2020 14:55

And in the meantime, can cover a 9% yield with associated huge discount to NAV on assets which have now successfully fought one war. I do not have enough, having only started buying below 50 and not aggressive enough to buy above that level.

Swapped my RLE for them and SREI, so no lament there.

[spectoacc] 02/11/2020 14:43

Much of EPIC's estate stayed open last lockdown, so assume it will again, only now the competition for Christmas presents has been shut down (tho supermarkets/Amazon surely going to do well).

Lockdown probably net neutral for EPIC - lose a handful of tenants, see some others strengthen. Might put new lettings on the back-burner tho.

[spectoacc] 30/10/2020 08:12

Down 1.3% on the qtr at CREI, I don't see a comparable figure for EPIC?

"Fair value independent valuation of the property portfolio at 30 September 2020 of £273 million, a like-for-like decrease of 2.9% compared to the valuation at 30 June 2020."

-4.7% with capital expenditure & gearing.

But doesn't appear to break out Retail Warehouse valuations. Forget how many offices EPIC has:



Retail warehouse

60.6


Office

26.8


Supermarket

9.6


Other commercial/ Leisure

1.9


Development

1.1



Seems unlikely the supermarkets have been down-valued by more than the retail parks, but the offices and "Other commercial/Leisure" could be.

Would concern me if share price 85, NAV down from 90p to 86p. But a long way from 86p to 52p.

[skyship] 29/10/2020 21:08

CREI Q3 NAV & Update states its R/W component down just 1.2%. Really don't understand the fall here at EPIC:

[rambutan2] 29/10/2020 20:44

Pretty encouraging I thought, and I like the retail warehouse sector story.

[spectoacc] 29/10/2020 16:13

Be good to see some director buying, been a dearth of it in most REITs - they can all talk a good game.

Do think they're right about Retail Warehouse tho - and look forward to them ditching CVA tenants soon.

[hugepants] 29/10/2020 16:08

They don't sound impressed by the current share price or the continuing write-down in the assets.

"However, the acceleration in the rate of change in real estate markets is creating opportunity and perhaps none more than in the retail warehouse sector where the resilience of income appears mispriced."

[skyship] 29/10/2020 09:31

Yes, agree with that; and certainly the mood music implies a rapid increase on that conservative 4p.

[spectoacc] 29/10/2020 08:57

Fair play - think I bought the ones you sold ;)

Not too fussed what the valuers do with the NAV, with it so far above s/p, & more interested in the income. I reckon EPIC unusual in being (like Last Mile) not too affected by further Covid restrictions.