Ediston Property Investm... Share Discussion Threads

[catabrit] 08/9/2023 13:57

You only had to talk to those in the direct property market to know that this was the most probable outcome. The listed space always thinks the underlying assets are worth more than they really are. In some cases that’s right but in the majority of cases it’s not. Add on top the opportunity cost of holding stuff like this vs others and it’s usually not worth it.

[williamcooper104] 08/9/2023 13:56

Yep; I've off loaded a bit and left a limit order for the rest Agree; there's no lack of opportunity; so best put to work in the next reit whose board is going to sell out below NAV :)

[boystown] 08/9/2023 13:55

Same here. I had what I thought was a v.a pessimistic valuation of 73p. Anyway, I'm out and have pumped the lot into EBOX

[belgraviaboy] 08/9/2023 13:35

That is a very poor outcome

[stemis] 08/9/2023 13:28

Yes, disappointing outcome. I've sold 69.6p. Not worth waiting nearly 4 months for an extra 3.4%, less costs of winding it up, plus a bit of interest.

[cwa1] 08/9/2023 13:17

Well that's not the figure I was hoping to hear. Disappointing :-(

[nickrl] 08/9/2023 13:10

Selling out at 72p another board ripping off shareholders for their own benefit. They have just left Callum to get on with it this has been an utter fiasco from the BoD. Ill vote it down if i can be bothered to hang on long enough.

[flyer61] 02/9/2023 16:57

Arbor has done very well for me on a total return basis. They were the victim of an anonymous short seller earlier this year. Brad Thomas, who is a fan, contacted management and then wrote a piece refuting everything the short seller had said. I Bought on that basis and the climb back has been very good.

[ramellous] 02/9/2023 16:26

In the US I reinvest quarterly divis in ARB, Arbor realty trust. A mortgage reit. They were crushed in the financial crash but have steadily pulled back over that time and are above pre pandemic levels. They seem to increase divis nearly every quarter and yield 10.5%

[williamcooper104] 02/9/2023 13:13

IBKR will let you buy ETFs without KIDs if you are treated as either a professional investor or elective professional investor You lose some UK consumer rights protections if you are treated as a professional investor - mainly that you can't get a guaranteed stop/limit losses on CFDs to what's in your account Against that you pay about £25 in fx fees per $1m traded - against about £10-15k with a UK broker - it's not that hard to do $1m over several years in an average sized SIPP

[williamcooper104] 02/9/2023 13:07

The falling rates/credit loss recession environment will of course be good for defensive/bond proxy net lease REITs So I also see BDCs as hopefully a bit of a hedge to some of my other holdings - has worked well so far; but of course no guarantee that will work in future

[williamcooper104] 02/9/2023 13:05

I still own ARCC as they've great management - but at 41 percent fist pay loans their portfolio is riskier - against that they've always had riskier assets and have managed them well HTGC doing mostly venture lending is right up the risk curve; but check out their historic returns and credit losses - all very good I will hold both throughout the cycle (I also own bonds issued by both at c7.5-8 YTM) But equally prepared that in a vicious market the special divis will go and the share price could talk 50 percent

[williamcooper104] 02/9/2023 13:02

I've invested in BDCs since the credit crunch You're right that they will suffer in a recession Right now is the best possible macro environment of high floating rates and low credit losses In a recession that'll flip to credit losses and falling rates Most of them have only raised their core divi a little and our paying out large specials, which should limit the sell off when rates fall BXSL (almost no non-accual and almost all fist pay loans) and OCSL (they've floating rate debt) should be better positioned for a recession

[chrysalis99] 02/9/2023 10:35

I also considered a BDC as the income is so high that even after tax the return is attractive. But if there is a recession approaching in the US then clearly now is not the time.

[chrysalis99] 02/9/2023 10:32

Appreciate the ideas, thanks all. There seems to be some good knowledge of the US market on this board. I have some US dollars to invest in a brokerage account that won't let me buy ETFs (because the broker needs a KID to allow retail investors to invest... or there's a horrendous paper trail to prove you are a sophisticated investor). I'm looking for a low volatility $ denominated investment, preferably that doesn't pay much return as income as the funds are outside of a wrapper. Buy and forget. I considered Berkshire Hathaway but I'm looking for something closer to an investment account which doesn't attract income tax. If such a thing exists! Thoughts appreciated.

[williamcooper104] 02/9/2023 07:01

I hold a bit of SRC too - would not be surprised if O took it out I did hold ADC too but got out when their valuation got too rich - it's another monthly divi too - their pref yields > 6, is reasonably liquid and have owned on and off (credit risk is v low so good if you want to bulk up on duration) HR is worth a look too - medical office buildings at > 7 yield

[williamcooper104] 02/9/2023 06:58

Os management track record is unarguable They've just out almost a $1bn into to BREIT (Blackstones retail open ended reit) in an equity and loan deal - details not fully disclosed but don't doubt who is getting shafted I hold both WPC and O - more WPC than O but I've just taken a bigger position in O

[williamcooper104] 02/9/2023 06:55

O has fallen about the same as rest on higher rates There's long been concerns that it's too big to find accretive acquisitions, and yet to date its managed to do so It also off loaded all its office exposure WPCs assets performed better through covid than Os; and I broadly prefer them to Os It gets criticised for having 16 percent office exposure; but about half of that is long leased properties to European government/agencies

[flyer61] 01/9/2023 17:22

marktime1231

I hold WPC and am thinking of topping up.

Another one you might like to look at is Spirit REIT (SRC) if sustainable yield is what you are after. Something a bit more racy with a lot of moving parts is Starwood (STWD), again hold.

All held within a SIPP.

[marktime1231] 01/9/2023 16:54

Took your advice, reading a little more about US triple-net REITs what I can see from Seeking Alpha. A scathing analysis last December of Realty Income saying its business expansion model was broken, partly I understand because of the higher cost of debt, but it hasn't stopped them scooping up bargains. That was back when the share price was $65 and it has since dropped $10. It would need to fall below $50 for the yield to tempt me. Whereas a warmer view of WPC higher yield, the share price has declined $15 to $65 and would be tempting at $60. Is it a good things WPC has more geographic and sector diversity or is O right to focus on retail?

Confirmed my first impression either or both would be good places to reinvest EPIC proceeds, in a SIPP, along with AIRE which is already investible at 60p.

Now come on Investec let's have a deal and a timetable so we can plan.

[williamcooper104] 01/9/2023 13:09

Yep - I find quarterly fine - the twice a year with a small and then a large divi is annoying; not least because it distorts the share price with a huge divi accrual Worth remembering that on a high monthly yield there's a notable pick up on the annual effective yield - can be 20-30bps

[williamcooper104] 01/9/2023 13:07

For some reason most Canadian REITs are monthly pay; there's a few in America - not least, Reality Income (O)

[cwa1] 01/9/2023 12:05

Certainly going to miss this one(I assume!!)...

Declaration of Interim Dividend



The Company declares its interim dividend (property income distribution) payment in respect of the period from 1 to 31 August 2023 of 0.4167 pence per share, as timetabled below:



Ex-Dividend Date:

14 September 2023

Record Date:

15 September 2023

Pay Date:

29 September 2023



This monthly dividend of 0.4167 pence per share equates to an annualised dividend level of 5.00 pence per share and is unchanged from the previous dividend declared on 30 June 2023

[riverman77] 01/9/2023 12:03

Would probably look to buy SUPR on a roughly 8% yield - it's fallen a lot this year but its cashflows are very resilient (I'd say recession resistant) so could do well in a downturn if rates fall back. I think it pays quarterly dividend - not sure why I'd especially need a monthly dividend, every 3 months fine for me. Very annoying that SUPR been rising in last couple of weeks, while this thing taking an eternity to play out. Tempted to just sell now as probably no more than 10% upside here, and possible larger downside if it doesn't go through for any reason.