Ediston Property Investm... Share Discussion Threads

[spectoacc] 12/12/2019 08:28

Out of the last on small XD day, gl holders.

[skyship] 07/12/2019 11:50

Citywire pen an encouraging article on EPIC:

[davvero] 07/12/2019 11:48

@eeza...Oh, yes... got it now... thnaks

[davvero] 07/12/2019 11:43

@skyship... wow, great crystal clear explanation.... thank you. Good luck

[skyship] 07/12/2019 11:13

devvero - You should be able to buy @ 87.4p, ie a gross 87.88p inc SD & Comm.

£1000 would therefore buy you 1137 shares.

The declared monthly dividend of O.4792p would therefore deliver £5.45.

Taking the total of 5.75p/year, the total divi would be £65.38pa

I expect that 5.75p to be increased to 6.0p/year, so £68.22pa

[eeza] 07/12/2019 11:03

0.4792p * 1000 = £ 47.92.

[davvero] 07/12/2019 10:53

For example if I invest £1000 now, before the next ex-div of 12 DEC date, how much would I get in divi, please?

[skyship] 06/12/2019 15:55

Jombaston - as I posted in 124 above:

"Still expecting an increase in the annual divi from 5.75p to 6.00p. There would still be minimally 111% cover v. current 116%."

[jombaston] 06/12/2019 14:48

We can all have our own view about the outlook for retail warehouses but I am comforted by the numbers which suggest this is a well-run REIT. Op & admin costs are running at 17.3% which is pretty good for a REIT of this size.

The div is 116% covered by EPRA eps (6.66p v 5.75p) which makes me wonder why the payout hasn't been lifted. The divs paid were £12.147m v a profit of £14.069m (before valuation changes) which is only 86%. I thought REITS were supposed to payout 90% min. of income. I am sure there must be a technical reason but at least the div is secure and could even go up if developments go to plan (and for the less optimistic - there is a buffer if vacancies rise).

[nickrl] 06/12/2019 12:34

Interesting they got a hefty uplift out of Next who lay claim to be experts at screwing down there rental costs or not renewing leases so may give some support to the boards view. However, at best they are holding current rental values and given they don't promote reversionary ERV like other REITs this reinforces my view. That said i got in at the recent low point for the yield and whilst i don't expect much divi growth i don't like the IM making money out of just having a slug of cash in the bank accruing interest burden when it could be in my account!

Also surprised that they didn't mention that the petrol station part of the Haddington development has been approved albeit the local council still not decided over the Retail Pk after nearly 6mths.

hxxps://www.eastlothiancourier.com/news/18023837.plans-petrol-station-gateside-approved/

[spectoacc] 06/12/2019 08:27

"The Board believes the Company is on the right side of the retail change "

The evidence says not.

The right side is last-mile and distribution.

I still like EPIC at this discount tho, but some discount clearly warranted.

[nickrl] 13/11/2019 11:06

LAND very negative on retail parks in there interim results yesterday writing down there portfolio by 11.1% and reporting rents dropping 2%. Hopefully wont have negative read across here

[spectoacc] 30/10/2019 09:49

Yes - they seemed pretty confident on Haddington back in May:

"In addition, good progress has been made at Gateside, Haddington where a planning application has been submitted for a four-unit retail scheme, 'drive-thru' restaurant and a petrol filling station. The majority of the accommodation is under offer and the expectation is the development will start in the autumn for completion in summer 2020"

Needs that timescale not to slip. Feel happier about things that are developed/built/let now, at current market rates, than historic/legacy stuff where CVAs, vacancies, and falling rents (eg Next 30-40% falls at renewal) are the norm.

EPIC seem well-run but there's no denying they went into retail parks far too soon, and that has been the undoing of the share price. Good for those of us buying in low, but feel for widows & orphans in higher.

[nickrl] 30/10/2019 09:38

SpectoAcc reading other REIT NAV and HY updates most are positive that there Retail Parks assets are showing resilience but all report some NAV slippage each quarter so we will see where they are at Dec FY results. Hopefully by then we will know if Haddington development has got planning otherwise i cant see they have much else to forecast any improvement in the dividend.

[spectoacc] 30/10/2019 08:34

Hesitate to say they've bottomed - very much doubt the NAV has - but reasonably happy holder here. Lots in the price, seem to be asset-managing well.

[cwa1] 30/10/2019 07:02

Announcement of Interim Dividend

Ediston Property Investment Company plc (the "Company") (LSE: EPIC) has today declared its interim dividend (property income distribution) payment in respect of the period from 1 October 2019 to 31 October 2019 of 0.4792 pence per share as timetabled below:

Ex-Dividend Date: 07 November 2019
Record Date: 08 November 2019
Pay Date: 29 November 2019
This monthly dividend of 0.4792 pence per share equates to an annualised dividend level of 5.75 pence per share.

It is anticipated that the Company will pay a further monthly dividend of 0.4792 pence per share in December 2019 (for the month to 30 November 2019).

[nickrl] 22/10/2019 11:32

I see Stadium has unloaded just under 2.5% on todays RNS



not sure they've gone through the market though looking at recent volumes so presumably an off trade deal with another major holder?

[nickrl] 17/10/2019 10:44

SpectoAcc i too plunged in at c84p partly because i was wrong footed by sudden turnaround at NRR/HMSO but mainly because i like the divi being well covered here compared to majority of other reits. This is never going to fly, unless someone bids for it, but its keeping itself just ahead for a reasonable divi. Good to see they are pushing for more food pods they are clearly very lucrative looking at the £/sq ft achieved at Wrexham.

I thought they may have dipped there toes into some of the other assets being punted around but looks like they are holding out for the new build at Haddington.

[spectoacc] 17/10/2019 08:02

Losing 2p/qtr in NAV, hoping I've not bought too soon ;)

[skyship] 17/10/2019 08:01

NAV falls to 108.72p due to fall in Retail Warehouse valuations.

Income from the sector continues to rise however:

William Hill, Chairman, commented:

"Another busy quarter of asset management activity proving conclusively that retail is changing, not dying. The Company's contracted retail warehouse income is higher than 12 months ago and in a good position to rise further if the signed agreements for lease can be successfully converted into lettings."

Still expecting an increase in the annual divi from 5.75p to 6.00p. There would still be minimally 111% cover v. current 116%.

[spectoacc] 01/10/2019 09:30

29.8k dumped at 82.44p earlier I see - not a particularly nice price from the MMs.

[nickrl] 30/9/2019 10:48

See Hammerson have offloaded Abbotsinch Retail Park at Paisley at 7.8% yield for 67m which they say is 3% below book value. This is a top location for Sth Glasgow so would be on a bit of premium to EPIC sites so feels a positive read throughon what to expect on this qtrs NAV update in a few weeks.

[dendria] 27/9/2019 09:47

I did a minor top-up - you can buy for 84.1p.

[skyship] 26/9/2019 07:43

Yes, as a logistics investor SHED has done well. Of course, yield compression and CG are two sides of the same coin. Further growth comes from:

# rental increases, which still applies in the regional office space
# refurbishment/upgrade
# letting of any void

Many other ways in which a propco can improve the status quo. Last time I did this I recall I got to 9-10 reasons for potential capital growth!

[spectoacc] 25/9/2019 17:38

@Sky - last mile? SHED's been going gangbusters. Industrial has both yield compression and capital growth.