I also topped up at £2, seems good value. |
I'm in 2.01 |
Sub 2 and not a director purchase in sight, eh. |
Looking good value at £2.07, NAV £3.00, very liquid properties. PRS Reit was also deeply discounted & I made a great gain, but I sold too soon. Tempted to put PRS Reit funds in GRI. Comparing the two, if anything Grainger's properties are better located to bias in London & SE. |
Yep no surprise EI, but seems a good wind up situation now |
A new 12 month low..? |
hindsight, the market atm appears to agree with your more 'cautious' view.
GRI share price back down near lows,and I don't see any of the non exec directors buying at these levels...
Gearing and refinancing to come further down the line may be holding the share price back..?. |
Positive update fully let, expect 4 to 5 % growth, next few years. GRI has modern buildings fully compliant to regs, now more expensive to build due to new regs, eg extra stairwell on high apartments, fire regs etc. Forecast div 2027 10p. Selling old regulated portfolio to fund new builds, good value. |
This is money: "Grainger rents soar as the UK's biggest private landlord bets on BTR"https://www.thisismoney.co.uk/money/markets/article-14362743/Grainger-rents-soar-UKs-biggest-private-landlord-bets-build-rent.html |
Just to provide a bit of colour, 95% occupancy is considered "fully let" and at 96% this is a strong result, particularly over the slowest part of the lettings season (Christmas). The past two years have been an exceptional rental market, caused by a post pandemic bounce, so not a great comp to look back over the past year or two. The market is simply normalising, albeit with strong underlying, structural, long term drivers of growing rental demand (both demographic and economic trends) and under supply (both structural due to low housing development numbers but also as the buy-to-let investment market struggles and small landlords exit the market). |
Just looking at the January '23 occupancy level - 98%. |
Occupancy, while remaining strong, appears to be drifting a tad - now 96%.
Was it not 97.4% on the previous update.. |
I have just re listened to the Annual Results presentation from Nov 24. All good in my view. My recollection in part of the Q&A seemed to identify that the company projection for post tax earning post REiT conversion didn’t assume rental growth on existing and didn’t include the tax saving. I think Tim from Panmure Liberum said ‘softest guidance I’ve ever heard’ and everyone laughed.
TU looks OK to me today too.
I haven’t sold any grandchildren to top up under 220p but intend to add now as I’ve sold something else. Good luck all.
Interesting to note Grainger read our ADVFN chat and thanks for that contribution the other day, useful regarding occupancy, lettings. |
Just shows how ridiculous the market can be between news, certainly no reason for the far price to be down at these levels.. |
At first glance this update looks amazing. I feel like I am missing something.
"
· 15% growth in total net rental income
· Total like-for-like rental growth strong at 4.7% YTD
· Stabilised PRS portfolio occupancy remains high at 96.0%
" |
Very good update with 96% occupancy rate. |
What's not to like in today's update. |
Thanks for flagging. We advertise apartments that will become vacant in the future but are not yet so that we minimise turn around time between tenancies. |
The above is the link I used. Type in Guildford, property available to rent..it displays 13 apartments. |
Kurt, thanks for the clarification.
It might be an idea to have the website updated. |
Hello. There are currently only 2 apartments vacant and available to let at The Mint in Guildford, which has 98 apartments in total. We are providing a trading update to the market on Wednesday next week (5 Feb) to align to our AGM, where we will provide an update on both occupancy and rental growth for the first four months of this financial year to the end of January. BestKurt Head of IR |
The Mint, Guildford currently appears to have 13 apartments to rent.
Not good and prices appear too high to me. |
Sonia futures for 2028 are ~4% (10 year gilt 4.6) and then need to add credit risk premium. GRI pays 1.5 to 1.8% at present. Slightly better LTV/Rating SUPR BBB+ (GRI BBB-) paid 1.55% risk premium recently
So close to 6% total cost is quite easy to see. 3% is for the birds
Saying that am long, not for a good profit outlook but as expect some corporate action |
Igoe, there would be a premium to the base rate on a refinancing - I would guess (no crystal ball) that it's unlikely to be 6%. |
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