Highcroft Investments Dividends - HCFT

Highcroft Investments Dividends - HCFT

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Highcroft Investments Plc HCFT London Ordinary Share GB0004254875 ORD 25P
  Price Change Price Change % Stock Price Last Trade
-5.00 -0.71% 700.00 15:54:40
Open Price Low Price High Price Close Price Previous Close
705.00 700.00 705.00 700.00 705.00
more quote information »
Industry Sector

Highcroft Investments HCFT Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

Top Dividend Posts

nickrl: HugePants its been covering dividend well for many years and its tenants look pretty stable so im surprised its collection rates are only around c80% as other posters have noted above. As gyms were shut im surmising Nuffield Health may not have paid and they were 365k pa along with DW Sports before they went into administration and were bought by the philanthropic Ashley empire who won't be rushing to pay i suspect. They covered the interim fine and even at 80% NRI they will be able to cover the 48p payout they settled on this year or c 7.5% on share price so good value.
nickrl: The fact they've got 81% in already for Q4 and its stuck around c80% for previous two qtrs as you suggest it must the same tenants witholding. They provided bad debt provison of 195k for CVAs in the interims and there recivable increase is commesurate with missing around 20% of a qtrs rent. Short of having morality any business can get away withholding currently even the likes of BA! (Ive no idea who it is by the way) Halfords is closing 60 stores. Bottom line is NRI had upticked a fair bit to c6m following acquisition of the BA building in 2019 and with outgoings of c1.9m they can certainly cover the dividend even at 80% but has too wide spread for me at nearly 10% (on ii).
spectoacc: Not sure where Avionic sit in the structure - bearing in mind it's now IAG - but even so surely not 19% of the rent. It is the 2nd largest "warehouse" tho, at 111,000 sq ft. But I'd missed that the largest "warehouse", at 250,000 sq ft, is let to Walstead Roche, whom I'd glanced at and assumed to be a UK subsidary of Roche. They're not, they're a printer, of magazines/trade materials for the publishing industry. Unless they're printing Covid leaflets, can't imagine times are too great. Might be doing them down - going since 1962 - but the 2018 accounts showed a loss and things surely won't have improved. Still isn't 19%, but if Walstead are non-payers on 250,000 sq ft, it's going to make a hole, and partly explain why in 6 months HCFT only recovered 2 percentage points of arrears from elsewhere, with none of the usual "Paying monthly" comments. Add in say the bust gym, a bit of High St, and one or two of the nationals eg Dixons or Carpetright (& perhaps, as you say, Avionics), and might have sussed it. Would mean a few more % points possibly recoverable, but leaving a large hole. What's a giant warehouse off the A30 near St Austell in Cornwall worth on the lettings market I wonder - doesn't look to be prime logistics territory but better that up for rent than High St.
spectoacc: 22 properties, 29 tenancies. In order: Jewson, SIG, Booker, ParcelForce all seem fine. British Airways Avionic Aviation - fine on covenant, perhaps not when up for renewal. Ikea, Booker, Walstead Group, Wicks, Pets At Home, M&S Food - seem fine. Wisbech retail park - Halfords, Pets At Home, Currys/PC World, Carpetright, Dunelm - 3/5 look good, all appear to still be there. Subway, Greggs, DW, Orwell - DW assumed to be the 1% vacancy. Nuffield Health - a gym - again, good covenant but again, not a great sector to be in atm. Pity not a Nuffield hospital. Cardiff, an office let to Keolis Amey (Welsh rail). Oxford office let to the BBC. Freehold shop in Leamington Spa let to "Mint Velvet". A tearoom in Norwich. A Hotel Chocolat in Oxford now listed as Vacant. And a shop/office let to Jigsaw. Don't see many national chain culprits known to be taking advantage of the moratorium, yet rent collection only 81%? The industrial should be solid. @crumppot above says Jigsaw CVA, DW Fitness bust, yet the Oxford shop is vacant too, so how only 1%? There's a lot in the price with HCFT - there needs to be. Like RLE and others, what's easily discernible isn't in the RNS's. Anyone else with local knowledge of any of the portfolio? The big questions are the 99% & the 81% - supposedly 99% occupancy yet a fifth of that rent not coming in. Edit: "I feel we have performed well in the first half and, having collected 100% of our Q1 rent, we collected a respectable 77% of Q2 rent and 81% of Q3 rent (due to date) so far." That was in the interims, 3rd Sept. "81% of the rent invoiced and due to date for Q4 of the current financial year has been collected (Q3: 83%; Q2: 78%)." And that was yesterday's. So they've only recovered 2 percentage points of the missing Q3 19%, and 1 percentage point of the missing Q2 23%. Can't say that bodes well for recovering much of the rest, nor the latest gap? Could do with knowing breakdown of income per property - not difficult to see the likes of Carpetright choosing to withhold rent, but they're a tiny tenant among many.
stemis: Interim dividend same as last year (pre covid).
nickrl: As receivables well up that's an indicator that collected rent stats are hiding deferrals in there as they don't split it out. That said they are flush with cash to cover the dividend at same level as last year. The BA asset has 3.5yrs to run on its lease and before then there will be clearer idea of where the aviation industry is headed but would leave a big dent in income but suspect BA have got a lot more expensive property in Heathrow area.
crumppot: I am a bit surprised that there is no guidance as to the minimum dividend they could pay. They must know that now, based on the rents they have collected so far.....
semper vigilans: Whilst no company is ‘safe’ at the moment Spec, HCFT looks better than many others.
stemis: Well results now out. Not really sure what to make of them. NAV - 1175p a small decrease (compared to share price of 690p). Not sure whether the valuation at 31.12.19 reflects the events of the last 4 months though... Dividend - cut to 27p to conserve cash. Although I can understand why they did this it's hard to see how the dividend for the year (48p) meets the 90% rule. Dividend payout is £2.48m, profit before revaluation loss is £4.042m. Yield at current price is 7%. Decent but not notable amongst those of other propcos. Outlook - not much at all other than challenging and some tenants will struggle to pay rents. No s*h*i*t. It would be nice to know how they are doing on collecting q1 rents but nothing. It'll be interesting to see how directors' bonuses fare considering they've cut the dividend and suffered a write down on their properties. No clues in the statement though. As to director share buying, I wouldn't hold your breath. Apart from Kingerlee, only one of the other four directors has any shares in the company, and it's not the CEO (it's the FD with £41k's worth).
stemis: Well as a REIT they are under an obligation to dividend at least 90% of their relevant profits each year. Those for the year end 31.12.19 will be unaffected, so they should be paying a final dividend of 35-40p. By delaying their accounts I guess they delay having to do that. Looking at their tenants, they clearly have a few that are vulnerable but quite a lot that should be fine. Even if they lose 1/4 of their rental income, they still should make 23p in H1 so no reason they can't match last years 21p dividend...
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