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HCFT Highcroft Investments Plc

0.00 (0.0%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Highcroft Investments Plc LSE:HCFT London Ordinary Share GB0004254875 ORD 25P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 880.00 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
850.00 910.00 880.00 880.00 880.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Investment Trust 5.61M -7.12M -1.3667 -6.44 45.82M
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 880.00 GBX

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Date Time Title Posts
05/9/202308:38REIT success472
15/3/201213:20REIT failure39

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Highcroft Investments (HCFT) Most Recent Trades

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Highcroft Investments (HCFT) Top Chat Posts

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Posted at 08/12/2023 08:20 by Highcroft Investments Daily Update
Highcroft Investments Plc is listed in the Real Estate Investment Trust sector of the London Stock Exchange with ticker HCFT. The last closing price for Highcroft Investments was 880p.
Highcroft Investments currently has 5,206,659 shares in issue. The market capitalisation of Highcroft Investments is £45,818,599.
Highcroft Investments has a price to earnings ratio (PE ratio) of -6.44.
This morning HCFT shares opened at 880p
Posted at 05/9/2023 08:38 by 1tx
Reasonable results.The Cardiff property is still overvalued unless a miracle happens.The discount to NAV is in line or if anything lower than other reits.I took the opportunity to sell half my holding last year due to a highish price and liquidity to actually sell...and in fact reduced my property share holdings elsewhere.
Posted at 30/3/2023 13:32 by marko60
I sold half my holding in stages after the sale last month of the very high yielding site in Wales. I liked this REIT, less volatile than most others but the loss of £0.8m income from £5.275m will be very hard to replace and will reduce the likelihood of future dividend rises. So took the opportunity yesterday to exit completely after the ST tip supported the selling price.
Posted at 29/3/2023 06:51 by skyship
Simon Thompson returns and re-tips with a highly misleading article in the IC Online.

"Don't ignore this REIT's 7% yield and hefty discount"

Firstly - the 16.7% discount is hardly hefty these days; and far lower than most of its peers

Secondly - the yield is 6.22% - NOT 7%; and again lower than most of its peers.

EBOX: 53.1% discount & 7.73% yield

SREI: 33.1% discount & 7.89% yield

May well be a good opportunity to sell HCFT into a temporary rise on the re-tip.
Posted at 10/2/2023 15:37 by 1tx
HCFT paid £6.5m for S Wales site in Spring 2019.The Welsh NHS Health Board is as far as I know buying it to occupy themselves,it is presently empty but has a year to run on lease.It is a high quality complex on a large site and I think HCFT had high hopes of developing it further;at the time of purchase there was expectation of progress in the area with Ineos planning their 4x4 vehicle factory in S Wales but the extreme lock down policy taken by Welsh Government has I feel damaged business interest in the area.The car plant has moved to France and I think HCFT would have to work hard to rent at previous level.I think they have got the best result here they could expect with this sale.Highcrofts only other property in Wales,a large office block in Cardiff has been empty for several years.
Posted at 08/9/2022 09:28 by 1tx
HCFT has two "concert parties"!The Kingerlee party which has circa 41%.The Kingerlees have been involved in HCFT since at least 1973 and I think were instrumental in it becoming listed on LSE.The family have other house building & property interests in Oxford area.HCFT was originally an investment company and gradually became a property company then a REIT.The unconnected Conn "concert party" own about 24% they also own property company Stewart & Wight which was formerly LSE listed.
Posted at 06/9/2022 10:30 by nickrl
spangle reads well but i noted this cautionary comment though

"second half has already started showing increasing signs that the impact of rising interest rates, soaring inflation and increasing negativity surrounding the economic outlook are starting to push out valuation yields which could negatively impact valuations"

Looks like they've recovered a fair amount of unpaid rent over last 6mths which is great but it flatters cashflow even so at the operating level they are covering the dividend even with reduced rental income.

Also i see Kingerlee is fully stepping down may have been reported before although given his concert party own 40% of HCFT he will be keeping a close eye on matters so hopefully this doesn't presage a move to sell down.
Posted at 06/9/2022 06:44 by spangle93
Assets up 7% in value (1364p)

Income 7% down on last year as Cardiff is empty

Dividend up
Posted at 16/6/2022 09:38 by crumppot
Somewhere HCFT has been tipped. I haven't found out where yet.

Superadams , this is not all time high, a few years ago they were higher.
Posted at 03/2/2022 10:42 by kenny
I wonder if the results are going to be better than we anticipate, on the NAV front. Alternatively, they may have had an approach, perhaps, because one of the two major holders wishes to exit.

Looking at the price British Land just paid for some warehouses – see their announcement yesterday – there is certainly more value in HCFT than the current share price.

Of course, all of my comments above are highly speculative and may be unfounded.
Posted at 12/1/2022 10:32 by skyship
HIGHCROFT Investments (HCFT) – the next REIT to look anomalously cheap

HCFT is perhaps the smallest of the investable UK listed property companies, with Net Assets of £61.4m and a MCap of just £46.6m. It is a very conservatively managed company with antenna well attuned to the sector minefield; ie, where to allocate your funds – office, industrial, retail warehouse, retail etcetcetc.

Warehouse/Retail Warehouse (“W/RW”) together accounted for 72% of the portfolio at the Jun’21 Interim stage, with Retail at just 7%. This compares with 48% & 29% just 8yrs ago; and at that time they also had 4% in residential. So, they have moved the portfolio strongly in the right direction; and a perusal through the website also shows the quality of the tenant mix at each and every one of their W/RW sites.
The highlight of September’s Interim Statement was the 7.3% increase in the NAV to 1185p, a figure surpassing the pre-Covid high of 1175p. Less good was the fall in occupancy rate from 99% to 89%:

“At the period end three of our properties were void, representing 11% of our rental income. We are negotiating a new lease on one of these units representing 4% of our rental income, and we are actively engaged in seeking new tenants for the others.”

A post period completion on a sale takes their cash up to £6.2m; so news of an acquisition would be beneficial before too much earnings lag.
An obvious attraction is the yield. With last year’s dividend of 57p (inc. a 6p special dividend) the yield at 900p = 6.33%. At that same 900p the NAV discount = 24.1%. LTV is 31.4% and Debt Cost = 3.1%.

Trading is complicated by the fact that associates of one of the Directors, David Kingerlee, account for 41% of the equity; whilst another holding company with the awkward name of DG & MB Conn & Associates account for a further 23.2%. Conn (AKA Stewart & Wight Ltd) is a private property company and a long term holder which routinely adds c15,000 shares to their holding every year.

With the free float at just 35.8% of the 5.183m shares, ie just c1.85m shares, the Market is always tight and the spread usually wide; though not as wide as the headline figure. The spread at the moment is 888p-914p (2.9%) versus the headline figure of 870p-920p (5.7%).

Accordingly, buyers need to be patient, not over-pay, perhaps wait to follow in after a seller.

To summarise, HCFT is well managed, has an excellent portfolio and offers a yield and discount level now rather out-of-line with their larger peers. With talk of rationalisation amongst the smaller REITs, corporate action remains a possibility; and would likely deliver an immediate 33% upside.

A safe and secure high-yielder.

Last Annual Report - to Dec'20
Highcroft Investments share price data is direct from the London Stock Exchange

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