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% 935.00 500 00:00:00
Bid Price Offer Price High Price Low Price Open Price
910.00 960.00 935.00 935.00 935.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 3.24 230.50 4.1 49
Last Trade Time Trade Type Trade Size Trade Price Currency
09:51:37 O 500 916.80 GBX

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Date Time Title Posts
11/9/202220:32REIT success454
15/3/201213:20REIT failure39

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Posted at 27/1/2023 08:20 by Highcroft Investments Daily Update
Highcroft Investments Plc is listed in the Real Estate Investment Trusts sector of the London Stock Exchange with ticker HCFT. The last closing price for Highcroft Investments was 935p.
Highcroft Investments Plc has a 4 week average price of 930p and a 12 week average price of 930p.
The 1 year high share price is 1,065p while the 1 year low share price is currently 920p.
There are currently 5,194,963 shares in issue and the average daily traded volume is 616 shares. The market capitalisation of Highcroft Investments Plc is £48,572,904.05.
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 16/5/2022 15:14 by crumppot
Anyone intending on going to the HCFT AGM on Wed? I heard it might be interesting.
Posted at 14/4/2022 08:54 by hugepants
Found it.

On 28 March 2022, the directors declared a final property income distribution for 2021 of £1,711,000, 33.00p per share, together with a special property income distribution for 2021 of £nil per share (2020 final property income distribution of £1,555,000, 30.00p per share, and special property income distribution for 2020 of £311,000, 6.00p per share), payable on 7 June 2022 to shareholders registered on 22 April 2022

Posted at 29/3/2022 20:21 by nickrl
NAV up 15.5% not to be sneered at but divi barely covered at the cash level.

Price recovered well here now so not sure much more to be gained here although many in the sector have had good traction since the sell off a few weeks back seems reliable yield is back in fashion.

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 03/2/2022 10:11 by spangle93
OMG, the share price has exceeded Pre-Covid levels.

Even with its eye-watering spread I'm finally up! [party hat on]

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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