Home Reit Share Discussion Threads

[williamcooper104] 27/2/2023 09:19

Would be surprised if there was an equity cure required on the Widows loan Last thing you'd want is it be allow that to be repriced Quite how you do a placing/rights issue while being suspend???

[spectoacc] 27/2/2023 08:34

A page inside the Sunday Times Business section yesterday too - haven't got around to reading it yet.

Major shareholders hopeful of recovery, but they'll have to chuck more money in IMO.

[triskelion] 26/2/2023 23:30

hxxps://www.cityam.com/top-home-reit-shareholder-liontrust-slams-serious-shortcomings-as-it-mulls-next-move/

Nothing (much) to see here.

[1tx] 23/2/2023 15:34

Unlike scams like Quindell & Woodford most of the original shareholders by value here are institutions holding HOME shares in their funds;I doubt if there is much scope for "Hocus-Pocus" type class actions as most of the private punters arrived after Viceroy opened the stable door.

[williamcooper104] 23/2/2023 11:52

May as well go for it Forms are easy to fill in so doesn't take a lot of effort

[tradez4dayz] 23/2/2023 11:46

Harcusparker are just bottom feeders sadly.Worth a try as you don't lose out on anything but can't see much of a return.Re the results I can see BDO refusing to sign or.stepping down in which case they will need to start a whole new audit with someone else

[wilddcw] 23/2/2023 10:37

What are people's views re. the class actions being brought? I was looking at harcusparker.co.uk/campaigns/home-reit-claim/ but delayed hoping there might have been some news at the time of the AGM.

Any thoughts on a realistic timescale for the audit results to be published?

[cc2014] 23/2/2023 09:43

I have been concerned for a long time that many of the IPO's in the last 3 years were questionable. The pipeline of assets often turned out to be non-existent and the cash hung around ages waiting to be deployed or it come from some other in-house fund or even the fund manager paid a sister company to build or acquire the assets.

The market did not share my concerns though, or perhaps it did share my concerns but simply had few alternatives to put the cash due to the excess cash floating around from QE.


I can only think that come June 23, NAV's will be even lower as the cost of capital will have risen around 1% from the year end.

What a mess the central banks have created.

[spectoacc] 23/2/2023 07:23

OT but relevant to SUPR discussion above:

"The Direct Portfolio has been independently valued as at 31 December 2022 at £1,625 million, representing a decline of 13.3% on a like-for-like basis over the six month period."


As per RGL this morning too, coy on what that is in share price terms.

That's the fall over 6 months rather than a qtr.

[spectoacc] 22/2/2023 18:43

HOME was so blatent, so obvious once called out, and so easy to confirm from Google, does make me wonder how many more of the "fashionable" REITs and ITs that came along in the past 5 years or so have similar flaws/frauds/hidden risks.

Anything where high yield (always high for a reason) has been packaged up for retail.

Ground Rents Income (GRIO) another. What briefly looked good in a world of ever-falling rates, may not look so good no ZIRP is over.

[williamcooper104] 22/2/2023 10:14

Actually RESI did a 40 year bond - index linked - which looks amazing - but could blow up if they can't get RPI rent increases from their shared ownership assets

[williamcooper104] 22/2/2023 10:12

Plus look at the Sainsbury JV - Sainsbury's is buying back most of the stores I wouldn't worry about lease expiries (for time being at least)

[george stobbart] 22/2/2023 10:07

Another Short Attack is underway also for Impact HealthCare REIT

I’d suggest everyone looks at the involvement of the Patel family within both the investment manager to grab fees and the underlying tenants in which they own majority interests.

Effectively the tenant and the landlord is the same person, the Patel family

[williamcooper104] 22/2/2023 10:07

They've bought something like 93 percent omni-channel stores - so they're sheds with shop fronts, but at 100-200bps wider yields than sheds When they started the arbitrage was wider but even when they kept going throughout QE infinity/ZIRP the yields only got to mid 4s when last mile logistics went to 3 Alas almost all REITs finance long term assets with medium term debt - even SGRO and LAND have average maturities usually of about 10 years and that's the best you'll get Getting a BBB+ rating will help with accessing the unsecured bond market and they'll be able to get longer term debt at good prices

[george stobbart] 22/2/2023 10:01

Atrato is much worse than Alvarium.

Wait to see what’s coming.

Their Supermarkets are 15-20% over rented and the indexation makes things even worse. You will see all details in upcoming short reports.

They did the IPO of ROOF which was effectively a cash grab.

And they hired people from Henley to IPO a low quality short leased portfolio of social homes.

The Atrato social home proposition is even worse than Home REIT and Civitas. That’s why nobody is participating in the IPO and gets postponed

[cc2014] 22/2/2023 09:28

I'm interested in the Atrato view. I feel extremely uncomfortable about them but can't sufficiently evidence my feelings. My gut says keep out.

I've seen them present and that triggered my inner sense of something is not right but there was nothing specific.

What I can see is that on SUPR when I looked a couple of years ago they appeared to be matching long term investments with short term debt, surely a bad recipe. Also I couldn't really figure why the supermarkets were so happy to offload their assets, although SUPR's counter that their assets were coming from pension funds who needed to offload. I know the supermarkets like to use the balance sheet agressively but ther's not stupid when it comes to financing. My worry is that somewhere down the line at the end of the lease the supermarket does not renew.

Then we have ROOF which somehow managed to IPO and go to a 7% premia for ages even though for a year they barely invested in anything. Then instead of sticking panels on what I thought would be SUPR's assets they started buying solar roof installations which had bee in-situ for years. It's like the promised pipeline was fiction.

I cannot help but feel in both cases they've bought assets at top prices at the top of the cycle and that there are both substandard funds where the asset managers primary objective is to get as big as possible to generate fund manager income and then have little interest in the underlying shareholder.

Any thoughts anyone? Is it that I can only see the issues and not the opportunities?

[williamcooper104] 22/2/2023 08:31

Exactly They've got a Blue Peter, one I prepared before, platform Realising that the value isn't in the lease is just acknowledging reality

[orinocor] 22/2/2023 08:23

scam artists? Why are you comparing Atrato with Alvarium?
hxxps://citywire.com/investment-trust-insider/news/independent-living-ditches-long-leases-to-bring-investors-back-to-social-housing/a2397107

[george stobart] 21/2/2023 08:47

Lynne Fennah should be put behind bars for her destruction of shareholder value of both Empiric Student and Home REIT.

She should have a fair trial because we are a developed country.

However, the court should decide whether it would be a high security cell and how often she would be offered food.


Companies like Alvarium (aka HOME REIT and LXi) and Atrato (Supermarket Income REIT) are well known scam artists.

However in this case Empiric and Home REIT disasters are totally Lynne Fennah's fault

[spectoacc] 21/2/2023 08:40

I think the notion is that only VR seem to know what's going on. Difficult to believe Alvarium are still the manager! VR closed their short - I think? - but another shorter (Boatman) could be better - they reversed to long before the suspension, so have an incentive to get a recovery for shareholders.

HOME seem less & less likely to relist with each passing day. What odds an RNS of a few more tiny "bidders" to string things along a bit longer.

[cc2014] 21/2/2023 08:34

The stock market makes me smile.

So, shareholders want a short seller to take over HOME. It's amazing what people will come up with. So, what they want is a shareholder with a negative shareholding who is financially better off every time the share price falls to apparently run it to drive the share price up and to make themselves worse off in the process?

That's the most perverse incentive I've ever seen. Still this is the stock market for you. Has the idea of a few of the large shareholders getting together to kick out the Board and appoint some new people working in the interest of shareholders not occurred to them.

[williamcooper104] 21/2/2023 04:39

Eventually yes you do get struck ofWith the assets then all going to the Crown If you ask nicely the our King will give it back I think you can ask for permission to extend the period by which you need to submit The automatic strike off happens if you do nothing

[ammons] 20/2/2023 23:47

Home REIT faces boardroom coup: Shareholders call on short-seller to take the helm as firm faces a string of lawsuits from investors

apologies if already posted

[tradez4dayz] 20/2/2023 18:26

Agreed I have just read the citywire article on it and nothing of any note.I was thinking, surely the company will soon be struck off as plcs have to file accounts at companies House within 6 months do they not?