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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Home Reit Plc | LSE:HOME | London | Ordinary Share | GB00BJP5HK17 | ORD GBP0.01 |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 38.05 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 38.05 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 30/9/2024 | 07:00 | UK RNS | Home REIT PLC Property Sales |
| 16/9/2024 | 14:56 | UK RNS | Home REIT PLC Result of General Meeting |
| 05/9/2024 | 07:00 | UK RNS | Home REIT PLC Monthly Update |
| 30/8/2024 | 22:01 | ALNC |  IN BRIEF: Home REIT sells 101 properties for GBP18.5 million |
| 30/8/2024 | 07:00 | UK RNS | Home REIT PLC Property Sales |
| 23/8/2024 | 07:00 | UK RNS | Home REIT PLC Posting of Circular |
| 14/8/2024 | 16:26 | ALNC | EARNINGS AND TRADING: SolGold progresses Cascabel project in Ecuador |
| 14/8/2024 | 07:00 | UK RNS | Home REIT PLC Surrender of leases |
| 08/8/2024 | 07:00 | UK RNS | Home REIT PLC Tenant Update |
| 05/8/2024 | 16:57 | ALNC | TRADING UPDATES: Cornish Metals makes sale; Regional REIT's growth |
Home Reit (HOME) Share Charts1 Year Home Reit Chart |
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1 Month Home Reit Chart |
Intraday Home Reit Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 18/9/2024 | 13:00 | ::::: HOME REIT ::::: | 1,480 |
| 12/11/2021 | 15:36 | Good news...second home owners to pay 90% council tax on 2nd homes.... | 10 |
| 12/1/2018 | 12:51 | ***** Homebuilders Charts ***** | 5 |
| 02/9/2016 | 13:32 | Home Retail Group | 3,809 |
| 12/6/2016 | 14:25 | The new UK Housing and politics thread (moderated and idiot-free) | 103 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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| Top Posts |
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Posted at 16/9/2024 06:45 by spectoacc They put them on v cheap, it attracts bidders, sunk costs seem to do the rest. Seen few go genuinely cheap.Still at prices of less than half what HOME shareholders paid tho :) My experience is you sometimes get lucky (particularly if same AST tenants as prior to HOME's ownership), sometimes you get a trashed disaster, and even the ones HOME claim are tenanted often aren't. Have only to look at HOME's rent collection stats, albeit that's via the fake-eo CICs. Good luck - also know that many of the original sellers buy back the properties they know to be decent. Overall, I've been surprised how successful the auctions have been - you'd think there'd be a limit to how many cash buyers there are. |
Posted at 23/8/2024 09:20 by spectoacc Now having a read, and it's grim. The likes of @wallywoo should hang their heads in shame."The Company was set up to contribute to the alleviation of homelessness in the UK, whilst targeting inflation-protected income and capital returns, by funding the acquisition and creation of a diversified portfolio of high-quality accommodation assets across the UK dedicated to providing accommodation to homeless people." but "The Company has experienced very significant challenges as a result of the failings of its former advisers, including: poor condition of properties, a larger than expected proportion of the portfolio let as private rented sector (PRS) rather than supported housing, weak tenant covenant strength, significant mismanagement of properties by non-performing tenants, tenants failing to pay rent and disputing rent payments, connections between tenants (and connections between tenants and vendors) that were not disclosed to the Board, tenants entering liquidation and limited evidence of the Company's former advisers undertaking any detailed ongoing monitoring of tenants and properties." ie very much what Viceroy Research said, some of which was provable with no more than 10 minutes on Google. Yet the Board repeatedly issued RNS's denying the allegations. This is old ground, but well worth repeating. How many bought on the Board's refutations? Or due to the rampers on here? SW: "The Board and AEW have continued to engage with Scottish Widows, which has advised that its objective is for repayment of the loan balance in the short term and by no later than 31 December 2024. In addition, and as announced on 3 July 2024, Scottish Widows has revised the terms of the additional fee payable by the Company charged on the outstanding loan amounts, such that this will increase from 5.0 per cent. to 7.0 per cent. per annum until repayment of the loans. As of 31 July 2024, the Company had accrued £7.3 million for the additional unpaid fees being charged since August 2023." So not only is the accrued fee already £7.3m, but "..By no later than.." implies SW is serious. The circular goes on to talk about block sales, portfolio sales etc, not just the auctions. Suspect that's why Allsop is a lot quieter for next week - HOME are going to block dump some of what's left. The Mears portfolio seems an obvious place to start. The great unknown is the legal actions against HOME, and any they eventually instigate against the likes of Alvarium. We could be no more than halfway through the HOME saga. |
Posted at 19/8/2024 15:44 by spectoacc Interestingly, "We're not expecting any more from HOME this month" says my Allsop contact.HOME are going to sail really close to the wind with this 31st December deadline (ie I doubt they'll meet it). Doubt they'll collapse into insolvency - they're already paying penalty interest - if only because it'd be difficult for them to collapse much further. |
Posted at 19/8/2024 11:48 by spectoacc Downing is the Venice geezer of course.What's interesting is dates - pre-float in 2020 - Alvarium; and the alleged fee of £900k for selling £8.25m of North East property (which presumably went on to HOME at more like c.£15m), as well as the CIC being Big Help Project. Only £700k won in court, but what a racket. Effectively a 10% fee just for being a provider of properties. I still want to know how Knight Frank are staying out of the press/courts. HOME has a long way to run. Suspended since the end of 2022, but due back in the next few weeks - odds on that actually happening? What must the professional advisor fees be like? 29th August Allsop quite small so far - if HOME don't dump a load more in this week, repaying SW by 31st December is going to be a struggle due to extended completion dates. |
Posted at 14/8/2024 07:08 by spectoacc And another surreal HOME RNS. Did no one tell the RNS-writer that HOME are winding down?"The majority of the properties are occupied by private rented sector ("PRS") tenants on Assured Shorthold Tenancies ("ASTs"). These ASTs will now transfer to Home REIT, enabling the Company to directly collect the underlying income from these properties, increasing rent collection and facilitating asset management opportunities. The Company will be appointing Property Managers to the surrendered Properties, who will be responsible for the day-to-day management and rent collection." If the CIC was "..Non-performing", ie not paying any rent, what do they think the 68 properties are going to be like? Trashed/empty/proble |
Posted at 02/8/2024 07:09 by spectoacc "Gross proceeds for the sales were £26.5m, representing c.9% of the Company's portfolio by value (based on JLL's August 2023 draft valuation). The gross proceeds from the Sale Properties are 8.1% below the draft August 2023 values"Have to say, the auction was really busy the past 3 days - I had a load to bid on, two I'd have really quite liked, but came away with nothing. A typical one was a 29-bed block, no details as to tenancies (HOME won't know), worth c.£1.9m if OK, last sold in 2019 at £1.7m, Guide £400k, went for £900k (plus fees, stamp, legals etc) after some very competitve bidding.. Not one I was bidding on but someone's going to make a tidy half million or so, even if it's been wrecked (no viewings). That, HOME shareholders, was your half a million. Actually, far far more - isn't clear what they paid but guessing north of £3m. So more than a quarter of the way to the loan target - next two auctions will need to be larger IMO, before they're pushing time for 31st December completion. 8.1% below supposedly kitchen-sinked valuations doesn't IMO include HOME's many costs - legals, Allsop fees etc. |
Posted at 03/7/2024 08:38 by spectoacc Oh now, come on:"Total income received for the month of June was £0.6m, which represents a 60% increase from the previous month." Er, except £300k of that was "Management agreed rent collection", by which I assume (but don't know) they mean arrears. So actual rent collection was £300k. Doubt that even covers the additional penalty SW have started charging them, & certainly not a ~60% improvement: "The existing lender has revised the terms of the additional fee charged on the outstanding loan amount and the 5% fee will increase to 7% from 1 July 2024 until the full repayment of the loan. " This should give pause for thought for those saying SW aren't going to bust them out/penalise "the homeless" too much. Also: "The Company continues to remove non-performing tenants from the portfolio and has now re-gained control of c.70% of the Company's portfolio by number of properties..." Say what? So after all this time, money, bringing in outside consultants, AEW still don't have control of 30% of the properties HOME owns? And what does that say about future sales and repaying the loan? There's plenty of NAV - in theory, even allowing for all the auction sales being below it (whatever they claim), and the many costs (Allsop; legals) - but can they access enough of it to sell? I still think the next couple of Allsops could be huge - remembering it's 3-4 months to actually get the cash in, due to Land Reg. So if they "sell" a load at end of August, it could be Christmas until the money's repaid to SW, who have upped their additional fee from 5% to 7% already. Edit: " As announced on 21 June 2024, 133 properties exchanged for sale at auction for a total of £11.4m with completion expected during July." Completion won't be during July, and that was a pretty large 133 HOME properties in a single auction. Yet it only raised £11.4m, likely before fees/costs. They need 10x that amount to cover the debt. In fact, they need to sell as many properties in arguably the next few months, as they've sold in total so far. It just gets worse. |
Posted at 06/6/2024 07:14 by spectoacc Guessing the big drop in rent % is due to previous numbers being bolstered by arrears. Presumably the longer the arrears last, the lower the recovery. Probably as shown by how long it's taking to get some of the CIC's into administration.I can only talk about the NE property I've bought from HOME (they do seem to have a lot of it), where I'd say the average rent is c.400 pcm. That would be to the CIC, who'd pay less up to HOME (often none!). Lowest was 320 pcm for a 2-bed. Management cost - say 15%? ie once HOME take it in-house. That's pre-CapEx. CapEx - it's finger-in-the-air, one property needed zero, one running at 30% (so far). Whether AST tenanted with a non-social tenant, or completely wrecked/former "grow", makes all the difference. But HOME will surely offload the wrecked ones. They also have eg some giant HMOs where the monthly rent must be huge (just not to HOME!). Mears portfolio probably the only way to come up with a finger-in-air calculation - legitimately run, rent going up to HOME. Nothing I've seen yet makes me change my original 10p-20p estimate, if/when they relist after 18 months. Top end of that if they can deal with the remaining debt. The NAV's seemingly there, even written down, but sales seem to be slowing. Edit - 15 Peterlees in the next Allsop: Allegedly all vacant (they often change this), with no internal pictures. Lots 91 & 150A are worth a look for some of the sh*te they have. There's a suggestion the numbered streets in Peterlee may be set for demolition. Edit #2 to Lot 91. 146 also amusing. How has it taken this long to get those up for sale? I don't own any in Peterlee - wouldn't want to own there - but HOME's original purchase/Knight Frank's valuation of the Peterlee portfolio is what started me off here. Isn't nearly enough opprobrium heaped on Knight Frank, who valued without looking at the properties. Even now, HOME haven't been inside all they own. |
Posted at 29/5/2024 07:08 by spectoacc A statement that needs considering in light of VR's original report, the constant management denials, the "..No basis in truth..".Mixture of AST's/placed tenants, total web of CICs. Now HOME/AEW can work out the costs of management of junk property, and see how much has been spent on maintenance (clue: likely next to nothing), & how many tenants are "non-performing". Let's see how much rent collection improves by. "The Company announces that it has reached an agreement with Big Help ('Big Help' comprising; Big Help Homes CIC, Big Help Project Ltd, CG Community Council, Dovecot & Princess Drive Community Association, N-Trust Homes CIC and Select Social Housing CIC) for the surrender of its leases on over 600 properties which it leases from Home REIT, equating to circa. 30% of the Company's portfolio by number of properties. These lease surrenders completed on 28 May. The Company and AEW have diligently analysed the portfolio and its various tenancies to ensure there is a comprehensive handover with minimal disruption to occupiers. The properties are occupied by a mixture of private rented sector ("PRS") tenants on Assured Shorthold Tenancies ("ASTs") and social tenants placed by local authorities on licences. The tenancies will now transfer to Home REIT, enabling the Company to directly collect the underlying income from these properties, increasing rent collection and facilitating asset management opportunities. The Company will be appointing various Property Managers to the surrendered properties, who will be responsible for the day-to-day management and rent collection." |
Posted at 23/8/2023 07:44 by little beaker This has been known for some time, last year the ft reported at, as follows: One missing piece relates to social housing group Mears, which has sublet the Circle portfolio for ten years. Home Reit says the transfer required a kickback from an unidentified property developer to Circle “to cover the difference over the course of the lease between the cost of the head lease to Home Reit and the cost of the sublease to Mears. Peel Hunt’s team is not convinced by Home Reit’s rebuttal around apparent conflicts of interest, particularly where charity directors are involved in property development, and questions the company’s choice of rent affordability measures. (“We note that the price per bed per week that Home Reit charges for refurbished homes appears to be circa 35 per cent higher than those charged by PRS Reit for new-build properties.”) So if you read back to HOME's comedy rebuttal of viceroy, you'll see it there: Circle Housing and Support ("Circle"): Circle is currently in solvent administration. The circumstances surrounding Circle's solvent administration were driven by a change of strategic direction by Circle's management. Circle's properties are largely sub-let to Mears Group Ltd ("Mears") on ten-year sub-leases. Mears manages over 17,000 homes for local and central government. The Vendor provided a contribution to Circle referred to in the Report to cover the difference over the course of the lease between the cost of the head lease to Home REIT and the cost of the sub-lease to Mears. The Company announced the solvent administration on 1 November 2022, further noting that rent due continues to be paid on time and in full, with no impact to residents. Circle's existing leases were reassigned on the same rental terms and the remaining Vendor's contribution referenced above was transferred to One CIC on 25 November 2022, demonstrating the resilience of Home REIT's business model and its ability to continue to provide critical housing to its vulnerable occupants due to the protective statutory framework that the Homelessness Reduction Act 2017 created. |
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