Industrials Reit Share Discussion Threads

[dodgedollar] 03/7/2023 06:41

Another minor outrage is the time to get the cash proceedings.. “ up to 2 weeks”.. yes my shares are no more and someone is holding my cash… and the interest

[spectoacc] 03/7/2023 06:30

You've only got to look at the chart about to think it's too low for a recommended bid - same applies at CTPT/LMP IMO.

Probably won't be the last either.

[dodgedollar] 03/7/2023 06:25

I am a very disappointed shareholder of MLI and quite heavily invested over the last 18 months, Although through discipline PCA gradual purchases I am braking even at 168
I voted against the sale.
A very wise cash holding monster company has snapped this company up at a bargain price. Probably it is time to use the cash to buy into the monster!

[nickrl] 14/4/2023 08:11

Undervalues it in the long term but given current environment hardly surprising if most investors vote for it. Blackstone also gets the MLI trading platform and the team so watch for them dabbling alot more in the industrials.

[scepticalinvestor] 14/4/2023 06:49

There it is 168

[bisiboy] 05/4/2023 16:25

shame to see these go i think it is a good deal for blackstone

[ammons] 03/4/2023 11:07

Last reported NTA that I can find was 162p per share as at 30 Sept 2022 stated by MLI in the 2 Dec 2022 RNS. Todays offer is 165p. I presume that the current NAV has fallen quite some way compared to 30 Sept last year. And a divi (according to LSE) of 6.85p.

[spectoacc] 03/4/2023 07:50

Well done recent MLI shareholders; commiserations those who bought between the 168p bid and the 201p 12-month high, on the way up or the way down.

This agreed offer shows how unlikely it is that most REITs will get back to previous highs in the medium term, even with the benefit of attracting a bidder.

Pity to lose MLI, was a fairly unique proposition. Same will apply if EPIC goes.

Can't blame the directors for taking the cash.

[playful] 03/4/2023 07:04

That woke me up!!

[cwa1] 03/4/2023 06:24

Didn't see THAT coming :-)

3 April 2023

Final Possible Cash Offer for Industrials REIT Limited ("Industrials REIT", or the "Company")

The Board of Industrials REIT and Blackstone Inc. ("Blackstone") are pleased to announce that, following a period of extensive negotiations, they have reached agreement on the key financial terms of a final proposal for a possible cash offer for Industrials REIT to be made by a new entity controlled by one or more of the investment funds advised by Blackstone or any of its affiliates (the "Blackstone Funds") (the "Final Offer").

Under the terms of the Final Offer, Industrials REIT shareholders would receive 168 pence per ordinary share in cash. The Final Offer represents a premium of:

-- 42.4 per cent to the Industrials REIT closing price of 118.0 pence per share on 31 March 2023; and

-- 40.6 per cent to the Industrials REIT 1-month volume weighted average share price of 119.5 pence on 31 March 2023.

[nickrl] 30/1/2023 19:06

Trading update not too bad with reasonable rental increase where new lettings have been achieved leading to overall rent up 5% over the year. That said rental lettings are lower than last qtr with a hefty increase from business failures no detail whether its one tenant or wider decline across the market.

[cwa1] 27/1/2023 07:22

Commenting on the trading update Paul Arenson, CEO of Industrials REIT, said:

"The MLI market finished 2022 on a strong footing, with high demand, limited supply and the affordability of our high-quality space translating into a 31% average uplift in rent at renewal or reletting. New lettings were particularly strong this quarter, with average rental uplifts of 36% compared to that paid by the previous tenant, whilst lease terms and incentives remain unchanged. This helped push like-for-like passing rents for the total portfolio up 5.0% over the last 12 months, during which time Estimated Rental Values ("ERVs") have grown 10.5%, creating potential for strong rental uplifts between letting or renewal in future. Whilst occupancy fell 0.4% during the quarter, we believe that the continued strength of tenant demand and rental growth in the quarter means this is not an indicator of a trend at this stage.

"We also enter the first quarter of 2023 with a strong pipeline of lettings under offer on the back of another busy period of enquiries and viewings. Our Industrials Hive platform continues to generate demand via our industrials.co.uk website (visitors +15.4% year on year), whilst our dedicated sales team has continued to convert enquiries into viewings and lettings with increased efficiency.

"Investment activity in the last quarter of 2022 remained muted when compared to previous years, with DTRE reporting total MLI transaction volumes down 23% when compared with the same period last year. Despite this, there remains plenty of capital seeking MLI investment opportunities at a repriced level and increasing evidence of vendors adjusting their expectations. We continue to watch the market carefully and believe that attractive and accretive acquisition opportunities will emerge as we move through the first half of 2023.

"Overall, customer demand for MLI remains strong and we continue to lease space at attractive rents with minimal incentives. We remain cautious that the trading environment may become more difficult as we progress through 2023, but to date we have seen limited evidence of this in our portfolio."

[nickrl] 04/12/2022 18:48

H1 NRI is well up but most of it gets eaten up in extra admin, property costs and finance charges let alone the much increased provision for bad debts and thats before the recession has really hit. Dividend 98% covered at cash level and no immediate debt redemption due to Feb 25 with LTV at 26.5%. They have hedging cover of 90% till Nov 25 at all interest rate of 2.52%.

They also got a 25m RCF they aren't using costing 1.12% commitment fee!

Given the good rental increases they achieve at reviews or new letting the valuation has suffered a fair bit but as they are seeing reduced rental collection levels already may indicate that rental growth may drop back from here. So pretty likely that full cash cover of dividend should be restored at FY.

[giltedge1] 23/11/2022 11:55

Like the business model, small units in well kept estates, went on web-site & properties to let at affordable rents, about the same as a London semi. I already own SHED, which has done well last few months, but waiting for more funds, so these are on my buy list. Checked REITS statistics, last 5 years & Logistics/Sheds have out performed offices & diversified model by a large amount (40%) & this trend looks set to continue. A buy at £1.35 for a good yield in a short supply sector.

[nickrl] 05/11/2022 14:08

MLI are one of the worst performers in the propco space this year in part not surprising as the industrial/logistics sub sector had got far too frothy and MLI got pulled along to a certain extent despite not being big box. Recent trading update was positive and whilst vacancy up a tad thats largely because they ditched all the non paying tenants now they have the law back on their side to do so. Its yield at 5.4% doesn't yet clear my 6% bar but with low rents with plenty of reversion opportunity they might tick up the divi a notch in HY results next month. Clearly at risk from loss of tenants in a recession but as they run the show themselves can keep there ear to the ground. No big debt event till 2025 although with an LTV at nearly 30% they are are at risk on covenants but would need a heft valuation drop to breach them.

Sitting on the sidelines for now though.

[nickrl] 18/7/2022 10:57

JLL had it on sale for offers in excess of 6.5m back in spring but they've let it go for slightly less than book but shows how the market for these types of properties has cooled even in the buoyant Thames Valley corridor.

[cwa1] 18/7/2022 06:48

DISPOSAL OF ROSE KILN COURT, READING



Industrials REIT, the UK multi-let industrial ("MLI") property company, announces that it has completed the sale of Rose Kiln Court, Reading for a total consideration of £5.88 million. The sale price represents a £0.135 million or 2.2% discount to the 31st March 2022 valuation of £6.015 million.



The property, which comprises 31,687 sq ft of hybrid office/industrial accommodation on a 1.88 acre site, is currently vacant following the expiry of a lease across the entire building to Thames Water in April 2022. Rose Kiln Court is located close to Reading town centre and presents an attractive repositioning and redevelopment opportunity for a variety of commercial and residential uses.



Will Lutton, Head of Investment at Industrials REIT, commented: "This sale represented an opportunity to recycle the proceeds from a single let asset at the end of its economic life into further accretive MLI opportunities that fit our strict investment criteria ."

[playful] 15/7/2022 08:13

Industrials REIT will release its next quarterly trading update for the period ended 30 June 2022 on Friday, 29 July 2022. There will be a 30-minute live webinar presentation for investors and analysts commencing at 9.00 am BST / 10.00 am SAST. The update will include an overview of Company performance over the first quarter of 2022, data from the Industrials Hive operating platform and an analysis of the changing nature of the MLI occupier.

In order to register for the webinar, please follow the link below:

[nickrl] 10/6/2022 11:06

At the cash level it was 42% increase which is equally impressive. There too mean on the divi for me although the premium to last NAV all but eliminated so they will stay on the watchlist.

[playful] 10/6/2022 06:08

Wonderful..

Financial highlights: Profit doubled

- Record total accounting return of 25.0% (2021: 11.4%) driven by a 20.4% increase in EPRA NTA per share to £1.77 (2021: £1.47)

- Declared 6.85 pence per share covered total dividend for the year (2021: 6.75 pence)

- IFRS profit before tax doubled to £107.5 million (2021: £53.0 million), driven by MLI valuation uplifts of £89.5 million compared with £26.9 million in the prior year.

[battlebus2] 29/4/2022 10:31

Likewise playful, a great update.

[playful] 29/4/2022 06:12

I’m a happy bunny 👏👏

[harry the haddock] 04/2/2022 14:55

Tipped in this week's issue of AJ Bell's Shares magazine

[battlebus2] 31/1/2022 08:42

The presentation seemed upbeat to me apart from a few areas like Aberdeen but the intention to double the size of the company made interesting listening.