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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Ing Uk | IRET | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 52.50 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 52.50 | 52.50 |
| Top Posts |
|---|
Posted at 20/12/2010 11:42 by tullynessle I noticed that a number of Property shares have achieved reasonable progress over the past month with some trading at near their NAV's.Could it be that investors from the Bond Market are reducing their holdings in fixed interest and placing the proceeds in property shares - specifically higher yielding equities? The sale of the Canary Wharfe building to JP Morgan (reported today), may provide a sign of returning confidence. |
Posted at 19/10/2009 09:18 by flying pig the property market is not as dreadful as it was.ING UK Real Estate Income Trust Limited 19 October 2009 ING UK Real Estate Income Trust Limited (IRET) - Net Asset Value as at 30 September 2009 The unaudited Net Asset Value ('NAV') per share of ING UK Real Estate Income Trust Limited (the "Company") as at 30 September 2009 was GBP 160.8m, reflecting approximately 49 pence per share. Excluding asset sales there has been a GBP 2.7m increase in the underlying property portfolio valuation, representing a 0.8% increase over the period. The NAV attributable to the Ordinary Shares is calculated under International Financial Reporting Standards ('IFRS') and has remained broadly in line with the NAV in the previous quarter. It includes a downwards adjustment in respect of the mark to market value of the interest rate swaps of GBP 1.1m. This NAV figure incorporates the external portfolio valuation as at 30 September 2009. It includes income for the current quarter and is calculated after the deduction of dividends paid prior to 30 September 2009, but it does not include provision for the next quarterly dividend which is expected to be paid in November 2009. The unaudited NAV is as follows: 30 Sept 2009 £m 30 Jun 2009 £m 31 Mar 2009 £m 31 Dec 2008 £m Investment properties 333.4 357.3 395.6 436.0 Other assets 45.1 56.7 36.2 28.6 Other liabilities (15.3) (15.8) (17.0) (15.3) Borrowings (190.0) (225.0) (225.0) (225.0) Market value of interest rate swaps (12.4) (11.2) (16.7) (14.0) Net Asset Value 160.8 162.0 173.1 210.3 An external valuer will next value the property portfolio during December 2009 and the NAV per share as at 31 December 2009 will be issued in January 2010. The Company will be preparing its next Annual Report to 31 December 2009, and this will be issued to shareholders in April 2010. The figures at that date are subject to audit. Investment Manager Commentary The UK Commercial Property Market, having experienced negative valuation movements since mid 2007, finally appears to be showing signs of stabilisation. The IPD Monthly Index showed positive capital growth in both August and September of 0.2% and 1.1% respectively. There appears to be both widened and increased investor demand and set against this backdrop, the majority of the Company's assets saw either an unchanged or positive revaluation movement over the quarter. |
Posted at 17/1/2009 22:35 by nickcduk I did some calculations a while back which suggested IRET could withstand 13% falls and stay within covenants. The disposals since would allow another 3-4% leeway. The 4m or so in cashflow for the last quarter would allow another 2% or so. They may however have broken them on the basis that the swap valuation will have led to a large negative number. Here are some rough calculations assuming a 15% fall.Property Value (15% fall and including 15m disposals) = 404m NAV (Assuming no loss on 2 disposals as it would be a minor figure) = 206m FFO = 4m for the quarter NAV + FFO = 211m Based on the above calculations we have a LTV of about 48% but in reality with the swap losses it may have slightly edged over 50%. I disagree that lenders will be quick to jump on IRET. They are in relatively strong position and can make disposals to remedy the covenant issues. Worth bearing in mind the yield that IRET portfolio is now trading on. At end 2007 the yield on the portfolio was 6% and reversionary 6.63%. Disposals have been made at a considerably lower yield than that average so lets assume the reversionary figure is the one to use for the current portfolio. Assuming a 15% fall in Q4 the running yield on the portfolio will be 9.15%. I would argue with property yielding that high we shouldn't have too much more downside ahead of us. Especially now that the bond market is looking a lot stronger than it was. Owner occupiers, cash investors and pension funds are likely to make their move soon as the attraction of property versus gilts and interest rates becomes extreme. At that point a decent recovery in valuations wouldn't be particularly far fetched (circa 10-15%). Thats when IRET and its ilk are likely to multi bag. In the meantime the dividend being removed wouldn't be a bad idea. |
Posted at 18/11/2008 21:31 by kavnish Interesting pricing been seen here. Do people have a view on where commercial yields will blow out too ?This is in my view the best placed of the REITS the Fm is managing well with a couple of good well timed disposals. The trick is the LTV, if asset valued fall below 450 million then this starts to create issues for the manager. After repaying debt they probably have about 15 million still in cash so the reality is they could take a hit of another 10% and still not require disposals to avoid a covenant breach. I expect to see asset values by 50% from their peak, 25% of the pain has already happened. 10% is headroom the company has to time further exits. If assets worth 90 million can be sold this i am guessing will create a worst case scenario. There are other options open to the FM , such as paying a fee and looking for a covenant waiver, for example if the LTV could be moved upto 60% this would be worth paying a fee to the bondholders. Given the recent changes in the funding rate the funding has gone from being exceptionally cheap to reasonable. A standard buy to let investor can raise money at 4.89% so these options also open up to fund if the liquidity kicks back in. The current drops are hedge fund bailouts completely agree, the trick here is to see the wood from the trees and be clear about what is happening in the real world. The commercial auctions in December will tell us what is happening to yields so we can understand if yields are stabilising or still moving out. Savills has a prediction of 4 to 5 hundred basis points over 5 year swap funding. This is implying a yield of 9 to 10% lets see what the auctions throw up |
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