Invista Share Discussion Threads

[skyship] 11/8/2011 10:15

HE - wrote yesterday to Andrew Sykes, the Chairman, and the uncertainty over the Inv. Management contract was one of the points I raised.

[stupidboypike] 11/8/2011 08:36

Skyship, many thanks for the input. Have added to my research/watch list stuff.

Best regards

SBP

[skyship] 11/8/2011 08:13

SBP - which the safest. Well, take a look at the net LTV (Loan-to-Value) stats:

IFD: 38%
MCKS: 28%
PHP: 58%

PHP also negative due to the relative short dated debt.

Safest play MCKS.

As to allocations, my investing rules limit me to 10% any one stock except in exceptional circumstances such as Zeros or Cash return cos.

I did recently break that rule by going to 12% in IFD - reduced @ 37p when the FTSE broke through its 5650 support levels; but back up to 9% after buying yesterday @ 34.7p average.

[stupidboypike] 10/8/2011 17:09

jimbo, OK thanks, I probably wouldn't go above 10% but I consider that a largish proportion.

Best regards

SBP

[jimbo3352] 10/8/2011 16:07

SBP
No reservations about safety of PHP just my natural accountant's caution about having more than say 10% in any one share and in the current environment having some cash to take advantage of possible further dips in the market, including PHP.

[stupidboypike] 10/8/2011 15:20

SkyShip, no need to be sorry, it's negatives I'm after, I can get the positives myself! Out of IFD, MCKS, PSPI which would you regard as the safest?
jimbo, when you say "not sure about a largish proportion of a portfolio" is that simply because it is not sensible to put a largish proportion into any one share, or do you have reservations about php safety?

Best regards

SBP

[jimbo3352] 10/8/2011 14:37

SBP
Not sure about a largish proportion of a portfolio but PHP does offer a bombproof yield with no voids to worry about and decent management (Harry Hyams). I've held it for a while (along with MCKS, IFD, TEIF, IERE) and had been selling down when the price got too much ahead of NAV but bought some back yesterday on the dip.

[skyship] 10/8/2011 13:36

SBP - sorry, not a bull of PHP, though I know many are. A 6% yield and a small premium to NAV doesn't stack up with IFD, MCKS, PSPI....even PCTN, provided they can confirm their refinancing.

No, personally I can find no justifiable reason for buying PHP.

Again, sorry for that...

[stupidboypike] 10/8/2011 13:19

Skyship, good point - thanks. Do you have a view on PHP which is a property share I have been watching for a long while? I like the super defensive sector and although yield is around 6.5 not 9 or 10 it just looks so safe that it looks like a great place for a largish portion of a portfolio. Would be very interested in any serious contrary thoughts.

Best regards

SBP

[skyship] 10/8/2011 11:05

Wickes is a beneficiary of the departure of Focus DIY

[jimcar] 10/8/2011 08:57

Safe as houses

[stupidboypike] 10/8/2011 08:37

Anyone got a view on how safe Wickes is? I notice that they are IFD's top tenant.

Best regards

SBP

[asmodeus] 09/8/2011 18:23

Especially for those constructing prisons, I hope.

[hieronymous1] 09/8/2011 18:18

Look on the bright side. All the rioting, arson and looting have created excellent opportunities for the construction and property sectors:-(

[skyship] 09/8/2011 17:28

Hi Hy....

Came across to say how absurd to see IFD on a 10% yield and 40% NAV discount!

Most if any property chat on CP+ and MERE - elsewhere all watching and waiting.

Question is whether recent events will have damaged values.....surely the asset class will be reaffirmed as the best high-yielding sector for the pension funds.

Have you seen any comment as such or contrary.

Best thread to follow is the SHA thread; though only envirovision and badtime concurring on property.

Incidentally - topped up in CIC & MERE today - though not here as it is still my joint largest holding alongside CIC & MCKS (posted there today as well).

[hieronymous1] 09/8/2011 11:27

Try WTI, it is full of useless blather.

[hybrasil] 09/8/2011 09:20

Amazing how quiet the boards go when everything goes pear shaped

[skyship] 22/7/2011 14:37

Below is the potential windfall Horndean is referring to. It represents another piece of hidden value for IFD.

=========================================
One Plantation Place Unit Trust ('OPPUT') - 29% share

The valuation of OPPUT's underlying property, Plantation Place, London, EC3 increased to GBP494.1m over the quarter, an uplift of GBP16.1m or 3.4%, reflecting a net initial yield of 5.54%. The uplift follows continued positive sentiment in the Central London office market, particularly for prime, well let property. As at 30 June 2011, the securitised net debt is GBP430.5m and there has been a further increase in the negative marked to market value of the interest rate swap to -GBP35m, which will amortise to nil by loan maturity in July 2013. Adjusting for current net assets within OPPUT, these headline numbers result in a NAV for the Company's share in OPPUT of approximately GBP7 million. Despite this further improvement in the NAV the Company's investment is held at nil due to the loan to value ratio of 87% exceeding the loan to value ratio covenant of 82.14%. The property is well let and continues to cover interest payments. The investors in OPPUT continue to seek a solution to maximising value through a disposal prior to loan maturity.
===========================================

Personally I'm also more than interested in this aspect:

Management Arrangements
Following the Company's announcement on 22 March 2011 that it had given notice of termination to Invista Real Estate Investment Management ('Invista'), the Board has conducted a process to select a new Investment Manager. The Board is currently seeking to finalise the terms of new management arrangements, and hopes to make an announcement in the near future.

[james111] 22/7/2011 13:51

Horndean yea I noted that with great interest, especially as the loan to value is now 87% and only needs to get to 82.14% then can be shown in the NAV. Along with the swap val drifting away, I feel comfortable here, and almost 10% divi makes it even more comfortable.

[horndean eagle] 22/7/2011 13:16

Anyone notice the rise in value of Plantation Place. Another couple of quarters like that and we could be in line for a very fat windfall. Especially with the swap value about to fall rapidly over the coming quarters.

[envirovision] 22/7/2011 12:09

Ah that's better, can go back to bed now.

[skyship] 22/7/2011 11:57

Excellent news. Divi reaffirmed @ 0.88p/Qtr. Yield @ 37.75p = 9.33%

[gary1966] 22/7/2011 11:50

There's your declaration enviro.

[envirovision] 22/7/2011 08:23

Leaving it late to declare the dividend that said in the past they have done it just 5 days before ex divi date. Quarterly Factsheets should .also be out in August