Isis Property Trust Share Discussion Threads

[alanji] 18/11/2009 10:02

nurdin - not sure what point you are making. I did say the statement I quoted was bad news "for PICs in general" not IRP.

[nurdin] 18/11/2009 09:56

Not sure if we are reading the same script Alan:

'The void rate of the portfolio has therefore now reduced to 2.4% compared with
5.7% at 30th June. This is well below the IPD average for commercial property of
12.0%; consequently empty rates and other non recoverable costs are being kept
to a minimum.'

[alanji] 18/11/2009 08:32

The nav was announced on 20 October. The dividend is not fully covered. IMO the shares are fully valued/overvalued at present.
The bad news (for PICs in general) in the statement was:
"The improvement in the economy and property investment has not been mirrored on the occupational side. The trauma of early 2009, with its raft of administrations and collapse of tenant demand has eased, but significant problems remain. Rents are still under pressure and fell by 1.7% in the quarter but the full impact is being disguised by concessions. According to IPD, void levels remained high equating to 12.0% of rental income with empty rates payable on vacant space."

[nurdin] 18/11/2009 07:49

Good update...portfolio value up 3.9%...7.2p divi reconfirmed.That is near 9% yield !!

[james111] 11/11/2009 17:49

Nurdin, I havent heard anything , have you? I think its just people becoming more aware of com prop companies and the great dividends still on offer with them. To get almost 10% and probably more upside than downside potencial is a hell of a lot better than the banks.

Regards

James

[nurdin] 11/11/2009 17:15

A nice break out here..wonder whats going on.A possible bid approach?

[nickcduk] 20/10/2009 07:46

IRP have performed pretty well on the portfolio side. Should be trading on a premium. Its a shame they don't quote NAV excluding swaps. Share price would no doubt be much higher if they did. Ive got a large short on UKCM and may up my IRP if it falls a little to hedge it off. The valuation discrepancy will soon resolve itself if prices start rising.

[james111] 20/10/2009 07:41

Valuations out as per end Sept we are 1.1% up on end of June, looks like things are turning.

James

[james111] 19/10/2009 18:38

Skyship, I know the feeling, have started adjusting my stuff. But still hanging in medium term with com props I am sure there is a lot more to go with them. I took the opportunity to buy when we dropped to 70 will do the same on any set backs this one now gives or take s around £1500 per 1p movement so I can live with 8p per day upward moves.
Bring them on!!

Regards
James

[skyship] 19/10/2009 17:10

Yes, quite right - a tad too early! But I'm becoming increasingly wary of this Market....

[nickcduk] 19/10/2009 16:14

Thats a bit impatient Skyship. Ive managed to nab 78p and a few off at 78,25p so far. IFD was the other one that had been under heavy pressure of late. Also rallying hard today.

[skyship] 19/10/2009 14:24

Well, I admit I joined them by taking a very quick turn @ 75.75p today!

[envirovision] 19/10/2009 11:47

looks like seller left then

[envirovision] 16/10/2009 21:05

interesting comment pspi. you ask which is better value. answers fairly simply, pspi portfolio was never written down at all simply because the market for nursing homes and the like dont have a liquid market so cannot be valued, however my guess if they had to sell the portfolio it would be at least 50% of current stated nav. however irp is in a somewhat more transparent market and we can see from what others are doing that infact their portfolios nav claim is probably now below and to boot the divi is covered. so you need to ask yourself do you want to invest in a company thats in a transparent market with a great yeild or a non transparent market with a not so good yeild. hope that helps.oh dont forget the gearing as well!

[eeza] 16/10/2009 16:53

QWIL 13% + yield.

[james111] 16/10/2009 16:41

Nice to see you sky, My purchase today has shown as a sale so has skyships and nickcduck. guess it shows we got well in the spread.

James

[skyship] 16/10/2009 16:24

I see all the usual suspects back on here - I too have joined in for an initial 10k @ 70.08p

[james111] 16/10/2009 16:07

Added another 20k at 70.08, if we fall anymore I will have more on a set back.
my average is 62p but I have paid as much as 80p for them. As many have said above 10% dividend with prospect of excellent growth in share price as soon as better valuations start coming thru, its a good one to tuck away. IMHO
Regards
James

[hugepants] 16/10/2009 15:21

PSPI is yielding 8% and is at a 50% discount to NAV
IRP yielding 10% and valued at a 5% discount to NAV

A bit simplistic but which is better value?

[simon gordon] 16/10/2009 14:12

Sorry - just realised I was viewing the wrong trust at the F&C website.

[nurdin] 16/10/2009 14:09

I added at 70p this am...best income stock I know with scope for substantial capital appreciation....

[simon gordon] 16/10/2009 14:08

Thank you guys.

I just looked at the F&C website which show a 2p dividend paid quarterly. Interim report states NAV is 85.9p.

[envirovision] 16/10/2009 13:59

DPS 7.2p to be exact

[nickcduk] 16/10/2009 13:56

Simon,

Yes there is. You have your figures wrong! DPS of 7p and NAV around 80p if you exclude swaps. Cash on balance sheet ready to be put to work as well. Picked another 20k up at 70p but want it to spike lower to get some more. IFD also very attractive imho. Income isn't as good but they will put their cash pile to work eventually and that should be enough to cover the dividend. IRP slightly more attractive at present though.

[simon gordon] 16/10/2009 13:45

Have I read this correctly:

NAV = 85.9p
DPS = 8p

Is there a catch?