Isis Property Trust Share Discussion Threads

[envirovision] 10/8/2010 12:16

Interesting mention in the FT via Charles Stanley liking Invista Foundation Property:

Value in commercial property
By Alice Ross Published: August 6 2010 19:01 Last updated: August 6 2010 19:01

Commercial property prices in the UK are continuing to rise, but analysts believe long-term investors can still find undervalued assets by buying into the sector through investment trusts

[envirovision] 20/7/2010 16:04

Would be interesting to see if theres any improvement in the NAV, update due on nav soon from last years timing.

[nurdin] 18/5/2010 11:16

Yes,an excellent income stock imo...8.5% yield at 85p! Cant do better than that with similiar low risk profile.

[envirovision] 18/5/2010 10:09

Anouther divi declared today.

[envirovision] 06/4/2010 12:44

New tax year new isa allowance. Was looking for some reasonably safe high yeilding stock with potential for good capital growth over long term as my isa is pretty much full of stocks meeting this criteria.

Needless to say IRP was near the top of the pile so have added yet more to my ISA today.

[alanji] 01/3/2010 16:21

I am back in, following the recent decline, which may have been caused by a tap seller who was waiting for the half year results?
I bought at 78.99, below mid price, at which the shares offer a yield of over 9%. Unfortunately the dividend is not covered but the half year to Dec showed net income per share of 2.7p. This should rise provided voids do not increase too much from their current very low level of 1.6% - a great achievement by the manager. So, even at the current income level of 5.3p, there is a covered yield of 6.7%.
I sold previously because the shares were at a premium to nav but with the increase in values to Dec the shares stand at a 13% discount after adding back the swap liability.
The Board have stated they intend to hold the div for at least the next two quarters and the current div of 1.8p goes ex on Wednesday so tomorrow would be a good day to buy.

[envirovision] 26/2/2010 16:57

16:05:08 78.5p 40,542 £31,825 77p 79p BUY OK
14:05:15 78.5p 11,500 £9,028 77p 79p BUY OK
13:50:04 78.5p 12,000 £9,420 76p 79p BUY OK

The 12K buy was mine

[envirovision] 26/2/2010 12:13

Well reading between the lines its very safe to say imo that the dividend is safe, even if the recovery of the property portfolio bagan to halt and flatline from here on in.

It proves to me what an excellent income stock this is.

From the half y report:
The Company is in a relatively strong financial position with a long term
facility of GBP75 million available until 2017. GBP60 million of this facility
has been drawn down to date and, as at 31 December 2009, the loan to value ratio ('LTV') was 34.0%, net of current assets and liabilities of GBP8.7 million. This is comfortably within the LTV restriction of 60%. The other significant covenant is the amount by which rental income covers interest, with a minimum restriction of 150%. As at 31 December the interest rate cover was 211%, providing significant headroom. The interest rate on the GBP60 million loan has been fixed with an interest rate
swap at 5.65 per cent. The valuation of the swap was a liability on the balance
sheet as at 31 December of GBP6.9 million, or 6.2 pence per share. This
liability will reduce as the contract gets closer to its expiry date in 2017 and
would be expected to decrease if interest rates increase from their current low
levels.

[crawford] 25/2/2010 09:54

nurdin,
take a look at BRE, CHU or AV., all great yields.

Or an investment trust - SDV, SHD.

[envirovision] 25/2/2010 09:31

Yeild is a safe 9% at 80p looking good i put some in my ISA today (pspi cant be put in isa)

[nurdin] 27/1/2010 14:51

Already hold ;o)

[nurdin] 27/1/2010 14:47

Dont know where else I can get 8.5% yield...and it is ISAble too ! You have any other high yielders James?

[james111] 26/1/2010 07:40

That is a very significant jump far better than other companies are putting in at the moment. any slip back and I am in for yet more. Just love the divi and we get it evry 3 months!

[nurdin] 26/1/2010 07:07

Blimey 14.5% jump in NAV since last September !!


RNS Number : 0923G
IRP Property Investments Ltd
26 January 2010

?
To: Company Announcements
Date:26 January 2010
Company: IRP Property Investments Limited


Subject: Net Asset Value


Net asset value
The unaudited net asset value per share of IRP Property Investments Limited as
at 31 December 2009 was 84.4 pence. This represents an increase of 14.5 per cent
from the net asset value per share as at 30 September 2009 of 73.7 pence.
The net asset value is based on the external valuation of the Group's property
portfolio prepared by DTZ Debenham Tie Leung Limited.
The net asset value is calculated under International Financial Reporting
Standards ("IFRS").
The net asset value includes all income to 31 December 2009 and is calculated
after deduction of all dividends paid prior to that date. It does not include a
provision for the dividend for the quarter to 31 December 2009 which is expected
to be paid in March 2010.''

[nurdin] 12/1/2010 14:10

What on earth is going on here...persistent buying the price looks like to be on a major break out soon

[james111] 21/12/2009 16:58

Nurdin, it came back again. But I am very happy just holding have a great divi locked in and sitting on a big captial gain. If it does drop then I treat it a s a buying op and fill my boots ( again)

Regards
James

[nurdin] 18/12/2009 15:55

Breaking out nicely here...:o)

[nurdin] 10/12/2009 07:27

Nice acquisition with a quality tennant...7% yield.



Any thoughts guys?

[nurdin] 09/12/2009 09:47

Collected a nice £215 quarterly divi today :o) Price has held up well

25k buy there at 83p...intriguing...

[nurdin] 03/12/2009 16:08

Amazing ! :o)

[nurdin] 20/11/2009 11:13

Looking strong today.Reckon income funds are filling their boots here :o)

[james111] 18/11/2009 12:05

A void rate of only 2.4 % I think is brilliant! I would have expected that sort of figure when everything was booming.

Your point taken skyship, however I am in MCKS and IRP and have made much more out of IRP, I am in 6 property companies and feel safer with the spread. IRP is my largest holding, the next largest property company being SGRO which is my 7th largest holding. If we get another big lift forward before the next valuation then I may consider reducing my holding in IRP a little.

But it is reassuring to see the void rate dropping and the portfolio value increasing, and dividends confirmed.

James

[skyship] 18/11/2009 10:23

However you slice it IRP are a sell at anything over 75p, ie when they stand at a premium to the underlying NAV. The share price is sustained by an uncovered dividend and institutional buyers - much like FCPT.

For PIs, surely better to take the turn and switch into the likes of CIC, MCKS & PSPI where growth prospets are more apparent due to the NAV discounts.

[speedsgh] 18/11/2009 10:10

quote from update in AlanJI's post 66 is commentary on the wider market whereas quote from update in nurdin's post 67 is market specific. at end of day it all depends on how IRP peforms relative to the wider market.

as an aside i was chatting with a commercial property agent in a small market town near the south coast last week and he stated that retail rents in the town were at roughly the same level as 18-24 months ago, so the bottom hasn't fallen out of the market everywhere. the national press does tend to tar the whole market with a single brush.

fwiw despite the evidence above i would expect at best a slow recovery in commercial property prices in the medium term. the recent short term increase in values is not imho sustainable.