The Local Shopping Reit Share Discussion Threads

[badtime] 18/12/2015 09:20

Tilts!!!!!!!

[skyship] 18/12/2015 07:30

mrf - seems as though you struggled to find anything derogatory to say on this occasion!

The statement is full of detail. I believe the EPRA NAV my well be achievable; but would certainly be pleased to see the early marketing of a small portfolio or two - as intimated in the Outlook.

The demise of the Buy-to-Let market should also provide some impetus to the auction sales for the cheaper properties.

On balance an encouraging Statement - would expect a move to the 30p level in Q1'16...

[tiltonboy] 17/12/2015 23:47

badtime selling gives me great hope. Will probably buy more tomorrow on the back of that ;)

[badtime] 17/12/2015 22:34

Decided to exit today small profit (just about enough to buy MRF an Xmas pressie)... Is anything really going to materially change the share price within the next 12/18 months

[topvest] 17/12/2015 20:53

Very poor progress here in my view given the strength of the property market.

[tiltonboy] 17/12/2015 16:13

...lol...perhaps not!

[tiltonboy] 17/12/2015 16:05

Taken nearly 500k out of the market today, and may have exhausted the seller...for now!

[skyship] 17/12/2015 14:09

So, below are perhaps the two important paragraphs. Considering Tilt’s calculation of 3p interest saving; and bearing in mind it is the EPRA NAV which is more relevant as we are not retiring the debt early; I’ve decided to add the GRY @ 42p to those stats in my earlier Post - so now reads as follows:

GRY Stat examples:
==================

# 27p to 36p @ 30th Mar'18 = 13.4%
# 27p to 38p @ 30th Mar'18 = 16.1%
# 27p to 40p @ 30th Mar'18 = 18.8%
# 27p to 42p @ 30th Mar'18 = 21.3%


============================================================

“Immediately following the refinance and swap termination, the average cost of debt, including margin was 5.3%. Were the restructuring of the HSBC facilities not undertaken, the cost of debt would have risen to 7.2% immediately and higher thereafter as the PIK interest ratchet increased. The two remaining interest rate swaps expire in July 2016 following which all debt will attract interest of 3 month LIBOR plus a margin of between 1.75-2.0% dependent on the prevailing LTV. Current LIBOR forecasts suggest the cost of debt will fall below 3.0% at this time.

Outlook
Since shareholders approved the sale of the Group's property assets with a view to paying down debt and returning surplus cash we have sold GBP90.2m of property at prices reflecting a small premium to book value. As a result the Group is now relatively financially stable with debt gearing having dropped significantly, which has allowed us to restructure the remaining debt to good advantage. In addition the Group has a sensible cash balance and (if still relevant) will have reasonable cash flow at the expiry of the remaining interest rate swaps in 2016. However, the Board remains very mindful of the need to expedite the sale of the remaining property assets whilst preserving as much shareholder value as is reasonably possible. To that end, although there can be no guarantees, it would not be unreasonable to anticipate further portfolio sales in addition to our ongoing programme of individual property disposals, and shareholders will be updated at the appropriate moment.”

ALSO:

"At the year end a further 21 properties were under offer at an aggregate price of GBP2.58 million, of which 5 properties have since been sold for a total of GBP649,000.

As at the date of this report, total property sales since the change in the Company's investment strategy in July 2013 have reached GBP90.21 million. A further 20 properties are currently under offer at an aggregate price of GBP3.16 million. Our target remains to complete the asset disposal and loan repayment process by the end of 2017 and return cash to shareholders as soon as possible thereafter. "

[my retirement fund] 17/12/2015 12:59

Well well well shareprice seems to be showing signs of life - thought is pulse had long expired

[tiltonboy] 17/12/2015 10:54

Paid 27.375p in the end.

[tiltonboy] 17/12/2015 09:04

Pretty happy with that set of results, and the timeline for sales.

The interest saving is the equivalent of a 3p increase in NAV, which will also be helpful.

Trying to pick a few up with a cheeky bid, but may have to pay up.

[skyship] 17/12/2015 07:25

"As at the date of this report, total property sales since the change in the Company's investment strategy in July 2013 have reached GBP90.21 million. A further 20 properties are currently under offer at an aggregate price of GBP3.16 million. Our target remains to complete the asset disposal and loan repayment process by the end of 2017 and return cash to shareholders as soon as possible thereafter."

Coincides with the final debt date of Apr'18.

GRY Stat examples:
==================

# 27p to 36p @ 30th Mar'18 = 13.4%
# 27p to 38p @ 30th Mar'18 = 16.1%
# 27p to 40p @ 30th Mar'18 = 18.8%
# 27p to 42p @ 30th Mar'18 = 21.3%

[jlo10] 17/12/2015 07:15

The last line of Outlook seems relevant
Also reiterated aim to realise all by end 2017
What properties were sold were at slight premium

To that end, although there can be no guarantees, it would not be unreasonable to anticipate further portfolio sales in addition to our ongoing programme of individual property disposals

Seems to confirm that there is value there to be had
No doubt market will kick it anyway

[cwa1] 16/12/2015 17:30

Oh dear, that's not exactly inspirational, is it?

[my retirement fund] 16/12/2015 16:20

groundhog day

[yieldsearch] 16/12/2015 16:13

Just released:
The Local Shopping REIT plc will announce its results for the year ended 30 September 2015 on Thursday 17 December 2014

yes the notice is stating 17 dec 2014 !

[badtime] 16/12/2015 15:57

Thought they might slip a rns out ..true to form

[tiltonboy] 16/12/2015 15:56

Figures tomorrow then!

[8w] 16/12/2015 13:00

They are having to work to a deadline to achieve incentive payments ?

Although, I guess that could prove to be a double edged for shareholders.

[redhill9] 16/12/2015 09:52

Last year Thursday 18 December so quite possibly, although they gave a day's notice so it doesn't look as though it will be tomorrow.

I've been hoping for a NAV at least as high as the last published, profitable underlying operational situation (i.e rents more than covering all expenses), and some news on selling a few properties around NAV to generate some cash. Knowing LSR, more likely NAV will be down, slipped to operational loss and nothing sold.....

[badtime] 16/12/2015 09:21

Results this week?

[badtime] 15/12/2015 15:41

Someone just fancied a few

[badtime] 30/11/2015 16:37

K....I just see 26....did a dummy sell at 4.25 of 20k and still got offered 26.4 ....26.6 to buy ...so not to bothered....results soon...picture might become clearer ..although I have my doubts..sticking with it for now.