Share Name Share Symbol Market Type Share ISIN Share Description
Mckay Securities Plc LSE:MCKS London Ordinary Share GB0005522007 ORD 20P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  2.00 1.18% 172.00 173.50 182.50 172.00 171.50 171.50 4,678 08:36:19
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 25.3 13.2 14.0 12.3 161

Mckay Securities Share Discussion Threads

Showing 1251 to 1274 of 1475 messages
Chat Pages: 59  58  57  56  55  54  53  52  51  50  49  48  Older
DateSubjectAuthorDiscuss
21/11/2012
14:32
Can't argue with that assessment. Thanks for that jonwig.
lord gnome
21/11/2012
14:30
alter ego - thanks, I tend to look at IC a couple of times a day. Anyway, here is their wisdom: RESULTS: The regional office market is stagnant, but McKay has had a strong half and its shares look cheap Real-estate investment trust McKay Securities (MCKS) signed two big deals during the six months to the end of September. The first was a 12-year lease to the Overseas Development Institute for its newly furbished office block on Blackfriars Road in Southwark, at a rent of £800,000 a year. Partly because this was 9 per cent above surveyors' March estimates of rental value, the building was marked up in value by a full 48.1 per cent. That was the primary driver behind the 1 per cent growth in the value of the total portfolio. The other deal was a potentially profitable acquisition in Farnborough. McKay bought Pinehurst Park, which consists of two office buildings let to IBM, for under three times the rental income of £1.29m. The income will fall to £500,000 when IBM vacates one of the buildings next year, but McKay then hopes to get planning permission to convert the site, which used to be a convent, into housing and sell it to a specialist developer. When IBM leaves the remaining 1980s office block in 2018, it will then sell on the rest of the plot for housing. These two deals helped boost rental income by 5.2 per cent to £7.23m. After flat administration costs and slightly lower interest payments, adjusted profit was £2.94m - 17.6 per cent higher than last year. House broker Oriel Securities expects adjusted full-year net asset value to increase to 233p a share (229p in 2012). IC VIEW It has been an encouraging year for McKay, even in a stagnant market. Trading on a 41 per cent discount to adjusted NAV of 231p and yielding over 6 per cent, the shares look cheap on a long-term view. Buy.
jonwig
21/11/2012
13:57
tipped as a buy in the IC today
alter ego
21/11/2012
11:30
I've only just caught up with the H1 results from yesterday. They appear to be managing their estate well, including the recent acquisitions. Voids are down a lot (though this might be a blip), and lease length up. Considering the market outside prime London is flat, MCKS seems a sound hold.
jonwig
27/9/2012
10:21
SteMiS - well done you. You timed your play well. Got my timing all wrong in MCKS and now hold only APT, DSC & TEIF in the property space - APT a recent buy which @ a 52% NAV discount is surely over-discounting the worst.
skyship
13/9/2012
11:31
Thank you to anyone who generously donated to Marie Curie - details in my original post (link below). The total to date is over £1200 and I know a few more cheques are in the post. This compares with the average of £2-300 so, a fitting tribute. Donations are still being accepted should anyone still like to contribute (details in original post). All contributions will be used to fund the provision of end of life nursing care for patients in their own homes. When arrangements were being made to get Lisa home there was only one nurse available. Two are required and had I not agreed to act as the second 'nurse' she would have died in hospital, so it is certain that any funds raised will help someone else fullfill their wish of being in familiar surroundings with people they love, in their last hours, days or weeks. Thank you also for the kind messages, both publicly and privately. http://uk.advfn.com/cmn/fbb/thread.php3?id=19607268&from=619#firstpost
alanji
04/9/2012
08:36
I was thinking of switching to another prop-co. But it's worth noting that they were able to pay 14.2p in 2009 (doubtless from a different asset mix) and recent acquisitions should be dividend-enhancing in due course. How likely is a bid? Panther have a stake which may be strategic, or maybe opportunistic.
jonwig
04/9/2012
08:28
That's me out. 27% in 16 months (inc dividends) has been a decent return but the yield is now only 6% and I've decided to up the proportion of cash in my non SIPP holdings.
stemis
03/9/2012
23:04
Alan, I've just got back from holiday and was greatly saddened by reading your last post. I feel for your loss. I suffer from Leukaemia and I know just how valuable is the work of organisations such as Marie Curie. I support Macmillan who helped me when I was diagnosed. I will make a special donation for you.
lord gnome
31/8/2012
05:25
Unfortunately my wife has been very seriously ill for some time, was admitted to hospital two weeks ago and she died early yesterday morning at home. I could not believe the service we received from the NHS palliative care team and the Marie Curie nurses in their efforts to get her home to enable her to pass away in familiar surroundings and the comfort of her own home. We will be having a collection for Marie Curie at her funeral. If any of you have benefited from my postings you might like to consider making a donation to Marie Curie. They provide end of life care for anyone, not just cancer patients as I had previously thought, and their support and dedication was unbelievable. Without this service my wife would have had no choice but to die in a room full of (in her case, well meaning) strangers. For anyone kind enough to contribute, cheques should be made payable to Marie Curie Cancer Care and sent to Peter Jackson Funeral Services, High St, Henstridge, Somerset, BA8 0RB with a note to say in memory of Lisa Izatt. The funds will be used to support the local charity which looked after Lisa. Last year they funded 49 nurses who cared for 429 patients at home and they need to raise £510k this year to continue at that level - it would be great if we could increase it. This funding enabled many people to spend their last days or weeks in the comfort of their own homes in familiar surroundings. Thank you to all who may contribute and I wish you success in your investing - but it means not a whit if you have not life and health so get your priorities in the right order. If you are kind enough to contribute please print out and complete the "gift aid" declaration and enclose it with your cheque to increase the value of your donation with no extra cost to you. https://www.mariecurie.org.uk/en-gb/donate/donatenow/
alanji
30/7/2012
12:00
NRR not on their list. I hadn't heard of them.
jonwig
30/7/2012
11:51
I hold MCKS but NRR has a better yield and higher discount.
stemis
30/7/2012
11:45
IC has an article featuring eight small property companies for their yields: http://www.investorschronicle.co.uk/2012/07/26/your-money/property/commercial-property/healthy-high-yields-6dUeAJbRybz7for84n9DUO/article.html Their out-and-out pick is redefine International [RDI] which at first sight looks a basket case, but who knows? MCKS is in the list. Nothing new said, but the consensus here is supported: McKay (Fairly priced, 119p, 23 Nov 2011) has had a busy few months and the share price has risen accordingly. Crucially, it managed to re-let a refurbished office at Blackfriars at a good rent (although still less than the previous occupier, Lloyds, was paying). It has also extended a lease to the Student Loans Company for a Glasgow office and bought a high-yielding office near Farnborough that's ripe for conversion to housing. The company has limited rental growth prospects, but its big dividends look increasingly secure. The shares trade on a big discount to book value if you strip out the effect of a troublesome portfolio of interest-rate hedges.
jonwig
19/7/2012
07:23
IMS: http://www.investegate.co.uk/Article.aspx?id=201207190700049635H Doesn't say a whole lot really, but what it does say is all good AFAICS. The important part: The Group remains in a sound financial position with no near term refinancing. Drawn debt increased by £5.5 million over the period to £106.0 million, due to acquisition and property expenditure, leaving the Group 99% hedged. Headroom of £49.0 million to total facilities of £155.0 million remains. Of this, approximately £4.00 million is currently identified for expenditure on portfolio properties and acquisitions. Headlines: Portfolio void reduced to 8.9% (31stMarch 2012: 13.3%), with five new tenants signed up at contracted rents totalling £976,650 pa. Refurbishment of 203 Blackfriars Road, SE1 and a pre-let to the Overseas Development Institute completed on programme. Lease extension to the Student Loans Company for 100,270 sq ft completed at 100 Bothwell Street, Glasgow. Earnings enhancing acquisition of Pinehurst Park, Farnborough. Resilient quarterly income maintained.
gingerplant
14/6/2012
13:34
Only if you know the sizes and layout and facilities. But assuming the three parts have equal size, they're going to pay £0.5m for one third, and before paid £1.29m for three thirds. To me it looks about the same - £1m for the new building plus £0.29m for the old.
jonwig
14/6/2012
09:56
is it poss to guess at the rental per sq ft for the space to be kept by IBM if they exercise their option, as compared to the rate(s) for the 2 buildings they are paying at the moment?
ursus
14/6/2012
08:03
Yes, looks a very opportunistic deal.
topvest
14/6/2012
07:27
This does look to be something of a bargain, although I wouldn't be feeling so secure right now if I was working for IBM!
lord gnome
14/6/2012
07:18
"McKAY ACQUIRES HIGH YIELDING OFFICE INVESTMENT WITH REDEVELOPMENT POTENTIAL" http://www.investegate.co.uk/Article.aspx?id=201206140700082945F Is this another goldmine? Pay £3.5m for annual rent of £0.5m from IBM after variation (14% gross yield), and be left with an empty building for residential redevelopment together with half the modern building to let at - maybe - another £0.5m. You can see the modern building on Google: GU14 7NB.
jonwig
30/5/2012
09:25
I see Standard Life Property [SLI] has bought a Glasgow property: http://www.investegate.co.uk/Article.aspx?id=201205300700073622E The rent of £17psf is below that which MCKS will collect after the break of over £19psf. The properties seem to be comparable. It looks as though MCKS have a good deal with the SLC.
jonwig
29/5/2012
22:40
Thanks for the feedback...got my Tax Voucher for last year yesterday so thought I understood this holding !
rik shaw
29/5/2012
21:38
Solid results I thought. I tend top focus on EPRA net asset value and avoid swap fair value accounting which is all a bit of a nonsense if held to maturity. Perloff has been buying and he is no muppet! May add more at some point.
topvest
29/5/2012
15:17
A REIT is required to distribute 90% of its net property income (as calculated for tax purposes deducting capital allowances etc.) within a certain period of time after the year end. They are free to pay an ordinary dividend at any point, but they need to meet the 90% test as well. Ordinary dividends do not count toward the 90% test as these need to be in the form of PIDs (property income distributions). You can see from the example of British Land that they had got ahead of their distribution obligations and paid all of the 2009/10 dividends as ordinary dividends (which they describe as non-PID). http://www.britishland.com/255-dividend-history Whenever a REIT is ahead of their PID distribution obligation then they should always pay an ordinary dividend as it benefits certain investors (unless they are worried about a future dividend cut and want to get further ahead of their PID obligations).
scburbs
29/5/2012
14:57
grahamburn - I read the REIT rules when they were introduced, and I believe they have been amended since then, which might explain it. I think what MCKS has done is to use accounting principles which don't apply to REITs, but instead of forefeiting REIT status, they can merely do an old-style dividend. Hence they don't retain all the tax advantages of REITs when they present accounts for the year just gone. But ... they probably can't do that every year. One REIT I own, TCSC, paid out a mixture of ordinary dividend and REIT, and I still haven't worked out why they should do it, but I can get to their AGM in Leeds - the MCKS in London isn't worth my while.
jonwig
Chat Pages: 59  58  57  56  55  54  53  52  51  50  49  48  Older
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