Share Name Share Symbol Market Type Share ISIN Share Description
Rdi Reit P.l.c. LSE:RDI London Ordinary Share IM00BH3JLY32 ORD 40P
  Price Change % Change Share Price Shares Traded Last Trade
  -2.80 -3.07% 88.40 1,124,308 16:35:15
Bid Price Offer Price High Price Low Price Open Price
86.60 86.70 91.10 86.70 91.10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 9.35 -79.80 -20.40 336
Last Trade Time Trade Type Trade Size Trade Price Currency
16:36:45 O 21,320 88.40 GBX

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Date Time Title Posts
07/9/202008:50:::: REDEFINE INTERNATIONAL ::::362

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Rdi Reit P.l.c Daily Update: Rdi Reit P.l.c. is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker RDI. The last closing price for Rdi Reit P.l.c was 91.20p.
Rdi Reit P.l.c. has a 4 week average price of 80.70p and a 12 week average price of 72.90p.
The 1 year high share price is 140p while the 1 year low share price is currently 41.55p.
There are currently 380,089,923 shares in issue and the average daily traded volume is 124,710 shares. The market capitalisation of Rdi Reit P.l.c. is £335,999,491.93.
wunderbar: Hi Nickrl, I noticed my error couple days ago when checking RDI website - year end is 31 August but results not due until 24 October. As for the share price nothing's changed since my last post few weeks back, still languishing at 100p which I think is ludicrously cheap. At this price RDI remains my number one stock pick hence acquiring more today at a fraction under 100p. Two simple reasons: 47% discount to NAV (190p as of 28 Feb, excluding Aviva financed uk shopping centre portfolio) + divi yielding anything between 11-13%. I'm forecasting a year end divi of c.7p (total 11p for year). It's worth noting REIT rules dictate RDI must payout minimum 90% of 'UK property rental income' via dividend. Providing occupancy levels remain high (currently 98%) then we should continue seeing solid income returns. Quite how the market can justify such a lowly rating remains a mystery to me considering Cromwell offered c.185p less than six months ago. Some of you might be interested to know RDI are now publishing quarterly reports on their website, certainly worth taking the time to read.
wunderbar: Am I the only one on this bb who thinks this stock is too cheap right now, made another purchase today @ 101p. At current levels RDI now offers a staggering yield of 12-13% (income permitting) and now trades 50% below NAV. Seems to me the market has just looked at this sector and decided any company with shopping centre assets be marked down excessively, no doubt INTU's recent plight hasn't helped matters. Full Year results due 31 August, I'll be keen to hear how things are progressing re disposal of toxic retail assets as it's abundantly clear these are holding back the share price.
wunderbar: If this keeps dropping we'll all be wishing management accepted the 185p offer. Today share price tanked 4% and now stands at 121p being 6% lower than it was when Cromwell made their initial approach. Incidentally since the 5 for 1 share split in February the share price has fallen a staggering 25% - capital erosion at its finest. As we've already seen this weakness is an open invitation for predators to try and snap up the company on the cheap. If management fail to address this rapid erosion then it won't be long before another offer comes in at a much lower price. Now that would be farcical. As for last weeks Interims I thought results were quite robust given market conditions. No surprise to see half year divi cut 40% due to Aviva loan issue. RDI hope to re-balance the shortfall in the full year dividend (income permitting). I was pleasantly surprised to see revised NAV of 204p (down 5%, was 214p). Considering negative sentiment towards retail/property stocks I was expecting a much lower valuation. I do believe RDI's strategy is the right one, actively reducing exposure to retail and becoming more of a Beds, Sheds and Desks REIT. It is a (market) misconception that RDI's entire portfolio is exposed to retail sector hence share price getting battered, in fact retail accounts for 44% of portfolio - furthermore RDI are actively looking to make strategic disposals of c.£500m (£450m attributable to retail - including exiting Germany). If and when these disposals are actioned RDI's retail exposure will drop to 22% (assuming no re-investments). Lastly, worth noting @ 121p RDI's dividend yield is now close to 10% with shares trading 40% below NAV. Today's share price seems unjustifiably low considering Cromwell offered c.185p only a few weeks back. Any further weakness and I'll consider topping up.
baracuda2: Really can't work out why the price should drop so much, the share price is way below NAV so the offer must have been low too. Time to buy a few more!
tyranosaurus: Bid deadline 23/04/19 Results 25/04/19 Do we really expect a bid before the results ? There seems to be little expectation of a bid as the share price is not really gathering momentum.
macthepak: The problem with retail parks and shopping centres should have been recognised back in 2017. Some of the cash from recent sales should have been used to reduce the loans on these retail and shopping centres. If the dividend is cut I expect the share price to fall to maintain a yield between 8 and 10%. This is not good for the long term investor but a great buying opportunity for a new investor if and when the announcement is made for a dividend cut expect a sharp fall in the share price. PS I still follow RDI for old times, I know longer hold any shares in RDI.
eeza: "According to RDI's website they are "committed to becoming the UK’s leading income focused REIT". That's a all very well and good but consider the fact share price has fallen year on year for past 4 years - any dividends paid out have been dwarfed by capital erosion. RDI management need to get their act together or face the wrath of shareholders/institutions baying for new blood." Exactly what I posted above. Failed management whose only answer to share price falling for 4 yrs is to have a share-split. Ego trip for management (who don't want to be seen overseeing a 'penny stock') - paid for by long suffering s/hlders. The TU reads like total BS. Which is what it is. This has become a bargepole stock. Handcrankers. Need to acquaint themselves with the rules for Universal Credit. Well done management - earned your bonuses.
wunderbar: Todays pre-close update has not been well received - share price currently down 10% @ 135p. So much for the consolidation doing wonders for the share price - so far it's been a disaster (down c.17%). I personally preferred the perceived penny stock status as share price movement was relatively tight/stable whereas now it's become uncharacteristically volatile and leaves the share price vulnerable to further market manipulation. As for today's sharp fall I believe this is attributable to a loan with Aviva on four UK shopping centres - the company states "Given the deterioration in values for UK shopping centres and the resultant increase in the lender’s loan to value ratio, all net operating cashflows from this portfolio are being retained within the facility and are anticipated to be used to reduce the outstanding facility balance. Net operating cashflows from the portfolio after interest costs are approximately £6.5m on an annualised basis". In other words a loan covenant has been breached/triggered as a result of falling values of the centres which means under the terms of the loan RDI cannot use proceeds from this estate to reinvest in other parts of the business or contribute towards dividend payments. The company goes on to say "the board has continued to place a greater emphasis on liquidity and maintaining lower levels of leverage. Net disposal proceeds generated in the prior financial year and limited reinvestment has resulted in approximately £40m being retained and applied toward lower leverage." Reading between the lines I think investors should brace themselves for a steep dividend cut - I reckon anything between 25-40% (reducing payout to 8-10p p/s giving a yield of 6-7% at current levels). Today's fall has pushed RDI's yield up to c.10% (13.5p). Given the ongoing concerns re UK retailing it's safe to say NAV will also be taking a hit come Interim results. In August NAV was reported @ 42.8p (214p post consolidation). For info 29% of RDI's portfolio is exposed to this sector (18% shopping centres and 11% retail parks) - personally I'd like to see overall exposure reduced to 15-20%. It's somewhat hard to gauge the overall impact these inevitable writedowns will have on NAV but for the sheer hell of it I'm going to factor in a 30% decrease (hopefully this is worst-case scenario) which implies a NAV of 150p. According to RDI's website they are "committed to becoming the UK’s leading income focused REIT". That's a all very well and good but consider the fact share price has fallen year on year for past 4 years - any dividends paid out have been dwarfed by capital erosion. RDI management need to get their act together or face the wrath of shareholders/institutions baying for new blood.
wunderbar: Having first bought into RDI about a year ago c35p I've been topping up in recent days/weeks following accelerated decline to 28p. This drop has pushed the dividend yield up to almost 10% which looks too generous in current climate - maybe a cut is on the cards. I've noticed a lot of property stocks have tanked during past month likely due to Brexit fears / perceived retail collapse both of which look overplayed by the market - if I'm not mistaken 30-40% of RDI's portfolio is linked to retail sector. As things stand we are currently trading at 33% discount to NAV [42p]. One thing RDI need to address is the steady decline in share price during past 4 years. Rough figures are, 2015 -12%, 2016 -16%, 2017 -10%, 2018 ytd -22%.
macthepak: RDI is one of those unloved shares. I have held RDI for a number of years and have enjoyed the dividends and have averaged down as the price has fallen. I continue to enjoy the dividends each year, but it is a high risk play especially in this part of the economic cycle, Brexit uncertainty and a high LTV ratio of 50%. In some of my previous posts I have hoped they would use some of the money from property sales to lower the debt. The share price has risen and fallen but over 5 years it is only down 0.63% and in those 5 years I have enjoyed dividends worth 19p per share at an average share price of 37p. Current share price is 34.5p so have not done too bad considering the interest rates offered by savings accounts. Recent unexplained share price fall just after ex dividend date and just before Christmas, I would not worry. Opportunity to average down further and the shares should pick up forward yield of 7.7% its just too attractive especially if inflation picks up.
Rdi Reit P.l.c share price data is direct from the London Stock Exchange
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