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
  0.00 0.0% 121.20 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
121.20 121.40
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 69.00 -99.20 -27.30 462
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 121.20 GBX

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Date Time Title Posts
19/5/202108:18:::: REDEFINE INTERNATIONAL ::::410

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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 121.20p.
Rdi Reit P.l.c. has a 4 week average price of 0p and a 12 week average price of 0p.
The 1 year high share price is 125.20p while the 1 year low share price is currently 80.70p.
There are currently 380,970,903 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Rdi Reit P.l.c. is £461,736,734.44.
eithin: Just in my cash account. Goodbye RDI.
wunderbar: I have mixed emotions about this offer. Part of me is delighted to get the opportunity to exit this stock with a reasonable profit, more so because it represents 25% of my portfolio (far too high) and will allow me to diversify funds elsewhere. But part of me also thinks Starwood’s offer of 121p (£468m) is not fully reflecting the company’s true potential given the bid comes at a time when RDI are finally getting their act together having almost completed a transformation programme by ridding of retail assets, significantly reducing debt/LTV in past 12 months, and not forgetting they’re sitting on cash pile c.£100-120m. Last reported NAV was 151.5p (y/e 31 Aug 2020). Note RDI have made a number of disposals since year end results were published, including six UK retail parks for £156.9m in Sept 2020, therefore current NAV will be lower. Today’s RNS states “It should be noted that a revised valuation for the value of RDI REIT's property portfolio as at 28 February 2021 will be published pursuant to Rule 29 of the Takeover Code in the Scheme Document”. Will be interesting to see revised valuation - I reckon NAV c.130-135p which would imply Starwood are trying to buy the assets at a discount of 7-10% based on offer price 121p . Let's face it, you're not going to achieve a premium in this market. Will there be a counter offer? Hard to see this happening as Starwood already own nearly 30% of company. Having only acquired their stake last July c.95p I can't see them letting this slip through their fingers. If the deal goes through, which it likely will given the board are recommending it, I should imagine there'll be a certain degree of angst among long term shareholders due to the fact RDI turned down Cromwell’s bid of c.185p just two years ago, and arguably the company is in much better shape now than it was then. I dare say some will feel RDI is being taken out on the cheap at a time when Covid has distorted the company’s valuation. My saving grace was averaging down last year when the stock was in freefall (between 45-65p) which means I can exit without losing money. Whilst I don't think the offer fully reflects the company's future prospects I have come to the conclusion it's a fair offer nonetheless. And above all else I have to take into account the dark days of May 2020 when share price hit all time low of 42p, which at the time meant I was sitting on a huge paper loss, with this in mind I'm grateful for an offer of 121p as this gives me satisfactory closure on this stock. For the record I have now sold 75% of my holding. I'll keep the other 25% for another month or two just to see if anything interesting happens. But all things considered I'm relieved this stock is no longer a burden on my portfolio - just wish I could say the same about Imperial Brands (IMB), but that's another story.
nickrl: William interesting question and can see so no RNS or reference in last report as to there plan for this site. Looking at 2019 West Orchard accounts they note a covenant breach which was cured by RDI to the tune of 2.9m and this reduced the Sanatander loan to 7.5m which was repayable in Nov 21. Most of the liability was with RDI who had written off £18.4m that year as well and post year end another 6.4m was written off. Market value was assessed as 18m at 31/8/19 down from 26m from previous year. Not one of RDI finest investments although im still surprised it went for so low and im guessing all the cash has gone to Santander. Doesn't answer your question though!
cerrito: Trying to get an understanding of what is going on ref RDI and Starwood. In the 2019 AR, RDI had 2 non exec directors who were both RDI people as well as 4 independent non execs as well as the exec directors and the chairman. RDI sell out to Starwood and one of the RDI directors(Prinsloo) stands down and is replaced by a Starwood director but the other RDI man (Wainer) stays on the board even though RDI has no shares. Does anyone understand what is going on? Biggs the question if Wainer is now an independent non exec and why Starwood are happy just to have one director. PS I have never had reason to come across Starwood and how they work but my gut feel is that them coming onto the share register is good news. Is that how you all see it?
grollfam: Response to announcement by Redefine Properties regarding conditional sale of shareholding The Board of RDI, the income focused UK Real Estate Investment Trust ("UK-REIT"), notes the announcement from Redefine Properties on the JSE that it has agreed to a conditional sale of its 29.42 per cent shareholding in the Company to controlled affiliates of Starwood Capital Group. The Board looks forward to engaging with Starwood Capital Group as a shareholder in the Company.
theprovosts: "to dispose of up to 111 883 113 shares in RDI REIT P.L.C. (“RDI”) being its entire shareholding in RDI, representing 29.42% of the RDI shares in issue (the “RDI Shares”),for an aggregate sale consideration of £106 288 957.35 (representing £0.95 per share)" But wait, the German issue isnt sorted yet. Lol.
wunderbar: When I last posted on this bb back-end August last year I said 100p was ludicrously cheap and RDI remained my number one stock pick. A nice rise to 120-130p ensued and the company's outlook was steadily improving thanks to a more diversified portfolio focused on retail (actively reducing), hotels, serviced offices and industrial/distribution ....and then Covid-19 struck in March sending the stock into freefall. REITS in particular have had the proverbial kicked out of them in past couple months. Whilst I've been buying into quite a few of these in recent days/weeks by far my biggest investment in this sector is RDI. During this period I've made a cluster of buys ranging from 45-65p hoping these will pay off handsomely in 3-5 years time on the basis the world has got back to normal - and if it is anyone buying this stock now could be looking at a future dividend yield of 10-15%. As for my average price this is now 110p so still a long way to go before I break even. Those of you who keep close eye on this stock might have noticed share price hit 41.5p yesterday (a new all time low, valuing the company at just £156m) before recovering by end of play. Thankfully, as I write RDI is up 15%, 7p @ 53p - quite frankly the stock was due a big bounce after falling 30% in past month. However given recent volatility I wouldn't rule out further erratic movements in the short term. Now for some very quick number crunching. Half year accounts (end Feb 2020) show portfolio valuation of £1.3bn, less £623m debt, plus £85m cash balance = £762m assets. Right now RDI is valued at £205m. In essence the market thinks RDI's assets are worth £557m less than figures quoted! Why? I guess key thing here is the portfolio was valued prior to Covid-19, in the ensuing economic chaos/lockdown all commercial valuations/rents have taken a big hit (justified or not remains to be seen). Whilst acknowledging likely reductions I think the market has been far too savage with RDI (for some reason more so than other less diversified REIT's). On the assumption lockdown is lifted within 6 months and factoring in significant fall in rental income this year, and not forgetting expected sale of retail assets in Germany I think there's a distinct possibility we could see share price bounce back to 80p-110p by end of year. I'll discuss the suspended dividend at a later date when I have more time noting this post is already too long! Let's hope some sanity returns soon.
cerrito: FT has a story which I understand has been in the Sunday Times that Travelodge has appointed Deloittes and a bank called Moelis to negotiate with their landlord a rent deferral / holiday. As either known or assumed they did not pay the March rent. This story is no great surprise and has no doubt been cooked into the RDI share price which no doubt will drift lower.
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.
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.
Rdi Reit P.l.c share price data is direct from the London Stock Exchange
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