Real Estate Investors Share Discussion Threads

[ntv] 26/3/2017 22:03

i think it is a typo

[hugepants] 26/3/2017 20:46

maybe it's a typo, 61.3p should be 71.3p

[hastings] 26/3/2017 20:03

Haven't seen the IC comment, but here's an extract from the note on results day which would appear to be at odds with what is suggested above.

REI's FY16 results were 9% ahead of our forecasts, with resilient NAV growth as well as strong earnings and dividend progression. Acquisition spend and careful cost control aided a step change in profits through the year and a number of pending rent reviews should drive stronger LFL growth through FY17. We expect to make no material change to our profit expectations, but upside risk is evident and our NAV forecasts will need to rise. Occupier and investment demand clearly remains healthy across the Midlands and REI remains well placed to capitalise on this. The shares trade at an 11% discount to the FY16 reported NAV and a forecast FY17 DPS yield of 5% which has upside potential.

[hugepants] 26/3/2017 19:43

The IC rate this as a buy in the latest issue.

However at the end of their write-up they state; "Analysts at Liberium are forecasting diluted net asset value(NAV) at the December 2017 year-end of 61.3p, from 66.2p in 2016.

Anyone know why Liberium are forecasting such a large drop in NAV?

[hastings] 22/3/2017 14:47

A couple of decent Director buys.

[badtime] 22/3/2017 11:09

Couple more lumpy trades

[hastings] 20/3/2017 08:50

Very positive results which according to Liberum came out 9% ahead of expectations, where it expects to upgrade its NAV forecasts.

Dividend for the year now in progress is anticipated to be 3p, rising to 3.2p next year.

Especially liked Paul Bassi commenting on approaching a Golden Age for the sector/region.

[jaws6] 20/3/2017 08:17

tboy
you seen buy note today 67 p ? reads well on divi

[tiltonboy] 20/3/2017 08:03

A pretty extensive statement, and looking good for the next few years.

[badtime] 20/3/2017 07:53

Look fine to me!

[tiltonboy] 17/3/2017 14:52

As I mentioned yesterday, the seller had finished, but I do despair at times at the way institutions trade their holdings.

[hastings] 17/3/2017 14:38

Nice reversal here of the more recent trend is welcome and on seemingly thin volume.

[rogerbridge] 16/3/2017 16:56

Thanks tiltonboy

[hastings] 16/3/2017 13:00

To be fair there have been various sellers and buyers at different points over the years. I recall Caledonia holding around 28% several years back, before selling down which saw other holders add and new institutions come on board.

[badtime] 16/3/2017 12:24

Wish I'd picked up more at 54 now

[badtime] 16/3/2017 12:18

Cheers for the info Tilts

[tiltonboy] 16/3/2017 09:57

Looks like the seller has finished....until the next one turns up. Liberum have done some business around the 54p level, and are not offering now.

[tiltonboy] 16/3/2017 09:43

Figures on Monday, so not long to wait.

[rogerbridge] 16/3/2017 09:09

Are we at the bottom? looking to pick a few more up, but would like the seller out of the way first.
I went to Birmingham a few weeks back and was amazed in what I found, certainly turning a new leaf. Birmingham and West Midlands are motoring, commercial porperty values must be pushing ahead.
Or should I be sensible and wait for the next NAV?

[tiltonboy] 16/3/2017 08:27

As promised:

Invesco - 26.5%
Ruffer - 11%
JOH - 9.6%
Majedie - 9.2%

There have been a number of reductions, with selling coming from Standard Life, Smith & Williamson, SW Mitchell, and Goldman Sachs.

[tiltonboy] 15/3/2017 18:54

I've got an up-to-date list of all the holders to end January, and their recent movements. I will post some info tomorrow.

[ntv] 15/3/2017 18:34

MAJOR SHAREHOLDERS (3% OR OVER)

Invesco Perpetual UK Strategic Income Fund – 9.97%

J O Hambro Capital Management – 9.58%

Perpetual Income & Growth Investment Trust – 9.47%

Majedie Asset Management – 9.20%

CF Ruffer Total Return Fund – 5.69%

PPS Bassi – 5.37%

Ruffer Absolute Return Fund – 5.36%

Invesco Perpetual UK Equity Pension Fund – 4.64%

Old Mutual Global Investors – 3.37%

Henderson Volantis Capital – 3.08%

Shares not in public hands amounted to 44.81% of the Issued Share Capital.

[tiltonboy] 15/3/2017 17:30

Seller has been taking down, so obviously keen to exit!

[hastings] 15/3/2017 17:01

Added a few more here this pm.Forecast div of 3p next year makes for a decent enough yield given the current /fwd picture for the Midlands.