Real Estate Investors Share Discussion Threads

[sleepy] 14/9/2018 14:51

On admission to Trading in 2015 the RGL asset value per share was 100p

[poacher45] 14/9/2018 14:16

Skyship you tell me which one of my figures is wrong. You cannot because they have all been taken from the reports. When they say the asset value will be 119p is that before they pay the dividends?

[skyship] 14/9/2018 14:04

poacher - go back and rework your stats. Over the period 2015/17:

# RGL = + 32%

# RLE = + 24%

[poacher45] 14/9/2018 13:36

RLE RGL
Starting asset value
2015 64.5p 107.8p

Dividend 2015 2.0p 1.0p
2016 2.63p 7.65p
2017 3.13p 7.85p
Loss or gain on assets 4.40p -1.90p


Total 12.16p 16.50p

I think RLE wins.

To be precise RLE has a total gain of 18.8% and RGL has a gain of 15.3%.

[skyship] 14/9/2018 12:30

riverman - exactly!

poacher - I posted "total shareholder return"

[riverman77] 14/9/2018 11:58

Just showing navs side by side doesn't take into account dividends. Also RGL nav is now about 113 following uplift at recent results so I believe has delivered higher total nav return over last 3y.

[riverman77] 14/9/2018 11:58

Just showing navs side by side doesn't take into account dividends. Also RGL nav is now about 113 following uplift at recent results so I believe has delivered higher total nav return over last 3y.

[poacher45] 14/9/2018 11:48

Asset value per share:-
RLE RGL
2017 68.9 105.9
2016 66.2 106.9
2015 64.5 107.8

[skyship] 14/9/2018 11:04

Indeed. To my mind taking excessive remuneration for poor performance.

Even though in a geographical hotspot their NAV growth has been severely hampered by poor strategy - holding almost no Industrial (where the main growth has been) and far too much retail.

To grow the NAV by just 16.6% over the period 2015/16/17 is poor by any definition, especially with a relatively high LTV.

To challenge Poacher's comparison with RGL for instance, over that 3yr period RGL grew total shareholder return at 10.5%pa v. just 7.5%pa here at RLE.

I'm hoping that RLE will still reveal some good news with the Interims, which could well be on Monday...

[tiltonboy] 13/9/2018 19:13

Sleepy is suggesting that the directors of RLE are trousering excessive remuneration

[poacher45] 13/9/2018 15:42

My point is you can only compare companies at the same date and I personally feel that
RGL is not as good as Real Estate Investors. You got the occupancy rate wrong and if Sleepy compares the wages of RGL staff including directors to Real Estate Investors allowing for the difference in value RGL is still probably more. I do agree that salaries of over a million are too high and not justifiable to the rest of the population but Real Estate Investors expenses are low.

[skyship] 13/9/2018 15:25

& f/c to be c119p at Dec.18! Do keep up poacher 😊

[tiltonboy] 13/9/2018 15:22

RGL NAV June 2018 113.6p

[poacher45] 13/9/2018 14:52

Skyship
RGL Asset Value Dec2016 106.4p per share
Dec2017 105.1p per share
Thank goodness Bassi et al are not the same standard as RGL.

[sleepy] 12/9/2018 15:44

Given the track record and the amounts the CEO and CFO trouser each year what is the appropriate level of discount for RLE?

[hugepants] 12/9/2018 15:41

It was a shocker indeed.

[skyship] 12/9/2018 15:35

HP - would never buy PCA again until Sinclair has gone! His pre-emption deal this time last year was beyond the pale - the man should clearly not be trusted by private investors...

[hugepants] 12/9/2018 15:20

PCA is another regional REIT. Yield is 5.9% and discount to NAV 24%.
I've switched some of my RLE into PCA since the LTV is lower at only 30% (versus 40%)

[skyship] 12/9/2018 13:49

Flush with the success of yesterday's RGL Interims, the focus of attention switches to RLE.

Last year the Interims were on Monday 18th September; so we should see the Interims this coming Monday 17th.

Looking at the NAV it would surely be a big disappointment if we didn't see a 4.5% increase from 68.9p to 72.0p. RGL managed a 7.2% increase over the same H1'18 period; though RGL have been very active traders and asset managers; whereas Bassi et al don't appear to be quite of the same standard.

Still even SREI managed 3.9% on a far lower LTV and in a less concentrated growth hotspot; so a 4.5% increase must surely be achievable.

We'll see very soon. At 56p the discount would be 22.2% and the yield 6.25%.

[badtime] 06/9/2018 20:14

Lol...I thought SRE would go lower before I bought back the tranche I sold (still gave some) ..so fooled me too

[ntv] 06/9/2018 18:11

badtime
seems most in the sector are taking a beating
sold SRE long position the other day so they promptly went up! bah humbug
wish i could trade opposite to what i actually traded the last couple of months :-0

[badtime] 06/9/2018 12:06

NTV your 61/62 target looks a tad optimistic..they've dropped back as per usual

[tiltonboy] 23/8/2018 11:03

The holding will be in one of M & G funds, which is owned by Prudential.

[skyship] 23/8/2018 10:06

Do you mean just an existing holding rebranded?