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Share Name Share Symbol Market Type Share ISIN Share Description
Rdi Reit PLC LSE:RDI London Ordinary Share IM00B8BV8G91 ORD 8P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.30p +0.96% 31.60p 1,012,819 16:35:22
Bid Price Offer Price High Price Low Price Open Price
31.50p 31.60p 31.50p 30.50p 30.50p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 112.00 97.40 4.70 6.7 600.5

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Date Time Title Posts
06/12/201811:33:::: REDEFINE INTERNATIONAL ::::219

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Rdi Reit (RDI) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2018-12-12 17:06:3631.601,306412.71O
2018-12-12 16:35:2231.60421,863133,308.71UT
2018-12-12 16:28:4231.5017555.13AT
2018-12-12 16:28:0231.501,486468.09AT
2018-12-12 16:27:3131.501,132356.58AT
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Rdi Reit (RDI) Top Chat Posts

Rdi Reit Daily Update: Rdi Reit PLC is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker RDI. The last closing price for Rdi Reit was 31.30p.
Rdi Reit PLC has a 4 week average price of 29.90p and a 12 week average price of 29.90p.
The 1 year high share price is 38.10p while the 1 year low share price is currently 29.90p.
There are currently 1,900,449,536 shares in issue and the average daily traded volume is 1,492,376 shares. The market capitalisation of Rdi Reit PLC is £600,542,053.38.
macthepak: There has been a lot of after hours selling and buying last couple of days. MM's manipulating the share price again?
macthepak: I like REITs because they have a straight forward business model that I can understand and provide a steady stream of rental income by way of a regular dividend, easy to understand accounts and share price backed by real capital ie NAV in this case "bricks and mortar". The problem with "serviced offices" is that you have competition from the likes of: Regus, The Office Group, WeWork, Spaces, HQ and MWB who have been in this field for a long time. And what annoys me even more is that flexible serviced offices means short leases. I like long leases several years to decades. This is not going to do our average WAULT any good.
macthepak: I have had this share for a long time now, great dividend payer, but share price has steadily fallen over the past year. I really cannot understand the logic behind selling the German portfolio and buying London office space under the cloud of Brexit?! If selling the German portfolio was such a great deal they should have either used the money to pay off some of the debt or further diversified the portfolio to include residential, student properties, warehousing or primary healthcare properties. NOT bloody London Office space?!
keith95: ... you might have thought the shorts would have learned from their Intu burning of last week ... .... but this RDI fall looks to be down to morning star which has collapsed the fair value share price from 40p to 33p in a month or so. No idea why ... but I imagine the hedgies are using this number to trade from. GLA
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.
macthepak: Regarding the WAULT it depends on your investment objectives. If your looking for stability of income then a long WAULT is best for example Secure Income REIT plc has an average WAULT of 23 years yet at its current share price its yield is only 2.7% with an LTV of 53% BUT if your looking for income growth then shorter WAULT may work in your favour for example RDI has an average WAULT of 7.8 years, at current share price its forward yield is above 7% and with an LTV of 53.4% All about risk management. I had hoped they would use the money to bring the debt levels down.
poacher45: Cutting the dividend has caused the fall in the share price but still good value.
macthepak: As long as they can maintain a decent dividend which has not been too bad over the last 5 years. I am sticking with RDI for long term income even if it means a drift downwards in the share price in the near to medium term.
rooky4: " If the Placing proceeds, the Placing Price per UK Placing Share would be determined by the Directors and the Bookrunners, following their assessment of market conditions and discussions with a number of institutional investors during the course of the Bookbuild. In any event, in accordance with Listing Rule 9.5.10R, the Placing Price would not be at a discount of more than 10 per cent to the middle market price of the Ordinary Shares at the time of agreeing the Placing." etc etc So if I read this right, the placing will dilute us ordinary shareholders who will not be invited to participate, and the current lower share price will give an even lower placing price?
eeza: The IC article. Redefine International PLC Thu 13 March 2014 A A A Recommendation type: Income Jonas Crosland A lot can change in six months, and for property group Redefine International (RDI), most of the changes have been for the good. Of primary importance is the shift in investor demand to beyond the confines of the expensive London property market and into secondary assets situated elsewhere. The obvious reason for this is that yield compression in London to 3-4 per cent makes it sensible to look at quality regional assets offering double this. Happily, Redefine is now better-placed to take advantage of the trend, having spent a long time restructuring itself, which includes becoming a real-estate investment trust (Reit) in December last year, achieving a dual listing on the Johannesburg Stock Exchange, and launching an American Depository Receipt programme (ADR) to accommodate overseas investment demand for UK real estate. As demand pushes up property prices, management expects half-year figures towards the end of April to see an encouraging revaluation of the portfolio, which, according to broker Peel Hunt, is 56 per cent located in the UK by value, 29 per cent in Europe and 14 per cent through a holding in an Australian company. Together with the restructuring, this is expected to reduce the loan-to-value rate from 82 per cent in August 2012 and 57 per cent last August to nearer the 50 per cent target. And to take advantage of the uptick in regional valuations, the group has been working its portfolio hard by recycling capital into income-generating investments. Redefine bought a lot of property during the financial crises and is now set to benefit as some of the return on these investments is crystallised. Most recently, two adjoining sites in Harrow were sold to Redrow Homes (RDW) for £13.8m, which works out at a 12.4 per cent premium to book value, and the group has also secured a share of sales revenue above an agreed aggregate threshold. More sales can be expected, too, assuming an acceptable rate of return on book value. Redefine has also been busy adding selected properties to the portfolio. For example, the group spent £84m on the 305,000 sq ft Weston Favell enclosed shopping centre on the edge of Northampton, reflecting a net initial yield of 7.5 per cent. Crucially, the centre is anchored by one of the largest Tesco supermarkets in the UK, occupying just under half the retail space, and with a 14-year unexpired lease. And there are signs of an improvement in rents, too, with a rental review uplift at Newington House in Southwark, for example, resulting in a 5 per cent rise in rent to £807,520 a year. REDEFINE INTERNATIONAL (RDI) ORD PRICE: 50.25p MARKET VALUE: £638m TOUCH: 50-50.25p 12-MONTH HIGH: 61p LOW: 34p FORWARD DIVIDEND YIELD: 6.4% TRADING PROPERTIES: £57.3m FORWARD PREMIUM TO NAV: 14% NET DEBT: 221% INVESTMENT PROPERTIES: £644m Year to 31 Aug Adjusted net asset value (p) Net operating income (£m) Earnings per share (p) Dividend per share (p) 2012 39 83.0 4.4 4.4 2013 39 62.8 3.1 3.1 2014* 40 70.5 3.2 3.1 2015* 42 73.9 3.3 3.2 % change +5 +5 +3 +3 Normal market size: 5,000 Matched bargain trading Beta: 0.39 *Peel Hunt forecasts Rental income is also expected to rise as more refurbishments start to contribute to the bottom line. At St Georges in Harrow, the final refurbishment is expected to be completed by Easter this year, while a 50,000 sq ft extension at Birchwood in Warrington has now been completed. However, while consumer sentiment is clearly improving, footfall remains in decline, and Redefine believes a full recovery will not return until consumers experience real wage growth. The company also has a stake in Australian-based Cromwell Property, and while its performance has been solid enough, Redefine's exposure is unhedged, and the Australian dollar has declined by nearly 6 per cent since last August. Sensibly, Redefine sold a further 8.46m shares in December, taking its stake down to 13.2 per cent. Group net asset value in the short term could also come under pressure from weakness in the euro, with the group's shopping centres and government-let offices in Germany and the Netherlands accounting for around 16 per cent of gross rental income. Group finances have been boosted by a placing at 47.5p last month, expanded due to strong demand from 7.5 per cent to 9.9 per cent of the share capital, raising £54.7m before expenses and priced at a 6.4 per cent discount. Share tip summary Given the renaissance in demand for regional property assets, Redefine's share price premium over forecast net asset value looks justified. It's also worth pointing out that at 6.2 per cent rising to 6.4 per cent in 2015, the prospective dividend yield is one of the highest in the sector. So, with rental income and property values both set to grow, together with the dividend, shares in Redefine present a compelling case for growth and income seekers. Buy.
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