Regional Reit Share Discussion Threads

[master rsi] 21/11/2024 22:01

Today's drop was due to X-dividend for the 2.20p on 50 days, which will be payday

Ex-dividend date 21 November 2024
Payment date 10 January 2025

[master rsi] 17/11/2024 23:04

A good move up for the last couple of days ahead of the X-dividend 2.20p next Thursday 21.

[nickrl] 14/11/2024 07:29

Disposals are just pathetic given how much stall they put into this 12mths ago to deal with the bond. Anyhow rent roll falling faster than vacancy gap and clock ticking again to next crisis.

[cruelladeville] 13/11/2024 19:23

Sold half my pittance of a shareholding at 14p shortly after the refinancing. Kicking myself now for not selling out completely.

[arbus5000] 13/11/2024 09:34

thanks spec - you raise these points on a regular basis, although I appreciate you hadn't mentioned voids in a good while.

[spectoacc] 13/11/2024 07:26

Genuinely impressed how badly RGL is doing. Occupancy down to 77.5%, so barely 3/4's occupied. 2.2p qtly divi, 41.4% LTV, £353m of debt at 3.4%, 3.3% of rent in arrears.

Weighted average duration 3.1 years. That 3.4% borrowing rate is going to be very different in future.

Some token sales at above June NAV (£1.75m before costs, ie de minimus) & some rental uplifts where they've been able to re-let. But for all that money raised, occupancy going down from 82% to 77.5% is not good news.

[master rsi] 05/10/2024 19:09

It finished up for the day, it is time for a change from the recent downtrend

Edison research -1 October 24 ...

[meanreverter] 28/9/2024 16:51

I see now how I misread the Edison webpage. The banner data at the top of the page gave the share price as 136p. However, this was not actually part of the report which was printed underneath the banner. The report, dated 6 August 2024, quoted the share price in a column to the right of the text, which I overlooked. There, indeed, the share price was given as 124p. (A yield of 10.5% with a dividend of 13p corresponds to a share price of 123.8p.)

[feuille] 28/9/2024 16:03

The share price was probably nearer 130p at the time of the report.

[meanreverter] 28/9/2024 15:33

Based on the numbers cited in the Edison report and forecast for FY2025, a yield of 10.5% on a share price of 136p should equate to a dividend of 14.28p per share. However, the report specifically forecasts a dividend per share of 13.0p for FY2025, which is cited in three places in the report. I am unable to reconcile the two numbers, 13.0 and 14.28, the latter being close to 10% higher. Put another way, a 13p dividend is equivalent to a yield of 9.56%, rather than 10.5%, on shares at 136p.

Any ideas?

[dartboard1] 28/9/2024 12:39

Further discount for management is well earned

[feuille] 28/9/2024 11:06

hxxps://www.edisongroup.com/research/recapitalisation-returns-focus-to-operations/33862/

Valuation: Yet to reflect recovery potential

As a normal pattern of quarterly DPS payments is re-established in FY25, our forecast DPS, 1.2x covered, represents a yield of 10.5%, broadly double that of peers. The more than 40% discount to NAV compares with c 25% for peers.

[petersinthemarket] 28/9/2024 10:02

>>feuille - Due to the complications of the raise, I'm finding it difficult to calculate my proper fwd yld on RGL. At 2.2p/qtr the annualised Div would obviously be 8.8p, but where did you get the 3.5p/qtr from?
pete

[master rsi] 13/9/2024 14:29

It went all the way to 137.60p +7p

[ramellous] 13/9/2024 11:53

U.K. leads European office investment recovery.

[feuille] 12/9/2024 11:47

2.2p / qtr , rising to 3.5p /qtr

[dandigirl] 12/9/2024 10:40

The dividend target is 6.6p for the period 1 April 24 to 31 December 24.

[feuille] 12/9/2024 09:10

According to Edison , NAV is 219p , and discount is 40%.
10% yield for 2025.

[renewed1] 11/9/2024 18:59

Bridgemere havnt become involved here for the fun of it. Theyve already shown what they thought of the previous directors and Im trusting they will turn this shower around over the next few years.Happy to take the 7% while I wait for the capital appreciation.

[redhorse2020] 11/9/2024 18:41

I haven't calculated it but would've thought the discount is closer to 25 or 30 percent rather than 70 percent and judging by the pace of disposals to date, I guess a wind down could be quite a long process.

[feuille] 11/9/2024 14:41

Can anyone work out the current share price discount to NAV ?

Is it about 70% and if so, why not just wind it down ?

[chatchat] 10/9/2024 09:44

not sure I agree that presenting the comparative dividend figure at 2.85p for H1 23 with 3.4p for 24 given the 1/10 consolidation in between is very transparent.

[nickrl] 10/9/2024 08:28

Only skim read it but vacany level now 22% from 20% isnt going to help. All talk on disposals over this year but where are they.
Have a better look later.

[rcturner2] 10/9/2024 07:21

H1 results and not a peep out of anyone?

[craigso] 09/9/2024 09:43

Half-year results tomorrow. Hopefully we'll get something that gives a lift to the share price.