Regional Reit Share Discussion Threads

[stewart64] 01/3/2018 16:53

DavROs...strange but 100% correct in spite of a 1% general market correction. It was heavily sold in the lead up to this dividend. Never say never, always tomorrow for those that sold out in anticipation of a bumper ex dividend adjustment.

[davr0s] 28/2/2018 20:01

You read some strange stuff on bb's

[stewart64] 28/2/2018 13:23

Can't see it falling more than 2.5p tomorrow. Heavy selling into a 5% nav discount and an 8 % progressive dividend seems unlikely, might be wrong.

[nimbo1] 28/2/2018 11:25

thanks - we'll see. may try and trade a few but will keep core holding intact.

[skyship] 28/2/2018 10:53

nimbo - I suspect the XD fall will be less than the 2.45p dividend. Remember RGL pays quarterly.

[nimbo1] 28/2/2018 10:07

my biggest concern here is if the large divi doesn't excite anyone into buying are we going to see some severe downside after xd. Im happy to hold these but if there is an opportunity to sell now and buy back at 90p then equally would be keen to take advantage. Guess its just a guessing game.

[skyship] 27/2/2018 17:37

Seems as though I had that wrong; I too forgetting which day of the week I'm on!!!

Agreed - XD Thursday - so much easier these days with Thursday always the XD day.

[spectoacc] 27/2/2018 15:49

XD Thurs - not that I often remember what day of the week we're on!

[skyship] 27/2/2018 13:19

Indeed XD tomorrow. Personally really looking forward to the Finals on 22nd March as that will give us a very good picture regarding the recent acquisitions. Also perhaps meat to the bone on the progressive dividend policy - ie, is 8.05p really likely for this year. If yes, then we are on a prospective 8% yield!

[stewart64] 27/2/2018 12:20

Sorry Skyship got my head in so many shares I forgot. Pre ex dividend nerves.

[skyship] 27/2/2018 12:04

Stewart - RGL is a REIT, not an IT. Easy to provide daily/weekly NAV updates when a trust holds a portfolio of listed stocks. Valuations of property portfolios is a lengthy and expensive business.

I believe there may be 1 or 2 REITS valuing quarterly; but half yearly is the usual.

[skyship] 27/2/2018 12:00

stewart - I already answered you on that in P. No.205 above.

Click on that link & you will see the mid-Jan estimates:

# Dec'17: 104.4p
# Dec'18: 112.2p

[stewart64] 27/2/2018 10:47

Anybody got an opinion on the nav per share on this one. Unlike other ITs. doesn't seem to be estimated on an ongoing basis. I could have a stab and use their 737 million property portfolio, times it by 55% for the 45% financing and divide by Market cap, that comes out at are rather high 108.7..sure it's not a simple as that. Telegraph has had a stab at 106.3.

[stewart64] 23/2/2018 19:09

Thought we might get a lift in the share price this week. Now yielding 7.85% off the bid, and the big 2.45% next Thursday.

[asmodeus] 23/2/2018 07:59

Many thanks Skyship. I should have done all that research myself, really. And that “wrong’un” has so often proved right, and given us many years of excellent advice! (And I mean him - not her, from whom I get no advice at all, being “execution-only”.) P.S. - yes, I know she pointed out the apparent high charge, but that is all she is allowed to do. She must not then advise me about a purchase. Fair enough, of course, since I don't pay a management fee.

[minerve] 22/2/2018 17:03

What is a "wrong 'un"?

Regulation or asmodeus's broker?

At least she drew attention to the cost which was clarified on further enquiry. Others would just completely ignore and ask you to sign.

[tiltonboy] 22/2/2018 15:02

Sounds like a wrong 'un to me!

[skyship] 22/2/2018 14:56

This is what a very well-known and excellent broker posted on the RLE thread two weeks ago:
=================================================================

asmo,

The joys of MiFID II...

The new PRIIP's rules are ridiculous, and you will have seen some high profile managers telling consumers not to trust their KID documents.

For advisory clients we now have to provide a KID, and Suitability Letter prior to any transaction, unless the client agrees to receive them after.

For EO clients they need to be prior to trading. In essence, the regulator is saying that consumers cannot be trusted to download the correct KID, so we have to send them out first.

I no longer take on advisory clients, and we have set the bar far higher for new Discretionary accounts. I often refer to these as the unintended consequences of regulation.

[minerve] 22/2/2018 12:34

It sounds to me as asmodeus has a good broker. Stick with her.

[skyship] 22/2/2018 08:47

Thnx Alan. Reading between the lines I suspect RGL may well update their KID statement; so some good may come from Asmo's experience.

[alan@bj] 22/2/2018 07:55

Excellent post, Skyship.

[skyship] 22/2/2018 07:43

Asmo - I list below the equivalent charges revealed in the KIDs by a number of RGL's peers.

The point about those KIDs is that they are a ludicrously simplistic & irrelevant piece of EU bureaucracy. It would seem that the composition and presentation can be down to individual company interpretation.

I contacted RGL. They confirm:- "..one area of ambiguity being the treatment of finance expense incurred from borrowings, and whether this should be included or not. The advice received by RGL was to include finance expense."

All the others do NOT do so! So comparing apples & pears.

I seem to recall that RGL's average debt cost is 3.8%; so deducting that from the 7.12% shown would net out at 3.32%, placing RGL somewhere in the middle.

Best advice may be - ignore KIDs! Also your broker should perhaps have done some of the above and below! Perhaps she could quiz further...



EPIC - Ongoing Costs
Portfolio transaction costs - 1.85%
Other ongoing costs - 2.52%
==============================
CREI – Ongoing Costs
Portfolio transaction costs – 2.3%
Other ongoing costs - 2.1%
==============================
RGL – Ongoing Costs
Portfolio transaction costs – 0.0%
Other ongoing costs – 7.12%
==============================
AEW UK Reit – Ongoing Costs
Portfolio transaction costs – 3.2%
Other ongoing costs - 2.76%
==============================
Picton – Ongoing Costs
Portfolio transaction costs – 0.0%
Other ongoing costs – 1.24%
==============================
FCPT – Ongoing Costs
Portfolio transaction costs – 0.04%
Other ongoing costs – 2.32%