Regional Reit Share Discussion Threads

[fenners66] 22/3/2018 16:05

Thanks speedsgh

Looking at the maturity of loans the £65m due August 2019
and preference shares £37n due Jan 2019

look like an opportunity.

Over £100m at an average of about 6% compared to say just over the latest 3.28%
Could mean a saving of £3m a year.
Ok no doubt we will have the usual fees but that gives a potential of 10% uplift in future profit before work on the leases and occupancy.

"Change in fair value of investment properties
YR 2016 (6,751)
YR 2017 5,893


kinda makes me wonder if they were written down in 2016 only to bounce back in 2017 makes the trend look good.

[speedsgh] 22/3/2018 10:56

FY 2017 Results presentation -

[fenners66] 22/3/2018 09:14

read the headlines and a little further steady as she goes it seems.
Yield around 7.9%

May add some more.....

[uapatel] 22/3/2018 09:00

Will be adding a few more shares into my 18/19 ISA. Means averaging down, but looking at this as a long term holding. (Assuming nothing serious unfolds).

Good luck all holders

[skyship] 22/3/2018 08:47

Plenty of opportunity for active management to eat into that low 85% occupancy figure through lettings or sales

[speedsgh] 22/3/2018 08:25

Final Results -

Dividends

The dividend is the major component of the total return. The Company declared total dividends of 7.85p for 2017, comprising of three quarterly dividends of 1.80pps and a fourth quarterly dividend of 2.45pps.

In the absence of unforeseen circumstances, it remains the Board's intention to pursue a progressive dividend policy and continue to pay quarterly dividends.

Board and the Asset and Investment Managers

... The Board has been pleased with the progress and performance of the Asset and Investment Managers, particularly the raising and timely deployment of new monies for asset acquisitions, which meet the business strategy, and secure the earnings required to pursue a progressive dividend policy.

[lord gnome] 22/3/2018 08:18

No worries here. Stable company paying excellent quarterly dividends. Just what the bank manager ordered.

[skyship] 22/3/2018 07:20

A lot to read through and an Investor Presentation on the website now/shortly.

1st standout is that the NAV is higher than the 104.4p anticipated:

-- IFRS NAV - fully diluted 105.1pps (EPRA NAV of 105.9pps) (31 Dec 2016: IFRS NAV 106.3pps; EPRA NAV: 106.9pps) after dividends declared in 2017, predominately due to the issuance of two tranches of new equity and the debt refinancing costs.

[stewart64] 21/3/2018 16:48

Portfolio valuation and Q4 dividend announcement tomorrow. Did consider selling half pm, but price just wasn't there. It's not performed that bad since Christmas considering the dividend and 10% fall in the general market. Still got far too many, so a bit precarious re. tomorrow.

[skyship] 17/3/2018 09:04

"Will have been index-related on quad witching day." - Thnx for your expertise Specto.

Someone got themselves a bargain!

[spectoacc] 17/3/2018 07:50

CIC still yet to sell any I believe - doubt very much that 1.5m was them. Will have been index-related on quad witching day.

[lord gnome] 16/3/2018 18:45

Hopefully that's a stock overhang gone at last. We have had a persistent seller driving down the share price for no reason that I can fathom.

[eeza] 16/3/2018 17:29

1.5mill UT @ 97.10p

[skyship] 15/3/2018 18:22

mayall - unable to reassure as don't know what your concerns are. Perhaps take a Gaviscon before retiring!

Other than that, take a look at the 400pp prospectus issued with the two acquisitions over the New Year - you've got it all laid out there.

Though ultimately, perhaps just wait on The Finals on the 22nd - only a week to go...

[mayall] 15/3/2018 16:47

Why am I feeling so uneasy about RGL ? Have I missed some crucial point? I suppose I am posting here hoping for some reasons to be reassured but I don't know if this will happen.

[sleepy] 09/3/2018 18:01

Sky

Thank you for the numbers and the explanation

Sleepy

[stewart64] 09/3/2018 14:56

What wonders a narrow spread does for the share price and trading volumes (0.1p). Trades all day three or four by the minute. Not long before they widen again to a couple of pence, all volume is halted and the share price falls, talk about the tail wagging the dog. Inexplicable to me.

Yep it's irrelevant to long term holdings, just niggles.

[skyship] 04/3/2018 14:35

Why is RGL able to pay higher dividends?

A:-… 1). It has higher debt….2). The portfolio has a higher NIY (Net Initial Yield). This latter infers higher yielding sector investment and higher yielding geographical investment. Both these facts indicate higher risk in times of recession

These stats should assist – NB: E&OE

EPIC………….LTVR30;….......230;…NIY…;……̷0;..WAULT…R30;……Cost of Debt………Debt Maturity

AEWU…..……22%..........7.4%......5.8yrsR30;…..……….2.5%..........2.7yrs
CREI…………22.3%........6.8%.......5.9yrs……R30;..…….3.1%...........10yrs
EPIC………..29.6%........6.5%......6.3yrsR30; ……..R30;…3.0%............8yrs
RGL……..……44%...........8.3%.....5.0yrs (est.)…3.8%..........6.2yrs

[spectoacc] 03/3/2018 07:58

@Sleepy - AEWU another, RGL not alone.

[beangrinder] 02/3/2018 19:38

Sleepy - is it because LTV is over 40% and debt maturity is fairly short?

[sleepy] 02/3/2018 18:47

My understanding is that “high yield” REITs generally yield about 6%

May I ask someone to explain to me why RGL yields close to 8% and why it should be expected to pay similar or increasing dividends in future?

[skyship] 02/3/2018 17:26

Specto - glad you got some cheap stock. I'm already at my MAX 10% so shouldn't really add any more...

[skyship] 02/3/2018 17:24

Stewart - quite right:

RGL went XD 2.45p dividend yesterday; so today's close at 99.40p-99.50p equivalent to 101.85p-101.95p.

Pretty good performance versus a sharply lower Market.

[stewart64] 02/3/2018 17:13

Has bucked the trend since Wednesday night by 4.5%. The bid price has remained unchanged at 99.4 in spite of the 2.45p dividend and the all share index has fallen 2%. Needn't have worried.

[spectoacc] 02/3/2018 08:36

Picked up a few more. Will hope to buy more lower.