Regional Reit Share Discussion Threads

[spectoacc] 16/11/2018 06:51

Corbyn, McDonnell, Barnier - who's the fourth?

[eeza] 15/11/2018 17:01

Performance fee not a problem, as long as they 'earn' it.

[spectoacc] 15/11/2018 16:48

That 2nd floor has always been something of a ghost town, certainly once Blacks moved to LS1. The Leeds CC deal/JV was a good one.

Have never owned TOWN - as you say, a lot of other options out there - currently in SHED, RGL, AEWU.

[jonwig] 15/11/2018 16:43

Spec - Leeds Merrion is now less than 25% retail. The anchor tenant is Leeds City Council. Main retail tenant is Morrisons which is packed with students from up the road.

[spectoacc] 15/11/2018 16:34

...And believe the Merrion Centre is the future of retail. Branched into Manc now too I believe, which at least means I don't have to buy them ;)

[jonwig] 15/11/2018 16:16

HOLTS - the maths is accurate (4.8%, rather than 5%) and offhand I don't know of a REIT which has a performance fee - though I wouldn't call myself a 'fiend' here. The LTV is quite a bit higher than the norm, I think.

Regional is a good position to be in, but this is far from alone, and SLI, PCTN are alternatives. Or TOWN if you're a Leeds fiend.

[holts] 15/11/2018 16:08

any of you property fiends have a view on Jombastons post ?

[speedsgh] 15/11/2018 11:07

Confirmation on the RGL website that the 1.85p payment will be a Property Income Distribution (PID).

[eeza] 15/11/2018 09:43

Good volume, helps to get rid of the lingering seller.

[eeza] 15/11/2018 08:36

Yes, very good.

I must need glasses. Checked the Co web for TU details, a week ago, and could have sworn the date was 16 Nov.

[rcturner2] 15/11/2018 08:27

Decent TU from the company.

[jombaston] 12/11/2018 16:45

I had a look at this as the discount to NAV and yield look potentially attractive in an interesting sector.

However, in checking the div cover I see that the last 6 months show a big shortfall.
2.6p basic eps v 3.7p divvy.

So not even close to being covered. The 'adjusted' earnings, so beloved of spin doctors everywhere comes in at 3.6p. The reason for the adjustment is a whacking performance fee.

A performance fee is not necessarily a bad thing if it aligns interests of shareholders and directors. But not if the managers already take a decent slice of the action already (a 1.1% fee IN ADDITION to 15% of any Total Return performance over 8%).

With a 41% LTV ratio the managers are borrowing against shareholders capital to achieve a high return in the first place. So the 8% performance hurdle is only equivalent to a 5% hurdle before leverage.

All seems a bit greedy to me. Has anyone challenged the management on this?

[skyship] 10/11/2018 13:59

eeza - thnx for that.

[eeza] 10/11/2018 12:25

TU & Div announcement next Friday 16 Nov.

[a0002577] 06/11/2018 15:21

Ramellous, as it happens REITs can pay they PIDs gross to Intermediaries and ii is an intermediary.

the Intermediary needs to fill out a form like this "INTERMEDIARY
DECLARATION OF ELIGIBILITY FOR GROSS PID PAYMENTS FROM UK REIT"

You can download one here for British Land and there will be similar ones for other REITs - if not, just modify this one.

But you should just nudge your provider of SIPP and/or ISA to fill out one of these forms. It is frankly outrageous that they are not already doing so without any prompting. They probably have a simple electronic way of doing this anyway.

My provider has presumably done this as I get all my PIDs gross.

[superadams] 03/11/2018 09:57

Can anyoner make these reclaims or does it depend on your own tax situation ?

[ramellous] 03/11/2018 09:35

Well, for anyone holding these and other reits with ii, I had this message yesterday regarding tax reclaims on pid divis. Bearing in mind the previous communication told me they claim it monthly....

"Thank you for your secure message received yesterday, regarding your SIPP
product.

At present I can see that there are Property Income Distribution dividend
reclaims eligible for this year on each of the three REITs held."

However, I must advise that as these are held on your SIPP product these are normally reclaimed on an annual basis.

So there you go.. I suppose you get what you pay for..

[banj] 20/10/2018 14:50

Thanks Skyship. Value your opinion :)

[skyship] 20/10/2018 10:10

Banj - no, will likely retain as a core holding as the yield at 105p would still be 7.67% and the prospective Dec'18 NAV discount would still be 11.8%...

[banj] 20/10/2018 09:37

Great posts Skyship. Is 105p your personal target -ie exit, or do you hold longer term for the yield?(I appreciate things can and do change w.r.t to the company itself and the wider economy)

[skyship] 19/10/2018 18:41

Good move and good volume today. Closed @ 101.6p; so is it possible that we've already moved out of the 100p base camp on our next step up to 105p?


free stock charts from uk.advfn.com

[eeza] 18/10/2018 16:40

Closed @ 100.20p bid. CIC must be almost out now.

[eeza] 17/10/2018 18:32

Paid on the 15th by most brokers, (but some laggards Barclays etc), less 20% tax which takes around 6 to 8 weeks to claim back from Revenue.
Mine paid at ShareCentre at 0900 on 15th.