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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Secure Income Reit Plc | LSE:SIR | London | Ordinary Share | GB00BLMQ9L68 | ORD 10P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 0.00 | 0.00% | 461.00 | 0.00 | 00:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 461.00 | 461.50 | ||||
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 461.00 | GBX |
Secure Income Reit (SIR) Share Charts1 Year Secure Income Reit Chart |
|
1 Month Secure Income Reit Chart |
Intraday Secure Income Reit Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 09/8/2022 | 14:52 | Secure Income REIT | 237 |
| 24/6/2020 | 14:15 | The bull view | 1 |
| 19/4/2018 | 11:01 | SIRIUS RESOURCES NL -- TO NOVA AND BEYOND | 30 |
| 02/5/2007 | 16:58 | Sirius Financial Solutions - with charts | 4 |
| 03/4/2007 | 08:40 | SIRIUS FINANCIAL SOLUTIONS | 68 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|
| Top Posts |
|---|
Posted at 20/7/2022 07:21 by spectoacc Irrelevant now SIR has gone, but RPI 11.8% for the 12 months to June. CPI still expected to top 11% (11.2%) in October. |
Posted at 14/4/2022 07:35 by spectoacc 9% RPI yesterday. Perhaps the point at which Merlin would have gone cap-in-hand to SIR saying "please put us on capped CPI, we'll gladly sign a longer lease [which we would have done anyway, where on earth else would we move Alton Towers to, taken 40 years just to grow the trees)".Isn't just a temporary uplift signed away - it's permanently higher rent on which all future uplifts are based. And £33m paid from SIR to Merlin. |
Posted at 07/3/2022 09:55 by spectoacc RPI's going to go into double figures, and stay there as long as Russia's a pariah state IMO.And SIR paid tens of millions to extend a lease and lose uncapped RPI. |
Posted at 14/1/2022 14:37 by spectoacc Nothing in today's Investors Chronicle on SIR, fwiw. |
Posted at 31/12/2021 17:58 by pyufak Very fair point Nickrl on home rents.Bondholder - have to think refinancing is imminent given last summer’s presentation highlighting how using just 30-50m of the cash buffer could significant reduce interest costs. I actually think this is a more pressing matter for SIR than the lease extensions given UK now hiking rates, QE tapering in US and Europe too. Bond interest rates have risen towards the end of this year albeit from very low levels. I hope they use up a chunk of the remaining cash to lock in low interest rates long term which would provide additional inflation protection. Last comment from me I guess is SIR up 6% on this announcement now so the general market (which is what ultimately matters) taken it positively… hat tip to management and a thank you for the last Xmas present. |
Posted at 31/12/2021 16:47 by bondholder The thing which is missing now imo is a comprehensive refinancing of SIR debt (4.9 percent average) to lock in low interest rates over a much longer term( 6/10yrs) |
Posted at 31/12/2021 07:09 by spectoacc Don't feel I can directly post anything the SIR CEO said, but suffice to say - re @Pyufak's comment above on inflation norms - that RPI is already at 7.1%. There's at least a scenario where it goes to double figures. Getting protected from that is incredibly hard, and SIR was one of the few (partial) hedges.Yes, uncapped RPI leases likely unsustainable, and may have had to go eventually anyway. But don't give it up in a deal where you also pay out £33m. Keeping a small holding in SIR, but sold most of what I've long held from the 2's yesterday. Hasn't suddenly become a bad company, but guess it comes down to whether you value uncapped inflation protection or very long leases the most. The Board (who are also the 2nd largest shareholders) clearly prefer the latter. |
Posted at 30/12/2021 23:09 by pyufak I guess the other conclusion is that SIR are actively taking a view on long term inflation (which I guess they are doing either forced by Merlin or they feel it’s a good deal to cap here). This I find a tad unsettling as 18 months after a pandemic, which is an event of a scale that could potentially mark economic turning points in mega trends - or perhaps it won’t |
Posted at 30/12/2021 23:02 by pyufak Pure speculation on my part but I am unsure Merlin would hold a gun to SIRs head with a CVA for what are really unique assets at this point in time. This is because I would guess there was significant debt involved in the Merlin take over which would benefit from high inflation so they have some inflation protection here. Plus SIR were no wallflower with travellodge last year so why would they treat Merlin differently 18 months later.However; I concede on reflection this afternoon that the inflation cap is the bit that is kinda hard to swallow with this deal. 55 years is a long time and a lot can change regarding inflation norms during this time. If Merlin really wanted this protection financial derivatives can be entered to provide it so I would have to conclude SIR has sold this protection cheaper than an investment bank would be willing to provide it. So I guess for me the deal they’ve struck nets out… I remain a happy holder but as one other poster noted; the beauty pageant all does seem to look towards the more expensive side of valuations |
Posted at 30/12/2021 13:54 by spectoacc Thanks both, contrary views always welcome.I've heard back from the co, & still feel the same. Whilst the point about "better than spending on over-priced assets" is valid, the loss of the RPI linkage (bear in mind RPI already 7.1%, albeit monthly not annual, but still) is highly relevant over an even longer timescale. Inflation-linked bonds are linked to inflation, no cap - albeit CPI not RPI, but even more reason to rue the loss of uncapped RPI. SIR hasn't suddenly become a bad co I agree, but was in for the very long-life (& unique) assets, the incredibly valuable uncapped RPI linkage, and the management competence. Only the first of those are bolstered by today's announcement. A NAV accounting gain on a lease that was never going to be walked away from, at cost of £33m cash and the end of uncapped RPI. Almost surprised they didn't slip a rent-free in there too. Perhaps fair to say SIR's just moved from "cheap" to "fair value"? |
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