Secure Income Reit Share Discussion Threads

[spectoacc] 08/7/2021 07:04

Excellent rent collection, & hopefully full reopening soon:


"98.7% of the GBP25.7 million of rent that fell due between 8 April 2021 and 7 July 2021 has been collected. As a consequence of the delay from 21 June in the lifting of government regulations in response to the pandemic and the anticipated full reopening of UK businesses, a deferral of GBP0.6 million of rents in total that would otherwise have been due from one tenant in May and June 2021 has been agreed. Those rents will be receivable in the period between September 2021 and August 2022.

Only 0.3% of the annualised gross rent roll is outstanding at the date of this announcement for the current and any prior rent due dates."

[mackie] 08/6/2021 12:04

Halifax and they are telling me they have not received the cash yet!

[spectoacc] 08/6/2021 11:51

Had mine - are you with Barclays Stockbrokers perchance?

[mackie] 08/6/2021 11:36

Anyone else still awaiting latest dividend, payment day was last Friday.

[bondholder] 04/5/2021 18:44

Travelodge opening 17 new hotels in 2021 !https://www.cityam.com/travelodge-to-open-17-new-hotels-in-2021/amp/

[spectoacc] 08/4/2021 08:24

The sort of rent collection you'd expect from SIR:


"99.9% of the £25.95 million of rent that fell due between 8 January 2021 and 7 April 2021 (which includes £0.1 million of back rent due on settlement of a rent review in the period) has been collected. Only 0.03% of the annualised gross rent roll is outstanding at the date of this announcement for the current and any prior rent due dates."

[bondholder] 11/3/2021 08:54

Dividend provisionally 3.95p from 3rd q.If recovery stays on track dividend should move up towards 5p from end 2022 based on previous projections.

[spectoacc] 11/3/2021 07:19

"The Company has £1.95 billion of gross property assets, £1.2 billion of net assets, £192 million of uncommitted and unfettered cash, structurally protected non-recourse debt, and very long leases on Key Operating Assets in defensive sectors and which are difficult to replicate. The approval and rapid rollout of vaccines in the UK and elsewhere are cause for cautious optimism that life will soon start to return to normal and allow our leisure and hospitality tenants to be able to resume trading. The Management Team invested a further £5.8 million of cash in their interests in SIR during the year and holds a 12.4% interest in the business. The team remains energised, committed and aligned with all shareholders."

[pyufak] 24/2/2021 09:54

Skyship - i'd be interested to know the problems you see in the portfolio. Known issues from Covid for sure but my thinking is there is light at the end of the tunnel on this. Anything I am missing in your view?

thanks

[spectoacc] 24/2/2021 08:40

SIR my 2nd largest REIT holding. Huge director ownership. Rock-solid assets (mostly), on long leases (eg Alton Towers). Decent rent collection. Travelodge problems hopefully over post-CVA. Income on the short side thanks to that, but with a clear path to reovery.

Can't judge it against the likes of SLI, BREI, SREI etc, a different beast.

If assume Boris's roadmap roughly holds, all of these should recover strongly IMO:
[...]

[Not sure why ADVFN blocking URLs, and this may not format:]

Tenant Rent
Merlin Entertainments Limited £35.4m
Ramsay Health Care Limited £34.4m
Travelodge Hotels Limited £28.3m
SMG Europe Holdings Limited & SMG £4.0m
Orpea SA £2.2m
The Brewery on Chiswell Street Limited £3.4m
Stonegate Pub Company Limited £2.2m
Others £1.9m
TOTAL £111.8m

[skyship] 24/2/2021 08:37

Took a casual look as the chart suggesting further upward movement to 350p. But the property portfolio has very obvious problems; and on pure valuation grounds of an 18% NAV discount and 4.6% yield, quite plainly better value elsewhere in the sector.

[pyufak] 22/2/2021 18:18

Pretty reasonable schedule for Alton towers opening up - the Merlin assets will only miss 6 weeks of trading (albeit they will probably be opened at reduced capacity) and staycations also allowed from the 12th of April so travel lodge may get a boost...

[sphere25] 18/2/2021 14:54

Flirting with REIT's alot recently. Continuing that theme with some notable buying coming in SIR today. Price is stuck in a tight range so straightforward to draw the breakout and stop levels. It looks like it needs a big clearout to break 316p on the upside but watching to see if these large buyers keep coming in.

All imo
DYOR

[nickrl] 04/2/2021 14:51

Yeah even the Travelodge debacle might have some upside with staycations looking the only holiday option they may get a massive boost and the landlords could benefit from a share of the earnings thats built into the new lease arrangements.

[adae] 04/2/2021 14:04

Nor can talk of "back to normal by summer". Alton Towers etc should be popular, and staycations.

[bondholder] 04/2/2021 14:03

Talk of negative interest rates can't do any harm to the share price of a high yielding bond proxy.

[adae] 20/1/2021 09:36

Nah. Due a run up through 350p soon, on lockdown easing pre-summer season. Directors are heavily invested.

[bondholder] 20/1/2021 09:28

Dividend announcement overdue. Ominous.

[adae] 09/1/2021 09:19

Agree - plus the big stuff like Alton Towers should be able to reopen for their key summer season, assuming the AZ/Oxford vaccine hold-ups don't endure.

[pyufak] 09/1/2021 06:56

With rents been received; vaccination programmes scaling up; strong rallies in other risk assets. Leads me to continue to speculate about what they’re going to do with all that cash (post from late Nov).

[nickrl] 08/1/2021 13:42

Good to see travelodge have honoured the CVA agreement and despite the negativity when they launched this at least landlords have locked in certainty albeit I appreciate nothing really certain in this environment.

[adae] 08/1/2021 10:19

Excellent from SIR, have a lot of confidence in this management.

[bondholder] 04/12/2020 12:56

This could easily go back to 450 in the next 2 yrs.

[bondholder] 04/12/2020 11:22

Finally back over 300!

[pyufak] 28/11/2020 18:54

Yes; well it might even be argued that the leisure businesses may hopefully get a bit of a post Covid boost for a year or two as people catch up.

The biggest question I have is regarding the substantial cash pile. If we think SIR looks good value; management saying the same and that the leisure assets are 50% cheap to book valuation; with TraveLodge sites supported by bids (Sept presentation and Oct press release, 290p share price used for calc)... surely it makes sense they put some of their cash pile to work buying back shares.

They’ve said previously they’re keeping the cash for opportunities ... buying 66% of my existing portfolio at a 50% discount with 3 vaccines on the way sounds pretty appealing to me from most stakeholders perspectives.