Secure Income Reit Share Discussion Threads

[spectoacc] 30/12/2021 10:27

Guessing they're going to tell me the opposite - taken advantage of Merlin's need for liquidity by adding c.£70m of value at cost of only £33m plus their view on the persistence of RPI.

But no response as yet.

[nickrl] 30/12/2021 10:25

Surprised at Leslau filling the coffers of Merlin can't help thinking they held a gun to SIRs head here.

[davr0s] 30/12/2021 09:28

A little strange but market seems quite happy including solid rise yesterday. Looks like noise to me in the grand scheme of things - no point throwing a hissy fit for the sake of it

[spectoacc] 30/12/2021 08:56

Even worse, what happens if Merlin goes bust - £33m gone, lease extension gone.

Seems to be no downside at all for Merlin. Surprised market seemingly happy with it.

[eigthwonder] 30/12/2021 08:53

Disappointed - sure, the value is expected to rise but it seems an odd way of going about things. I thought the point of these assets was that the tenant would be prepared to continue to pay a high price to retain them - seems like we have had to give away current cash and future uplifts for the potential of a bit of valuation uplift

[tyranosaurus] 30/12/2021 08:50

What a stupid thing to do.
Will benefit the company from 20 years time, well after lots of investors have died of old age, if not from Covid.

[spectoacc] 30/12/2021 08:35

Written to them, will see what they have to say.

Reducing in the meantime.

[belgraviaboy] 30/12/2021 08:27

Slightly odd that for mission critical assets you have to lend to the company and reduce your inflation protection to get them to extend their leases.

An ex holding - but does not tempt me to dip back in...

[bondholder] 15/12/2021 22:26

Liquidity UpdateTravelodge generated a cash inflow of £15.2m in the nine months to 30 September and ended the period with cash of £151.4m.The Group's pre-existing £40m RCF remains fully drawn. The net leverage covenant holidayis in place until and including the 31 December 2021 test date (with the next test date 31 March 2022), replaced by a minimum liquidity requirement. This is only tested if drawings under the RCF are £32m or more. Covenant discussions will continue in early 2022, once a final budget is available.As at 23 November the group held cash reserves of approximately £210m

[williamcooper104] 15/12/2021 21:00

But only if they can pay it

[nickrl] 15/12/2021 18:20

26% of annual NRI is on uncapped RPI could be expensive for some tenants!

[bondholder] 15/12/2021 15:51

With the increased dividend likely by end next year, maybe total 20p pa. 450/500 looks a doable price target by end 22. Certainly 5 percent yield virtually index linked looks much too good to last.

[bondholder] 15/12/2021 15:45

December 15, 2021 5:00 am by Kate Duguid , Madison Darbyshire , Dervedia Thomas and Eric Platt in New YorkInvestors are piling into inflation-linked assets in a bet that consumer prices will continue to soar even as central banks gear up to tighten monetary policy after almost two years of pandemic stimulus.Inflation-protected government bonds, commodity funds and real estate investment trusts are among the products absorbing cash in a search for ways to preserve spending power

[playful] 21/10/2021 06:07

As previously announced, the quarterly dividend increased by 8.2% from 3.65 pence per share to 3.95 pence per share in July 2021 and the quarterly dividend is expected to remain at this level for the first two quarters of 2022.

All rents receivable are contracted to return to their pre-Covid trajectories once the remaining rent concessions expire within the next three months. With 58% of rental income derived from leases with upward only RPI linked rent reviews, 41% subject to fixed uplifts and 1% to open market review, and following the very high rent collection rates experienced to date, the Board remains confident the business is well positioned to deliver rental income growth.

Dividends will be payable on 3 December 2021 to shareholders on the register on 29 October 2021 and the ex-dividend date will be 28 October 2021. The dividend will be paid as a Property Income Distribution in respect of the Company's tax-exempt property rental business.

[spectoacc] 08/10/2021 06:28

A class apart:


"100% of the £44.2 million of rent that fell due between 8 July 2021 and 7 October 2021 has been collected. Included within the £44.2 million of total rents receivable is £17.6 million of rent, which represents the total amount due from Merlin Entertainments Limited which was deferred from June and September 2020. The deferred rents were received in full by the due date.

Only 0.04% of the annualised gross rent roll is outstanding at the date of this announcement for the current and any prior rent due dates."

[tonytyke2] 17/9/2021 13:50

Recommended BUY in the IC today.

[spectoacc] 15/9/2021 13:06

Big RPI print this morning. Worth remembering that many of SIR's index-linked rents don't come with a cap - pretty unusual.

[williamcooper104] 10/9/2021 07:22

Yep unexpected but makes a lot of sense

[spectoacc] 10/9/2021 07:03

Unexpected:

"LXI REIT PLC - real estate investment trust - confirms that it was involved in very preliminary discussions with Secure Income REIT PLC - property company - around a potential merger of the two businesses, but that it is no longer reviewing this opportunity. "

[camdenhills] 23/7/2021 13:01

Seem to doing a good job in the recovery. Divi increased and we should see a move back to last years highs.

[camdenhills] 23/7/2021 13:01

Seem to doing a good job in the recovery. Divi increased and we should see a move back to last years highs.

[spectoacc] 23/7/2021 07:42

Surely eg Alton Towers (not to mention Travelodge) going to do well this summer - few foreign holidays available.

Rent collection at 98.7%, divi up, upward-only inflation protection on the rents. That could become increasingly valuable.

[davr0s] 12/7/2021 15:52

It's going up?

[bondholder] 12/7/2021 14:56

What's going on??

[nickrl] 08/7/2021 09:45

Indeed top of the class and shows not all propcos are equal although would still wager Travelodge pulling another stunt in 12-18 months.