Secure Income Reit Share Discussion Threads

[adae] 27/7/2020 08:40

All shaping up nicely - get the rent back to where it was, on possibly better covenants, and screw over those entirely deserving of being screwed over. Hopefully a future MBO example of how not to do business.

[bondholder] 27/7/2020 08:35

Accor eye a rebrand move on Travelodge UKThe Travelodge Owners Action Group, representing the majority of UK Travelodge landlords has set up AGO Hotels, exercising their break option from Travelodge following last month's CVA deal. The move to create AGO Hotels is in association with Accor.Accor made this move, recognising an opportunity to more than double its British and Irish portfolio by rebranding the majority of Travelodge hotels in the UK.Travelodge earlier this year adopted an aggressive strategy to force landlords into agreeing no rent for the second three months of 2020. A bitter row followed, and Travelodge placed itself into insolvency proceedings using a company voluntary arrangement.Landlords accused Travelodge of using the Covid-19 crisis as a thinly veiled excuse to realise cost reductions. US hedge funds that are major investors in Travelodge UK were cited as developers of a strategy designed to take advantage of the crisis, hoping wider events would mask it.The AGO Hotels structure has been tailored to the requirements of the Action Group landlords, who together represent over two thirds of Travelodge's entire UK portfolio.The AGO Hotels proposition includes:A brand partnership with the ibis family of hotels – the European market leader in the economy hotels sectorGenuine equity shares, so portfolio profits are redistributed back to landlordsNo re-valuing of property rents, so there is no possibility of reduced payments to landlords. Instead, base rents will be derived directly from Travelodge pre-CVA rents25-year FRI lease terms from AGO HotelsLandlords have now had an opportunity to discuss the details of the AGO Hotels offer on a series of calls with Viv Watts who co-ordinates the Action Group network and experienced hotelier Lionel Benjamin.Following the very positive response to the platform, chairman and chief executive officer of AccorHotels Sébastien Bazin will be hosting an introductory call with the Action Group next week.

[wskill] 26/7/2020 13:22

Yes it does seem rather strange that the property owners take such a large risk of business disruption and have very little reward when good profits are being made by travelodge.

Hopefully SIR will be able to move the majority of its hotels to this new brand on better terms .

[bondholder] 26/7/2020 10:42

https://thpt.co.uk/budget-brand-goodnight-hotels-launches-in-uk-initially-to-take-on-travelodge-hotels-from-disgruntled-landlords/

[jombaston] 25/7/2020 18:14

hxxps://thpt.co.uk/budget-brand-goodnight-hotels-launches-in-uk-initially-to-take-on-travelodge-hotels-from-disgruntled-landlords/

A few more details

[adae] 24/7/2020 13:21

That's great news, thanks.

[bondholder] 24/7/2020 10:15

Dozens of Travelodge landlords are set to desert the budget hotel chain, setting up a rival operator called Goodnight.In a big blow to Travelodge's hedge fund owners, 80 hotels will sign new leases with Good Night, The Telegraph can reveal.The Goodnight brand, due to be formally announced later on Friday, will launch on January 1 next year in conjunction with management partner Village Hotels

[adae] 23/7/2020 20:28

I want to know who took the Invesco holding before buying more, but assuming no catastrophic 2nd wave (& talk there won't be a lockdown next time regardless), feeling confident on SIR's portfolio, asset-backing, large management holdings, & yield. Hope to see Travelodge booted from a few select sites next.

[bondholder] 23/7/2020 10:24

No complaints from me.

[adae] 23/7/2020 08:13

This seems eminently reasonable:

"The Board of Secure Income REIT Plc, the specialist long term income REIT, today declares an interim quarterly dividend of 3.65 pence per share in respect of the year ending 31 December 2020. This represents a 3.5% increase in the Company's core dividend (3.525 pence per share last quarter and defined as total dividend excluding the topped up income from the sold hospitals portfolio as announced on 23 July 2019). The dividend 'top-up' introduced in July 2019 to replace the net income reduction from the Company's profitable sale of a portfolio of eight hospitals (the top-up being 0.675 pence per share last quarter) will be discontinued. "

[adae] 22/7/2020 11:10

Agree, think they'll maintain based on having better forward visibility of income now that Travelodge CVA has gone through (didn't see any challenge to it in the 28 day notice period).

Still no RNS as to who took the Invesco 9% - is possible it was dribbled to many below-threshold holders, but seems unlikely.

[bondholder] 22/7/2020 09:55

Dividend payment for the next quarter due tomorrow. Last quarter it was around 13 million or 4.3p a share. I think they will use some of the 220 million cash to maintain it untill the rents return to contracted levels.So my forecast is 4.3pWho else wants to have a guess ?

[bondholder] 19/7/2020 21:51

And 100m invested in the equity.

[rambutan2] 19/7/2020 20:39

redponza, yes there are plenty on bigger discounts, but none with the long term track record of the management team here. They are just who you want to ride along with when the property world is being turned upside down. They will find opps to benefit from. imho

[redponza] 19/7/2020 15:30

To me, a REIT that cut dividends significantly has little value... If I want discount to NAV, we got lots of property companies that have a much wider discount...

[chuckol] 18/7/2020 23:56

Well said, trollwatch. Spectoacc/adae is lying through his teeth as ever. He made thousands of troll posts on the Wpct and supp threads! He was/is utterly hysterical.

He also boasted on ADVFN of having totally ignored the lockdown regulations in a Leeds Morrison’s, elbowed his way to the front of the queue and slagged off a poor female shop assistant who gently asked him to obey the rules. And then he called her a Stasi!

[adae] 18/7/2020 21:24

Ah-ha - I've never posted on the WPCT thread, but now I remember posting on SUPP - "trollwatch" yet another handle of Johnwig, the multi-handled troll & all-round cretin.

Do us all a favour and disappear - unless you have anything relevant to say about SIR? Anything?

(@rambutan2 - who took Invesco's stock, in whole or part, could be interesting).

[rambutan2] 18/7/2020 19:26

So, Invesco departed at 255p, which hopefully marks a bottom of sorts, barring future known unknowns etc.

[adae] 18/7/2020 16:49

Former head! And before that, Neil Woodford.

@trollwatch, is the "..watch" part of your name superfluous? Methinks so.

[bondholder] 18/7/2020 12:47

A "dog" fund is defined as one which has underperformed its sector for each of the past three years, with the total level of underperformance being 5 per cent below the index or worse. Invesco had six such funds on the list, more than any other fund house.The underperformers include the Invesco Income, High Income and Strategic Income funds, all UK mandates and all run by the firm's head of UK equities Mark Barnett.

[trollwatch] 18/7/2020 08:35

Adae alias spectoacc, I'd rather trust Invesco than you.

[adae] 18/7/2020 08:28

A big chunk, but who's bought them? Glad to see the back of an investor as bad as Invesco.

[bondholder] 17/7/2020 11:17

Sale of 9 percent by Invesco explains recent weakness.