Standard Life Investment... Investors - SLI

Standard Life Investment... Investors - SLI

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Standard Life Investments Property Income Trust Ld SLI London Ordinary Share GB0033875286 ORD 1P
  Price Change Price Change % Stock Price Last Trade
-0.10 -0.15% 66.20 08:57:13
Open Price Low Price High Price Close Price Previous Close
66.80 66.20 66.80 66.30
more quote information »
Industry Sector

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speedsgh: From Winterflood trust tips for 2021... HTTPS:// In commercial property the analysts made two changes. Among mainstream, heavily discounted UK real estate investment trusts, they now prefer Standard Life Investments Property Income* (SLI) over BMO Commercial Property Trust (BCPT) for its higher industrial weighting, lower retail exposure and better dividend prospects. Among specialist UK Reits, the broker plumped for Civitas Social Housing (CSH) over rival Residential Secure Income (RESI) because the dividend behind its prospective 5.1% yield is fully covered. ‘Civitas offers an interesting opportunity for investors looking for secure income from a UK real estate portfolio and we believe that the portfolio’s long-term, inflation-linked leases are appealing,’ Elliott argued. Tritax Eurobox (EBOX) and TR Property (TRY) had also been retained, he said.
speedsgh: A little bit of background on a couple of the disposals announced today... Interfleet House, Derby Property type: office Tenant: Atkins Ltd (part of the SNC-Lavalin Group) Rent: Lease expiry 2/2/2026 at the passing rental of £420,000 (£14.60 psf) Guide price: £4.65m Sold for: £4.3m Previous valuation: £3.8m Net yield: 9%+ Middle Engine Lane, North Shields Property type: retail warehouse Tenant: Smyth's Toys Background: Purchased by SLIPIT in Dec 2015 as part of the acquisition of a portfolio of 22 commercial properties from Aviva Investors UK Real Estate Recovery II Unit Trust, a Jersey property unit trust. SLIPIT undertook a fundraising (placing + offer for subscription) to help finance the purchase and the follwoing information was provided within the fundraising prospectus... HTTPS:// Address: Smyth’s Toys, Middle Engine Lane, North Shields Description & Tenure: Freehold. 1993 detached retail warehouse providing approximately 1,524 sq m (16,400 sq ft) GIA – the tenant has installed a 465 sq m (5,000 sq ft) mezzanine – plus 92 surface car parking spaces on a site of 1.51 acres. Occupational tenancy: Let to Smyth’s Toys UK Ltd for 15 years expiring 28 March 2022 with a rent review at 29 March 2017 at RPI over the previous 10 years compounded annually multiplied by 1.2% per annum, RPI capped at 2.5% per annum, with no further reviews. Current net annual rent receivable: £371,138 In SLIPIT's 2019 annual report the North Shields property was valued at £2m-£4m. Prior to that it had been valued at £4-£6m in each annual report since acquisition.
essentialinvestor: Fwiw there is an investor presentation on their IR site where Jason mentions they went early on valuation reductions which should see them in good stead - make of that what you will.
essentialinvestor: Added a small amount this afternoon. Posted previously I thought the low for SLI was in, so this price action has surprised me. It looks like investors generally want ever greater NAV discounts in this sector, at least for now.
essentialinvestor: HMG creating a potentially very dangerous environment for this sector imv. All they needed to do was provide an exit strategy, even if they had said another 6 months and then it ends etc. It's unsprising that some of the smaller REITS are now being hit as the potential Implications of what appears an open-ended moritorium dent investor confidence. Multiple openly critical articles on Johnson now appearing in the Telegraph. Quite remarkable. Hopefully my outlook proves to be too cautious.
essentialinvestor: Spoke with a friend today, who is a better longer term investor than I am. He questions whether the UK commercial property sector is investable atm because of government policy on rent payments and arrears. If you want to take the flip side then currrnt discounts allow for this. The issue is, if COVID cases accelerate once again then this moritorium is unlikely to end in early 2021. Conceivably significantly longer, HMG could always step in to help the sector by paying a % of rents. But politically in this climate that may be a non runner, you can just Imagine the headlines. Landlords a very easy target to take the pain atm. Hopefully some sense will prevail in 2021.
essentialinvestor: I'm not against the moritorium per se, it's understandable HMG want to support businesses through acute uncertainty. My point is a lack of clarity on any end date and the implications that has for investor confidence in the sector. As mentioned, if the government were to say...this will run for another X months, that's quantifiable, an open-ended scheme is not.
cousin jack: Hi Sky; Good question ! Many of the concerns on the B/b are valid. In particular progress since IPO has not matched the timetable/aspirations and Sigma clearly has a better deal than I think justifiable. The risks of being so dependant on SIGMA are also a concern. Additionally, although the the IPO stated that until the end of the development period the projected dividend could be funded from income and capital gains it is clear that the target dividend will have to be (or perhaps more accurately is being) reduced to match income. However the rental housing market, particularly for families, is already undersupplied and I believe demand will increase given the outlook on the economy and housing market. The current share price is around c.23% discount to the NAV and as investors increasingly seek income I suspect that even a rebased dividend more in line with PRS's income will still provide a yield, perhaps around 5%,which will attract investors. As an older investor seeking income that's my rationale. It's part of a strategy to have a core of relatively safe income shares (including some fixed income) so I have some income whilst gradually increasing my cash for what I increasingly see as a likely downturn in the autumn as results and a possible Covid second wave impact markets. Whether my decision to switch from SLI to PRS was sensible time will tell. Good luck.
dr biotech: FWIW I have bought back in today - about £9k so just under half what I sold. I'm not a trader and never claim to be a great investor, but even if trade falls a bit through the virus this should still give some longer term value.
speedsgh: Unaudited Net Asset Value as at 30 June 2019 - HTTPS:// Net asset value ("NAV") per ordinary share was 91.1p (Mar 19 - 91.1p), resulting in a NAV total return, including dividends, of 1.3% for Q2 2019... The portfolio valuation (before CAPEX) increased by 0.3% on a like for like basis, whilst the IPD/MSCI Monthly Index dropped by 0.7% over the same period... Prudent LTV* of 23.4% at the quarter end, one of the lowest in the Company's peer group and the wider REIT sector... Investment outlook * Durable income will remain the key focus for investors in the current risk-off environment. It is highly unlikely that there will be any material change to the investment themes playing out in UK real estate market until more clarity is provided on the macroeconomic outlook. * Significant weight of capital targeting long secure income is supporting pricing at levels which are out of reach for most balanced funds, but remains supportive for liability-driven investors where inflation linked income in other assets classes does not match the required income yield. * The wide dispersion in returns at the sector level is expected to continue in the short term. This is driven by the structural shift into logistics and multi-let industrials to the detriment of retail.
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