Standard Life Investment... Share Discussion Threads

[contrarian joe] 21/10/2020 12:01

Appreciate nickri.

[skyship] 21/10/2020 08:34

Didn't take a whole lot of volume to turn this back around. Pleased to have bought a few under 48p......BUY the Dips! Seems to be the name of the game across the REITs board. Actually got a few RGL at just under 60p in the last 10secs of trading on Friday...

[nickrl] 20/10/2020 20:35

Contrarian some others have folded provisions against unpaid rents in this category although i would have thought they would have referenced that.

[contrarian joe] 20/10/2020 15:17

Can anyone explain other expenses highlighted below,they seem when added up quite a big hit to rent collection, also what commitment have the directors to the fund. otes to to 30 Jun 19 31 Dec 19 GBP 30 Jun 20 GBP GBP Rental income 14,475,764 15,360,183 29,878,646 Service charge income 846,574 1,196,706 3,313,463 Surrender premium - - 580,000 Valuation (loss)/gain from investment properties 3 (38,278,871) 958,500 (3,613,836) (Loss)/ gain on disposal of investment properties (97,867) 867,550 427,304 Investment management fees 2 (1,596,433) (1,754,640) (3,492,880) Valuer's fees (45,402) (50,346) (97,668) Auditor's fees (39,250) (40,125) (81,850) Directors' fees and expenses (125,882) (117,006) (227,276) Service charge expenditure (846,574) (1,196,706) (3,313,463) Other direct property expenses (2,540,224) (1,397,144) (2,935,023) Other administration expenses (346,263) (363,770) (530,862) Operating (loss)/profit (28,594,428) 13,463,202 19,906,555 Finance income 3,801 7,656 15,856 Finance costs (1,823,245) (1,841,277) (3,778,280) (Loss)/ profit for the period before taxation (30,413,872) (11,629,581) 16,144,131 The latest expenses are on the left as you scroll down.

[skyship] 20/10/2020 13:00

Q3 NAV update was 4th November last year - so just 2 weeks to see where were are now - Jun'20 figure was 79.60p...

[1nf3rn0] 20/10/2020 08:38

Added today. Been following a few REITs recently to get a feel for the market. I like the sector allocation of this one, being more highly weighted to industrials and lower retail weighing than many, as well the large discount to NAV. Could anyone confidently recommend a better option amongst the REITs?(I got lucky early in the pandemic and bought into BBOX sub-90p, and still holding most of that. Also have small legacy holdings in BLND and LAND which are a little under-water!)

[skyship] 19/10/2020 15:15

Looking cheap again...

[hugepants] 07/10/2020 18:35

Bounced off the low then. It looks like the big seller has been replaced by a big buyer. A lot of upside to get anywhere close to the previous levels.

[essentialinvestor] 07/10/2020 12:28

Snap, luck to holders.

[spittingbarrel] 07/10/2020 12:19

Well that was a quick 10%, I'm out.

[essentialinvestor] 07/10/2020 10:43

Sold a few.

[spittingbarrel] 06/10/2020 15:50

Sky - Thanks, better to be lucky than clever :)

[skyship] 06/10/2020 13:09

SB - that was a great buy of yours early this morning...

[skyship] 06/10/2020 13:08

As I type 231 trades and 2.3m volume! In doing so, a nice rise back up to 48.5p-49.0p so far....

[essentialinvestor] 06/10/2020 12:27

About time.

[essentialinvestor] 06/10/2020 11:32

Yes, thanks again and apologies off topic.

[skyship] 06/10/2020 11:28

Gave my view on the CP+ thread, so won't repeat...

[essentialinvestor] 06/10/2020 09:26

Has anyone looked at SERE, any views appreciated, thanks.

[spittingbarrel] 06/10/2020 08:32

I don't really like the property sector much but these seam to look reasonable value so I just paid 46.73 for 20,000.

[skyship] 06/10/2020 07:35

HP - yr 473 above. Good point about the covenant aspect. Also of course their low debt cost at 2.59% and low LTV at 26.2%. Whatever way you look at this one, clearly at these levels there is great value to be had. In that light I have written to SLI basically suggesting that they take a leaf out of SREI's book and immediately implement an already approved Share Buyback Scheme. For shareholder value it would be crazy not to do so.

[skyship] 06/10/2020 05:36

Perhaps just as strange is the PREMIUM at which these used to trade for years! That too was entirely illogical...

[essentialinvestor] 05/10/2020 21:21

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.

[nickrl] 05/10/2020 20:59

Costs were up at interims but they've got a 1.2m provision on rents the inv mgr fee is comparable to others run by big inv companies. Reduced divi needs 11.6m pa and based on interims they have NRI of 29m + B&Q contribution of 1.5m although bound to be more voids emerging so say 30m or 22.5m at 75% collection rate. With costs at c10.6-11m divi just covered and not much scope for an increase unless NRI improves. These have been on a continuous downward trend since the April recovery very few of the others exhibit such a chart. Portfolio has limited retail or central London offices yet persistent selling? Lots of wealth managers on the register but no RNS. With a yield of 6.2% feels more worthwhile than others but what are we missing?

[essentialinvestor] 05/10/2020 19:57

The NAV returns CLS have made over the last 11 years are extraordinary (helped by a multi year buy back for a portion of that). Past performance is no...etc and they are now much larger so would not expect to see anything like those returns repeated. Added 10,000 here today @ .4637 Both TRY and CLS will be impacted NAV wise by a stronger GBP/EURO.

[hindsight] 05/10/2020 19:51

SpectoAcc, fair point on TRY but also they not normally on 15% discount with thier historic performance EI, like and hold some CLS but not been to my buy target price again. Another with a good historic performance