Standard Life Investment... Share Discussion Threads

[skyship] 30/11/2020 08:35

A pretty substantial chunk bought-in on Friday:
===============================================

PURCHASE OF OWN ORDINARY SHARES

On 27 November 2020 the Company purchased 1,846,985 Ordinary Shares at a price
of 57.27 pence per share.

[cwa1] 27/11/2020 13:02

Took a a handful at 55p. Might have some more if it drifts off further.

[dr biotech] 27/11/2020 12:14

Looks like the vaccine boost doesn't apply to commercial property, both my holdings here and UKCM lost their recent gains. Think the gap between the share price and NAV will close somewhat when things get back to the new normal. May take 8-12 months. I'll watch for a bit before increasing though.

[skyship] 25/11/2020 11:26

Hmm - lowest trades seem to be 59.10; so are you sure you bought the right stock?

Ahh - that strange dip on Monday - extraordinary trade - well done you!

[2wild] 23/11/2020 20:23

Added a limit order to buy at 59.2p this morning. Only paid 55.8p, a 5.7% discount.

[dr biotech] 09/11/2020 20:50

A few of the more retail focused prop cos went up 20% today. Hopefully more to come here

[hugepants] 04/11/2020 19:05

Is there enough info to work out if its covered? I suspect its covered ok. ie. divi has been slashed by 30% yet underlying rent collection only down 10%?

[nickrl] 04/11/2020 18:36

Divi only 97% covered so probably no upside from here.

Also at least they are open here over rent frees being granted in exchange for lease extensions although some more detail would have been helpful

"we agreed six lease regears with tenants to provide them with a rent free period now, in return for extending their lease commitments"

potentially a long term positive for short term pain but lets see.

[spectoacc] 04/11/2020 13:44

Particularly nice to see as we go back into another lockdown - shows they've got confidence, even if also being realistic ;)

[skyship] 04/11/2020 12:23

SLI is now the 4th REIT to instigate buybacks. SREI the serious one, but AEWU & RLE also in the game. Certainly puts a floor under SLI, so unlikely to trade back to the lowly 50p again...

[hugepants] 04/11/2020 11:00

I think they are just being realistic. They sound quite a prudent bunch.

[spectoacc] 04/11/2020 10:27

I thought it sounded a bit downbeat, in contrast to many. "Rent collection remains challenging" etc.

[hugepants] 04/11/2020 10:12

Looks like a good update. Collection rates 90%+

portfolio breakdown

industrial 50.8
offices 30.6
retail warehouse 9.9
Other 6.9
retail general 1.8


The industrial portfolio rose 0.2%

"The LTV of 29.4% provides sufficient headroom against banking covenants (values can fall by 43% and rent by 69% before the covenants are under pressure based on 30 September covenants). "

[1nf3rn0] 04/11/2020 08:55

Well it makes more sense than Shell buying back well above £20 a share in recent years! And it's probably not yet the right time to go on a property buying spree. Offices certainly will get cheaper over the coming years, as well as certain types of retail.

[dr biotech] 04/11/2020 08:34

Can’t say I normally agree with share buybacks, but the disparity between the NAV and current share price seems to make a lot of sense.

[1nf3rn0] 04/11/2020 07:25

Beats my expectations. NAV only down 1% since June (most of that being the last divi payment).Plus..."The Company intends to begin a share buyback programme to purchase shares in the Company.The Board believes that investment in SLIPIT's shares at the prevailing price and discount to net asset value offers an attractive investment opportunity for its shareholders given the financial resources the Company has at its disposal. The Company will also continue to focus on the existing portfolio and the opportunities this presents through both sales, a number of which are in the pipeline and also acquisitions and asset management."

[1nf3rn0] 30/10/2020 11:07

It was tipped in Shares mag 2 weeks ago, but it dropped in the following days after that :)

[spectoacc] 30/10/2020 11:04

Guessing a tip somewhere? Lots of small buys.

[contrarian joe] 21/10/2020 13:01

Appreciate nickri.

[skyship] 21/10/2020 09:34

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 21:35

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 16:17

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 14:00

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 09:38

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 16:15

Looking cheap again...