Standard Life Investment... Share Discussion Threads

[skyship] 09/11/2021 16:12

No SD on the majority of REITs

[spoole5] 09/11/2021 15:58

This one doesn't!

[mushypeas] 09/11/2021 14:38

Sorry but shares in UK REITs attract stamp duty.

[colonel a] 09/11/2021 14:01

Or because it is a REIT.

[mushypeas] 09/11/2021 13:48

Because it's registered in Guernsey.

[spoole5] 09/11/2021 13:24

Just noticed my recent purchase didn't attract stamp duty, anyone know why?

[nickrl] 06/11/2021 16:19

They sound more positive on offices than some others and if they manage to fill up more of Hagley Rd that will positive as that has had vacancies for ages. Nice uplift in Retail Pks should be good for EPIC and offices outside of London have moved upwards same as UKCM reported so maybe RGL will benefit.

[spectoacc] 04/11/2021 08:27

SLI's going back to par eventually, and on a NAV likely a fair bit higher by then - love it.

SREI good too, I agree. BREI the pick for % NAV gains, and AIRE the laggard.

UKCM interesting this morning, almost completely safe with that gearing.

SLI planning to up gearing to "..25%-35% by mid 2022". That's a lot of buying for them to do in a market that still seems (to me) a bit toppy. What they buy will be interesting, and likely a divi increase when they do.

[skyship] 04/11/2021 08:16

Specto - if 5% is the new norm, and it would certainly seem to be so, then there has to be great value in SREI whose update isn't due until 23rd November. If they achieve SLI's performance, then the SREI discount rises to 25%!

As for SLI, we seem to be breaking through that 74p resistance shown in my chart - P. No. 706 above.

[spooky] 04/11/2021 08:05

The shares are too cheap IMO.

[spectoacc] 04/11/2021 07:59

+5% a qtr seems the new norm. SLI a good read.

[dr biotech] 04/11/2021 07:55

Ukcm also has results out today. NAV +4.8%, rent collection 92%.

[spectoacc] 04/11/2021 07:42

Thanks @speedsgh. Decent NAV rise, but some interesting comments.

[speedsgh] 04/11/2021 07:41

Dividend Declaration -

The Directors of Standard Life Investments Property Income Trust Limited (the "Directors") have declared a dividend of 0.8925p per share be payable in respect of the quarter ended 30 September 2021 split as follows:

Property Income Dividend (“PID”) 0.2519 pence per share
Ordinary Dividend (“Non PID”) 0.6406 pence per share

Ex-Dividend Date - 11 November 2021
Record Date - 12 November 2021
Payment Date - 26 November 2021

Dividend per Share - 0.8925p

[speedsgh] 04/11/2021 07:39

~ NAV 91.3p +5.4% (30/6/21: 88.3p)
~ Quarterly dividend maintained at 0.8925p
~ Rent collection "remains a challenge"; collection for Q3 2021 currently 91%
~ Progress in deploying capital slow

Unaudited NAV as at 30 September 2021 -

Excerpts...

on rent collection...

"Rent collection remains a challenge with some tenants paying rent monthly, despite it being billed quarterly as per the lease terms. There are very few new “non-payers” with the majority of arrears coming from tenants who have previously not paid. Although there is one particular tenant (with the most significant arrears) that is open, trading, and has paid rent to some landlords, where we have taken legal action, most of the Company’s tenants are at least paying part of their rent, and those with repayment plans are keeping to them.

Collection rate for Q3 2021 currently stands at 91%, but this is expected to increase still further. The Company has made prudent provisions against arrears, and in Q3 these reduced slightly due to recovery of rent previously provided for."

on deploying capital...

"Progress of deploying capital has been slow – we have several investments under offer, and the vendor of a warehouse let to B&Q where we had agreed terms decided not to proceed at the last minute, which was very disappointing."

[skyship] 02/11/2021 13:55

If this breaks through 74p then looks likely for the next step up to the 80p/83p region.


free stock charts from uk.advfn.com

[hugepants] 02/11/2021 09:31

From the above report.

"...Terms for the acquisition of several purchases have been agreed including: a B&Q retail warehouse for £14m at a yield of 6.5%; a logistics unit in Washington for £7m at a yield of 5.75% recently let on a new 15-year lease; and the funding of an industrial development pre-let to a council for 15 years at a total cost of £15m, reflecting a yield of 4.25%."

So it looks like the percentage of offices in the portfolio will be squeezed lower to around 25% as industrial and retail warehouse exposure is increased. Q3 update due this week.

[clausentum] 13/10/2021 12:01

Standard Life Investments Property Income - Update research from QuotedData

hxxps://quoteddata.com/research/standard-life-investments-property-income-trust-postcovid-ready-qd/

[clausentum] 25/9/2021 15:35

After investing for 50%+ capital gains in REITs in the last year I don't believe that our mindset will be the same next year as it was two years ago. Will we be happy to settle for 5% dividend and 2% NAV increase, or we will want a higher yield with long term higher discount?
IMO only the fashionable logistics and warehouses are likely to be overvalued with a premium.

[spectoacc] 25/9/2021 07:43

Premium perhaps deserved when NAV consistently on the rise - so isn't really a premium as much.

Could soon reach a situation where rents are rising strongly (as they are with industrial) due to inflation, but debt costs fixed very low for years out. Couple that with some yield compression & we're off to the races.

Don't like any IT on a premium in truth - but watching what's happening in the property market, none of these small REITs should be on much of a discount IMO. When you're having to bid over Ask for Industrial, and even High St Retail is selling, then c.20% discounts are daft.

But preaching to the converted :)

[skyship] 25/9/2021 07:39

Surely the question has to be just why should a REIT ever trade at a premium.

Personally I believe the historic premium to be the anomaly.

[spectoacc] 24/9/2021 19:58

Months might be optimistic, but eventually, maybe.

[cwa1] 24/9/2021 14:57

SLI featured in Shares Magazine this week. It concludes:-

For many years before
the pandemic, Standard Life
Investments Property Income
traded at a premium to net
asset value, so the current large
discount is somewhat of an
anomaly.
Investec comments: ‘A strong
fundamental proposition
is enhanced by the current
discount, which, given the track
record, we struggle to reconcile.
We expect the company to
return to a premium rating in
the months ahead.’

[speedsgh] 14/9/2021 08:09

Results in Respect of the Half Year Ended 30 June 2021 -

"No purchases were completed in the first half of the year although terms have been agreed to buy a B&Q retail warehouse for £14m at a yield of 6.5%, a logistics unit in Washington for £7m at a yield of 5.75% recently let on a new 15 year lease, and to fund an industrial development pre let to a Council for 15 years at a total cost of £15m, reflecting a yield of 4.25%."

I wonder what rubbish they will come up with for the re-brand and more importantly how much the process will cost!

"The Board notes that Standard Life Aberdeen plc has rebranded to abrdn plc. The Board is working with the Manager on the implications of this and will be actively considering a change of name for the Company. The Board will engage with its shareholders on plans for rebranding in due course."