Share Name Share Symbol Market Type Share ISIN Share Description
Standard Life Investments Property Income Trust Ld LSE:SLI London Ordinary Share GB0033875286 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  -0.30 -0.41% 72.70 288,611 16:35:20
Bid Price Offer Price High Price Low Price Open Price
73.00 73.10 73.10 72.00 72.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 29.44 -15.78 -3.88 296
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:20 UT 10,748 72.70 GBX

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Date Time Title Posts
08/6/202116:50Standard Life Property Trust656
25/10/200413:54Commercial Property Fund-1

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Standard Life Investment... Daily Update: Standard Life Investments Property Income Trust Ld is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker SLI. The last closing price for Standard Life Investment... was 73p.
Standard Life Investments Property Income Trust Ld has a 4 week average price of 62.70p and a 12 week average price of 60.50p.
The 1 year high share price is 74.90p while the 1 year low share price is currently 45.05p.
There are currently 406,865,419 shares in issue and the average daily traded volume is 921,865 shares. The market capitalisation of Standard Life Investments Property Income Trust Ld is £295,791,159.61.
essentialinvestor: Hi Nick, konrad mentioned Mountview to me and while I can see his logic on the the likely current undervaluation, with a controlling shareholder there seems little urgency (if any) to address this. if you have any views on this would appreciate hearing these on that bb, thanks in advance. On SLI, my take fwiw is they have taken a more significant hit on the can pay, won't payers than say BREI and find it difficult to see the current moratorium ending at the end of June, particularly given the Indian variant. Medium term their cautious view on UK offices may be validated and it's worth noting the recent Great Portland comments on valuations re the new environmental legislation effective in 2030. It would not be surprising to see a further disposal or two. Their current advantage is the very low LTV and cash resources to help reconfigure sector exposure, the flip side to this is there are scant bargains available in logistics etc and there is a risk of overpaying as a result - although would tend to back Jason to buy well. Longer term I expect Sli to trade close to NAV or even slightly over again at times, before the Indian variant cropped up had hoped this may happen within 12 months but that now looks less likely. Just some random thoughts.
spectoacc: Agree still too early, but surely no one expects offices to be as popular/attract the same rents as previously. Wonder how the offices market will split - RGL always talking up their regional ones. But "over-let" will surely become a feature - lower rents on renewal, deterring capex. "Jason Baggaley, fund manager of SLIPIT, commented: "COVID 19 has accelerated trends in real estate, and in particular for offices. We completed a thorough review of our portfolio last year and as result decided to sell these three assets in addition to the sales undertaken in December 2020 to align the portfolio with increased ESG integration containing future fit assets. We look forward to reinvesting the proceeds into assets that will better meet the Company's needs". " I like what SLI are doing, but where they spend the money/how easily they replace the income will be key. Been no sign of any purchases yet. Could knock 5% off the entire portfolio & still be cheap.
speedsgh: Investment Transactions - HTTPS:// Standard Life Investments Property Income Trust Limited (SLIPIT) has completed a further sale as part of its portfolio review. The most recent sale was an out of town office building in Farnborough let to BAE. Following a detailed review of the offices in the portfolio it was felt this asset would not meet future occupier requirements, even with significant capex. The other office sale (announced in the recent NAV statement) was located on a business park in Dartford. The combined sale price of £12.4m was 5.5% below the end Dec valuations (driven by Farnborough). Both offices were over rented and the tenant was not in occupation (but had sublet some of the accommodation). The third sale was of a small retail warehouse in Bradford let to Halfords and Cubico. The property was over rented, and the sale price of £2.65m was in line with the end December valuation. Jason Baggaley, fund manager of SLIPIT, commented: “COVID 19 has accelerated trends in real estate, and in particular for offices. We completed a thorough review of our portfolio last year and as result decided to sell these three assets in addition to the sales undertaken in December 2020 to align the portfolio with increased ESG integration containing future fit assets. We look forward to reinvesting the proceeds into assets that will better meet the Company’s needs”.
panshanger1: Decent results this morning Share price recovering nicely now
cwa1: Ex the modest fifth dividend this morning AND share price ahead. Happy days :-)
speedsgh: Dividend Declaration - HTTPS:// Fifth Interim Dividend On 3 February 2021, recognising the importance of dividends to shareholders, the Board indicated that a further interim dividend would be payable in order to comply with the REIT rules to distribute at least 90% of its annual property income within 12 months of the year end. The Board is therefore pleased to declare that a further property income dividend will be payable by the Company in respect of the year ended 31 December 2020 as follows: Dividend per Share - 0.381p Ex-Dividend Date - 29 April 2021 Record Date - 30 April 2021 Payment Date - 18 May 2021 Following the payment of this dividend, shareholders will have received payments totalling 3.713 pence per share in relation to the year ended 31 December 2020, representing 78% of the 2019 level. Based on this dividend level, dividend cover was 110% for 2020.
essentialinvestor: SLI has frequently sold over NAV and over the next 2-3 years would expect to see it trade very close to, or slightly over NAV once again. Ending of the moritorium would be particularly helpful for this REIT.
speedsgh: @HugePants - Intriguing. PCTN share price return has clearly outperformed SLI & SREI over 2, 5 & 10 yrs so would appear to be the quality play and may be why the market is willing to give it the higher rating? Even if you disregard the Covid crisis and measure the 5/10yrs to 1/1/20, PCTN still outperforms both handsomely, although it does look like the main outperformance has occurred in more recent years. So, the six million dollar queston is what is going to narrow the gap between SLI & PCTN? Narrowing of the SLI discount to NAV compared to PCTN might go some of the way but in the long run it's the performance of the investment manager and the portfolio which will dictate the outcome. Think I am right in saying both SLI & PCTN have had the same managers for the past 10 years. I haven't held SLI for a long time (have a sizeable holding in PCTN) but have always held Jason Baggaley in high regard so was rather shocked to see the difference in performance compared to PCTN.
hugepants: Notable how Picton(PCTN), with a similar portfolio breakdown (and lower yield), is now at only a 6% discount to NAV versus 25% here. Share price recovery here has stalled. It was 50% higher pre-pandemic.
speedsgh: Interesting presentation by SLIPIT fund manager, Jason Baggaley, this morning as part of a 3-day Kepler Trust Intelligence event. HTTPS:// A few take-outs... Dividend - With the benefit of hindsight the payout was probably cut too far at the start of the crisis last year. There is therefore likely to be a small making-up payment to satisfy REIT obligations for FY20. Someone also submitted a question re how quickly the dividend might return to pre-Covid levels. Whilst JB expected the dividend to rise strongly from the current level (0.714p per qtr), he questioned whether they should be even trying to return it to pre-Covid levels in such a low interst rate environment. Do not assume therefore that it will! Rent collection - Q1 21 rent collection is lower (low 80s %-wise) than achieved in previous quarters due to impact of current lockdown. Approx 5% of FY20 rent likely to be written off in final accounts. This relates to smaller tenants (of which the trust has a small number, e.g. hairdressers) who will genuinely be unable to recover the lost revenue to repay it at a later date. JB is still supportive of such cases. There are also some larger profitable tenants that are openly taking advantage of the current moratorium and have a policy of not paying rent even though they can afford to. JB cited as evidence discussions with one tenant where he had offered 2yrs rent free in return for a landlord only break option in 5yrs; the tenant refused as they don't want to miss out on making so much money from the location over the remainder of the full lease term. JB stated that they would be at the front of the queue to be dealt with once the moratorium is finally lifted. Sector comment - "Not all industrial is good". There is likely to be pressure on smaller multi-let estates with small local occupiers who will be impacted by recession. Longer term structural drivers means that most logistics will continue to be in high demand over the next 10yrs or so. Pricing is now v keen for logistics assets; SLI are looking at possibility of some speculative development as a means of getting more affordable exposure to this sub-sector. "Not all retail is bad". JB's focus is on affordable retail. JB does not subscribe to the death og the office. However he does think that there will be an inevitable shrinkage in tenant requirements as many workers work both from home and the office in future. Key to this sector will be having assets in the right place (he believes city centres will continue to be preferred to out-of-town locations due to better transport links into city centres and better general environment for workers outside of the office itself) that are cost-efficient (ESG) and offer amenities attractive to workforces. Also offering pre-furbished solutions (not fit-out required by incoming tenant) with short form leases which can be completed in much shorter timescales than traditional leases. Share buybacks - Opportunities for this are relatively limited due to closed periods etc. However JB views it as a sound investment buying back shares at a significant discount to NAV. DISCLAIMER: There was plenty more discussed besides the above. The above are just my own hastily-written notes from the presentation so apologies for any errors. Hopefully the video/audio presentation and slides might be made available by Kepler as playback in due course.
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