Standard Life Investment... Share Discussion Threads

[4spiel] 21/7/2012 13:11

Yes jonwig - it is difficult weighing up these smaller ones -and comparing also with the likes of Land and Blnd -I hold the latter.But more important to have bought at right price or not at all !!! I am in GLIF which had a small increase in NAV but of course is American based fund and something entirely different.

[jonwig] 20/7/2012 15:58

4spiel - comparison is interesting, and I hold a few SREI as well.

SREI had every chance this week to announce a rebased dividend (cut by one-third, say) but instead maintained it. It will get harder for them I think, as reducing debt and maintaining rental income are incompatible.

We'll see - anyway, the commercial property sector seems to be pretty stable with few surprises at present ... and decent yields.

[4spiel] 20/7/2012 15:40

These were said to be expensive at 57p-59pand said to be only worth 50p They retraced to near there. Now they are 64p and will as is normal retrace a little bit to be expected. However whilst I fully expect SREI to retace because its dividend is not at the moment covered but maybe not very much I am thinking there is one good thing about this stock -it has strict rules about the % of assets held in each of its investments.Personally I am looking to add again at nearer 50p but hoping there will be some better news about the NAV than we got from SREI.

[skinny] 02/7/2012 15:51

Yes thanks Jon - I had a date of 11th July in my spreadsheet - probably extrapolated from last years ex date of 6th July.

On edit - the GACA dividend came through today and I may add here.

[jonwig] 02/7/2012 15:42

Announced on 1 May:

Ex-Dividend Date - 9 May 2012
Record Date - 11 May 2012
Payment Date - 25 May 2012
Dividend per Share - 1.133 p

The next divi RNS will be around end-June for xd July and payment August.

[skinny] 02/7/2012 15:02

Are these ex dividend this Wednesday or next? I can't seem to find it on their website.

[asmodeus] 30/5/2012 08:12

To: Company Announcements
Date: 30 May 2012
Company: Standard Life Investments Property Income Trust Limited
Subject: Acquisition

Standard Life Investments Property Income Trust is pleased to announce that it has completed the purchase of a grade A city centre office in Glasgow for GBP4m.

140 West George Street extends to c23,000 sqft over 7 floors and was comprehensively refurbished in 2009 to a Grade A specification. The building is let to 6 tenants including Cyril Sweet, Anderson Fyfe LLP, Gerald Eve LLP, AWD Group plc and Central Insurance Services Ltd., with one vacant floor currently under offer (the purchase assumes 2 years rental cover on this space). The building is let off low rents of GBP17psf, with lease breaks / expiries in 2015 to 2020. The purchase price reflects a capital value of GBP170psf, and an income yield of 9.5%.

[jonwig] 08/2/2012 10:53

Yes, they said it would save them about £1m pa as from 2014.

With an annual income profit of around £4m last year (strip out revaluation numbers) that would be quite a big chunk.
But the current dividend level is covered by adding back an exceptional sum (£4.2m) in the 2009 accounts.
The trouble is that the current level of payments (1.13p x 4) costs them £6.2m. They will get higher rental income this year, which will help.

[sleepy] 08/2/2012 10:09

Yes I agree with you about the revenue account driving the dividend. Have you looked at the effect of the lower interest charge?

[jonwig] 08/2/2012 07:44

Sleepy:

Based on unaudited accounts for the year end the Company had a fully covered dividend (107%) for 2011.

Assuming they want to keep full cover, the revenue account will drive the dividend, not the asset value. So I wouldn't get too excited just yet!

[sleepy] 07/2/2012 21:10

Recent NAV statement well worth analysing.
Are we heading for dividends of c 6.5p?

[eithin] 09/11/2011 14:29

Divi declared today: 1.133p, ex date 16/11, pay date 30/11...

[eithin] 02/11/2011 15:49

Divi declaration around 10/11th.

[eithin] 01/11/2011 21:51

thanks "S" that would explain....

[sleepy] 01/11/2011 20:45

I think you will find div will be 1.133p. Don't think it has been declared yet

[eithin] 01/11/2011 16:52

Anyone find a divi declaration for pay end nov. ??? Assume 1.1p but can't find anywhere...

[sleepy] 24/10/2011 14:34

Very boring but I believe that SLI are currently available at 56.5p which is a discount to NAV and a (nearly?) covered yield of 8%

[ferries5] 22/7/2011 14:30

They were reasonably good results skyship. Pleased about plantation house, but not sure if shareholders will benefit as £460 million was the agreed price.

[skyship] 22/7/2011 14:04

IFD Qtly dividend of 0.88p confirmed in today's IMS. Yield @ 37.75p = 9.33%. EPRA NAV discount = 33.8%.

[ferries5] 20/7/2011 10:52

Skyship.

Thank you for your comments, You are obviously a knowledgeable investor.

[skyship] 19/7/2011 13:45

Ferries5

# The management change is a Bull point – not a bear point. Not only will it be reducing the annual management fee; but it may well provide other positive aspects. We will see fairly shortly.

# The Securitised Debt Total is £173.5m. £62.5m is to 15/07/14 & £111.0m to 15/07/16. There is no need for any refinancing

# As to the Liquidity Facility of GBP11.2 million, this was drawn down for a failure by Lloyds due to the S&P credit rating downgrade. "The Breach requires the Liquidity Facility to be drawn down in full and placed in a blocked deposit account or alternatively a new provider put in place. Accordingly, on the 23 September 2009 the Liquidity Facility was drawn down."

# Dividend. Everything IFD had done, stated and presented points to the maintenance of the 0.88p quarterly dividend. Confirmation or otherwise of that policy will be declared very shortly in the IMS/NAV/Dividend statement expected imminently.

[ferries5] 18/7/2011 19:38

Hi Skyship and AlanJI.

First point I would like to make is I have no axe to grind with Ifd I hold some myself and think it will be a good investment. But at the moment imo it has three problems, and the reasons it trades at a discount to sli .

Has to get the management situation sorted out, first.

plantation place has to be the next, if that goes wrong, they will find it hard to refinance. recourse loan or not.

And remember they are already drawing down on a special liquidity facility loan. Also will they keep the dividend.

That is why it trades at a discount. It is not me, its the market that sets the prices,

I am hopeful it will come good, but never the less it has problems.

[ferries5] 18/7/2011 18:26

Yes skyship, It means if something goes wrong in any of its 3 joint ventures the banks have no claim on insights assetts .
Busy at the moment, will answer alan ji later.

[skyship] 18/7/2011 18:15

Ferries5 - do you know the meaning of a non-recourse loan?

Sorry - rude of me.

I merely ask - How, if it is a non-recourse loan, could it have any further effect on IFD other than the loss of their equity in the investment?