A UT trade at the end of the day is down to buyers and sellers matched on DMA platforms
(Direct Market Access) |
tremari
It's NOT a buy, it's the daily closing UT |
And literally every CRE PE firm blew up in 2008-09 - Blackstone at that time weren't really into CRE |
Firstly IRR is not a good measure of return - IRR is often much less than CAGR - it's very easy to manipulate Secondly, dry powder doesn't earn carry, so once a PE fund is raised the money must be spent Thirdly, yes external management is incentivised to raise equity but the beauty of listed markets is if a management team performs well in a non distressed market they get a cheap cost of equity and if they then raise cheap equity to buy assets at a good spread to that then existing shareholders benefit - that's the reason why O has done c13% CAGR over > 20 years - and 13 CAGR over 20 years > 30% IRR over 5 |
Decent chunk of the market cap |
Buy @ 16.35 9 million shares |
Those running externally managed reits are incentivised to maximise NAV through raising as much equity as possible when investor sentiment is favourable (and often when values high and therefore forward returns low). They are often initially set up to capitalise on a value opportunity, but usually morph into aimless, poorly performing vehicles existing purely to cream off management fees.
Private equity on the other hand, incentivised to maximise IRR, only invest when they spot a compelling value opportunity and are in and out within a 5 year period. |
That's a hefty closing UT of almost 9 million shares |
LTV in the last fy report was 37%, update at end 2/25 after the newmarket sale LTV was 38%. debt at that level is not ideal, but ok if their 100% occupancy is maintained. if i see the french stores being vacant i am likely to be out quickly |
Your ISA provider should reclaim the 20% deduction |
@clarkif In the UK, Real Estate Investment Trusts (REITs) are subject to a 20% withholding tax on property income distributions (PIDs) when paid. |
28.02.2025 - Supermarket Income REIT plc (LSE: SUPR), the real estate investment trust with secure, inflation-linked, long-dated income from grocery property, will announce its half year results for the six months ended 31 December 2024 on Tuesday, 11 March 2025.. |
They don't need to get bigger though. At approx £900m market cap and £1.7bn or so portfolio they have huge scale already.
Realty income have bought almost £250m of UK assets in 2025 alone. |
who owns all the other tesco and sainsburys stores, the grocers themselves? the proportion supr have is small compared to the nationwide numbers.
would i be right in thinking that if you are an expanding chain, you would take out debt to have more stores (like BME), but if you are an established nationwide chain, you would use cash to buy the stores you were originally renting?
the point is, how do supr get much bigger if they don't test the waters overseas? but agree, i would be happier if they were just in the uk, i know very little about france
i agree, you are probably right about a buy out eventually m k. also agree with the cheap as chips bit too! |
And the dividend appears in AJB less that 10 minutes later :-) |
Reality would likely love to buy SUPR but they're cost of equity is now c7.7% (inverse of FFOx so ignoring growth) - at current share price it ought to be accretive but at NAV or close to it wouldn't work Looks like KKR is being successfully fought of from AGR - so hopefully we won't lose any more REITs that aren't sub-scale and/or badly managed |
FWIW, I haven't had mine in from AJB yet either, so it's nothing personal.
Having said that, it's the only one of my brokers that hasn't stumped up yet :-( |
Cheap as chips IMV. The recent update provides evidence of the value of the portfolio to supermarket operators like Tesco, even if investor sentiment remains poor.
I don't like the foray into France. THeyre doing it because the ratings agencies say it reduces risk, but I'm comfortable with 80% in Tesco / Sainsbury. THey should be buying back stock, but that reduces NAV / market cap,and therefore fees to the manager.
I still think this will end up being acquired by realty income. |
clarkeif
I have received my full dividend in both my ISA and SIPP with HL. |
new holder, not had divvies before from supr. some reits do 2 payments, someone better informed than i can probably explain better.
hl always keeps the cash divvy on account for a few days in case people want to pay out the divvies from an isa. this drives me mad! it will be there on the website and you can transfer across from your income account to your capital account. you can only hold it on account, automatically re-invest or pay out. on my hl app, no divvy arrived as yet on the front page, but on the website i can see 1 divvy has arrived today, but the cash isn't as yet showing on my main isa page. |
Hi all any idea why my dividend is short by 20%? I'm with HL. Is it some kind of tax withholding? |
Still waiting for AJ Bell.....they're usually pretty good but IG Index seem to pay before trading starts, which can be helpful if you're looking to reinvest your divis elsewhere |
still no dividend from Hargreaves Lansdown as of 11:40 but Interactive Investor paid earlier today.
Asagi (long SUPR) |
if only it would happen |
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