Supermarket Income Reit Share Discussion Threads

[m_kerr] 16/2/2024 13:11

Has anyone noticed the new Sainsbury's leases and purchase price on the JV assets SUPR acquired valued the assets at 7% NIY? Most of the assets in the portfolio give options for the tenants to renew for 10-30 years but in the medium term, assuming no material acquisitions will stock market investors mark down the assets?

My worry is will the NIY creep up each year as the WAULT is now 13, far from the 20 years or so on the early assets acquired.

Or will there be a decline in value, followed by a jump when the leases start to get regeared?

[richtea2517] 15/2/2024 06:28

Tilney BESTINVEST always a day later. Have expressed my dismay - why?

[chucko1] 14/2/2024 20:30

... and HL.

[cwa1] 14/2/2024 18:48

Yes, iDealing and ii

[janeann] 14/2/2024 18:21

certainy did...ajB

[richtea2517] 14/2/2024 18:03

Anyone get div today?

[mindthestash] 14/2/2024 13:35

Bigger is not better. Seems to be my catchphrase. Getting a bit tired of it mtself.

[chucko1] 14/2/2024 10:54

Perhaps they are not sufficiently "omni". They do not just buy any old stuff. Pah!

[mindthestash] 14/2/2024 10:25

Costar said
CBRE has been appointed to sell the portfolio seeking in excess of £138.54 million or a 5.85% net initial yield. Market sources said the portfolio is being sold on an individual asset basis or on a portfolio basis and that bids were being called this week.

The portfolio comprises 12 supermarkets being sold freehold with a rare unexpired 20-year inflation-linked lease term with no break options. There is an average store size of around 35,000 square feet and they are located in Greater London and the South East, South West and East of England.

The stores are at: Chipping Sudbury, East Cowes, Exeter, Harpenden, Hythe, Longfield, Norwich, Richmond, Romsey, Saxmundham, Welwyn Garden City and Wokingham.

Maybe they bid and the initial yield was a bit tight for them.

Did I read M&G had a management partnership with NRR for retail

[nickrl] 13/2/2024 18:15

M&G acquired 11 Waitrose stores in a sale and leaseback deal. SUPR seem to be sitting on the sidelines these days or do they believe Waitrose no longer decent quality anymore.

[badtime] 12/2/2024 20:32

Interesting meandering though :)

[chucko1] 12/2/2024 13:29

... and cheaper now, so adding heavily. Biggest position now for about 18 months. Another 50% more and I'm back on full throttle.

Also have been building back SOHO and for the first time, a decent position in EBOX. Now moved from 65% cash to about 50%.

At these levels, no need to go anywhere near non-prime offices - a lot of juice elsewhere that is more controllable. No need for SREI's green experiment either. All very well, but they seem to be overplaying it given the pushback that has started. Not an easy call, but given the decent value elsewhere, it's an unnecessary distraction.

This post ought really be within the CP+ thread as it has meandered somewhat.

[chucko1] 09/2/2024 11:29

FWIW, last 2 times UKT10Y was at 4.10% yield (as today), SUPR was at either 86p (May 2023) or 82p (Nov 2023).

Recent weakness on the back of some very, very strange trading. If you were to check out all the trading yesterday morning, you could buy for 1p cheaper than you could sell, over the period of an hour or so. This suggests indiscriminate pricing on one side or another and at one stage, the trades were occurring at 3p above the previous closing level - a level we are now lower than by about 1p.

While all that has been going on, BBOX and the other stronger REITs have moved by about a third of this amount (in % terms).

Very cheap versus TSCO bonds.

[alan@bj] 01/2/2024 21:05

Disappointment that interest rate reductions won’t happen as soon as anticipated.

[hindsight] 01/2/2024 18:03

Seems common strange theme today

[chucko1] 01/2/2024 16:10

Yup. I am buying a fair few here.

[riverman77] 01/2/2024 16:04

Strange drop today given that this should benefit from falling gilt yields.

[mister md] 31/1/2024 16:27

Ah, thanks for clarifying. Still, current 80p shareprice seems exceedingly good value.

[cwa1] 31/1/2024 16:26

Not THAT exciting IMHO...

Off-market transaction, shares awarded pursuant to Investment Adviser's Employee Benefit Trust

[chucko1] 31/1/2024 16:26

It's an award, rather than a purchase. In any event, it's a small amount given current holdings. Also, it is worth considering the previously acquired wealth of some of the principals in both SUPR and ROOF. They were partners (or at least MDs) at Goldman Sachs & Co. in divisions noted for their high pay.

Cannot be a hindrance to the narrative, though!

[mister md] 31/1/2024 16:14

Good to see the director purchases continuing down at these levels.

[cwa1] 11/1/2024 10:37

Top picks in property included Picton Property Income Limited, for its low gearing and the shares offering value and superior earnings growth compared to peers, said analyst John Cahill.

Last year a mooted merger between Picton and UK Commercial Property REIT (LSE:UKCM) was called off after pressure from the latter's largest shareholder.

Supermarket Income REIT PLC (LSE:SUPR, OTC:SUPIF) was also touted by Cahill, who noted that while the shares underperformed during the rising interest rate period, with fixed income markets now pricing in a Bank of England base rate of 3.75% by November this year, “we think the shares will return to favour with investors as the conditions for interest rate cuts become self-evident”.

[jong] 11/1/2024 10:25

Yep, XD today.

[rik shaw] 04/1/2024 07:11

interim dividend of 1.515 pence ex-dividend 11 January 2024, paid 14 February 2024