Supermarket Income Reit Share Discussion Threads

[spectoacc] 23/9/2024 13:04

How many hundreds of millions has that cost them...

[wskill] 23/9/2024 12:51

Yes remember Aviva and its golden french ticket its still on the hook for it now even though its french subsidiary has long gone.

[williamcooper104] 23/9/2024 12:42

Matching euro swaps/debt for French assets is just basic stuff, nothing complicated unless you think France is going to leave the euro

[8gggggggg] 23/9/2024 12:36

I am not convinced...if something looks too good...........Why have all the Massive shrewd. French infrastructure funds passed ............?Stick to UK , ..trying to match up Euro swap rates , with French valuations for UK £ fund , is a highly complicated and usually ends in tears .and exit at great expense.Stick to UK.........Dakas.

[jg231] 23/9/2024 12:34

8gggggggg I checked with the broker and the AGM is likely to be 3 December. Formal notice still a few weeks away.

[williamcooper104] 23/9/2024 11:29

SGROs hardly a failed REIT Nor is PHP HMSO is a failed reit but its French assets held up a lot better than its UK ones did

[chucko1] 23/9/2024 11:03

On the subject of the French property (Carrefour), the margin was decent and accretive to Dividend cover. On the recent call, that appeared to be important to them.

Since the purchase, rates in EUR have fallen notably, and eventually, this (as well as UK stuff) will enjoy lower discount rates and using the borrowing capacity at the time they did will likely look smart. This morning, even, economic numbers out of the Eurozone are increasingly weak and it is not difficult to see even lower medium term rates. In any event, swap rates currently at around the 2.3% level with the now massively reduced volatility should bake in decent value for the patient.

Additionally, they addressed the Mike Prew question rather curtly (and it was the first question up), saying that they had modelled in great detail ALL the properties, whether low or high yielding, with reversion rates that Mike Prew had been claiming would lead to future value depletion. They were perfectly satisfied that high yielding properties were likely to have buyers at these lower yields, and that the lower yielding properties would simply revalue higher as discount rates subsided. As discussed propitiously on this board, it is wrong to generalise about this portfolio rather than being asset specific. This seems to be what MP has done, although he was not mentioned by name (well, he was in the question, if not the answer).

[chucko1] 23/9/2024 10:45

The counterargument is that these purchases could simply be "in denial" purchases by two moderately deluded people. Recall Regional REIT etc. where the IM purchased his own propaganda.

Except that one (Steve Windsor) was a Goldman Sachs Managing Director, and the other (Steven Inglis?) went all-in on Office property post COVID.

[8gggggggg] 23/9/2024 10:39

Anyone know when AGM is ? Place and time ? I went last year and very informative....I am still not convinced by French buy....The road is littered with failed UK property dealers , who set off to make their fortune in US and France..Can't see point when they have such a dominant position in UK..

[marktime1231] 23/9/2024 10:30

Yes that's two chunky insider buys at 76p and 75p as soon as the results were public. Can't think of a stronger buy signal, these guys investing for the long term, heralding share price recovery and a vote of confidence in the sustainability of the distribution. Continuing to watch closely for an add opportunity on weakness over the next dividend cycle.

[spectoacc] 23/9/2024 06:09

A second £200k PDMR purchase on Friday.

[kernelthread] 19/9/2024 17:55

Maybe because he bought it at 130p a couple of years back - that would burn.

[sg31] 19/9/2024 16:39

"this share is utter pish"

Fantastic analysis. Would you care to explain why?

[kev0856153] 19/9/2024 13:59

this share is utter pish

[marktime1231] 19/9/2024 12:10

Not everyone cares for Carrefour then. Buff! Weighing up the pros and cons, opportunity and diversification versus dilution and distraction, let's wait and see though, a bit early to dismiss it or to imagine things to worry about.

The good news from Powell beating the prevarification from not-so-Fat Boy Bailey and chums. SUPR responding positively. 80p by Christmas?

Only one in favour of a cut. And yet about 10% of our tax bill is being p'ed away paying interest on national debt, which makes all the tinkering with taxation and benefits so insignificant. The economy is flat-lining too, I bet the narrative ahead of 7 Nov BoE MPC is all about recession risk and bleak employment stats.

[8gggggggg] 19/9/2024 10:04

What I mean is ...why not stick to what they know ..ie UK Supermarkets...France is absolutely different market..,with many many potential pitfalls.Dakas.

[deanowls] 19/9/2024 09:18

Because there’s properties that we own there? It makes a big deal of mentioning it!

[8gggggggg] 19/9/2024 08:44

Why do they bother to go France....?

[williamcooper104] 19/9/2024 07:09

Not a lot needs to go right to get > 10% returns

[nickrl] 19/9/2024 07:06

Took a few more myself as im happy to just have 8% even if the share price just drifts along as Bailey bound to head down if not today will be before the end of the year.

[spectoacc] 19/9/2024 06:17

An insider spent £200k yesterday on shares.

[tag57] 18/9/2024 23:00

Could it be acquisition costs?

[nickrl] 18/9/2024 21:41

@dartboard my reference to inv mgt fees being bolstered by other admin costs was a facetious comment. My gripe is why they dont stick in a sentence in the financial commentary to explain it.

[dartboard1] 18/9/2024 21:00

"Other admin costs" have increased... while total have reduced... he/she's wondering whether the increase in other is to offset the decline in investment advisor fees which have declined by (coincidentally - 800k).Could be reasons for increase in these costs... travel to France by management for a couple of months ... but 800k?