The Local Shopping Reit Share Discussion Threads

[spob] 19/5/2016 01:27

I dont mind companies releasing results after the close

I wish they all did to be honest

Gives people time to read them properly while the market remains closed

[my retirement fund] 19/5/2016 00:19

This board needs to be shown the highroad and replaced with an incentived setup to return money and value here quickly rather than string out piecemeal disposals that keep them in office for years to come taking exorbitant salaries and expenses and sickening management fees for ever and a day

[strathroyal] 18/5/2016 23:38

Looks like they have at least two properties in tomorrow's auction at Acuitus and one or two in the recent Allsop auction so the drip, drip of sales seems set to continue.

Having said that one of the properties has sold for £1.1M.

[tiltonboy] 18/5/2016 23:05

We might see a situation as with Tamar a couple of years ago, where somebody makes a cheap offer, and gets them well below NAV. I would take 35p.

[eeza] 18/5/2016 21:10

Highlights from the Interims

"Outlook
However, in the absence of a sale of the bulk of the properties sufficient to enable us to speedily dispose of the remainder at sensible prices, we will not continue the individual property sales programme below the level at which running the portfolio becomes unviable. "

"During the six months to 31 March 2016, in accordance with the Group's investment policy, we completed sales of eighteen freehold properties. The aggregate gross sale price was GBP4.12 million, 1.72% under their preceding valuation. At 31 March the portfolio comprised 336 properties."

So - sold the easy ones. Just another 336 to go.
336/36 = 9.33yrs.

Lol !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[badtime] 18/5/2016 20:49

I dipped out a month or so ago...just don't trust management

[tiltonboy] 18/5/2016 20:13

We need Damille to exert some influence!

Looks like they are back in the long-term portfolio!

[skyship] 13/5/2016 13:50

I am told the Interims will be published next Weds or Thurs....

[gfrae] 05/5/2016 22:33

As said above it has no financial or other significance. They would simply have paid the NPV at the time of purchase,and would have been a sensible use of funds.

[gco1133a] 05/5/2016 21:30

Well for a start it's too small to be on the radar of most institutions. Secondly the long term history is poor and as you say many are p*ssed off with management. The failure to sell the large block of properties was a more recent disappointment but I also think this could surprise to the upside over the next year or so. Crunch time approaches.

[maiken] 05/5/2016 20:18

seems there's a few of us following this as we move [hopefully]towards the final act.
what worries me is it's almost too good to be true,apart from the normal risks attached to all property stocks [potential for decline in NAV,gearing,failure to sell assets/extended timetable to sale etc etc]
It would appear there is a very big reward on offer for those prepared to wait 18-24 months,which isn't actually that long.
FWIW I looked at the results for last commercial auctions from Allsops and Accuitis in March.pretty much everything sold !!Both have further auctions coming up in next few days...
What am I missing??? Clearly Management have p*ssed many off.Again I'd appreciate anyone's thoughts...[although I've already filled my boots on this one ! ]

[gco1133a] 05/5/2016 16:40

I don't see why it would be RNS able it has no material financial impact. The cost of retiring them early would be essentially the same as letting them run to maturity.

[eeza] 05/5/2016 13:47

Lol !!!!!!!!

It'd be the day when the shyster Management here told the plebs anything.

[cockerhoop] 05/5/2016 13:00

Surely that information would be RNS'able

[tiltonboy] 05/5/2016 12:52

gfrae,

Where did you hear that from?

[maiken] 05/5/2016 11:08

thanks for all responses

[gfrae] 05/5/2016 10:58

They have been bought out. There are none extant. I am told.

[cockerhoop] 05/5/2016 07:55

From the AR

'The two remaining interest rate swaps expire in July 2016 following which all debt will attract interest of 3 month LIBOR plus a margin of between 1.75-2.0% dependent on the prevailing LTV. Current LIBOR forecasts suggest the cost of debt will fall below 3.0% at this time.'

[tiltonboy] 05/5/2016 07:47

maiken,

There are two further interest rate swap contracts in existence, which end in July, so only a couple of months to go.

[gfrae] 05/5/2016 00:01

Yes. Yes. Yes. They have already bought out the interest rate contracts , I believe,thus now paying interest of approximately 2%.

[maiken] 04/5/2016 19:06

Apologies if these are stupid questions...
once the interest rate swaps unwind next month I believe [if i read annual results correctly]interest rates paid on loans will fall to 1.75-2% over Libor which is roughly half current rates paid.Since interest paid makes up bulk of expenses will future rentals received[ignoring voids] then substantially exceed interest and other expenses? with those same rentals boosting NAV incrementally going forward ?
Likewise,all other things being equal,will NAV of 42p rise to current adjusted NAV of 45p?

[badtime] 13/4/2016 16:04

Sharp drop? It was about 30/31 to sell now 29.25...hmm