I'm a multi millionaire according to ADVFN. How much do they pay their staff? Too much I think. |
Hoping that from January next year, Atrato can perk up the share price here somewhat. I don't think Triple Point covered themselves in glory. Far from it. |
Ex div today |
When the sale of the £20mn "portfolio" was originally announced, the share price moved very little. This morning's 4% move was a good one to trade against, although I did not as I needed a larger move than that to justify a further purchase to top of a current moderately sizeable position.
I did like the point about Atrato coming to the aid of the current crowd - not a minute too soon. |
I took the opportunity to add this morning.
I suspect they will get the MySpace leases transferred in 2025 with the new manager in place in January. The dividend yield of 9% is fully covered now and will be more covered when the move is completed.
The NAV will improve once leases are moved and the big discount to NAV (110p vs 60p) will narrow. An advantage is that debt is on a long fix. I don't think the sale of £20m of properties will make much difference one way or the other.
Happy to hold and collect dividend. |
From todays announcement:
"Portfolio Sale Update
As noted in the interim results for the six months ended 30 June 2024, the Company had expected to complete on the sale of a portfolio of properties with a value in excess of £20 million in November 2024.
Despite successfully completing their operational due diligence and agreeing terms on the portfolio, the purchaser has not been able to close the funding required to progress the transaction at this time although they continue to pursue funding options."
Perhaps this explains the fall over the last week or two? |
Inching towards 52 week high, hopefully. Onwards >70p in the new year. |
I think there is also still a fair amount of scepticism regarding the NAV due to Triplepoints involvement - presumably that will remain until the new managers have had a chance to properly look under the bonnet of this one |
It won't help Resi NAV calculations as the budget caused an immediate jump in Gilt yields. Soho's NAV on the other hand seems unaffected by this for some reason.... |
A big driver of the discont to NAV is concerns about the sustainability of SOHOs tenants |
Yep - should do |
Should help RESI as well re sale? |
It's the housing associations/charities that sign the leases and then get payments from the public sector for providing their tenants with homes The issue with the sector has been that established housing associations with good covenants have been wary of signing up to long term/RPI leases |
One to watch for care homes in particular |
In saying that though employers NI and the min wage won't help of course |
Helps the credit strength of those tenants Plus its likely the leases will be restructured to better match the tenants funding |
But the contracts SOHO have via their managers have fixed rent increases anyway. Why would the proposals mentioned by Rachel make any difference? |
What's not to like A rare winner from the budget Glad topped up |
The Government will also consult on a new 5-year social housing rent settlement, which caps the rents social housing providers can charge their tenants, to provide the sector with the certainty it needs to invest in new social housing. The intention would be for this to increase with Consumer Price Index inflation figures and an additional 1%. The consultation will also seek views on other potential options to give greater certainty, such as providing a 10-year settlement. |
Agreed, I think this will rise over the next week after the focus and attention to social housing in the budget are factored in by investors. Well done Rachel Reeves |
Nice to see a bit of share price perkiness here at last. Hoping over the next year or so to see that continue. The country is hugely short of the facilities SOHO provide. |
FT article: Treasury confirms plans for inflation busting rise in U.K. social housing. Reeves intends to introduce a formula in next week's Budget that will increase annual rents in England by the consumer price index measure of inflation - currently 1.7 per cent - plus an additional 1 per cent. |
Just the big UT at 63 after hours.Should tick up on Monday. |
Any idea why the drop today |
Register for streaming realtime charts, analysis tools, and prices.
Hot Features
Premium
