Uk Commercial Property R... Share Discussion Threads

[spectoacc] 22/2/2022 08:29

Nibbled a few, and a few others. Definitely not going all-in yet tho.

[skyship] 21/2/2022 16:10

Now on offer @ 77.9p.....still holding off though as whole sector so weak.

[spectoacc] 14/2/2022 09:33

Agreed on both points. Will come down to relative value, if the market "goes" on Ukraine. UKCM at least have the advantage of being one of the most liquid at c.£1bn mkt cap.

Otherwise, hopefully we're all (Buffett-style) in things we don't mind sitting on if the market closed for 10 years.

Been offloading a few of my least liquid this morning tho, having learned from 2008 & 2020.

[skyship] 14/2/2022 09:23

Watching closely for a re-entry as at 79.4p the discount is again above 20%. 22.2% to be precise.

But if Markets remain weak then these could quite easily retrace to the 75p level for a 26.5% discount; and that surely would make UKCM a great buy...



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[pdt] 05/2/2022 11:21

Nice to see a non-exec buying 30,000 shares at this point. Looks like a seasoned property person and an accountant.

[spectoacc] 03/2/2022 13:56

EPIC needs to sell that final large office, and do something very rapidly with the proceeds - unconvinced it's a buyer's market for Retail Parks, albeit what they've got should show a good rise.

Industrials just keep going! Each time think they're going to plateau, up they go again.

Agree re UKCM divi - it needs the earnings from the recent acqns, plus some natural increases across the portfolio, plus the effect of the gearing, all to kick in.

UKCM likely to go up from here in NAV, divi, earnings, and (reverse) discount terms.

And wondering if/when we get back to par on most of the smaller REITs - some there already, some nearly there, some very much lagging.

[nickrl] 03/2/2022 13:03

Positive update although share price hasn't reacted as well as SLI/BREI did but suppose had a bit of a run up in sympathy already. Another stellar uplift for the industrials part of the portfolio unlikely to be repeated in future quarters. Divi still unattractive even at a 3p pa run rate but discount widened. Guess Phoenix and the other big shareholders happy to keep the divis rolling in reliably to cover off their liabilities to pensioners etc.

Retail Wharehouse uplift should bode well for EPIC.

[spectoacc] 03/2/2022 10:44

I honestly think the best is still to come with UKCM - they're finally geared a little, the new assets will bed in, and there's more to come on the income side IMO.

But very much book-talking.

10% discount to a stable NAV would seem about right - rather than c.16% to a strongly rising one.

[belgraviaboy] 03/2/2022 10:39

Slightly rashly sold out yesterday. Read the results this morning and wished I had not, so bought them back plus a few more. Luckily the round trip only cost me 0.0009p per share plus costs.

[spectoacc] 03/2/2022 07:05

UKCM is a beauty. For a steady eddie, the divi rise and NAV rise is great, and that's over the quarter when they made decent purchases (incurring 5% stamp duty on them).

[spectoacc] 20/1/2022 14:20

Thought it'd save the run-up until nearer 3rd Feb, hoping means has further to go.

[skyship] 19/1/2022 13:26

Nice breakout:


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[spectoacc] 19/1/2022 12:31

Expecting this to be good, not long to wait:


"UK Commercial Property REIT.....will announce its Q4 NAV for the period ending 31 December 2021, with a review of the full year performance, on Thursday, 3 February 2022."

[spectoacc] 10/1/2022 10:58

Interesting thanks, tho they do say some of the rise due to LXI's RPI-linked rent reviews (which makes all their increases a little harder to compare with others). Not sure if that's historic (RPI not so high last year) or the valuation is done in anticipation of this year's rise (RPIX 7.1% last time), AIRE-style.

But UKCM should be sitting pretty with their Industrials weighting. Only thing I'm not sure about in next NAV is how much all the recent purchases might have taken a small bite out of it - is 5% just in stamp duty.

Seems clear we're not at the top of the small REIT NAV increases yet (ex NRR, which is waiting to stop falling), even with the Omicron disruption.


Edit - Life Sciences was LXI's best performer at +7% on the qtr - coincidentally almost the same sector as UKCM's largest recent purchase (the HM Govnt Covid place).

[hugepants] 10/1/2022 10:04

The Q4 numbers starting to be released from the Reits. LXI announced today. Industrials were up 5.8% over the quarter.

[spectoacc] 29/12/2021 14:02

UKCM amongst the lowest office %. The quality/CapEx/newer/EPC/ESG ones will be fine, unlike much of High St offices won't disappear. But most co's must be looking to at least cut back on space, and much of the offices switch to resi long since happened.

Are offices the new pubs? Seems the nearest comparison.

Little new supply (outside London), but barring a post-Brexit, post-Covid boom, a lot of potential to go south IMO.

[hugepants] 29/12/2021 13:50

Capped at nearly a billion so this is a big REIT. It's actually on a similar NAV discount and current yield as the big boys LAND and BLND but I don't fancy their 50% office portfolios much.

[nickrl] 22/12/2021 14:10

This lot always seem opaque about the yield on acquisitions and i feel that because Pheonix are such a big holder they don't feel compelled to inform other shareholders.

[hugepants] 22/12/2021 10:27

Current yield is 3.5%. Given the recent acquisitions maybe that can be upped to 4% which would actually make this pretty attractive.

[hindsight] 22/12/2021 09:55

Did same myself, when highlighted by Adae, but far from excited. Quite keen for low yield for capital gain, as on BTL, however these have failed badly on that too. So only the discount for me

[spectoacc] 22/12/2021 08:17

Agree re purchase yield, can only imagine very low indeed.

They've been buying quite a bit lately - dipped toe in yesterday when realised the discount had doubled in past few months. Arguably the safest, tho also the most dull.

This is the 3rd time they've mentioned divi increase, but no idea what it will be - one of the purchases is development & won't see income for ages.

Edit - agree portfolio very well positioned, & 10% a more likely discount than 20%, fingers crossed.

[hugepants] 22/12/2021 08:15

Industrial/logistics is about 70% of the portfolio now.
A bit odd they don't mention the yield on the acquisition.