Urban Logistics Reit Share Discussion Threads

[williamcooper104] 14/6/2021 10:23

Under US GAAP they would be forced to and that would show in the GAAP numbers but that's usually ignored - FFO and AFFO are non-GAAP industry standards The values are implied from the share price and FFO yields and that's compared to private market transactions - that's often looked at - usually to see if the REIT is trading at a premium and thus has a cost of capital advantage over private markets US REITs have on most time measures either kept to or outperformed the S&P (itself a better performer than any U.K. index) Whereas U.K. REITs have under performed the underperforming FTSE

[dhoult12] 14/6/2021 10:17

Isn't that dangerous when you falling values, thinking shopping malls here... surely they are forced to revalue in those circumstances and take the loss to the P&L (if goes below purchase price) through the accounting rules?

[williamcooper104] 14/6/2021 09:46

Unfortunately we in the UK have tended to have property companies in REIT tax wrappers - rather than actually REITs U.K. propcos are often just focused on NAV/red book values US REITs don't even bother revaluing their assets and our judged on income metrics (AFFO/FFO)

[jombaston] 14/6/2021 09:15

Excellent article, jonwig. Often too little attention is focused on operational and cost efficiency of REITs.

[petewy] 12/6/2021 14:09

Try a google search

[kristini2] 12/6/2021 13:20

This looks interesting, anyone know the NAV premium to price at the mo?

[jonwig] 12/6/2021 09:57

Comment on results:

[jonwig] 11/6/2021 18:58

But you do get the chance to buy more - at a discounted price!

[jbarcroftr] 11/6/2021 18:51

I stand corrected

[jonwig] 11/6/2021 18:27

@ jbarcroftr - these fundraisings aren't rights issues. With open offers you take them or leave them.

Asset-backed companies such as this can only buy new assets by issuing equity, as there's a practical risk limit on how much debt they can take on: maybe 20-30% LTV.

It's the same with renewable energy companies. Most have been doing this for years, you get used to it!

[charlie9038] 11/6/2021 17:49

Divi 17-6-21 next week 4.35p ps :))

[jbarcroftr] 11/6/2021 16:09

The optimist in me says the gap to the WHR valuation is closing
The pessimist says we are heading for another rights issue
Either way I will sit tight

[pdt] 11/6/2021 15:51

There was a "Buy" rating in the Investors Chronicle which may explain some of the interest.

[nimbo1] 11/6/2021 14:02

Strong demand for shed shares in the auctions today - haven't seen that before I don't think. may not mean much but seems to be decent demand from a largish buyer anyway.

[dhoult12] 10/6/2021 09:39

Reading between the lines, theres going to be a couple of big raises like last year to get the size up then a transfer to the main list.

If you wish to hold that long there is scope for some decent gains if/when it gets tot the size and liquidity for income funds to buy up. Assuming of course you trust management to spend proceeds wisely. Personally i do.

[jbarcroftr] 10/6/2021 08:52

Shed have a good record of active portfolio management made easier by their policy of buying single units .

[nimbo1] 10/6/2021 08:35

I suppose given the size of the purchases last year to get the NAV increase the pre 2020 portfolio actually increased in value by c.30% and then the new assets clearly were a drag - doubling the size of SHED in 12 months.

At the moment the price is almost @ nav if you factor in the dividend payment we are about to receive. So with WHR on a 12% premium and BBOX on an 18% premium there are grounds for the price here being on a higher premium... however balancing that against the stated aim to raise more capital - which I hope can be done at a small premium to NAV given the weight of demand of capital in this sector.

It should be a relatively safe home for some lower risk capital.

[charlie9038] 09/6/2021 08:12

Reads quite well, this is a long term for me as well.
GLA

[nimbo1] 09/6/2021 07:27

Nav not as high as I hoped but it doesn’t really matter as a poster pointed out above the cost drag of the new purchases and recent timing etc will have been a drag. The sector continues to move forward so now fully invested with another 10-15 percent return capital wise happening post period end / this year means it is set well as a long term income play for me.

[jbarcroftr] 08/6/2021 17:17

I hold both but Sheds single unit policy should be easier to manage.However geographical spread is hard to measure.Whatever they are both in the right place

[nimbo1] 08/6/2021 12:29

Same here - I've preferred SHED over WHR because knowing the management at WHR preferred SHED's more focussed approach with asset management and track record of value creation... but WHR has outperformed it by quite some margin on a 12 month basis (So I was wrong so far!) and now sits on a 10%+ NAV premium...

I'd like also like to see shed sets traded.

[jbarcroftr] 08/6/2021 12:06

Looking forward to tomorrow’s results
I am expecting a good increase on asset values and perhaps a change to quarterly dividends

[jonwig] 27/5/2021 11:18

Click on Financials on the top row and scroll down to Dividends.

[charlie9038] 27/5/2021 11:16

When is the divi & how much as not on HL site.