Warehouse Reit Share Discussion Threads

[18bt] 24/1/2020 15:29

It's one of the picks in an IC review of the warehouse sector this issue.

[jt35] 24/1/2020 14:58

It's only really an extra £10mil as being used to repay existing facilities. It does extend debt maturity though and reduce cost of debt slightly.

[skinny] 24/1/2020 14:24

I missed this earlier :-

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[skinny] 22/1/2020 14:34

Thanks - I did look at them some time ago - I'll have a revisit!

[skyship] 22/1/2020 14:22

Skinny - "where to park the money". Frequently my concern; frequently the concern of all I would suggest.

Take a look at VPC Specialty Lending Inv. (VSL) @ 81p. NAV discount of 12.5% and a yield of 9.9%. A totally transformed business having ditched the old P2P lending model. Now 2 good years of profitable trading; but the share price has not yet caught up with the improved prospects.

Company hoovering up loose stock with daily buybacks.

[nimbo1] 22/1/2020 13:48

chucko ref selling that's a good point - I tend to be a decent buyer and a bad seller as I leave too quickly. I'll reminder your point in the future so thanks : )

[chucko1] 22/1/2020 11:25

Just to add that I started selling at 109p.

[chucko1] 22/1/2020 11:24

Skyship, you are of course correct and my error. Except that it’s really 6.4p (1.6p per quarter) and progressive. I had .6 on my mind and stuck it on the 6 instead of the 1, but I do lose a mark for such an error nevertheless.

But as the price rises and more and more faith is required in management rather than the valuers, I sell. Out of 60% of it now, but no need to sell all in one go. I really do not get that approach - no one in history has been a perpetually good market timer. Anyone who says they are is a liar, or has not been in the game long enough.

[skinny] 22/1/2020 11:05

Thanks - October 2018.

Its where to park the money - I would like SHED if it comes nearer to NAV and I've got BBOX Av 114p.

[skyship] 22/1/2020 10:54

Well done. Seems as though you bought right at the bottom; so doubly good timing to sell at the top!

[skinny] 22/1/2020 10:22

I'm sitting on a 25% gain here - bought @92.44p - maybe time for a new home.

[skyship] 22/1/2020 10:18

chucko - no - divi moved from 6.0p to 6,2p - NOT 6.6p!

There is a clear problem with the over-valuation here. The BoD targeted the issue of 100m shares last April; but actually achieved 74m - well short.

With the share price now at an 11% premium to underlying NAV; and the yield down to a below sector average of just 5.3%; the Sp is very vulnerable to a new equity issue at, say, the 106p level.

Well done with the profits lads; but time to move on and return on news of the anticipated equity issue.

[spectoacc] 22/1/2020 08:33

Just been looking through the portfolio, I believe the valuers :)

[chucko1] 22/1/2020 08:32

Why are you amazed? Dividend has moved from 6.0p to 6.6p and progressive. This may not be reflected in the valuers’ NAV, but it’s a question of what you are prepared to trust more - those valuers or management.

[nimbo1] 22/1/2020 08:10

I'm amazed by the share price rise - in my opinion the share price has got ahead of itself - but then again my opinion is clearly worthless here having sold out at 110p!

[skinny] 20/1/2020 15:04

FWIW - Peel Hunt Buy 117.31 120.00 125.00 Reiterates

[spectoacc] 20/1/2020 13:42

Have read it again, nothing on NAV (no reason there should be in a t/s, tho a reminder of last NAV wouldn't have hurt) and no mention of more fundraising, tho does say deployed most of last April's.

Considering where I sold out, I'd say it's about 10p o/valued ;) Deserves to trade around par tho, they're doing everything they said they would.

[spectoacc] 20/1/2020 13:22

Is going gangbusters, 10p above where I sold out.

Didn't see a NAV in the t/s? Was there one?

No capital raise is a good thing. Divi increase too, but is marginal.

[badtime] 20/1/2020 13:11

Surprised to see no comment on the trading update and share price rise

[skyship] 18/1/2020 17:23

Specto - agree with most of that. Took a small turn out of RLE over the past month and will try my luck again if they return to 53p.

The worst thing about RLE is the ramshackle portfolio - but a price for everything I guess!

[chucko1] 17/1/2020 22:34

I am not banking on any significant pullback. I believe these were all too cheap relative to riskier assets and have also been able to add permanent value as they purchase the distressed sales of the open-ended disasters.

But within the sector, I do see some as having travelled rather further than I am comfortable with.

But with the 10yr gilt rate having fallen 57bps the past year and the general risk appetite improved since Dec 13th, of course many of these should be quite a few points higher (and are).