The Lemon Fool

BullDog wrote:Indeed, tipped by Questor and today as if by magic, nearly 6% share price appreciation.

I wondered why it had risen so much in a day, now I know why. Questor might be better following skyship. I think he tipped them when the price was much lower.

Makes it difficult to add more when it's become relatively more expensive.

Gerry557 wrote:Questor might be better following skyship.

That's what I did - thanks @SKYSHIP

Gerry557 wrote:

BullDog wrote:Indeed, tipped by Questor and today as if by magic, nearly 6% share price appreciation.

I wondered why it had risen so much in a day, now I know why. Questor might be better following skyship. I think he tipped them when the price was much lower.

Makes it difficult to add more when it's become relatively more expensive.

You're right! Questor sold a couple of years ago and is recommending buying back in.

Hi all.....well, thus far it has certainly been a great performance year, best since 2004 other than the bonanza
year of 2009 of course. Much of my portfolio growth has been down to the REITs, with the laurels going to my
two largest holdings - EPIC & SREI.

Personally I sold a few EPIC yesterday as the holding had morphed my 10% MAX, so had to take it back a bit.

When I look and analyse through the 20 propcos & REITS on my spreadsheet, the value gifts have obviously
gone, but still variations (no anomalies at the moment!) present themselves..

CLI may still be crazily cheap, in spite of the Euroland and Office headwinds.

Otherwise its a case of looking through the 20%+ NAV discounts still available:

BCPT, BREI, CRC, HCFT, PCA, RLE, SREI, & UKCM.

Well, I would never buy:

# PCA or RLE
# BCPT has too much London Retail
# CRC & HCFT too small

That leaves:

# BREI, SREI & UKCM

All three look good value; especially

# SREI (52.6p)- still on a 20.1% discount v. 13.5% with SLI. SREI still yielding 5.52% v. 4.43% with SLI. So I
expect SREI to break through the 53p resistance and give us a good run in the days ahead

# UKCM (75.1p)- an institutional stock on a 20.5% discount v. its usual 10% or less. Has suffered recently due
to low yield considerations; this because of a totally dumb refusal to up their LTV. Seems as though they
have finally seen the light with an acquisition announced this past week. Thnx to that, a recovery to recent
highs of 80p/81p looks likely

Wishing all Health & Happiness for Christmas & The New Year

To add to what SKYSHIP has posted, here's a screenshot of my REIT spreadsheet as at 23-12-2021.

It's not entirely SKYSHIP's universe (it's merely those REITs listed by the AIC), and it doesn't capture all the data that SKYSHIP'S spreadsheet captures -- but it does suck in data from Google Finance, and then combines it with a screenscrape of AIC data.

I'm happy to email it to people, if they'd like to run and update it themselves.

MDW1954

Hi MDW. Very Good. I assume that grid ref I3 should read NAV rather than price.

I also note that the AIC NAVs don't conform to each Company's last stated figure - slightly but not majorly confusing.

SKYSHIP wrote:
Hi MDW. Very Good. I assume that grid ref I3 should read NAV rather than price.

Thank you, SKYSHIP -- well-spotted. I had to shrink the spreadsheet down in order to capture it all on a screenshot, and in doing so accidentally deleted that row, which I then had to hastily restore. In my hurry (and Christmas spirit may have had something to do with it!), I stupidly typed "price" rather than "NAV".

I've now edited the spreadsheet, and replaced the image with the correct one.

MDW1954

SKYSHIP wrote:As I said in the Header on 9th July:

"A removal of the tap would likely see the shares make a good move forward. IMO, without the overhang, they should be trading @ c80p."

Well that is of course exactly what happened last week and triggered the move forward - healthy progress, not immediate; and gave many an opportunity to top up or buy in for the first time.

Stadium are out, the tap is history; and I expect further gains...

Skyship, EPIC currently 86p and yielding: 5.29%. My holding is up 12%. Might it be time to top-slice yet? Though I am quite happy with the dividend and the capital performance.

I also hold WHR which I am very pleased with and was wondering whether it is time to top-slice that one as I am up 62%, yield driven down to currently 3.80% (though my yield on cost is 6%)? (Though warehouses ought to have further to go. I think it's just taking a breather currently).

Hi richfool

As I said in an answer to the same question on ADVFN's commercial property thread (CP+):

"re EPIC - I have indeed top-sliced from a heavily overweight position, exaggerated by the welcome rise! I still retain an 8% allocation, as, at the prospective 5.5p dividend, the yield is still a very attractive 6.47%.

I also anticipate another good NAV result for the Dec'21 declaration."

That NAV update for Q4'21 will likely be within the next 2weeks - 26th January last year.

Not a fan of WHR at these levels as now at a recently weaker 163p they still trade at a 7% premium to Sept'21 NAV.

My current two Best Buys are BREI at 84.6p ahead of their NAV update c24th January. (23.4% discount & 4.73% yield)

Also HCFT at c910p - see my recent thread. (23.2% discount & 6.26% yield).

Ediston have just released their March 2022 NAV, a 6% increase to 96p. The shares at 77p are now on an approx. 20% discount. Good anchor tenants but retail warehouses perhaps at risk from consumer slowdown? However, I've topped up.

https://otp.tools.investis.com/clients/ ... id=1576828

Half year results - published 25 May 2022

Ediston Property Investment Company plc (LSE: EPIC) announces its half-year results for the six months ended 31 March 2022.
Key points for the six months to 31 March 2022:

· Property portfolio increased in value, on a like-for like basis by 11.2%;
· Net asset value increased 7.1% to 96.1 pence (30 September 2021: 89.7 pence);
· Share price increased by 6.7% to 78.8 pence, narrowing the discount to 13.1% at the period end;
---------------------------------------------------------------------------------------------------------------------------------
· Completed the first phase of the Company's revised investment strategy by selling the office portfolio, realising net proceeds of £60.0 million;
· Completed 12 lease transactions across office, leisure and retail warehouse properties;
· 98.2% of the rent due was collected for the period; and
· Various pipeline projects, including investment opportunities and asset management initiatives being considered.

More here
https://lt.morningstar.com/e4e1fvybwy/s ... 02_4382032

Current share price: 82.6 pence

Ediston Property sells Telford bingo hall for GBP5.0 million
Ediston Property Investment Co PLC - Edinburgh-based real estate investment company - Completes the sale of its leisure asset, a Mecca Bingo hall, in Telford, England for GBP5.0 million. This is 67% above the most recent valuation on the property and in line with the company's revised investment strategy to sell its office and leisure assets in order to reinvest the proceeds into retail warehouses. The impact of the sale will be included in the company's next net asset value announcement in the next few weeks.

Current stock price: 75.60 pence, up 1.3% in London on Tuesday

12-month change: up 9.9%
Source
https://www.ii.co.uk/secure/my-news-fee ... 9260809400
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EDISTON (EPIC) – the next to look anomalously cheap…

Since the cyclical peak last January, the whole REIT sector endured a turbulent 2022 due to the rapidly rising interest rates post Putin’s invasion of Ukraine in February.

As usual, Markets moves tend to overdo things; and the sell-offs, averaging c30%, stalled in late Autumn and a significant recovery in the range of 10%-15% saw prices nicely off their lows by the end of the year.

However, rather surprisingly, one anomaly has been EPIC. I say surprisingly because of the host of positive factors which apply in this case:

# EPIC’s portfolio is 100% in Retail Warehouse, a sector widely adopted as a secure bet, alongside Industrials

# At 60.6% the NAV discount = 36.1% to the Sept’22 figure of 94.86p

# The Yield = 8.25%. Dividend uncovered, though temporarily ahead of the reinvestment of their cash pile. The directors have stated the dividend will be held at 5p (payable monthly at the rate of 0.4167p/month

# The LTV = 35.2%. Debt with Aviva fixed at 2.86% for an average of 3.8yrs

# As can be seen from their recent Prelims to Sept’22 (see link below), EPIC has £227.5m in property & £86.2m in CASH – a very useful commodity in these straitened times – intended for reinvestment in H2’22, but wisely held in abeyance as valuations fell back

https://uk.advfn.com/stock-market/londo ... N/89772691

# The well-respected TR Property Investment Trust (TRY) has been a buyer of EPIC stock and now holds c16%. In their recent Interim statement they wrote:

"Our retail exposure in the UK remains minimal. However, I have steadily added to the specialist retail warehouse owner, Ediston, where we now own [16%] of the company. It has successfully deleveraged with the sale of its remaining office buildings and is now a pure retail warehouse play. As a very small company in listed terms (market cap. GBP130m) it has failed to attract a broader range of investors even though its portfolio and balance sheet are sound. Its dividend yield is over 7% and its implied yield on current share price of over 10%. It has no refinancing requirements until late 2025 with 100% fixed priced debt."

There is a great opportunity to take advantage of the value here, presented by the recent tap seller. That eye-catching 8.25% yield at 60.6p is a very useful return whilst we wait for the capital gain likely to come throughout the year ahead.

SKYSHIP wrote:EDISTON (EPIC) – the next to look anomalously cheap…

Your post is very timely for me as I was about to ask a question on the previous EPIC thread.

I bought a small holding following your first recommendation - small simply because I had no spare money to reinvest in my ISA accounts and since I now live overseas I can't add new money to ISAs and was therfore buying unsheltered. Having bought in July 21 at just under 69p and watched it match your expectations but then drop as many have done after the Ukraine war, I was wondering what the members here felt about it.

I note your mention of TRY, as that was another I bought in 2021 and saw it perform similarly - currently around 31% in the red. I hope for recovery in both!

The other question I was about to ask refers to the dividend - is there any charge or reduction that applies to EPIC? What amount are other holders of this receiving? I hold them with Interactive Investors and have been receiving less than expected. (0.3332p instead of 0.4167p). I was about to query them about this so would appreciate any backup information on this.

I'm considering making another buy (the other option is topping up City of London Inv Grp, which has also suffered a bit in the last year) so both your thoughts above and the results of the dividend question may affect my decision.

Thanks
Spiderbill

Hi Spiderbill

I too an overseas resident - SW France.

Regret I'm no tax expert; but REIT divis are often partially paid as PIDs. Any shortfall should be promptly refunded; so I would put a bomb under ii and get the fully backdated refunds.

I don't hold and have never held CLIG. Asset management groups don't appeal. Sure someone else may have something to say.

I suspect ii will sort out the missing portion of the EPIC dividend soonish. I've seen similar delays with PHP when they've distributed a dividend as an ordinary and a PID.

monabri wrote:I suspect ii will sort out the missing portion of the EPIC dividend soonish. I've seen similar delays with PHP when they've distributed a dividend as an ordinary and a PID.

Isn't that only in a SIPP/ISA? Non sheltered I think you'd lose 20%. my holdings are sheltered and sometimes paid 2 dividends a few days apart 2nd being the reclaimed tax element.

kempiejon wrote:

monabri wrote:I suspect ii will sort out the missing portion of the EPIC dividend soonish. I've seen similar delays with PHP when they've distributed a dividend as an ordinary and a PID.

Isn't that only in a SIPP/ISA? Non sheltered I think you'd lose 20%. my holdings are sheltered and sometimes paid 2 dividends a few days apart 2nd being the reclaimed tax element.

That would explain the missing 20% spiderbill is waiting for in his non ISA account - (0.3332p instead of 0.4167p) or 20%.

( I hold PHP in an ISA).

Explained here!

https://monevator.com/how-property-inco ... are-taxed/

monabri wrote:

kempiejon wrote:
Isn't that only in a SIPP/ISA? Non sheltered I think you'd lose 20%. my holdings are sheltered and sometimes paid 2 dividends a few days apart 2nd being the reclaimed tax element.

That would explain the missing 20% spiderbill is waiting for in his non ISA account - (0.3332p instead of 0.4167p) or 20%.

( I hold PHP in an ISA).

Explained here!

https://monevator.com/how-property-inco ... are-taxed/

Ah! that may well explain it. Thanks guys. I'll still check with ii but it looks as if I should switch my holding into an ISA the next time I have enough accumulated dividends available to do so.

Much obliged
Spiderbill

Peel Hunt just issued a REIT sector update.

A lot of discussion over on ADVFN's CP+ thread. One mention is that PH have cut their EPIC target, but only from 85p to 80p.

80p is 29% up on where we are now at 62p.

Incidentally, the tap seller may be exhausting. Sp now 61p-62p. Could be a start of the move back up to 70p.