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The latest set of results, whilst viewed as positive, also highlight a new reality. For those invested for say the last couple of years, and in particular those who joined sub-50p, the 6.7p dividend and share price isn't at all bad. But for some (like me) invested since about 2016, I remember when the share price was over 300p, EPS was around 24p and the dividend was 21.6p! With the exception of the pubs business, which cost NRR a lot, the portfolio is not that different. Occupancy rates are still high (c. 96%), but that means there isn't much room to increase occupancy.
So the new reality is that EPS is a third of what it used to be, and so is the dividend. I can't really see it ever recovering those levels so it's just a slow build from where we are. Of course, the pandemic is to blame for most of these woes, but it does grate somewhat the I haven't heard management acknowledge even once that there has been massive destruction of value and earnings here.
Fortunately, I don't have the biggest exposure here but nevertheless present optimistic comment never acknowledges the long-term facts.
Attractive divi; lots of upside; solid balance sheet; good results which exceeded expectations.
Looks like 92.6 next resistance
A rock solid set of results
Thats a great set of numbers
I see British land are trying to do what we started 2 years ago... New River was ahead of the game re shopping centres.
Keep saying it.. this is just the share that keeps giving.. Nav at 125.. trades at 86..
https://www.thearmchairtrader.com/blackstone-industrials-reit-property-fund/
i have diverted my monthly buy to here.
Value and cash..
Ballio
Value again here.. 9 % dividend
Looking to buy a few now again... back to our old favourite 50% discount to Nav... thank you again Mr Market.
Hello SD, I hold a couple of REITs across different ISAs and don't pay any income tax on the dividends (paid as a PID). Interestingly though, Hargreaves Lansdown pay the full dividend amount (e.g. the last 3.5p in January) in one go, but the same dividend in HSBC usually arrives in two parts (which I think is 80/20). I presume this is to do with the dividend/PID being taxable as income but then, because it is in an ISA, there is a second credit to the ISA's cash.
But in both cases I ultimately receive the whole dividend, tax free.
Hope this helps.
Guitarsolo
Anyone able to tell me if you pay income tax (PID) IF you have your REIT in an ISA??
Oops you already spotted epic.
PS not shareholders anymore. Sold to move money into drawdown
Possible but unlikely as Edison is unhappy with its persistent discount. On the otherhand it's an excellent fit.
https://quoteddata.com/2023/03/ediston-property-considers-future/?utm_medium=email&utm_campaign=News+weekly+email+148th+-+Ret&utm_content=News+weekly+email+148th+-+Ret+CID_ecf271c4b43f0b91929e39e18808347b&utm_source=Research+note&utm_term=Ediston+Property+considers+future&=1
Hard to see any deal involving a full **************.An equity raise on the cards?
Could certainly be a nice merger and wouldn't be surprised if NRR got involved!
A combined business should improve the EPS! Would make an interesting and more diversified business - the combined entity would have plenty of cash to take advantage of any asset fire sales too...
Or am I dreaming?
https://www.investorschronicle.co.uk/ideas/2023/03/09/this-reit-has-bottomed-out/
Not sure about this now in the short term.. with yields popping it might take a breath .. look to add at 80p again.
Sharecast News) - Analysts at Liberum sounded a bullish note on the outlook for the the UK Real Estate Investment Trust space, telling clients that share prices now reflected the expected declines in direct property values.
Indeed, they expected those declines to slow "markedly" in the first three months of 2023 as yields stabilised, so that the sector now offered "selective value".
Its 'top picks' in the sector were Segro, New River REIT, Derwent London, CLS Holdings, and Hammerson.
Furthermore, in the case of Hammerson the analysts upgraded their recommendation from 'hold' to 'buy'.
Supermarket Income REIT on the other hand they downgraded from 'hold' to 'sell'.
Liberum also expressed a preference for REITs in the sector that offered strong and growing cash flows, lower loan-to-value ratios with balance sheets able to support "opportunistic" acquisitions and with a high ratio of fixed interest repayments.
The broker noted that the declines in the MSCI IPD all-property capital values over the back half of 2022 had been greater than anticipated across all segments.
Almost two years of forecast declines had occurred in a stretch of six months.
"With peak interest rates in sight in 1H23, we believe current pricing offers an attractive entry point for REITs and an opportunity to re-enter quality segments at rebased levels."
Still has 20% to run on the upside