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Lots to like about the interims out today imo - but as i am the only person with a view on this one i'll chat to myself. The interim div is back up to 1.3p - which i'll reinvest again. I have cut and paste the following from the H&L website: --------------------------------------------------------------------------------------------------------------------------------------------------------- RDI issued its results for the six months ended 28 February on Wednesday, with underlying earnings per share rising 8.2% to 1.46p - well ahead of the company's medium term growth targets. The FTSE 250 real estate investment trust said its gross rental income was up 2.1% on a like-for-like basis, slowing from 3.3% like-for-like growth a year ago, with performance described as "strong" across the majority of the portfolio. Its EPRA cost ratio, excluding direct vacancy costs, improved to 15.7% from 20.7%. The company's cost of debt increased 20 basis points to 3.3%, following transactional activity, although it remained within the target range. RDI's board declared an Interim dividend of 1.35p per share, an increase of 3.9%, fully covered by a payout ratio of 92.5%. "RDI has once again demonstrated its commitment to becoming the UK's leading income focused REIT with another strong set of results," said chairman Greg Clarke. "The strategy of improving the quality of the portfolio is well on track, following the completion of a number of successful disposals and well-timed income enhancing acquisitions." The directors said they made further progress in strengthening the balance sheet during the pald-year, with the EPRA net asset value per share up 2.2% to 42.3p, and the portfolio valuation ahead 0.3% like-for-like in local currency terms. Its loan-to-value ratio continued to trend downwards, and was now reduced to 48.0%. The company's total annualised accounting return - growth in net asset value plus dividend paid - stood at 10.7% for the period. RDI also described its portfolio quality as "enhanced", with disposal proceeds totalling �211.8m at an average premium of 8.7% to August 2017 market values. It increased its stake in the �104.4m IHL hotel portfolio to 74.1% from 17.2% during the period, at an implied net initial yield of 6.9% and yield on equity of over 10%. The firm also acquired an 80% interest in the �161.7m London serviced office portfolio at an implied net initial yield in excess of 6% and yield on equity of over 9%. A reduction in overall retail exposure was made, reaching 45.3% from 60.0%, with UK shopping centres now down to 18.8% by market value. -------------------------------------------------------------------------------------------------------------------------------------------------------- SP has been gradually recovering over recent weeks - and the market gave a positive reaction to today's results. Only downside - it has
Looks like I may miss out on my top up target price of sub 37p - should have jumped in for more shares last week - hey ho.
Got between now and the end of November to top up some more with this one - in order to pick up the div too. - imo anything below 37p represents good value - am aiming to increase this to 5% of my portfolio. Any thoughts would be welcome.
Cancel Brexit
Am very pleased with the results. Am in here for the div which at 2.6p based on say a 37p share price gives me 7%. I re invest and continue to build up my holding. I like the average length of leases overall and am happy to retain in my portfolio for prob the next 5 years, am comfortable with this share operating in the 37 -40p range. Even at 40p the present div of 2.6p gives a return of 6.5%. this is an income share I guess as opposed to a growth share but if say one held 20k in this one it would return �1400 pa grossed up and reinvested over 5 years is to me a strong play for those medium to long term holders - limo - gla
Good to see that both your hopes are fulfilled today - but just what does this company have to do for the share price to rise.
Am hoping for a steady set of figures and strong final div. Think the lack of comments on this BB speak for themselves - steady income share with no real drama's. GLA
On your initial investment ... No. But I've been buying at 37 and selling at 39 for quite some time and am 30% up .. so it is not all bad :)
i have a holiding in this company and am currently 31% down. can anyone give me reason to believe i will get my money back or even make a profit
Topped up 😎😎😎
Looking possible on the technicals.
(ShareCast News) - Income-focussed UK real estate investment trust Redefine International submitted a proposal to International Hotel Properties Limited (IHL) to increase its shareholding to 50% from a the current 17.24%, it confirmed on Wednesday. The FTSE 250 company said it intended to increase its current shareholding in the Luxembourg and Johannesburg-listed firm by acquiring 18343.166 IHL shares from minority shareholders, by way of a scheme of arrangement. Consideration for the IHL shares would be made though the issue of 2.5 Redefine shares for every IHL share held, for which an additional 45,857,915 new Redefine shares would be allotted, the board confirmed. Following completion, hotels would comprise around 19% of the company's gross assets, up from 16% as at the end of February, with "material savings" expected to be generated through the integration of the hotel assets into the company's existing hotel portfolio and REIT status. "This is an opportunistic acquisition which increases the Company's ownership in a high-quality and high yielding hotel portfolio to 50% and increases our exposure to the strong UK hotel market, whilst increasing our exposure to RPI-linked leases," said Redefine CEO Mike Watters. The IHL portfolio comprises nine good quality UK hotels valued at £104.35m, which Redefine said complemented its standing hotels portfolio. Four of the hotels, comprising 27.7% of the portfolio, are let on long term leases to Travelodge with an effective average unexpired lease term of over 20 years. The Travelodge portfolio reflected a net initial yield of 5.3%, and benefitted from five yearly RPI escalations providing attractive rental growth prospects in a higher inflationary environment, Redefine reported. The remaining five hotels, valued at £75.4m, would be managed by the company's associate RedefineBDL Hotel Group. Four of the hotels are franchised to Holiday Inn Express and one to Hampton by Hilton. Redefine said the five hotels to be managed by RedefineBDL had a "strong" trading record, and provided exposure to the Hampton by Hilton at Gatwick Airport which is integrally linked to the airport terminal building and the Holiday Inn Express, Edinburgh which had reportedly shown strong growth since acquisition. The five franchised hotels are anticipated to deliver an effective net initial yield of over 7.5%, and the portfolio was currently financed at 50.0% loan to value at an all-in cost of debt of 3.32%.
Slow but steady
for a continual steady rise up to ~43p
Strategic planning to benefit from Euro v Pound Agrees €49 Million Investment to acquire control of german retail portfolio joint venture
This is a fantastic company. Why would you ever want to get a buy to let when you can get 8% return without the hassle of stamp duty, agents fees, tenants etc. And you wouldn't even get this return if you did it yourself Great management team and product portfolio with 20% in Germany. Enjoy the dividends.
The dividend is 1.3 p which is rather good for an interim payment, debts has also reduced. Overall, it is all good and within the market expectations.
Good results and outlook, reduced debts and profit rised.
from RDI website - uk retail weighted average lease length is 8.8 yrs and UK commercial weighted average lease length is 6.1 yrs.
RDI will have Debenhams tied into long leases
Debenhams' new chief executive Sergio Bucher unveiled his strategic vision for growing the department store group, centred around making the stores a more enjoyable destination for 'social shopping' and driving efficiency through 'simplifying and focusing' the business. Consultation is beginning on the closure of one central distribution centre and around 10 smaller regional warehousing facilities, while up to 10 UK stores out of 176 will be reviewed for closure over the next five years.... Based on the Capital Markets Day review presented on 06.02.2017 Debenhams has 2 units with RDI and represents 1.6% of gross rental income as of 06.02.2017. News like this will have a dampening effect on the share price.
Silly not to buy
divi now! what's not to like....
I hope this helps: "Distribution policy and outlook As announced in October 2016, the Company will be moving to an industry standard EPRA-based earnings metric. Adopting this earnings measure, adjusted only for necessary Company specific adjustments, allows for a closer alignment between earnings and operating cashflow. To facilitate our leverage objectives and to provide greater financial flexibility, a medium-term dividend pay-out ratio within the range of 90% - 95% of our rebased earnings measure will be targeted. In the short term, some degree of flexibility in the pay-out ratio may be required to smooth distributions to shareholders following the transition to the EPRA-based earnings metric. A full presentation will be delivered to investors and analysts today and will be made available on the Company's website. Shareholders should note the earnings per share guidance of 2.70 to 2.80 pence per share for the financial year ended 31 August 2017 is subject to suitable re-investment opportunities being secured. Growth in earnings per share is targeted to be 3.0% - 5.0% per annum over the medium term, subject to ongoing favourable market conditions."
Anyone got any thoughts about dividends going forward in regard to RDI? Will they be able to maintain the current high yields or is it likely to fall away?