Member Info for zilonis

Https://quoteddata.com/2026/05/londonmetric-and-schroder-real-estate-launch-403m-all-share-bid-for-picton-property/

So long for a "strategic review to maximise value"... I hope this is voted off

Not just prolonged energy costs, but also prolonged financing costs, plus if the tenants struggle, REITs will struggle

I would rather have been wrong, and my reasons were completely different to whatever the crazy orange man is doing right now!!!

Same, I actually got into LMP through previous owning SHED, which they acquired. Granted, everything is up, but other REITs are still trading at a discount to NAV in a vast majority; this now looks to have around a 5% premium to NAV.

Have you looked at RGL? A bit of distressed play, but does look quite a bit undervalued.

Yeah, which is very counter-intuitive, as in merger arbitrage wouldn't people typically short the acquirer and buy the acquisition target? Anyways, I am keen to hear thoughts on what is driving this all.

Seems to be trading at a modest premium to NAV now, unlike pretty much all other REITs. I am also getting concerned that they might be stretching themselves too far with recent acquisitions and now looking at Picton. I have moderate exposure to LMP, CREI and PCTN (all of which are now connected one way or another), so thinking good time to exit LMP in favour of it's targets, which can still benefit from discounts closing, etc. Keen to hear views on this board.

The market is clearly on the fence if this PGM rise is sustainable or not, and it takes a lot of time for the basket price to translate into earnings.

A bit of offtopic question (which I also posted on SLP chat), if there are tax-savy people on the board - if you are not a UK resident, and THS is not a UK resident company, but is listed on LSE, are dividends from THS considered to be UK sourced income or not? If I were to pay tax on other dividend income, where the companies are genuinely operating in the UK (don't ask why, long story), should I be adding THS dividends to my computation or not?

A bit of offtopic question, if there are tax-savy people on the board - if you are not a UK resident, and SLP is not a UK resident company, but is listed on LSE, are dividends from SLP considered to be UK sourced income or not? If I were to pay tax on other dividend income, where the companies are genuinely operating in the UK (don't ask why, long story), should I be adding SLP dividends to my computation or not?

I guess more importantly, has anybody looked at where SP was last time the basket price was at the same level? I am too lazy to compute that :P

Occupancy dropping across the board does not look great at all...

To add to the below, I have received a notification from IBKR that the effective date for conversion and cash receipt will be 7 July 2025, which is when supposedly the final amount of LMP shares and cash receipt should be reflected in my IBKR account.

I had my holdings with IBKR and got the LMP shares reflected in my account today, though did not have a chance to check if the allocation was correct or not. Have not received any cash yet.

Thanks guys, both the HMRC link and the worked example are super helpful!

Speaking of the whole arrangement, any tax specialists here - how would you categorise this on your tax return? If capital gains, then how do you calculate the gain (e.g. the value of LMP shares you got per the offer, plus cash received less the cost of your SHED shares)? Seems this will force you to recognise capital gains even though the portion of consideration you are getting in LMP shares, which is not really realised gains?

I would imagine the properties were housed in separate SPVs and it was SPV shares being transferred to a JV, in which case you pay 0.5% stamp

I've been a shareholder at some point, but sold at the last peak, as thought this was getting too overvalued. Now the sentiment seems this is cheap, but can somebody please explain to me why - given this is consistent of operating assets, shouldn't this be viewed in the context of an EBITDA multiple, rather than yield over property value? The multiple over 2024 EBITDA at the current price is around 11, which is not cheap at all? Am I missing something here?

Good to see this moving up over the past couple of weeks. Still a wide discount to NAV though, similar to other REITs - can someone explain to me what is driving such discounting please:

- Should not most recent NAV estimates/valuations already take into the account all the negativity around interest rates, inflation, etc.?

- Is the market effectively expecting NAV estimates to be cut down further?

- Is it a function of NAV being based on property valuation rather than business/equity valuation, i.e. cost of debt going up eating into FCFE, so if you were to value equity based on DCF you would get to a very different answer than property value minus debt plus/minus other balance sheet components?

I would stay away from Tharisa regardless, they massively screwed shareholders with the Karo mine investment (there is a lot written on Tharisa thread)