Chucko63
24 May 2018
Re: Selling and buying Well played! I actually found a few spare ones that I had bought a while ago at around 283p and managed to get 293.12 for. I will repurchase at around 277 if possible. If not, who cares? But I fear that chance will arise as the general retail malaise coupled with some more general market sell off outweighs the specific NRR benefits. We’ll just have to see.
soi
24 May 2018
Re: Selling and buying Share buys at 282.9, 284.8 283.8................................Sold majority @ 290.5Held back a bit, increasing LT holding by 20 %.Could hardly have gone any better.Mission accomplishedHighly rate the management.ATBsoi
devonplay
24 May 2018
Retail Bounce Back Retail sales bounce back in April [link] had the windows cleaned. Amazing to think he’s earning more than a care worker per hour. We care more about our windows than our old people. Sad as Donal T. would say. DL
soi
24 May 2018
Re: Selling and buying 283.8 share buy.Was just a tad out from a limit sell order at profit on 2 tranches.Oh Well.ATBsoi
FRTEB
24 May 2018
Re: FY Results Some good figures and some not so good. Overall NRR is doing OK given the known headwinds in retail. This snippet sums things up: " In our view, the headwinds experienced by the retail market in recent months will continue, and it is likely that in the near-term there will be further retailer consolidation, particularly in the department store, mid-market fashion and casual dining sub-sectors of the market. We have deliberately limited our exposure to these sub-sectors, which are under significant structural pressure due to changing consumer habits. Retail real estate capital values too will remain under pressure, reflecting the impact of further CVAs and negative sentiment towards the sector. " So it's likely there's more pain to come in the sector and NRR will not be immune. I don't think the above could be classed as a profit warning but perhaps they're putting us on notice that there might be one coming? I can't see the short positions being closed any time soon. A distinct positive is the Hawthorn acquisition, which should be immediately accretive and with the bonus of expected synergies "of at least £3 million per annum" (although no stated timescale for implementation unless I missed it). I think NRR remains a well-managed REIT that provides a very good income and is likely to continue to do so but it comes with risks if the retail sector continues to suffer casualties. FWIW I continue to hold and have room to buy more if we see a significant fall. The market seems unimpressed - the results haven't had any effect on the share price as I type - but of interest(?) is that yesterday the sp broke though a line of descending resistance going back to December 2017 and today's sp movement has backtested it. Currently sitting on that line of resistance - now support - so it will be interesting to see if we end the day above or below that line ~ 289 is the figure to watch. Oops - now down 6p just before posting.
PrefInvestor1
24 May 2018
Re: FY Results Hi All,Agree that the results look pretty good and probably the justify the bounce before today (down a little bit as I write this). However I note that the NAV has dropped to 292 (from 298 last time I think ?) which IMV puts a ceiling on the share price. Dividend up nicely though, so continues to be good for income.Quite a lot of wording on the state of the high street plus their justification of why they dont see that as a problem for them. Take this or leave it - as per your personal opinion. I suppose maintaining their occupancy rate is supportive of their view. IMV whether this stock is worth holding or not depends totally on what the SP does from here. All the while it holds within ~5% of the NAV I'd be happy (pleased to hold it), however should it return to its previous downtrend and go outside that range then thats a problem for me. I note that the bigger REITS (and this is getting pretty big now at > £1Bn) generally trade at a significant discount to NAV, which isnt the case here right now. I shall watch with interest ! (sold out now and have no plans to return ATM).ATBPref
JohnOfYork
24 May 2018
Re: FY Results The data that caught my eye was the reduction in rent psf from 12.45 to 12.36. Also, if you look at the occupancies in each shopping centre on their website I reckon there's been a reduction from 97% since year end with more problem companies to take effect.
Greyinvestor
24 May 2018
Re: FY Results Net property income across the pubs and c-store portfolio reduced by £2.5 million to £12.7 million during the year. The key driver of this reduction was the income disruption experienced as we completed the transfer of the remaining 123 pubs from Marston's. At the time of the Trent portfolio acquisition, we signed a four-year leaseback agreement with Marston's, which came to an end in December 2017. We started the transfer programme from Marston's to the Company's outsourced pub manager in November 2016 and it was completed in December 2017. The transfer was well managed, but inevitably led to some one off disruption, and we expect to replace the majority of this income as we monetise the savings in business rates that we've seen across the pub portfolio, and roll out our targeted capex programme. But this bit was less good, and may be one reason for the new acquisition. Maybe NRR was inexperienced at this.......
Greyinvestor
24 May 2018
Re: FY Results On a proportionally consolidated basis, net property income decreased by 2.9% to £87.1 million, from £89.7 million in the prior year. Adjusting for the Sheffield transaction, from which we received a one-off £11.5 million receipt, net property income has increased by 11.4% from £78.2 million, to £87.1 million.Think this answers your point....
Chucko63
24 May 2018
Re: FY Results Yes, in principle, I agree that they are encouraging. It is performing very much in the way I signed up for. I do appreciate the word ‘sustainable’ being used in connection with cash flows and a nod being given to the headwinds general retailing was experiencing.Whether the market more focuses on the latter than the former in its initial reaction, we shall see. I did note that the ‘net property income’ had fallen around 3% and I will be looking into the definition of and reason for that. Did this growing company dispose of anything during the FY?
Greyinvestor
24 May 2018
Grinding it out Your perspective on the results will depend upon what you want from NRR. In my view they represent a business that knows how to grind out a result in an environment that is tough for freehold sellers and good for freehold buyers.In summary:NAV flat at £2.92, due to 1.3% decline in property values.FFO per share down to 21.2p from 24.9p, but this is not unexpected due to new shares issued. FFO should recover.Divi +3% for first quarter. Notable for no comment about subsequent quarters. To me this is a good call; inflation protection but not much more.5.4p divi (multiplied by 4 = 21.6p=7.44% yield at £2.90 share price).IFRS EPS 16p v 15.5p, below forecasts.Under 1% of rent roll at risk.Decent sized share based payment charge.Expenses well up - not so good.All of the above is detail. What I take from the announcements is this:New pub acquisition at a stonking yield.All new purchases will be at better yields. Unfortunately the old ones were made too early, at lower yields.Grinding out the income is going fine, given the horrendous backdrop of Brexit and consumer spending in structural decline.To me these guys know how to get down and dirty. The NAV is going to struggle to hold up. The income is holding up, and NRR knows how to turn a development profit.If I wanted to buy property in my own name, I couldn't get this yield, not even close.A strong Hold for income. Not a growth stock. At my age (early to mid sixties), the income is great.The shorters have pushed the price down 18% by short selling 5% of the stock. There is no sign of them pulling out yet. When they do, the price may bounce up.I bought too early, but I'm not selling. Where else can you get a 7% yield, fully asset backed?
soi
24 May 2018
FY Results HiLook good to me , nice confident statement :"Convenience & community focus and active approach delivering growing cash returnsAllan Lockhart, Chief Executive commented: "This has been another year of growth for NewRiver, in which the foundations we have put in place through our actions in the equity and debt capital markets, our balance sheet capacity and continued focus on the most sustainable segments of the UK retail market, characterised by frequent spend on everyday essentials, have positioned us well for growth.The continued strength of our key operational metrics demonstrates the resilience of our well diversified portfolio, and our risk-controlled development pipeline is starting to deliver, with the recently announced development agreement signed in Basingstoke a key long-term opportunity.Our proven business model has continued to perform despite the challenging headwinds affecting the wider UK retail sector. With our convenience and community focus, we continue to generate growing and sustainable cash returns for shareholders, and as a result we have increased our fully covered full year ordinary dividend by 5% to 21.0 pence per share. Looking ahead, the strength of our underlying cash flows, and our well-advanced acquisition pipeline, including the acquisition of Hawthorn Leisure announced this morning, give us the confidence to increase our dividend for the first quarter of the new financial year by 3%."...........Up today.ATBsoi
Chucko63
23 May 2018
Re: Selling and buying Soi, I was curious as to how you were managing your NRR trading. I cannot quite do the same as you as I do have a pretty large core holding and would need rather lower prices still to purchase more (maybe you are less risk averse than me). Although it’s been a touch rough of late, and I admit I have not added more with the weight of negative retail news flow, I am optimistic about tomorrow’s message.That said, we recently saw a positive trading update with a meaningful rally, only to entirely dissipate within a few weeks! My low purchases are in the low 280s, so not much for me to do other than enjoy the long term returns.
soi
23 May 2018
Re: Selling and buying 278.3 another share buy................................285.3 sold.I do think it is looking good for tomorrow but banked a profit.ATBsoi
devonplay
22 May 2018
Re: PCA - devonplay Pref, when you’ve been going through your list of REITs did you have a look atCivitas Social Housing PLC ORD 1P (CSH)?DL
