paddingtonbear
06 Jan 2020
Change of allegiance There comes a time when you fall out of love with a share and I just reached that point with THRL. Sold out and replaced with Impact Health REIT (IHR). With similar objectives, this strikes me as still in a dynamic growth stage rather than the slippers and hot toddy beside the log fire that I felt was THRL. PB
paddingtonbear
17 Sep 2019
More of the same (unfortunately) Full year results out and a certain smugness I felt in the RNS at barely mediocre progress. Usual more buys, more debt, more over priced share placings. More to the point rental growth up 2.5% was 3.2%, valuations up 4.1%, was 6.6%, dividend cover 82% (no progress, still promise it would all be covered if they stopped expanding) EPRA earnings 5.45p DOWN from 5.54p Group EPRA NAV up only 1.7% to 107.5. If I am reading this correctly the dividend this year is up 2% from 6.45p to 6.579 and proposed a pathetic 1.5% rise next year to 6.68p My interpretation remains, too much activity, paying too much for new business with insufficient profit margin and incurring necessary debt/fundraising costs. A surprisingly low inflationary uplift on rents. After removing the unwarranted performance fee and moving jurisdiction from Jersey to UK (thus making 2 Directors redundant) somehow the annual charges on bigger market cap rise to 1.52%. I guess if you think activity is profit, it works so long as owners do not notice the dividend situation. A weak hold now. PB
Mlk
01 Apr 2019
One large problem Couldn’t agree more. The uncovered dividend looks to be a problem. Would it be covered if they stopped investing. As a jersey registered company they can pay shareholders dividends out of their own capital invested, how much dividend has been returned by that means? Are the underlying investments sustainable at 6 per cent ish? If not what further impact does that have on alewadt uncovered dividend. Will be interesting to watch.
paddingtonbear
28 Feb 2019
One large problem Growing well, debt percentage under control, at last the NAV moving up to reach 106p, which just leaves the glaring problem of the dividend. This remains uncovered after four years and investors are taking it on faith that the amounts would be fully matched if no more properties were taken on. The gap is sufficiently large to stop me increasing my participation in this company. PB
paddington_bear
04 Oct 2017
Results in outer ring Results were uninspiring as NAV rose from 100.6 to 101.9p and dividend cover from 72 to 77%. Management stated it was hoped to get closer to full cover this year.More positively, annual profit recovered to £19m from £11m in what was described as a strongly competitive marketplace for the top quality assets in which we specialise.Average unexpired lease 29.5 years from 28.6 and tenant diversification up 3 to 16.Debt rearranged to full drawn £40m from £21m up to 2021, at reduced rates and with several interest swaps. There is a max 20% LTV aspiration. Total portfolio up from £210m to £289m.For holders a time to continue or take profits, but hard to justify buying in with the current share price at 17% over NAV.PB dyor.
paddington_bear
28 Jul 2017
Drifting off course? Comparing statistics end of July for the years 2015,6 and 7, some items are starting to concern.2015 homes 28 Value £143 million Initial yield 7.1%2016 homes 37 Value £210 million Initial yield 7.0%2017 homes 45 Value £282 million initial yield 6.75%The NAV stubbornly stays around 100p, currently 101.9p, whilst the share price has trended upwards, hitting 120p or 17% above.Each year the dividend paid out has not been covered, or close to being covered. Now the Board are seeking to take on more debt. As a concept, long leases on a commodity with a bright future is a winner, but not if assets are bought at excessive prices initially. UK Commercial property prices in general are peaking , some are starting to topple over. Caution is warranted here, not a dash for market share.I have trimmed back my holding at these levels, so cash is available to re-invest on anticipated better terms within a year.GLAPB.
paddington_bear
29 Sep 2016
Not bullseye but not too shabby Finals show a welcome return to over 100p for NAV, significant expansion in assets by a half and generating profits at decent level.Two items to watch are the level of debt (acceptable at present) and the inability to cover the dividend payout. This latter may improve as assets stabilise and rents come through.Although share price 10% above NAV after the figures, a long term hold for those who can pick up a handful at a fur price.PB. DYOR.
mcescher
30 Jul 2015
Found this good report on THRL I really like the presentation in this report. The future growth seems really exciting to me [link]
