Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on SECURE INCOME REIT PLC. We currently have 3 research reports from 2 professional analysts.
|09Mar17 07:00||RNS||Results for the year ended 31 December 2016|
|22Feb17 10:52||RNS||Notice of Results|
|19Jan17 09:22||RNS||Dividend Declaration|
|15Dec16 11:59||RNS||Block listing return|
|28Oct16 12:09||RNS||£196m Travelodge portfolio acquisition completion|
|20Oct16 07:00||RNS||Dividend Declaration|
|14Oct16 15:22||RNS||Holding(s) in Company|
Frequency of research reports
Research reports on
SECURE INCOME REIT PLC
SECURE INCOME REIT PLC
Easy to predict, very hard to emulate
21 Mar 17
Secure Income REIT’s (SIR) FY16 results show income in line with expectations and 14.4% NAV growth per share. SIR has some of the longest leases in the sector, on either fixed or uncapped, upward-only RPI-linked rent reviews. Fixed debt and formulaic advisory costs lead to high predictability and lock in profits to support a rising and dependable dividend. Despite a material valuation gain, portfolio net initial yield was flat year-on-year as yield tightening on existing assets was offset by the acquisition of the Travelodge portfolio in October at a 7% yield. While the market appears to value SIR in line with long-lease peers on an earnings yield basis, the strong likelihood of NAV appreciation driven by rising rents may not be fully recognised. Our forecasts support the manager’s expectation of 11% compounded annual NAV and dividend returns to 2021.
All in the name
19 Sep 16
Secure Income REIT (Secure) targets predictable cash flows from a broad range of real estate assets, which offer very long leases (average unexpired lease term more than 23 years) subject to annual fixed or RPI linked rent uplifts, to high-quality tenants providing strong covenants. The external manager has a strong track record, with interests strongly aligned to other shareholders. The prospects for medium-term dividend growth are very strong, while NAV should also grow at unchanged yields. The starting valuation seems modest compared with similar defensive sector peers.
03 Jul 14
Q2 2014 fell slightly short of Q1 in terms of money raised, but saw a shift in the type of assets investors were willing to back. New themes emerging included peer-to-peer lending and a return to more vanilla, equity portfolios. Property continued to attract new money but investor appetite for student accommodation appears sated, with Empiric Student Property (ESP.L) only raising half of target and Liberty Living shelving launch IPO plans. Debt was less popular in Q2 with only two names on the list and FairOaks Income Fund raising c60% of target.
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
N+1 Singer - N1S Trend spotting - Strategy update
08 Mar 17
In this new product we present some strategy theme updates arising out of our latest analysis of macro trends and economic data and our innovative Quant work. We also look at upcoming events and suggest topping up on some of our Best Ideas for 2017.