monabri wrote:
I had a look through the last PHP annual report and it reports NAV figures applicable at the point when the report was compiled...the issue for me (and I stress, "for me") is making sense of what the report was saying as it stated basic NAV, adjusted NAV, diluted NAV... Hence, I'm no wiser.
However, for me, the attraction of investing in PHP might lie in the yield and the dividend growth rate. However, I didn't invest there because, when funds were available, I placed them instead in an Investment Trust (Law Deb) which had a similar (slightly higher) yield and I deemed was unlikely to undergo a Covid dividend cull/cut. At the time, LWDB was "on offer" in HYP P parlance (..it's usually on offer Mon-Fri 0800 to 4:30pm ).
The last Annual Report was to 31 December 2020 and it showed NAV per share as 101p, basic and diluted. The adjusted NAV was 112.9p
At 30 June 2021, the adjusted NAV per share is shown as 115.4p, none of which is particularly helpful at this time as we await the results to 31 December 2021. Presumably we may expect a further modest increase but it still shows a massive premium to NAV in the current share price. I think the big premium to NAV came about because of PHP's perceived security of its income whereas many property company's were struggling during the pandemic to collect rents. (PHP is still a property company first, just as all REITS are)
Of course although monabri is not saying it was, I think even the most cynical observer would have not have deemed it likely that PHP would 'undergo a Covid dividend cull/cut' and that proved to be the case.
Dod