green70

I absolutely agree that residential and mixed use should be on the table.Two other european REITs (citycon and atrium) are developing residential properties, they bring more life around their shoppi...

primary offices are doing OK, Amsterdam has good projects, secondary offices in trouble:New projects only if seen as best of the bestwww.pwc.com/gx/en/asset-management/em...

After several years I am again invested in NSI. Last time I went from 33 to 40 and I hope I can repeat it now. The big difference is that the NAV now is 45 euros and this indicates that there is con...

NSI changes direction. After a successful 2018 and 2019 they prepare their investors for a possible future capital increase. Existing buildings are very expensive (yields in Amsterdam at 3%!), cost of...

Cap rates are higher in the US but cost of debt and cost of capital are also higher. I feel that the spread among the Vastned cap rate (NIY) and its cost of capital is minimal. This is not justified e...

The following articleseekingalpha.com/article/4265216-cap-...includes comparison of the weighted average cost of capital (or WACC) vs cap rates for the US net l...

Most REIT CEOs and REIT managers are reluctant to sell because they dont want to decrease Assets under Management (AuM) and therefore their own paychecks. This happens especially when the REIT ma...

Vastneds management had been keeping the price artificially high till the AGM.Now, after the CEO re-election, the stock price is heading towards the real market price that requires a significan...

I think there is a 20% withholding on UK REIT dividend distributions...

www.coimares.com/pdf/20190311%20Europ...

My mistake. 2% real estate appreciation results in 3.2% NNNAV appreciation with a 38% LTV.Expected total return approximately 9.5% per year.HNK may enhance the above yields in the coming years....

I apologise for writing in english. Unfortunately, I dont speak Dutch.I understand @junkyard arguments but there is a significant upside risk as well: capital appreciation.NSI outlook for 201...

They have already spent 28M till 21/3/19 and they need approx. 2M/week. Thus they will need another 8M till AGM on 18/4/19. That leaves another 4M that is enough for two more weeks, I suppose share bu...

Rents in top class high street retail are extremely resilient. I live in Athens and after all this financial crisis and the e-commerce expansion the rents in Ermou street went from top 10 most expensi...

After studying the analyst call transcript I havent found anything that could be related to a capital increase in the coming year.If they start the ING project and if the other future developme...

I will wait for the CEO interview on 11/2....

www.deaandeelhouder.nl/nieuws/2019/01...5 years high. Enjoy!They declare their readiness to expand their portfolio to more than 2 billions. They have...

CEO comments:Whilst we still see opportunities to acquire interesting assets at whatwe believe are attractive IRRs, we remain disciplined and expect thebalance of our deal volume to shift ...

www.beurs.nl/opinie/markettalks/70313...The development of the Laanderpoort real estate project in the Amsterdam Bijlmer could be financed by the stab...

www.alstria.com/fileadmin/user_upload...Check out the positive impact, maybe we will see something similar in NSI portfolio valuation....

www.beurs.nl/nieuws/binnenland/702805...

If they couldnt rent this HNK it would be a real disaster.I expect that they sign new leases in the other HNKs and therefore significantly improve their ratios....

There are mega trends that favor the Dutch office market, especially Amsterdam.Brexit, brain drain in the southern EU countries, macroeconomics, see the difference among Coima Res (offices in Milan)...

The overall positive momentum in the business provides considerable comfort to the EPRA EPSoutlook so that it should be possible to keep the dividend at least stable for the coming years."...

The interest rate for the new loan must be approximately 2.8%-2.9% so that the overall cost of debt increases from 1.9% to 2%.They will use the new debt in order to pay for the new Jacobsweerd in Ut...

presspage-production-content.s3.amazo...40M buy back. Not bad....

NSI clearly outperformed every other dutch REIT:YTD figuresNSI +1.25%Eurocommercial -13.19%Vastned -20.46%Unibail Rodamco -22.70%Wereldhave -22.77%If you look at 1 year figures then NS...

NSI that is 100% dutch and therefore exposed 100% to the corporation tax, has recently outperformed Vastned, Eurocommercial, Wereldhave etc.My opinion is that the corporation tax is not really impor...

ING revised the price target less than 1.5% upwards. This was enough to change their recommendation from HOLD to BUY. The report mentions that they have identified that the underlying results have i...

In general, nsi is doing fine. Have a look at the coima res stock price, they have offices in milan. Amsterdam and Netherlands are well protected from italys problems. If I am not mistaken nsi EP...

My only concern is HNK performance. On thursday technopolis will release q2 results and they can be used for comparison.It is difficult to predict future tax schemes. I understand that they do not w...

nsi.nl/persbericht-lelie-zorggroep-en...15 year lease, capex requirements.It seems positive but it depends on the yield...

Very accurate analysis by junkyard, as always.NSIs CEO follows a conservative approach and this limits downside risks. He says The G4 office investment market is proving increasingly ...

Worst case scenario regarding the tax regime:CEO comments: If we find ourselvesunable to resolve the issue, we believe our future potential tax losscarry forwards may well be one of the mi...

If a REIT is taxed as a non-REIT corporation then management could use depreciation-amortisation (for all assets) and move capital expenditures (capex) to operations cost (opex).If historical losses...

I am back. I dont think NSI is cheap at 34.7 but in comparison to the rest european reits it is far safer, at least as far as the interest rates remain low.NIY in Milan is 3-4%, similar to th...

I sold today for two reasons. The first is that I didnt like the HNK results and comments. HNK Apeldoorn and HNK Dordrecht remain difficult locations. InHNK Ede we see good demand f...

A dividend cut has en enormous impact on stock price and therefore it affects the managements incentives plan. I dont think that it will happen even if for a certain year the FFO cannot full...

@pappapatThanks. I am trying to find any reason that could justify the FFO and div rate and I simply cant.I keep on searching and I noticed that they are going to reduce the number of number ...

REITs are usually compared using FFO and quality. Management is of course of paramount importance.I ve seen that the new management pay attention to details, less staff, decreased debt rate and...

Alstria in Germany, a country with a similar 10y yield, has FFO/share 5.2% and dividend rate 4.2%...

junkyard Thank you very much for your input.It is always an advantage to listen to people with exact knowledge of the assets. I also agree with you on NL retail yields.It seems to be the case ...

Unfortunately shopping centers are also risky, in the USA they trade at 10%, even more at B locations, in USD of course. I believe Europe will follow, its the amazon effect and supermarkets will ...

The idea is that they dispose retail space at similar yields. If they achieve this then they increase quality without compromising cap rates.BUT can they sell retail property at 6.6%? ...