360 Capital REIT

ASX:TOT

360 Capital REIT

ASX:TOT
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$0.410 (+1.2%)
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#359
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1
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Valuation of $0.520
Mujo
Added a month ago

Capital raising done so delevered. Capitalisation rate cycle turning for real estate.

NTA at $0.58. 7% dividend yield. Franking in future that could make that 12%.

Recent Upgrade to Earnings.

FY26 Earnings Upgrade TOT’s current forecast earnings of 3.0cps for FY26 is a 25% increase over FY25 and assumes no further leasing of vacancies in FY26 despite management continuing to actively market the remaining vacancy within the portfolio at 510 Church Street, Cremorne, Victoria. Post settlement of this new structured preference equity investment, TOT’s FY26 earnings are forecast to increase to 3.3cps, a 10% increase on previous forecast FY26 earnings. Until further leasing activity is achieved, TOT will maintain its FY26 forecast distribution of 3.0cps which are forecast to be 100% tax deferred. TOT is not forecasting any profit share from this investment in FY26 and will review this component of earnings in FY27.

Illiquid but attractive on a yield and asset basis with what seems to be low risk.

Valued at $0.52 for 10% discount to NTA due to size and illiquidity.

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#Initial Thoughts
stale
Strawman
Added 6 years ago
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Some cursory observations that caught my eye:

A real estate and debt investment fund that's been listed since 2015.

Largely an income play with an average payout of 9cps over last few years (paid quarterly). That's a 10% yield at the current price (FY div reiterated in late March).

Moved to a large cash position at the start of 2020. Trading below NTA (which is $1.17) and buying back its own shares.

Will be added to the All Ords index as of June 22.

If i were to dig further, i'd want a much clearer view of the actual assets and management's investment track record.

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