J Smart’s investment property holdings

PUBLISHED: 29 Mar 2021 @ 21:34 | Comments (0) |

At one time J Smart (LSE:SMJ), the Edinburgh-based family-controlled property company, concentrated on being a constructor of commercial property for other organisations. Today, that business is diminishing after years of losses. Now the main attraction for share investors is the large collection of industrial units and offices it owns and rents out in the Scottish Central belt.

The company holds 1m sqft of property available for letting. Three-quarters of the value is in industrial units; the remainder offices.

Investment property is revalued by the directors each year, with a sample checked by professional valuers.

Market capitalisation of J Smart: £1.253 x 42.4m shares = £53.1m.

£000s	2020	2019	2018	2017	2016	2015	2014
Fair value of commercial property (offices)	20,569	18,414	15,965	15,089	17,845	18,219	18,674
Fair value of industrial property	57,858	55,460	53,567	49,710	46,883	45,012	44,935
Total value of investment property	78,632	73,874	69,532	64,799	64,728	63,231	63,609
Commercial: Average rental, £sqft	15.25	15.25	12	12	12	12	12
Industrial: Average rental, £sqft	7.00	6.75	6.50	6.25	5.75	5.75	5.75
Commercial: Average yield	8.42%	9.9%	10.2%	10.5%	10.3%	10.3%	10.3%
Industrial: Average yield	7.76%	8.2%	7.5%	8.4%	8.9%	8.4%	9.1%
Total income from investment properties (rent and service charge)	7,198	7,560	6,352	6,090	5,520	5,241	5,253
Direct property costs	-2,383	-2,362	-2,624	-2,653	-2,164	-2,070	-1,768
Net rental income	4,815	5,198	3,728	3,437	3,356	3,171	3,485
Profit on sale of investment property	0	0	0	613	186	60	0
Net surplus (deficit) on valuation of investment properties	3,179	4,052	2,859	614	136	-211	-782

Net income from renting and servicing………………To read more subscribe to my premium newsletter Deep Value Shares – click here http://newsletters.advfn.com/deepvalueshares/subscribe-1

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