J Smart’s investment property holdings

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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.

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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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