Tom Tennant - REIT Providor

Registered with Property118.com
Friday 8th June 2018


Latest Comments

Total Number of Property118 Comments: 27

Tom Tennant - REIT Providor

18:56 PM, 15th August 2018, About 3 years ago

Are REIT's A Viable Exit Strategy For UK Landlords?

Reply to the comment left by Mark Alexander at 15/08/2018 - 16:47
Hi Mark,

Yes you are right. I have also been advised that we are not allowed to even hint at the numbers until they have been audited. I do not know of any public company that releases their accounts within 6 weeks of the end of their Financial Year. We are an open book, and have nothing at all to hide. All the information about the company is available in great detail on our website.

The reason we converted to a REIT was to help Landlords maintain a property income despite the tax and regulation changes.

All the best,
Tom... Read More

Tom Tennant - REIT Providor

16:30 PM, 15th August 2018, About 3 years ago

Are REIT's A Viable Exit Strategy For UK Landlords?

Reply to the comment left by Chris Baker at 15/08/2018 - 14:01
I find this defamation of my character unfair and unjust and I will be forwarding all communications to our legal team. My business is a publicly traded company - everything is above board. Our family-based business has over 100 years of experience on our Board. REITs are highly regulated by HMRC, we simply cannot “scam” anyone, let alone would we wish to.

Unfortunately, we have found no evidence of Kris’s communication with us through our website. As communicated to Kris, we are investigating whether there are any issues with the forms. This is not akin to a Landlord evicting a Tenant for no reason. If Kris had called and left a voice message someone would have got back to him as soon as possible.

If Kris did in fact try to get in touch with us, it is simply unfortunate that the message did not come through. I apologised to Kris for this, believing it to be a technical issues, and offered to call him on Monday, but he did not wish to speak to me. I am quite simply at a loss as to why he wishes to attack myself, and my business in this way.

We have spoken to many people who have contacted us via Property 118, and Property Tribes – so it seems highly unusual that his communications did not reach us. I speak to Vanessa and Nick from Property Tribes every week, as Kris says we have agreed a property / share exchange deal with them. The reason communications may have temporarily ceased is because I am currently on holiday. They insist that they did not say anything along those lines to Kris.

The nature of Kris’s message here is inflammatory, illogical, and defamatory and I believe it should be removed. I hope that all of the other members of this forum recognise this. I continue to be available to speak to anyone that wishes to learn more about my company.

With regards to his two questions:

1. Our year end is 30th June. The reason the accounts are not ready yet is because they are currently being prepared by our accountants and will be audited by BDO in the coming months. As soon as they are ready they will be on our website. We have 6 months from the end of our financial year to produce our accounts as per the Stock Exchange rules, this is the same for every listed company on TISE. We are not hiding anything. Our 2016-2017 accounts are freely available on our website.
2. The share price of the company is partially linked to house prices. I am sure that any member of this forum understands that property prices rise and fall, it is quite simply the nature of the business. Having been through countless property cycles, I believe our Board has a wealth of experience to withstand this.

Respectfully,

Tom Tennant.... Read More

Tom Tennant - REIT Providor

12:46 PM, 9th August 2018, About 3 years ago

What does Selective Licencing actually achieve?

Selective licensing was brought in several years ago in one particular area of Thanet where we have several properties. This one area was very run down, and the Council have used the licensing to greatly improve this part of town. It allowed them to focus their energies on this area and pull different departments together. As a result property prices and rents have increased massively. If Selective Licensing is down correctly I think it is of great benefit to the local area and weeds out the bad landlords.... Read More

Tom Tennant - REIT Providor

9:51 AM, 31st July 2018, About 4 years ago

Are REIT's A Viable Exit Strategy For UK Landlords?

Reply to the comment left by Chris Baker at 30/07/2018 - 19:44
Hi Kris,
Great! I look forward to hearing from you.

All the best,
Tom... Read More

Tom Tennant - REIT Providor

8:09 AM, 4th July 2018, About 4 years ago

Are REIT's A Viable Exit Strategy For UK Landlords?

Reply to the comment left by Bill Morgan at 04/07/2018 - 06:34
Hi Bill,

Thanks for your comment and thank you for taking the time to go through our accounts.

Yes, most of our profit last year came from the increase in value of our properties following the valuations carried out for listing purposes. In 2016 - 2017 we had one property in London empty for 9 months. We have owned this property for 20 years and it has only ever been empty for one month previously, I guess that was a sign of the London market in 2016/17. I am happy to say that we let this property last June on a 3 year tenancy.

No, we would not have to pay tax on any increase in property values. We would only pay tax on the gain when we sold them. However, now we are a REIT we pay no tax at all, including CGT. For example, the London property above, if we sold that as a Ltd company we would have had a tax bill of £400k. Now we are a REIT we do not pay this and can reinvest this gain elsewhere.

If a landlord has a low yield but high value property that they want to sell but cannot because of a potentially large CGT bill, we can buy it for shares, sell it, not pay the CGT and then reinvest the proceeds in a more efficient manner.

Please let me know if you have any queries.

All the best,

Tom... Read More