Roger Millin wrote:
> Steve wrote:
>> If we fund waterways through property sales as opposed to rental
> income
>> etc., which is what Adrian implied previously if I'm not mistaken,
> we
>> will run out of property and therefore money in the none to distant
> future.
>> Of course TBW taught us in the 80s that selling the family silver
> was a
>> sound way to run the economy ;-)
> No Steve, Adrian has only ever (to my knowledge) supported the idea of
> BW being given a property portfolio from which it will derive a rental
> income. It's not for selling off, it's for managing and profiting from
> the income so generated.
Was I reading too much into the following? :
>AIUI (confirmation, Eugene?) BW manages its investment property using
>the conventional principle that real capital value must be maintained
>or increased as the *first* priority, and income generated and taken
>second.
>
>There is a conventional practice for comparing such a portfolio with
>how it was at some chosen previous time. Just boring bookkeeping
>really -- no clever stuff. This is to appraise all the properties at
>market value (i.e. what they would fetch if sold) in both cases, using
>market parameters current at the time of the valuations, and adjust
>the total value of one (usually, the past one) by the inflation that
>has occurred since the chosen past date, and by any capital added to
>or removed from (i.e. not reinvested in) the portfolio during that
>period.
>
>My impression (I'm too lazy to do the tedious investigation) is that
>the value of the portfolio has been growing steadily, as well as
>providing useful income (again, confirmation, Eugene?).
If you're never going to sell it why the interest in whether it is
managed on that basis? Adrian are you around to clarify?
Steve
NB Bream
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