steveggiles
04 Jan 2018
Re: Today's fall Partly due to going ex-div, but doesn't completely explain it (div is 7.52pps)
trader jack
04 Jan 2018
Today's fall Anybody any ideas on the reasons for today's 3 percent fall in the SP given the FTSE100 is currently up 0.33percent or 14 points? I have been unable to find information on possible reasons myself.Kind regardsTJ
give the dog a bone
19 Dec 2017
Re: Recent rise from years of experience and watching sectors come in and out of favour, this sector has been drifting for so long, that eventually it had to be a raging buy.shame though that it is the overseas buyers who have spotted the under-valuations . Dodgy money or not, the foreigners will be welcomed with open arms to loot our UK treasures .... Once the share price ramps up another few quid, our own UK bloated with bonuses asset managers and analists will then start piling in and declare that BL and Land Securities etc are all massively under-priced on every metric. and so to the market rotation ngoes --- trick is to spot the next sector and then w
old_punter
18 Dec 2017
Recent rise It seems this is down to reports of somewhat unexpected strong Far East buying of London office property in 2017 prompted by £ weakness and maybe a realisation that the UK is likely to have a decent relationship with the EU at the end of the day. All very welcome to those who were buying shares not long ago c600p, including the company itself. I suppose the discount to likely NAV should narrow some more but the possibility of a Corbyn government will be a restraining factor. What do others think?
loadsamonay
08 Dec 2017
Re: Discount to NAV the long and the short of the eu negotiations, is that uk will end up in EFTA. This is good for London, London property and BLND. Buy...
shieldbug
07 Dec 2017
Re: Discount to NAV g16cos is right.From the recent update "In the six months ended 30 September 2017, the Company repurchased 10,724,362 ordinary shares, of which 10,671,074 were cancelled. The weighted average share price of repurchases was 607 pence. During the period from 1 October 2017 to 15 November 2017, a further 15,114,663 shares were repurchased, of which 12,842,709 were cancelled. The weighted average share price of these repurchases was 599 pence."I suppose cancelling them makes the books look better. But in essence they can reissue shares to raise capital in future at a better issuing price.
g16cos
07 Dec 2017
Re: Discount to NAV I think you'll find that the shares purchased during the buyback are to be cancelled!
shieldbug
07 Dec 2017
Re: Discount to NAV I think the company has taken the view that the market value is substantially lower than NAV and it is buying share that it can then hold in treasury to reissue at a later date or not.The affect of buying its own shares can also support the share price but also it importantly increases the dividend yield as share held in treasury do not qualify for dividends. Personally I support this action. What I object to is companies buying back shares when they are already overvalued.
loadsamonay
06 Dec 2017
Re: Discount to NAV just bought here. Am guessing brexit is over, Ireland, and if I am right BLND will go up - London property.
Akis1999
06 Dec 2017
Re: Discount to NAV "and why BLND's surplus cash should be used to continue buying in its shares."Don't think I'd ever agree with that. It's wrong in principle.A company makes profits which should go to the shareholders. This is the reason for existence of the company which sadly gets lost on some investors. A private company is exactly the same. You cannot tell the owners that this year they must sell shares if they want to see their share of the profits. You'd be fired on the spot.Secondly, the company cannot control who buys and who sells (in the open market) nor can they determine the price. There is no price level that it is an opportunity to buy or to sell. No one can know tomorrow's price and therefore it is not the company's business to gamble on the stockmarket with *my* rightful profits. The company is a retailer for example, and not a hedge fund manager. What do the directors know about stockmarket movements when even the experts (fund managers) get it wrong?
old_punter
03 Dec 2017
CTY likes commercial property Per today's STel I see "veteran fund manager"Job Curtis of City of London Investment Trust (first IT to get to 50 years of uninterrupted dividend increases so he has a good record) says his biggest bet is REITS where he comments on the one third discount to net assets at LAND- "I do wonder if the pessimism is overdone". The case for BLND is much the same, the stonking discount.
nk1999
17 Nov 2017
Times- Tempus "Some of the discounts to net asset value that UK commercial property shares are trading on would seem to imply a catastrophic fall in property prices of which there is as yet no evidence whatsoever.Even after yesterday’s rise in the shares of 22p to 618½p, British Land is still on a discount of about 30 per cent. This is despite every sign that both its commercial and retail sides, about half each of the total portfolio, are doing as well as anyone could expect.A 2.6 per cent rise in net assets per share may not be that startling but it is a lot better than a fall.The collapse in share prices after the referendum last year — British Land fell to below 550p, or a discount of about half to net assets — was understandable in all the turmoil. It now looks overdone.British Land has two advantages. Its “campus model”, with properties based on three distinct areas, Broadgate, Regent’s Place and Paddington, means it can help ensure the locations are attractive to tenants and their workforce. The huge Canada Water development, 1.8 million sq ft in the first phase alone, will mean the addition of a fourth.Meanwhile its retail space is at primary locations such as Sheffield’s Meadowhall shopping centre which, footfall figures from the industry suggest, are holding up better than more secondary locations................Like Land Securities, British Land has chosen to return the proceeds from a big-trophy sale, in its case the so-called Cheesegrater on Leadenhall Street, to a Hong Kong investor, rather than spend this on further exposure to the property market. The £300 million share buyback has admittedly done the share price few favours but indicates the company’s own view that that discount to net assets is too great.The market may take a while to come around to that point of view or it may not do so at all. The property market could indeed collapse post-Brexit. If you do not believe this will happen, a yield on the shares approaching 5 per cent gives enough reason to hold them along with others in the sector on high discounts. Advice BuyWhy The shares look cheap and the yield is attractive"
old_punter
16 Nov 2017
Discount to NAV NAV per share of 939p is 52% higher than the 619p closing share price, but the discount from NAV to the share price I make 34%, which is pretty substantial, and why BLND's surplus cash should be used to continue buying in its shares.
g16cos
16 Nov 2017
Re: H1 results I make it around 50% discount to net asset value
old_punter
16 Nov 2017
H1 results They read well, and BLND seems to have the right strategy for these conditions. Share price up 15p today to 609p but is still at a third discount to net worth.This well managed, soundly financed, high quality property share yielding near 5% continues to look excellent value to me and is my largest holding. No doubt some must disagree or are holding off on Brexit fears, the latter more than adequately discounted IMO but WDIK.
