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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Capital & Regional Plc | CAL | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -0.05 | -0.10% | 49.95 | 16:35:05 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 50.20 | 50.00 | 50.60 | 49.95 | 50.00 |
| Industry Sector |
|---|
| REAL ESTATE INVESTMENT & SERVICES |
| Top Posts |
|---|
Posted at 14/4/2024 14:36 by 2wild CWA1. Like all REITs you can avoid 20% PID Withholding tax, in ISA AND SIPP.CAL went Ex 2.95p Div 11 April. Assuming 2.95p interim, yield would be 11.1%, at 53p. |
Posted at 08/4/2024 09:16 by cwa1 Just alighted here through "dividend nosiness".Is the witholding tax(WT) applied to ALL dividends automatically, or is there a way to avoid it? Is the WT applied to both SIPPs and ISAs? Can it be reclaimed? Apologies if this has been discussed to death previously and I've been too indolent to track back far enough, but I'd be grateful if anyone could shed any light on the WT/dividend angle with CAL. Thanks for any assistance |
Posted at 08/3/2024 16:49 by 2wild eigthwonder. Agree, masterstroke to Simultaneously announce delayed audited Results whilst giving out unaudited figures.SpectoAcc. With 54P tender offer almos50% below NAV. NAV was always going to fall. However, the purchase was Fabulous value Boosting EPS and facilitating excellent 8% plus increase to Full year dividend of 5.7p. Edinburgh 31 December 2023 independent valuation, up 4% on purchase price. |
Posted at 21/8/2023 00:43 by 2wild Doubt many REIT investors Think property is a sure thing, with most on 25 to 40% discounts to NAV, with Several near 45% plus.Just like in first few months of 2020, when you could buy REITs yielding 12% on 50% discounts, there will be big Winners and losers. I picked up AEWU at 63p. Up over 50%, AIRE 43p up 40% and RGL at 65p, Down, 35%. Excluding dividends Over the last 3.5 years or so. AEWU maintained. It's 2P quarterly dividend, paying out 28p in last 3 years 6 months , giving a 100% return if you brought near the bottom. |
Posted at 15/8/2023 18:55 by nickrl @2wild if rents hold up at the Gyle looks a reasonable deal but that 12% looks best it might get. Morrisons and M&S don't pay rent only service charge but Next lease due up in less than 2 yrs and they wont stay unless they get a good deal based on what they've said in their results about lease costs going down significantly.CAL have certainly turned themselves around but high LTV and retailing could easily go south. They've already warned that Wilko has potential to lose 0.65m rent but even worse will add 0.9m to costs so shows you how important it is to keep tenants. My view is they need to sell Snozone so they can offload more debt. They also are losing the two mandates at Redditch and Luton so another 1.2m thats helping cover the overheads. Anyhow share raise fully underwritten with loan at competitive IR in current environment and looks like its coming from the current owners of the centre so acquisition a done deal. So getting tempted here as there must be a possibility of Growthpoint taking them out at some point. |
Posted at 15/8/2023 13:03 by 2wild Interim dividend Increased by 10% to 2.75p. Assume another 2.75p Final gives a 10% yield at 55P.Buying shopping centre in Edinburgh for £40 million. Financed by £16M, 40% LTV loan, fixed at 6.5% for 5 years Plus a 25 million pounds 4 for 15 open offer at 54p. Yield on the shopping centre 12%. |
Posted at 02/3/2023 10:37 by nickrl FY22 results out this morning and with the final divi puts these on yield of just shy of 9%. Certainly they are in far better shape than they were and LTV now down to 41% allowing for the surplus cash some of which is trapped in specific loans. Got most of it on fixed rates for a few years although even though its small don't get why they don't ditch the 4m that's on SONIA +5.95%!! Been lot going over last couple of years to get your head around all the numbers to see where this is going. Certainly rental income looks like its stabilised and has some growth potential on on new lets/renewals although an always suspicious about ERV forecasts being realised. They are going to lose the mgt fees they get for looking after Luton & Redditch once they are sold which is 3m plus also part subsidises mgt o/hs. However interest charges will be down a few million so looks like the divi can be sustained at these levels but in the long run when they need refi things will get a lot tighter.With Growthpoint being so dominant here must be a possibility that if things are looking up they take it out completely. |
Posted at 07/12/2022 17:38 by nickrl Still haven't shifted Luton or Redditch, which i know now sit off the balance sheet, but they earn few quid on fees (1m pa) which they may lose and won't receive any cash from a sale. They are alive to it but would be another prop from under the dividend although at least no debt worries till March 24.Divi too low and not very liquid. |
Posted at 07/12/2022 14:12 by rambutan2 Progressing. Wood Green has certainly seemed fairly busy since the summer, although not sure where things stand with the Cineworld:Update on Trading and Property Portfolio Capital & Regional, the UK convenience and community focused shopping centre REIT, will host a tour of its 17&Central shopping centre at Walthamstow at 2.30pm today. During the event, the Company will provide the following operational update . -- Footfall in the five months to the end of November 2022 footfall was 11% ahead of 2021 and represented 90% of the equivalent period for 2019 representing one of the strongest periods on a relative basis since the start of the pandemic. -- In the five months to the end of November 2022, Capital & Regional completed 42 new lettings and renewals for a combined rent of GBP2.1 million, ahead of previous rent and ERV. Key lettings in the period include agreeing to extend the NHS diagnostics centre at Wood Green by a further 6,000 sq ft and the letting of the new Walthamstow Food Market to local operator Crate. -- Occupancy across the Group's Investment Assets has improved to 94.6% at 30 November 2022 from 93.8% at 30 June 2022. The main driver for the increase is the inclusion of the NHS medical centre at Ilford which is now in development following receipt of planning permission in October 2022. -- Rent collection is now nearing pre-Covid levels with 95.9% of the quarterly rent due on 29 September 2022 and 97.0%(2) of the rent due for the year to date received. |
Posted at 30/9/2022 19:11 by nickrl CAL needs a bit of unpicking as it was structured with assets within SPVs they controlled or SPVs that were under water and effectively off the balance sheet and with lenders.The biggest debt is over the Malls that they are retaining and these have just over 4 years to run with the lender til Jan 27 with the following statement on covenants "lender provided covenant waivers that run until November 2023 and modifications to cash trap provisions that run until May 2023" this suggests to me that whatever the covenants are they are breached? but as @huge says they are coy about declaring them for whatever reason. The LTV was c50% at HY but post HY they sold on two assets and thats lowered LTV to 40%. You have to give CAL some credit for the way they've managed to buy back debt below par on several occasions and got debt down from over 70% LTV. The other loan is on Ilford which is due refinance Mar 24 but has the potential to extend to Sept 25. One thing to watch is they have management income from the Luton asset which is up for sale and new owners may ditch them of course may crimp ability to improve dividend. Of course there is always the possibility that Growthpoint will buy it all up now the restructuring is largely complete. Edit: looked at the HY presentation and on slide 15 there is a table that says LTV covenant is 70% on Mall/Ilford assets whether thats the waiver level or not isn't clear but LTV of those assets are below the threshold. The fact that cash is trapped in the facilities suggests to me an indication that some element of the covenants is breached. |
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