|NAV update today (gone up):
FCPT is now officially trading at a slight premium, like in the days of old.|
|Just checked the website: The Q3 2016 factsheet is now available.
No actual comment, just numbers and they do not look that great, nothing alarming though. Well, at least the dividend keeps coming regularly.|
|I wonder where the author got the NAV estimate that supposedly put FCPT at a premium again:
We are due a factsheet/NAV update soon I assume.
The last time was end of September and it was 132p. The share price is hovering about 136p at the moment.|
|Looks like after Questor's write up matey managed to off load over quarter of a million at 136p!
Maybe I'm just a cynic!!!|
|Cashing in on a building in central London:
Positive move compared to valuation, so good news. We should know soon where they are going to re-invest it. From the RNS, it is assumed away from Central London.|
|Getting close to be back above 140p.|
|Now making money out of this one when I include the dividends: The magic of investing monthly and re-investing the divi, on the way down followed by a rebound.
I entered the game when FCPT was at a premium... and more or less when the share price started to go South even before Brexit.|
|Everything in my portfolio seems to be dropping these past few days because of the latest polls about Trump, except FCPT!|
|AN RNS about the latest NAV:
At 132p, it is down from last time (June 30th: 134.1p) by 1.6%. Nothing terrible considering the buffeting taken by the sector lately. Good performance from the Midlands, biggest drag was from "rest of London". Oddly enough warehouses have been doing badly.
The ungeared decrease was only 0.9%, a lesser fall than the IPD Index (3.6%). I wonder if the portfolio had gone up they would have mentioned an ungeared improvement which obviously would have been less than the geared value... :)
The share price is still showing a slow but steady recovering trend.
The gearing is up a bit at 20.7% (19.9% back in June).|
|Still ticking-up/recovering nicely.
Another few points like today and I would be back in the black on total returns.|
|Indeed, we are on the same page viz Brexit.
The problem I guess is that the latest NAV was for June 30th, i.e. seven days after the event, so until we get a new one - this should be soon, last year it was published at the end of September - it might be difficult to have a reliable idea of how much the various properties are really worth.
My bet, and that of those people currently buying I assume, is that the last June NAV of 134.1 (slightly down from 135.1 in March) was very conservative because of the situation at the time (valuation experts being temporarily blinded) so we could expect a higher value in the forthcoming Q3 factsheet.
Not sure if the latest inflation number of 1% YTD, or "hyperinflation" according to the Financial Times :) would have any effect on the forthcoming NAV estimate.|
|Just the slow realisation that Brexit will eventually benefit the overall economy and everything related.|
|I may have put on some rose tinted glasses, but it looks like the share price has been picking-up over the past few days, especially intra-day (right now it is up by 1.1p). The value at close is more sedate, but encouraging. Still a long way to go to be back to 145+ of course.|
|Another month, another dividend ex-date today.
The share price has sort of stabilised with a slow continuous decrease.
We need to wait for the next quarterly report and a new valuation for the NAV to see if the trend will change.|
|FCPT has been recovering slowly but steadily over the past month or so now.
Still at a discount and I am not expecting it to be back up to 145.5p any time soon (its 52w high), but with the economic data refusing stubbornly to turn sour despite our "stupid" Brexit vote, there is hope for the share price I guess.|
|Half-yearly report is out.
Mixed bag, good news on the dividend cover, which is increasing, but still below 100%.
Gearing ticking upwards slightly at 19.9%, it used to be 19%.
NAV down a bit but likely mostly due to the difficulty on obtaining a reliable valuation due to post-Brexit jitters. So the NAV could technically be also slightly up in real terms.
The yield is up, but calcutaled for the poor share price at the end of June, the important thing is to see that the yearly dividend is maintained at 6.0p per share, which is what I am mostly after with this type of investment.|
|OK. Point taken. But don't let it become a habit!!!|
I get a premium membership for free, working at a university; so I read it.
For a while after the referendum it was indeed vile, impossible to read anything at all that did not mention "Stupid voters, hopefully Parliament will ignore them...". I ended up only reading the Lex column (I like their puns) and the market updates.
As pointed in the previous post, the FT is fun again to read if, like me, one loves sarcasm. Since they are supposed to be a financial rag, they must report financial news every now and then and it is always hilarious to see them trying to wriggle out from announcing good news for the UK economy. :)|
|YOU READ THE FT!!!!!
It's a bunch of pinkos who tried to persuade peeps to vote remain so they would benefit by us staying in.
And a grossly over priced rag to boot!
PS. Rant over!|
|Brexit jitters are abating.
Yesterday the FT had to eat crows and report that people had spent more in the high street than expected/hoped-in-order-to-moan-about-Brexit; which is good news for shops since it allows them to pay their rent on time. In turn, good news for FCPT.|
|well, lets hope so!|
|I guess FCPT has found its floor and is now inching its way back-up.|
NAV is down:
"...the probability of the valuations exactly coinciding with prices received were the properties to be sold has reduced."
This is mostly due to a hit on the valuation of the London offices, retail and industrial properties are positive.
Some good news on the debt servicing side of things and an additional £50 million facility that could allow for further acquisitions - wink wink at the above mentioned problems with the open ended property funds.|
|Monty ..I'm surprised at that ignorant comment..thought you knew better than that|
|FCPT is an investment trust, not an open ended fund.
The share price can go down to zero, they will still not need to give back any money. Sure, if things go very wrong, the dividend might ne at risk, although in their case, the cover increased a bit last time they reported it.
The dividend is a stated policy of the trust, so I would expect them to increase gearing just to sustain it. Again, they do not face the same problem as the open ended funds so do not need to have a fire sale of their buildings.
In fact, it is possible that they could buy additional properties if the big funds need to realise cash quickly and flog off their own buildings.
I got into this one to diversify the portfolio a bit last year, so I am not sweating too much about the recent losses. As speedsgh indirectly pointed out, this is not the type of share for an "all eggs in the same basket" approach especially now.
Crafty me started to invest in it when there was still a premium, just to maximise losing money! :)|