Share Name Share Symbol Market Type Share ISIN Share Description
F&c Commercial Property Trust LSE:FCPT London Ordinary Share GG00B4ZPCJ00 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +1.30p +1.04% 126.50p 126.10p 126.40p 126.50p 124.60p 125.50p 1,105,813 16:35:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 62.6 151.6 19.0 6.7 1,011.13

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Date Time Title Posts
20/10/201614:36F&C Commercial Property Trust148

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F&c Commercial Property Trust Daily Update: F&c Commercial Property Trust is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker FCPT. The last closing price for F&c Commercial Property Trust was 125.20p.
F&c Commercial Property Trust has a 4 week average price of 122.84p and a 12 week average price of 124p.
The 1 year high share price is 145.50p while the 1 year low share price is currently 98.30p.
There are currently 799,316,108 shares in issue and the average daily traded volume is 976,486 shares. The market capitalisation of F&c Commercial Property Trust is £1,011,134,876.62.
vacendak: 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.
vacendak: 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.
vacendak: 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! :)
jonwig: FY results: HTtp:// Some quite impressive features: dividend cover has risen to 81% and gearing is only 19%. Share price now roughly on a par to NAV, after a period of - arguably - too high premium.
salchow: I wish this company would simply pay dividends out of sustainable income. In the past year the dividend was only 50% covered although there were reasons for this and normally it would be 75% covered. If the dividend were reduced by 25% the board could concentrate on gradually increasing it over the years as the rental income became greater leaving changes in the valuation of properties to be reflected in the share price. I think they have some great investment properties but I would actually be prepared to invest more if they had a more realistic dividend policy.
salchow: The dividend excluding revaluation gains was only covered 56% in year to 31.12.13 compared to 72.5% in the previous year. Reasons were given and it is expected cover will increase this year although I would not think to anywhere like 100%. Obviously, with the London based properties the valuation gains should make up the difference so I am relaxed. UK Commercial Property Trust were in a similar situation and they cut their dividend so that it would be covered by income and this had no long term effect on their share price. However, I think they may have had more retail exposure than FCPT and in my eyes are less attractive. Personally, I would prefer to invest in property companies that pay a good return based on annual rental income leaving the share price to reflect revaluation gains. Having said that, FCPT appears to have a great portfolio. With regard to the premium to NAV provided this is not too high it is not a matter that worries me too much. If I were to have the funds to invest in properties directly I would have the stamp duty, legal fees and the research and other costs involved so my spend would immediately be in excess of the value of the properties and so compared with doing it myself I don't think a premium is unwarranted.
enami: Any comments on the wind-up / UKCPT share issue? The way I read it is we get 1.22 UKCM shares for every FCPT share. UKCM currently 80.1p and FCPT 94p, seems advantageous to current shareholders, plus inceased dividend yield. I make that 3.7p gain per new UKCM share, but I may have misunderstood the circular. Example per 1000 UKPT share . 1000 x 0.94 = £940 1220 x 0.801 = £977 From the circular "Continuing Shareholders will benefit from an increased annual dividend, on the assumption that the Enlarged UKCPT maintains its current level of dividend, estimated to be an increase of 6.75 per cent."
pip_uk: Surprised not to see more interest in this share. Share price range has remained very tight over the past months plus they still maintain the monthly dividend. From an income point of view it cant miss. Anyway I have put my ISA allowance in this share. They have money in the bank and their gearing is about 12%, which is reassuring.
pip_uk: Share price showing no setback at all. It seems bullet proof from the general run of commercial property companies share prices, but is it justified. Being no expert in commercial property, but eyeing the dividend being paid, what have you more informed investors got to say on this company. Regards. Pip.
jonwig: Property trust shares must rise 10% in 22 days By Rob Mackinlay The UK's largest commercial property investment trust must see a 10% increase in share price in 22 days or management will have to call an EGM. The £917m F&C Commercial Property Trust, a FTSE 250 company, has seen no more than 0.25p or 0.2% price movement since making the announcement in its interim results this afternoon. In the report the trust's management reminds shareholders that its prospectus requires a share buy back if the share price falls more than five per cent below the published net asset value for 20 dealing days or more. It is also states that if the discount stays above 5% for 90 dealing days or more, the directors will convene an Extraordinary General Meeting to consider winding up the trust. The deadline is 22 August. The condition was written into the prospectus as a safety net for investors if the venture was failing. The current consensus is that the trust is performing well but some investors expect the EGM to boost share prices and narrow the current 15% discount. Daniel Lockyer, manager of Iimia's £25m income fund, says that Iimia as a whole has increased its stake in F&C Commercial Property Trust over the last six weeks. He says that the reason for the increase is the large discount but also the threat of an EGM which he believes will boost share prices. Lockyer points out that Friends Provident owns more than 50% of the commercial property trust, and that in the unlikely circumstance that shareholders vote to close the trust, there will be potential buyers for the whole portfolio. Paul Herrington managing director of F&C Property Asset Management, says that the clause was put in the prospectus to establish whether shareholders wanted the trust to carry on with business. He says that the scenario for which this clause was designed is not the current one: "At every one of the investor presentations we go to they are all very happy with what they have bought into." However he confirmed that the deadline for the EGM would be on 22 August with the meeting having to take place within three months.
F&c Commercial Property Trust share price data is direct from the London Stock Exchange
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