Balanced Commercial Prop... Share Discussion Threads

[vacendak] 24/4/2022 17:46

hxxps://citywire.com/investment-trust-insider/news/bmo-commercial-property-s-howard-to-succeed-lowe-at-lowly-bmo-real-estate/a2385447

... and another article on BCPT by Citywire.
Same rumour about cannibalising the stablemate.

They have also read the AR and give some excerpts.

[vacendak] 22/4/2022 08:35

BCPT could merge/acquire BREI as some people are saying? Well, there would be more candidates, but BCPT is mentioned here.

This would be a quick and dirty way to improve on our industrial holdings.

[catch007] 19/4/2022 19:10

Interactive Investor Commentary on BCPT today:

ii view:

Tracy Zhao, Senior Fund Analyst, interactive investor, says: “The trust has been led by Richard Kirby since launch in 2005, consisting of a portfolio of prime property assets in core locations. The trust’s focus is on London and the South East of England, investing in a pool of UK commercial property with balanced exposure across a wide range of UK property sectors, including office, retail, industrial and alternatives.

“As the property market conditions have been improving, the trust is in the process of re-starting capital expenditure and reviewing a number of opportunities in the existing portfolio where there is a clear opportunity to generate value.”

“The trust continues to reposition its sector allocation to reflect the emerging trends and government’s levelling up plan, such as reducing allocation to offices and retail space and expanding its exposure to industrials, increasing to 30.6% at year end, and whilst the current investment policy allows investment in this sector of up to 40%. The exposure to Midland region has been raised to 21% by end of 2021 from previous year’s 12%. In return, the exposure to London West End was down to 25% from 35%.”

“This is one of the largest physical UK property trusts available, investing in prime UK commercial property - providing investors with exposure to a variety of commercial property, and generating rental income from the West End to Scotland. Its relative predictable dividend, which is distributed monthly, is the attraction for income seekers. The closed-ended structure of the fund is more suited to such holdings, providing trading liquidity.”

[nickrl] 19/4/2022 14:58

Ive been proven wrong over St Christophers place dragging this one down and if international tourism bounces back there will be more add back value. Q1 NAV update ought to move on a few pennies.

[spectoacc] 19/4/2022 09:43

Indeed, but "Balance" followed by removing all sector weights! And if there's one thing BCPT isn't, it's balanced - is part of why I have so many. The London assets are unique in a small REIT.

[vacendak] 19/4/2022 09:41

From the report:

Company Name Change

Further to the ownership changes of the Managers, it is no longer appropriate that the Company has BMO in its name. After much consideration, the Board has agreed that the Company name be changed to Balanced Commercial Property Trust, a name which we believe reflects the strategic direction of the Company. This change will take effect in the near future, to coincide with the wider re-branding exercise being conducted by the Managers.

Investment Policy

The Board, together with the Company's Managers, has recently undertaken a review of the Company's investment policy in the light of the strategic direction that the Company has been moving over the last year. As highlighted above, the Company has raised its exposure to industrials, increasing to 30.6 per cent at year end and whilst the current investment policy allows investment in this sector of up to 40 per cent, the Board is of the view that the maximum sector weighting limits in the current investment policy have become unduly restrictive. We are therefore proposing that all sector weighting limits are removed from the Company's investment policy in order to ensure flexibility in managing the existing portfolio and to facilitate appropriate decision making in the future.


I like the fact that they are saving pennies on adapting the new name to match the current BCPT ticker.

[vacendak] 19/4/2022 08:22

I was about to click on those RNS; but decided to come here first for a Reader's Digest summary. :)

We are getting back slowly to the old 0.5p monthly.

[spectoacc] 19/4/2022 07:23

Excellent. The final piece in the jigsaw is then the valuers recognising the embedded value in the London retail assets.

[killing_time] 19/4/2022 07:18

Results out, dividend raised.

[cwa1] 02/3/2022 15:09

Apologies for the formatting, but I'm sure you get the gist!

[cwa1] 02/3/2022 15:09

BMO Commercial Property Trust Limited today announces a monthly property income distribution payment in respect of the financial year ended 31 December 2021 of 0.375 pence per share as detailed in the schedule below.

The key dates for this interim dividend are as follows:

Ex-Dividend Date
Record Date
Pay Date 10 March 2022
11 March 2022
31 March 2022

[spectoacc] 02/3/2022 08:55

MCKS bid for by Workspace, interesting.

BCPT plenty in London, tho not like eg HCLC or DLN or GPE.

[spectoacc] 10/2/2022 09:59

Pleased to see a more sensible buyback yesterday.

[skyship] 08/2/2022 16:07

hs - could you post the epic of that interest rate short - assuming that is what it is. Thnx...

[spectoacc] 08/2/2022 14:42

Could be it I guess, thanks @hindsight. Not sure if the smaller REITs that bothered by gilt yields, but most do seem to be down.

Next CPI reading is going to be interesting.

[hindsight] 08/2/2022 14:33

10 Year Gilts falling again SpectoAcc, know as short an R future

[spectoacc] 08/2/2022 14:05

This is what I find annoying and ham-fisted about the buy-back. 115p paid for 2m on Friday, yet I bet they don't purchase a single share today at below 110p.

Not the only REIT suffering today for some reason (eg UKCM).

[spectoacc] 07/2/2022 07:27

2m at nearly 115p, won't deny I'm less keen on that. Still - NAV c.135p, and can completely see how BCPT shares at 115p are a far better buy than any currently available physical property.

Just that I preferred it when they were buying back at £1/under £1.

[cwa1] 02/2/2022 17:39

DATE: 2 February 2022

Dividend Declaration

(Classified Regulated Information, under DTR 6 Annex 1 section 2.3)

BMO Commercial Property Trust Limited today announces a monthly property income distribution payment in respect of the financial year ended 31 December 2021 of 0.375 pence per share as detailed in the schedule below.

The key dates for this interim dividend are as follows:

Ex-Dividend Date
Record Date
Pay Date 10 February 2022
11 February 2022
28 February 2022

[vacendak] 01/2/2022 18:03

As the URL says, this is a review of real estate/property but... BCPT is not in the list. :(

[spectoacc] 31/1/2022 08:11

First share purchase announced since 2m at 106p on 6th Jan. Glad to see a lot smaller at these higher prices (292k at 114p).

Still NAV accretive, just not so much.

[spectoacc] 29/1/2022 13:22

@nickrl - all valid points, and possibly explains the continuing downticks from the valuers.

However - that void rate is very interesting, and if (as you say, and as seems likely) there's a lot of incentives and rent-frees atm, those don't last forever. Remember it's doing this (occupancy) without much in the way of international travel.

Still very confident in BCPT - think it'd take a return to par, or an end to strong NAV uplifts (say below 1%/qtr) to send me negative.

And intrigued to know what they spend the spare cash on - everyone going for Industrial atm.


Edit - wow yes, heck of a UT yesterday. Not even a qtrly expiry day.

[cwa1] 28/1/2022 17:38

The UT was all but 10,000,000 shares. Hefty by BCPT standards

[nickrl] 28/1/2022 17:26

specto footfall is one thing spending money is another thing of course. Also with pressure on utility bills draining discretionary cash from shoppers pockets as well as the hospitality trade having to cover extra costs I feel St Chris will tread water for a while yet. Of course we don't what lease incentives are being offered at St Chris and whether they've gone down the t/o route. Still even with this rest of portfolio will keep it moving forward.