Balanced Commercial Prop... Share Discussion Threads

[spectoacc] 05/8/2022 06:18

"On 4 August 2022 the Company purchased 2,000,000 Ordinary Shares at a price of 118.66 pence per share."

Much as I like BCPT, that was a poor piece of business yesterday - share price was barely above 118p, spend most of the day nearer 115p & under.

[spectoacc] 01/8/2022 09:34

@nickrl - I think St Chris's is where the value now is in BCPT. Industrial/Logistics simply can't go on doing c.20% annualised, it has to slow. Retail parks can probably keep going a while longer, being in a sweet spot. Offices feel structural, but depending on what, where, and ESG. But St Chris's/the other London retail isn't reliant so much on UK consumer spending, more on tourism, and the very weak £ can only help IMO.

If you looked at what the valuers absolutely tanked over Covid, that's the only one yet to have the recovery. I think it will, eventually.

[nickrl] 01/8/2022 09:26

Specto they also reported retail pks +4.5%. Not convinced we will see much more out of St Chris or offices for sometime ahead more likely static or slow declines again. The former has to be leveraged to discretionary spending which is coming under pressure from energy hikes and the latter from changes in working practices plus the overall cost of owning an office these days.

Shame there contemporary CTPT hasn't tracked them up!

[spectoacc] 01/8/2022 06:11

Buying back shares again a little high perhaps, but LTV net-cash of 17.4%, NAV now 148.6p, a tiny rise in both office and St Chris's - there's still value to come through IMO.

Notable that Industrial/Logistics once again the stand-out - +5% over the qtr.

[spectoacc] 29/7/2022 15:31

Been selling a few into the buyback - love BCPT, and next NAV bound to be another cracker, but can't see that the extent of outperformance of BCPT is necessarily justified vs some of the others - SREI, CTPT etc.

Do like the monthly divi tho.

[vacendak] 04/7/2022 09:30

Quick update in the thread header: New website and slightly updated description.

We will have to live with BMO in the thread name as I just cannot edit it event though I "own" the thread. :(

[ram376s] 04/7/2022 09:27

gdr share .

[spectoacc] 04/7/2022 07:36

With ticker staying the same, I reckon that'll do - thanks.

2m shares bought back at 115.49p on Friday, vs close of 110p - they're missing the market with the buybacks lately. Still highly NAV-accretive but why pay so much - didn't see it above 113p.

[vacendak] 30/6/2022 13:26

Official name change today to "Balanced Commercial Property Trust Ltd".

I have changed the header of the thread, but cannot seem to be able to edit the thread name.

[cwa1] 27/5/2022 16:08

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 2022 of
0.4 pence per share as detailed in the schedule below.

The key dates for this interim dividend are as follows:

Ex-Dividend Date 9 June 2022
Record Date 10 June 2022
Pay Date 30 June 2022

[spectoacc] 18/5/2022 11:14

Lol @vacendak.

BCPT +9p NAV last qtr. They've still the tailwind of the buy-back. We're a month and a half into the next qtr, and altho Industrials REITs have wobbled, got to fancy say +1.5p/month minimum (which would be half the previous rise). Say near 147p current NAV - perhaps more if St Chris's has finally seen the end of markdowns.

130p, 140p ahead for share price I hope. Very much talking book, but can't ignore the value - BCPT used to consistently trade at par.

[vacendak] 18/5/2022 10:16

120! 120! 120!

At f-ing last! :)

[spectoacc] 16/5/2022 12:46

Methinks I may protest too much - back through recent highs today.

Of course, the Capco/SHB shenanigans may just have nudged the market into waking up to St Chris's lowly valuation..

[spectoacc] 16/5/2022 07:29

Buybacks still highly accretive to 144p NAV, but find it disconcerting they can pay 116p the day after paying 113p - would prefer only bought them on weakness, because in this market it'll come.

[vacendak] 12/5/2022 08:52

I have just noticed the posting of the Q1 factsheet on the website last week.
Nothing new than already announced through RNS.

Looking at the geo breakdown, London + South East is now just below 50%.
Levelling-up strategy? :)

[vacendak] 29/4/2022 08:21

Now if we could get back the 5% premium we used to enjoy around 2018, that would put us at 150+p and "back to normal".

Good news about St Christopher's Place indeed. 0.1% is not much but it is above 0% and that Elizabeth Line will have to open one day.

[spectoacc] 29/4/2022 07:08

144p, I love BCPT.

RNS is well worth a read, not least the 0.1% increase in St Chris's - have we seen the bottom?

[vacendak] 24/4/2022 16:46

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 07:35

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 18:10

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 13:58

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 08:43

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 08:41

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 07:22

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 06:23

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