Balanced Commercial Prop... Share Discussion Threads

[danny500] 26/8/2022 20:32

@vacendak

Thanks for your reply, very informative as I wasn't aware the NAV ignored the treasury shares.

[vacendak] 26/8/2022 08:49

@Specto

Yep, forgot to mention the index linked rents. I am sure the info is buried somewhere in the ARs but it is not something we read about much in the RNS or other news articles.

[vacendak] 26/8/2022 08:46

@danny500



My take is that the published NAV already ignores the treasury shares, since they are ignored for the EPS calculations.
As for "how much would this increase the NAV by"? I would put the question upside down. The NAV is increased intrisically at the time of the repurchase. When they repurchase they issue an RNS with the share numbers that are involved and the total share number to consider for voting rights/income distribution. One can work out the resulting increase in NAV from that as a ratio if not already stated in the RNS.

Keeping or cancelling the treasury shares afterwards would not affect the NAV.
ITs mention the amounts of shares repurchased (or released from treasury or even created) in their annual and interim reports, and give the effects on NAV: Increase for a repurchase, dilution on emission.

Companies are limited in the percentage of treasury shares they can hold (I have read it somewhere), but share cancellations are rare. Not sure if there are any cost of holding shares in treasury, but if there were these would still be less that paying fees for a placement of new shares.

[spectoacc] 26/8/2022 08:29

Thanks, interesting read - must admit I didn't know 21% of the rent roll was index-linked (no doubt subject to the usual collar/cap caveats).

They've been "robust" on Industrial eh - hmm.

Positive comments on retail parks & St Chris's footfall, I still see this as being where the upside is.

[vacendak] 26/8/2022 08:23

BCPT in The Telegraph today:



Nothing we did not already know beyond the motivation on why they bought logistics near the top.

[danny500] 25/8/2022 13:12

93 million shares held in treasury is saving about £372k per month in divi payments or £4.4m per year.

If the treasury shares were cancelled how much would this increase the NAV by? Anyone

[hindsight] 05/8/2022 18:43

Yes not good, especially as I would rather they battened the hatches for now.

[vacendak] 05/8/2022 17:59

True.
They'd better show strong NAV growth at the next update to make that 118.66p look like insider trading.

[spectoacc] 05/8/2022 07:18

"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 10:34

@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 10:26

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 07:11

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 16:31

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 10:30

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 10:27

gdr share .

[spectoacc] 04/7/2022 08:36

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 14:26

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 17:08

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 12:14

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 11:16

120! 120! 120!

At f-ing last! :)

[spectoacc] 16/5/2022 13:46

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 08:29

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 09:52

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 09:21

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 08:08

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?