Balanced Commercial Prop... Share Discussion Threads

[vacendak] 01/9/2021 08:40

The managers are setting on a new venture.

[vacendak] 31/8/2021 08:17

More buyback last Friday, just below 100p (99.79p) with the price at close being 100.40p.

[spectoacc] 23/8/2021 07:04

Just under £1...


"PURCHASE OF OWN ORDINARY SHARES

On 20 August 2021 the Company purchased 227,929 Ordinary Shares at a price of 99.80 pence per share"

[sphere25] 18/8/2021 11:39

101.4p hit for the first time.

It is having a think about making another break higher now. Sometimes you can get the breakout marks hit and then a whole load of automated sell orders come in to keep the price from breaking out.

Volume is light too (as per most of the market) with 373k traded so far.

Is this the breakout or is it going to continue having a ding dong around the psychological 100p mark?

All imo
DYOR

[spectoacc] 17/8/2021 11:40

Gone quiet on the buybacks, perhaps no bad thing.

[spectoacc] 12/8/2021 14:11

Not sure it'll apply with BCPT when it's so cheap, & more pertinently, when they've got the buyback seemingly willing to pay ever-higher prices.

Unless... they've picked 100p as their psychological level ;)

XD today of course. Love the monthly payers, not many left.

[vacendak] 10/8/2021 10:08

We could be all succumbing to confirmation bias with BCPT, but the past few weeks seem to have vindicated us. :)

Come on 100p!

[spectoacc] 10/8/2021 07:24

For an idea of the hidden value in BCPT (IMO!), see DLN this morning. 2.5%! They can claim development value, but UCLH are there until 2039:


"West End Properties


The largest property being acquired is 250 Euston Road NW1 which totals 165,900 sq ft and sits on a 1.6 acre site2. This freehold office building is let in its entirety to University College London Hospital ('UCLH') on a lease expiring in 2039. The passing rent is £4.7m or just £28 per sq ft, which is subject to 2.5% fixed annual increases compounded every five years. The next uplift is due in April 2024 when there is also a tenant break with breaks every 5 years thereafter. In the longer term, there is an opportunity to create a larger scheme on this potential Life Science site. The total consideration is £189.9m inclusive of costs, and the initial yield is 2.5% reflecting the low passing rent.


The second property acquisition is 171-174 Tottenham Court Road W1 which lies opposite our Network Building. The purchase is a freehold office and retail building totalling 16,200 sq ft and is multi-let, producing an income of £0.6m. This property, together with adjoining UCLH and UCL interests, forms an important strategic holding in a larger block with longer term development potential. The total consideration is £24.7m inclusive of costs providing a net initial yield of 2.6%
"

[spectoacc] 09/8/2021 14:33

Last co purchase looks to be 4p over the next highest price paid. Glad they got some early ones in in size, and anything up to £1 (on a £1.24+ NAV) seems fine to me. But much higher & the argument for it becomes finer.


"PURCHASE OF OWN ORDINARY SHARES

On 6 August 2021 the Company purchased 613,618 Ordinary Shares at a price of
97.49 pence per share. These shares will be held in treasury."

[cwa1] 04/8/2021 14:49

BMO Commercial Property Trust Limited today announces a monthly property income distribution payment in respect of the financial year ended 31 December 2021, of 0.35 pence per share as detailed in the schedule below:

Ex-Dividend Date
Record Date
Pay Date 12 August 2021
13 August 2021
31 August 2021

[sphere25] 03/8/2021 16:21

Of course it can breakout, new high with the price currently at 96p.

There has been a 10k iceberg in the market mopping everything up but...

Did you spot it?

And when will it meet its match?

Turtle power!

All imo
DYOR

[sphere25] 02/8/2021 14:06

Some buy backs going on here of late - a sign of value?

Price is testing a breakout, currently sat just above the highs at 94.7p. Very slow and boring one this. Teases alot like SREI did a while back just above that 40p level, but can it breakout?

All imo
DYOR

[hindsight] 27/7/2021 13:36

They seem to be doing better than shb, perhaps St Christophers is less tourist excentric

[nickrl] 27/7/2021 13:17

BrightTalk had BMO property team on a webinar last week

hxxps://www.brighttalk.com/webcast/13051/496223

at about 16.30 one of the BCPT inv mgrs gives an overview of the trusts properties not St Christophers place though!

[spectoacc] 27/7/2021 12:32

Am assuming all come with incentives, but mightily impressed with the vacancy rate. Given a fair wind (ie no more major Covid waves, tourism eventually returning), BCPT is primed to go. West End primed.

[nickrl] 27/7/2021 10:56

Indeed it almost as though nothing major has happened over the last year! They've done some very tasty lettings but can't believe they didn't involve some lease incentives in there somewhere but none mentioned.

[chrisdgb] 27/7/2021 09:20

Looking good here, nice to see low LTV and expect further shift in the mix of the portfolio........

[vacendak] 27/7/2021 08:17

:)

Get a thumbs up.

[spectoacc] 27/7/2021 07:05

I was 0.2p out:


"The unaudited net asset value ('NAV') per share of the Company as at 30 June
2021 was 124.8 pence. This represents an increase of 4.4 per cent from the
unaudited NAV per share as at 31 March 2021 of 119.5 pence and a NAV total
return for the quarter of 5.3 per cent."


Rent collection & West End (inc offices) still a WiP, but look at that very low void rate, and c.20% LTV. Very fond indeed of BCPT.

[spectoacc] 26/7/2021 07:09

Continue to be impressed with BCPT's buyback - another 2m at c.91p, they don't mess around and still a huge discount to their 119.5p NAV (IMO nearer 125p).

[cwa1] 15/7/2021 08:33

XD here today, pay day 30/7

[hindsight] 08/7/2021 18:07

nickrl, any views how things look for shb ?, only one I have never added to, in fact sold some to buy bcpt, 3 months odd ago

[nickrl] 08/7/2021 10:47

GPORs trading update this morning more positive than I expected so ought to underpin BCPT and negate my pessimism over St Christophers Place being a drag.

[vacendak] 07/7/2021 09:40

The rising NAV is more of a "refloating" NAV, after all, these are the same buildings - minus one as you mentioned.

This is from page 41 of the latest AR:
"The Group’s property portfolio accounted for 97 per cent of its total assets
as at 31 December 2020. Although valued by an independent firm of
valuers, CBRE Limited, the valuation of the investment property portfolio
is inherently subjective, requiring significant judgement by the valuers."

I assume CBRE Ltd also provide their services to other REITs, so technically BCPT's NAV should rise back with the tide. Slowly recovering NAV, reassuring LTV and good relations with Barclays for the credit line; everything points to a less gloomy future.

Even if worst comes to worst, with COVID spouting out variants every week and more respiratory diseases crippling the world; it comes down to "return to normal" happening before the end of life of BCPT's asset... or me collapsing before the next dividend. :)

Anyway, I topped up a tad at 92.8p and these are already in the black.