British Land Share Discussion Threads

[shieldbug] 27/9/2019 14:46

If I understand this correctly - There are currently 929.5m shares - approx 105m shares bought back over 3 years. So there would have been about 1034.5m shares prior to buy backs. There are now 10% fewer shares in circulation. Not sure how many shares the management have awarded themselves in the meantime. Assuming it is negligable (which it might not be) EPS should have improved by 10%.

Of course in reality there will be less earnings because they sold £620m worth of properties to pay for the buy backs. Or these buildings may have been replaced with development in the meantime. (£620m is more than 10% of current market cap.)

In reality EPRA earnings dropped from 37.9p to 37.5p to 35p from 2017 to 2018 to 2019.

Of course not all of the money from property sales has gone to buy backs. They are also upgrading the quality of the portfolio which is important for future earnings.

[outlawinvestor] 27/9/2019 12:47

I should calculate it myself but wonder aloud how it has impacted EPS.

[shieldbug] 27/9/2019 12:19

£125m Buy back completed today

2019/20 - £125m
23,795,110 shares averaging 525p

2018/19 - £200m
33,672,430 shares averaging 594p 

2017/18 - £292m
47,607,139 averaging 630p  

All that lot is supposed to have improved NAV/share by more than 20p..

[outlawinvestor] 26/9/2019 16:26

British Land agrees to withdraw legal challenge to Monsoon Accessorize's CVA
hxxps://news.sky.com/story/british-land-drops-bid-to-derail-monsoon-rent-cuts-11820065

[outlawinvestor] 20/9/2019 07:34

FYI: HSBC today downgraded both GPOR and DLN from hold to reduce and cut price targets.

[shieldbug] 18/9/2019 11:08

Analyst and investor day - Video will be available on Monday September 23rd.

[essentialinvestor] 18/9/2019 09:43

May well do, however NAV may fall to meet the SP, it does not need to be an upwards
direction.

[chillpill] 18/9/2019 09:34

Bought these a while ago for my post Brexit value portfolio. On a 3 year view it will revert to NAV.

[outlawinvestor] 18/9/2019 06:16

Snippet from RNS

Operational Update

To coincide with the event, British Land provides updates on a range of key operational statistics for the period since 1 April 2019.

Further strong progress on Campus Leasing

At 100 Liverpool Street, Bank of Montreal have committed to 60,000 sq ft. SMBCE have committed to a further 22,000 sq ft, taking their total occupation to 184,000 sq ft. Our committed development pipeline is now 85% let or under offer, securing GBP54m of future rent.

Including the near term pipeline of 866,000 sq ft, comprising 1-2 Broadgate and Norton Folgate, we expect our development pipeline to deliver future development profits of c.GBP300 million.

Continued good performance in a challenging Retail market

Retail leasing activity for the 5 months to August 2019 has totalled 500,000 sq ft, generating headline rents of GBP7.2 million, maintaining high occupancy of 97%. On average, deals were 3% ahead of ERV and reflect a 2% premium to previous passing rents.

We have continued to outperform operational benchmarks for the quarter ended June 2019 with like-for-like retail sales up +1.1%, outperforming the benchmark by 520 bps, with footfall broadly stable at -0.2%, outperforming the benchmark by 420 bps.

[pb01] 17/9/2019 14:31

chart looks good for a rapid return to £6 short term

[soilderboy] 15/9/2019 14:29

Going back to £8 this share. Very slowly but will.

[shieldbug] 13/9/2019 18:12

Thanks Outlaw - that makes a good read. Nice to see this before the Analyst & Investor day next Wednesday.

[outlawinvestor] 13/9/2019 14:46

Fitch Affirms British Land IDR at 'A – '/Stable; Senior Unsecured at 'A'

[shieldbug] 11/9/2019 20:35

Thanks. Expecting further volatility in the next couple of months then.

[outlawinvestor] 11/9/2019 19:09

Simply beneficiaries of a rising tide in the financials sector? Due to increased optimism that the govt's no-deal agenda will be thwarted?? The Scottish Courts ruled today that prorogation was unlawful. If the govt loses on appeal Parliament will be recalled.

I think INTU's rise is a mirage and will unravel quickly in the absence of follow up confirmation that someone is definitely bidding for it or some of its assets.

[jonwig] 11/9/2019 19:05

I guess ...

1) Brexid deal chances ticked up a bit,

2) Some talk of fiscal stimulus in UK, Europe (as opposed to QE): bond yields have risen.

3) Maybe most likely jus a rally.

[shieldbug] 11/9/2019 18:46

BLND 4% rise today. Intu up 9%. Anyone with a view on why? Just oversold?

[shieldbug] 11/9/2019 07:42

Bloomberg are reporting a switch from momentum to value in the US.

Wheels coming off WeWork hype probably also helping the sector.

[shieldbug] 10/9/2019 12:08

BLND up over 2% today - real estate being lifted in the JD Sports up-draught today? (Intu up 3.4%)

[outlawinvestor] 06/9/2019 05:44

BLND kicks against Monsoon CVA!

[outlawinvestor] 02/9/2019 10:18

From news feed on IG platform.

British Land Company Plc : Morgan Stanley cuts price target to 530p from 600p

[shieldbug] 19/8/2019 17:11

The FT shows GIC with 4.4% as of 31st March 2019. The annual report shows them at 3.99%.

But looking at it the annual report is clearly incorrect as APG is shown as having 3.99% but with 3 million less shares.

All in it looks as though GIC have been reducing shares over recent months. Perhaps they saw this coming.

[bsdjj] 19/8/2019 15:16

Interesting, GIC Singapore sovereign wealth fund stake goes above 4%.

[speedsgh] 16/8/2019 15:10

Interesting thoughts on BLND in this blog post by Tony Yarrow of Wise Funds...

[essentialinvestor] 15/8/2019 21:58

Not many sector insiders buying atm, just looking across a few stocks.