Share Name Share Symbol Market Type Share ISIN Share Description
British Land Company Plc LSE:BLND London Ordinary Share GB0001367019 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 521.60 520.60 521.00 - 0.00 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 468.0 -1,053.0 -111.2 - 4,834

British Land Share Discussion Threads

Showing 2176 to 2198 of 2300 messages
Chat Pages: 92  91  90  89  88  87  86  85  84  83  82  81  Older
jonwig - Thanks for your considered comments in response to my rant.
shieldbug - just a few points, then I won't add more comment. 1) The detail in the remuneration report is government-directed. You'll also find stuff about carbon emissions. 2) The virtue signalling is survivalism! In 2018 FTSE100 CEOs earned 117 times their average worker. (In 1950 it was 20 times.) It's even higher in the US. 3) "High pay will be a key issue in 2020 as this is the first year that publicly listed firms with more than 250 UK employees must disclose the ratio between CEO pay and the pay of their average worker. Under changes to the Companies Act (2006), firms must now provide their CEO pay ratio figures and a supporting narrative to explain the reasons for their executive pay ratios. The first round of reporting will be seen in annual reports published in 2020." [CIPD] Wouldn't you take a pay cut? 4) Fund managers are becoming more activist. SLA seems to be voting against all remuneration resolutions on principle. Others are following. They will also be more willing to vote directors out who don't play by the new rules of the game. 5) Look at yesterday's sacking of the Royal Mail boss. His pay and conditions were obscene (run the company from Switzerland and commute). Why he was appointed is a mystery.
For what its worth, cutting the dividend seems to me completely the right thing to do. Capital preservation is right in the present environment. I was generally happy with the company's strategy going into the pandemic which is why I continued buying as the price dropped. I don't believe the end of retail and the officeless future hype. Many people are going completely crazy working from home. Sure commercial real estate will change, change presents opportunity. British Land has a great London portfolio and the team strikes me as being more innovative and a bit ahead of many of their peers.
My point is really that if they can take a 3 month, 20% base salary pay cut now - why can't they do the work for 20% less all the time? I have no problem with the company putting resources into charity at the moment. I just object to the virtue signalling of the directors. It is the transfer of the goodness of the company to the goodness of the directors that annoys me. If the directors want to take a pay cut that's fine. If they want to give to charity that is fine - its their money they can do what they like with it. This act of publicly taking a pay cut and then giving the money to charity is a way for the directors to dominate the company. 25 pages of the last annual report is dedicated to Directors Remuneration - another way they dominate the company. Nickrl is correct when he says "There is real danger most propcos will be run for the benefit of BOD soon."
Shieldbug at least they are taking some pain, however modest, compared to majority who aren't offering up anything except platitudes about important dividends are to our shareholders (but our salaries must be protected first). There is real danger most propcos will be run for the benefit of BOD soon.
Shareholder dividend has been cancelled. I guess you'd be the only one cheering if the BoD took their full salary, and an extra cheer for their bonus?
Article on Bloomberg - hxxps://www.bloomberg.com/news/articles/2020-05-15/commercial-real-estate-s-coronavirus-survival-looks-like-wework Emma Cariaga, co-head of the Canada Water project at British Land - "We are going to have to become almost a department store-type operator, allowing retailers and restaurateurs to come and go much more than we have historically. Our role as landlords is going to be a much more intensive one than it has been before."
Why this drop?
Terrible results from LAND got investors spooked.
Oh dear. Toast. Like the brexit self harming covid basket case the U.K. is in general.
Unsurprisingly, people are now wondering if they need so much office space. https://www.ft.com/content/1b304300-0756-4774-9263-c97958e0054d
Another propco whose early door C19 RNS intimated issues ahead with rent collection but has yet to provide any further update. Finals due later in May but will the use FCA directive to delay releasing them and keep us further in the dark?
To be fair BLND have been selling retail for a while. Perhaps not decisively enough and perhaps not always the right stuff. The company has been responding to (preoccupied with?) the trend towards flexible and co-working which has been massive. Ironically a lot of the flexible/co-working businesses are going to be smashed by the pandemic creating new opportunities for BLND to grow in this area. BLND were well ahead of LAND getting into this segment. Three retail acquisitions the company has made in the past year or so are Woolwich, Tunbridge and New Bond Street Station. All of which look like good value, well located strategic investments. Then there is the move into residential rental in Canada Water. I don't see housing prices fall significantly with all of the cheap money being pumped into the economy so rental will still be needed. Canada Water provides the opportunity for a significant period of income growth.
ff, yes, however the flip side is a retail sector arguably under far more pressure through migration online?. It's retail that is weighing on this rather than office. And to be fair BLND could have been more agile in spotting the trend change and repositing their portfolio more aggressively away from retail. The BOD are paid to navigate strategic direction.
After 3.5 years of the impoverishing brexit sxxtshow that London has had to cope with (economy was always going to be poorer after brexit)this could not have come at a worse time, mass exodus of retailers and office. Talk now Hsbc exit from UK and being head quartered in HK is probably just the start, UK looking at another ten years of austerity to pay for this and was starting from an already flatlining economy and trashed currency. Better to invest in the S & P index rather that world dog Ftse 350. These and Land are toast.
''Share price now similar to low point during the financial crisis in 2008.'' But both debt and cost of capital are about 45% lower now, debt servicing costs are about a third of what they were in 2009. As commented by 1nferno, I don't see a need for a capital raise unless for the purpose of buying distressed assets.
One wonders just how strong the future looks for retail and office RE. Clearly some tenants will not survive and many of those that do will be reviewing their future needs. Retailers will seek to maximise their online capability and the push for mostly/fully automated fulfillment will accelerate. Office space users will review how well they coped with WFH and push to ensure they can mostly/fully operate remotely - a big part of DR and BC planning for most orgs. At some point businesses will find they require less space. Oversupply looms together with a drop in asset values.
I'm starting to nibble back into this and LAND. Certainly these two will survive. I'm wondering, they may not need to raise funds for defensive reasons, but would a rights issue be considered to go on the offensive - there will be some bombed out asset values over the coming months.
From last weeks update: "Given our covenant structure across the Group, we could withstand a fall in asset values across the portfolio of greater than 50% without any further mitigating actions." Share price now similar to low point during the financial crisis in 2008.
GIC also own 50% of Broadgate. BL also work closely with Norwegian Soveriegn Wealth Fund (Norges Bank). In my notes from June last year the major shareholders according to FT were: Norges Bank - 5.14% - Norwegian Central Bank Invesco - 4.61% GIC Private Ltd - 4.35% - Singapore Sovereign Wealth APG Asset Management - 4.02% - Dutch Pension fund manager L&G - 3.68% Blackrock Fund Advisers - 3.64% Vangard - 3.46% Blackrock Advisers (UK) - 3.3% SSgA Funds Management - 1.92% Morgan Stanley - 1.67% Latest major shareholdings at hxxps://markets.ft.com/data/equities/tearsheet/profile?s=BLND:LSE
Singapore took a stake recently through GIC.
This is ridiculous cheap, doesn’t mean will not get cheaper, but sovereign wealth funds will look at the assets in companies like this, and say too good to miss. I appreciate the uncertainty, but last valuation put tangible book value of assetS at £9.00.
CEO interview: https://www.telegraph.co.uk/business/2020/03/29/british-land-boss-retail-caverns-will-exposed-crisis/
Chat Pages: 92  91  90  89  88  87  86  85  84  83  82  81  Older
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