British Land Share Discussion Threads

[shalder] 23/6/2023 11:55

As stated above, xd was yesterday, 22 June.

[wallywoo] 23/6/2023 11:18

It's xd at the end of today. So will be reflected in the share price on Monday. The market thinks that the share price will fall more than then 11.4p dividend (classic value trap).I think the bottom could well be Monday/Tuesday. But wtfdik

[jason29] 22/6/2023 13:31

Ex Div today

[panache1] 22/6/2023 10:45

Ex div Monday ? 11p per share I think

[watfordhornet] 17/6/2023 22:00

HSBC are leaving and others are looking so Canary Wharf will have a lot of space available soon.

[williamcooper104] 17/6/2023 19:45

One bank are trying to sub lease space in the Wharf at £1psf - just to get rid of the rates and service charge

[williamcooper104] 17/6/2023 19:44

Canary Wharf is specially bad - it's our San Francisco Doesn't mean there's not pain ahead; but Broadgate is far better than the Wharf I

[dandanactionman] 17/6/2023 18:57

Just to clarify neither property listed below are BLND properties but I am interesting in what they show about market.

[dandanactionman] 17/6/2023 18:56

All the following IMHO DYORI have also been reading today about 5 Churchill place. This seems to be another example that shows valuation problems in this area?

[dandanactionman] 17/6/2023 18:46

All the following IMHO DYORI have been reading today about 20 Canada square. The price they are offering this building at seems worrying? Is there more pain for BLND?

[unastubbs] 08/6/2023 04:36

from Tempus, The Times the day after the results (18 May)

[unastubbs] 08/6/2023 00:11

These are bombed out and crucified right now yet property is an obvious inflation hedge, with rents tending to move in line with inflation. The discount to NAV is almost 40%. I sold the last of my housebuilders yday and took a punt on these. Ready to hold "for ever" but thinking at this level it has to be a target for SW fund or PE.

GLA

[nickrl] 31/5/2023 21:20

BLND been demoted out of FTSE100 is probably underlying reason.

[dandanactionman] 31/5/2023 17:09

Huge end of day auction volumes for BLND and LAND today. Is this some kind of end of month thing?

[gswredland] 18/5/2023 16:19

Same here nick
325 seem to be the previous lows

[nickrl] 17/5/2023 22:32

Firstly you can't fault BLNDs dataset supporting the results gives you plenty of info that many others don't. Despite big sale at Paddington RI is unchanged over the year as lost rent recovered from acquisitions, developments and a reasonable 5.9% uplift on existing assets. Property costs well down i guess from full year without covid disruptions. Quite a labyrinth to unpick with the JVs compared to sub 500m reits Despite they will get 28m extra from rent frees ending and with another 35m on OMR only forecasting very little change to rental income maybe as they have 14% of portfolio at risk from break/expiry they are being prudent. So with hefty committed development costs for a couple of years finance charges will be increasing and limiting free cash for a few years before rental income kicks in divi going to be crimped especially running into Fy25 as hedges start to run off. Also not clear what the arrangements are on the committed facilities which they will be tapping into to fund the developments.

Not in here but goes on watchlist with yield >6%

[williamcooper104] 17/5/2023 14:42

Yep - total train wreck Meanwhile DV4 the evergreen private fund the Riblats created after being booted out of BL has done > 15 percent IRRs

[essentialinvestor] 17/5/2023 14:41

It's a hard not to raise a somewhat cyclical smile at ...value in property is created over the long term..

BLND meanwhile languishes at levels seen in 2001!, 22 years ago and that does
not allow for inflation.

[williamcooper104] 17/5/2023 11:34

I've just opened a position I'm loath to hold mainly because of BL/LANDs history of epic value destruction But if the share price stays where it is for long PE will be back

[systemsthinker] 17/5/2023 10:48

Williamcooper104 - I agree. It's still a profitable, well managed but undervalued company with a P/B of 0.53, worthwhile assets and paying a reasonable dividend.

And if 'The Market' was that clever, it wouldn't be in a hysterical meltdown every time a company didn't outstrip expectations by 1000%.

For what it's worth(!), I'm happy to stick with it...

[williamcooper104] 17/5/2023 10:12

That said the results aren't actually bad Of course NAV is down; and those last mile logistic assets are getting crucified with higher yields But look at the net income and ERV growth and things look a lot better IMO - a market over-reaction - falling capital values shouldn't be a shock and it's part of reason why we are trading at a discount to NAV

[williamcooper104] 17/5/2023 08:10

Relative to LAND yesruday

[dandanactionman] 17/5/2023 08:08

All imho dyorI was expecting poor results but these are very poor results Imho.

[smurfy2001] 23/2/2023 14:44

10y long term chart suggests this is in a bearish downtrend from 2015 (where it was trading over 800p).

It also seems they are renting out less space.

Doesn't seem to be worth a long term hold?

[dandanactionman] 08/12/2022 18:58

Appears that 2 very large late reported transactions went through around lunch time (reported end of day?)