Capital & Counties Prope... Share Discussion Threads

[nickrl] 02/2/2021 23:57

konradpuss certainly not going to get better anytime soon but with staycations only likely holiday/short term breaks this year may keep the wolves at bay for a while. Mr Market certainly pulled it back in late trades.

[konradpuss] 02/2/2021 19:09

Essential, just look at the collection of rent % in the last quarter and the total 'hit' on valuation so far. Truly terrible.

I reiterate - it will get much worse before it gets better.

[nickrl] 02/2/2021 14:16

Others have mentioned CAPC on other share boards this morning as having NAV down 13% since mid year.

Other headlines are there down about 40% rent for current FY with most of it on alternative arrangements meaning they've cut a deal over lease lengths in exchange for nil rent.

In Q1 they've got 42% rent in so far and agreed some other arrangement for 52%.

FY Results due on 9/3 so we should get some more insight onto whats behind the numbers.

[konradpuss] 20/12/2020 20:40

The share price chart looks like a 'head and shoulders' followed by a dead cat bounce.

I think the Shaftesbury figures including their Covent Garden J.V. (which performed the worst) says it all.

It will get much worse before it gets marginally better

[essentialinvestor] 04/12/2020 14:16

A gift of a price, can only hope it come off a bit.

[skyship] 04/12/2020 14:09

It would seem so...!!!!!!!!

[skyship] 22/10/2020 09:15

Valuing SHB at 400p means a £113m write-down on their Summer acquisition of 25% at 540p. That's just 13.3p/share; so really not that serious when they trade at a now vast 55% discount.

Is this becoming a buy at 104p?

[nickrl] 13/8/2020 16:56

NED Lane and his wife couldn't resist 1.30 and picked up 109k shares

[essentialinvestor] 12/8/2020 11:55

Hi Nick, appreciate the view. My average here is just under 1.39,
not adding today.

[nickrl] 12/8/2020 09:56

Interims out today and not pretty reading but at least reflective.

NAV down 18% and divi deferred.

30% rent collected in Q3 and 65% on alternative arrangements (ie not paying just) but on NAV calculation they ascribe a 31m loss of income over next 6-12mths so there not confident. All this resulting in 44% drop in NRI. They confirm that rent deferred is treated as income but adds 20m to receivables so could easily be impaired.

Need to be applauded for attacking the cost base unlike some of there peers who do nothing although part of it is coming from fees for SHB acquisition.

As i said on SHB thread these two are intrinsically leveraged to footfall particularly tourism and that is in bad shape currently and with long haul aviation potentially facing a permanent reduction in capacity the deep pocketed tourists aint coming anytime soon. At least the ChEX commentary is reflective of this risk.

Ultimately this is a good set of assets and a merger of equals with SHB would be a good way forward here to further lower the cost basis but NAV will suffer further declines so wouldn't be surprised if a fund raiser won't be required.

[nickrl] 21/7/2020 17:42

Essential my take is they can control virus if there fleet of foot when local outbreaks occur but that needs HMG to accept the financially liability of the consequences so there is no reason to hesitate.

My qualm with some of the REITs, propcos less, is other than CAPEX they aren't attacking the cost base especially there own salaries /fees and too many don't have much skin in the game either. Oh and you would have thought the low SP's would have had them all bottom fishing but they haven't which leaves me cautious on adding much more.

[essentialinvestor] 21/7/2020 16:42

Hi Nick, appreciate the view and would agree.

I'm holding 10 different REITS atm, which is getting a little ridiculous.

Problem is autumn/winter looks perilous (to me) with a likelihood
of rapidly escalating COVID cases.

[nickrl] 21/7/2020 16:33

Essential as I say this very much leveraged to the tourist trade and that is on the floor currently as far as London is concerned. That said now leisure travel is permitted on public transport there maybe a progressive return and there was certainly quite a few more people on the train i took into London mid morning (now have to share with others in a coach whereas a month ago you got carriage to yourself!!). I'd like to know what deal they've got on t/o rents as that looks like the way they've gone and rightly so to keep tenants but how much is base rent and how much is t/o. Suspect we will have to wait til next results to get that answer.

[essentialinvestor] 21/7/2020 10:12

Had a very small amount. Year low circa £1.31.

Looks dire but pretty much as expected,
as in anything but pretty.

Salient issue is the outlook 12 months from now.

[essentialinvestor] 21/7/2020 09:50

'London calling, yes, I was there, too
And you know what they said? Well, some of it was true
London calling'

Apologies for the randomness, happened to be listening to that Clash classic
while reading the results and it is London property.


What do we think folks?.

[nickrl] 21/7/2020 09:21

Trading statement today lays bare the impact on NAV down a whopping 17%.

Only 27% of rent collected in Q3 but 67% is on alternative agreements already be that deferred or turnover related.

Yes they may have a prime retail estate and positive that local roads have been closed to assist but real issue is lack of footfall. Maybe with leisure journeys now permitted again there will be a pick up but without overseas visitors they will remain impaired for sometime yet.

Question is is this in SP??

[trcml] 03/6/2020 10:08

Would you think CAPC buying into Shaftesbury is a means to up the divi yield on CAPC's shares?

[my retirement fund] 22/1/2020 14:41

Looks like the Boris bounce fell over here.

[nw99] 29/11/2019 08:12

Looking to take a position here

[ny boy] 21/10/2019 08:17

Been in since late August, my neighbour Candy knows a thing about timing in the property market, sold One Hyde Park before the downturn, plenty of cash for bargains.

[rkjones] 27/9/2019 08:44

Seen a summary of the report and it looks very positive. C& c not named but clearly it is them. Let’s hope for some early action. With @£ weak must be attractive to foreign investors seeking entry into London property.

[montynj] 26/9/2019 08:33

Very bullish report out from Undervalued shares.com

[3dwd] 23/8/2019 08:11

Another bid today ..eto

[3dwd] 22/8/2019 18:34

Quite possibly