Cls Share Discussion Threads

[strathroyal] 08/6/2024 21:17

I see that CLS have recently updated their portfolio and reduced the number of UK properties from 35 to 33. The two that have been removed are Westminster Tower, which was already known to have been sold but has presumably now completed and the Birmingham property, which I think was one of their smaller properties.

[skyship] 30/5/2024 12:47

Raj - the concern was a year ago as the commercial property market went into retreat. The valuations were hit as interest rates rose; so the NAV slashed.

That was all in the past. We are now looking at ECB cutting rates; though not as quickly as thought earlier this Spring.

Also, as is the form in Europe, the debt is non-recourse and attached to individual properties - NOT to the Company.

The high LTV is a chimera - not a concern.

What is real is the 9% yield and 65% NAV discount.

[raj k] 30/5/2024 08:33

Insn't anyone concerned by the large LTV that CLS has. In the 2023 annual report it states they have 193.9 million current borrowings and 876.7 non current borrowings, which is 1.07 billion of debt. Straight property valuation is 1.85 billion. Seems like a very high LTV even taking into account a lot must be fixed/hedged.

Has the position changed? I see in their end of march factsheet they are targetting 270 million of disposals in 2024 which is welcome.

[flyer61] 23/5/2024 21:20

or an election.....

[panshanger1] 23/5/2024 16:05

Under the cosh today Along with a lot of infra / renewables/ reits Higher for longer not helping

[langland] 17/5/2024 11:49

Under BOT attack today.

[skyship] 14/5/2024 07:31

Thnx to Nexus for posting this on the CP+ thread:

[spectoacc] 10/5/2024 07:59

Not before time.

[its the oxman] 10/5/2024 07:48

Looking a bit more perky here.

[cousin jack] 09/5/2024 12:40

CEO’s purchase probably equivalent to me buying £100 worth ! Still, better than him not buying any I guess.

[skyship] 09/5/2024 12:35

Indeed - a £50,000 investment. He agrees with the rest of us - 87p is absurdly cheap!

[loglorry1] 09/5/2024 10:53

It's not material given his salary but I suppose it's something at least.

[cwa1] 09/5/2024 10:26

Solid buy...

[spectoacc] 03/5/2024 06:39

CLI divi landed yesterday in HL - wow. Love the lumpy ones.

[wllmherk] 02/5/2024 13:47

I sold out earlier this week to transfer funds into mine and my wife's ISA's, planned to repurchase these around the 83p mark, unfortunately, it takes around a week to transfer the funds, now they are up +5% as I type, bloody frustrating,

wllm :)

[loglorry1] 02/5/2024 13:19

I bought a few more re-investing divis and coupons. It's still cheap enough here unless you think offices will go out of fashion.

[strathroyal] 02/5/2024 13:03

If it's dividend re-investment, then they are quicker off the mark than my broker! I'll go for the sale of Spring Mews for a good price as I've not been able to find anything about this.

[cwa1] 02/5/2024 12:59

I'll be very happy if you are correct!

[skyship] 02/5/2024 12:54

CWA1 - divi reinvestment - could well be of course; but hopefully an indication of something afoot. Had a bid for my TRIN holding yesterday - so now looking for the double!

[cwa1] 02/5/2024 10:50

Moderately perky by CLS' standards today. Everybody re-investing their dividend? :-)

[barnes4] 28/4/2024 09:48

👍👍

[skyship] 28/4/2024 08:48

barnes - divi 7.95p; EPS 10.2p. See result links in Header.

[barnes4] 27/4/2024 18:51

Thanks nick

[nickrl] 27/4/2024 17:15

@barnes dividend is covered by free cash flow currently. CLS historically weren't a REIT so they retained a much higher level of free cash and as their interest rate burden has increased they've been able to hold the dividend. They do have an increasing vacancy level and further refinancing to contend with that will erode this margin of safety but thats more than in the share price although with its incessant drifting lower i do keep asking myself what am i missing.