Ct Property Share Discussion Threads

[cwa1] 15/8/2022 17:39

Chunky looking volume today. Hmmmm...

[starpukka] 15/8/2022 13:33

Very informative Specto, thank you.

[spectoacc] 15/8/2022 12:28

@starpukka - all things being equal, they ought to add a few p on VIP's selling finally being over.

I'd caveat that by saying there'll now be loads of weak holders in CTPT - people who've bought what VIP were selling - who may be delighted to exit on any decent bounce, holding the price back.

The flipside of that is the buy back.

On balance - CTPT are too cheap IMO, notwithstanding the recent v strong NAV rises may be approaching an end.

My largest holding, & happy to be paid to wait.

[starpukka] 15/8/2022 10:24

Specto, do you expect a decent price rise when VIP are out ?

[spectoacc] 12/8/2022 10:48

Two big buy back days, then nowt - doesn't feel like VIP are trying particularly hard to sell either. Perhaps stalemate for a while.

[spectoacc] 11/8/2022 09:59

Think there's a good chance they're using the delaying rules - up to 3 days depending on multiple of RNS - which messes with the "how many do VIP have to go" calc.

Perhaps irrelevant now - there should be enough buy back monies to get shot of the weak holder VIP.

[nickrl] 11/8/2022 09:54

Specto LSE mirrors ADVFN for yesterday and they have 2.9m for Tuesday. So is it possible the broker are ringing round the major shareholders doing deals which will be reported today as off book?

[spectoacc] 11/8/2022 08:10

Not sure where the trades are being reported - ADVFN has considerably less than 500k being reported in total for yesterday. But good to see CTPT showing commitment to the buy back.

[neilyb675] 11/8/2022 07:03

PURCHASE OF OWN ORDINARY SHARES

On 10 August 2022 the Company purchased 500,000 Ordinary Shares at a price of
87.3 pence per share. These shares will be held in treasury.

[spectoacc] 10/8/2022 19:14

6.7m, & CTPT bought 850k just yesterday - could be gone in a week or two (but likely to hold the price back in the meantime).

At least VIP are back in profit now, pity their reputation isn't.

[nickrl] 10/8/2022 09:17

VIP down to 2.8% but means the rest of the 6.7m left to go wont have to be reported.

[flyer61] 10/8/2022 08:19

With those odd people over at VIP out of the way. Is it possible minimal buybacks will move the price to your target SKYSHIP? Then they could get on with a few more asset purchases and get the dividend moving…

[spectoacc] 10/8/2022 07:03

DATE: 10 August 2022

PURCHASE OF OWN ORDINARY SHARES

On 9 August 2022 the Company purchased 850,000 Ordinary Shares at a price of 87.276 pence per share. These shares will be held in treasury.

[cwa1] 09/8/2022 10:30

Hi cynicalsteve

TBH, compared to a lot of the boards I frequent-and the dreadful stuff you see on them-that sort of thing doesn't even come close to registering as a problem IMVHO :-)

...very happy to see a modest uplift in the share price this morning and hoping there will be more to come. Or at least it might let VIP dump the rest of their holding(madness) if nothing else. Respectable volume today already.

[skyship] 09/8/2022 10:01

Steve - re yr 149 above; seems you really live up to your moniker. Just what was wrong with my 145 above?

On a more interesting note:

Other REIT buyback plays:

# API @ 79p. Disc. = 25.9%

# BCPT @ 116p. Disc. = 19.4%

# SREI @ 55.5p. Disc. = 29.8%

IMO likely target for CTPT is 95p for a 28.5% discount; so not selling into today's very welcome strength.

[adae] 09/8/2022 09:51

Why does it need to? NAV is 132.8p.

But they said this:

"all sectors contributing positively to capital performance for a second consecutive quarter."


"The Company's allocation towards retail warehousing remains a key structural benefit as capital values of the Company's assets increased by 5.0 per cent over the quarter. This capital performance was largely generated by market yield compression, supported by asset management which saw the completion of new leases"


"The industrial and logistics sector maintained its strong run, delivering a valuation increase of 2.8 per cent over the quarter. While the pace of capital growth in the sector has slowed, the supply-demand imbalance continues to support rental growth within a robust occupational market. The Company's assets, comprising 54.7 per cent of the portfolio by capital value, are anticipated to remain a driver of performance as sector returns become increasingly focussed on income."

[flyfisher] 09/8/2022 09:46

With logistics and industrials being highly valued and office likely to underperform.

Where will it be able to find value?

[llef] 09/8/2022 09:40

nickrl, it was put on market for bids over 30.75m GBP.
At 30.75m GBP it was a yield of 3.3%

hxxps://www.rx.london/news/rx-london-launches-14-berkeley-street-london-w1/

"Offers are invited in excess of £30,750,000 for the freehold interest, subject to contract and exclusive of VAT.

A purchase at this level reflects a net initial yield of 3.30% (after the deduction of purchaser’s costs at 6.80%) and a capital value of £2,199 per sq ft."

[cynicalsteve] 09/8/2022 09:26

I notice that information from the 'news' screen has been cut and pasted into the 'chat' screen (twice!). I know this is common on this site and I'm not criticizing individuals but I would like to know why people do it. My view is that the news screen has properly formatted information but the formatting is lost when copied so it's difficult to read. Wouldn't it be better just to tell people that there is some news, and comment on it, maybe with a few of the more interesting quotes?

[nickrl] 09/8/2022 09:06

Great to see they've got Berkley St away so quickly would have been nice to have known at what yield as we need them to get acquire equivalent income earning assets if we are to see any improvement in dividend.

Hopefully it will now match it bigger brother BCPT in share price gain following a buyback.

[hugepants] 09/8/2022 07:43

A real bonus selling Berkeley street at a premium.

[skyship] 09/8/2022 07:33

So, as I suggested in P. No. 34 back on 10th July, Berkeley Street sells for a good premium and finances buybacks.

Great news as at yesterday's close of 83.4p the discount is now back up to 37.2%.

[skyship] 09/8/2022 07:29

Same, but slightly different presentation:

Headlines:

# Net Asset Value total return of 4.5 per cent for the quarter ended 30 June 2022

# NAV per share increased to 132.8 pence. Seventh consecutive quarter of Net Asset Value appreciation

# Share Price total return of -9.7 per cent for the quarter ended 30 June 2022

# As of 30 June 2022, the portfolio void rate was 2.6 per cent by estimated rental value

# Completed the disposal of the office at 14 Berkeley Street for £32.4 million (5% above the 30 June independent valuation) after the quarter end, reducing the Company’s office exposure to 15.2 per cent by portfolio capital value


# Intention to commence share buybacks following the property disposal

[neilyb675] 09/8/2022 07:13

NAV per share increased to 132.8 pence. Seventh consecutive quarter of Net Asset Value appreciation.

Completed the disposal of the office at 14 Berkeley Street for £32.4
million (5% above the 30 June independent valuation) after the quarter end,
reducing the Company's office exposure to 15.2 per cent by portfolio
capital value

* Intention to commence share buybacks following the property disposal

Net Asset Value ('NAV')

The unaudited NAV per share of CT Property Trust Limited ('CTPT') as at 30 June
2022 was 132.8 pence. This represents an increase of 3.8 per cent from the NAV
per share as at 31 March 2022 of 128.0 pence and a NAV total return for the
quarter of 4.5 per cent.

The NAV is based on the external valuation of the Company's property portfolio
prepared by Cushman & Wakefield.

The NAV is calculated under International Financial Reporting Standards
("IFRS").

The NAV includes all income to 30 June 2022 and is calculated after the
deduction of all dividends paid prior to that date.

[spectoacc] 05/8/2022 08:17

Thought we may have had another VIP RNS by now, but it'll come in time. Expecting CTPT's NAV to appear next week, with a guess of c.133p.