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Share Name Share Symbol Market Type Share ISIN Share Description
Ct Property Trust Limited LSE:CTPT London Ordinary Share GB00B012T521 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  -0.40 -0.56% 71.20 143,897 16:35:01
Bid Price Offer Price High Price Low Price Open Price
71.40 72.00 72.00 70.60 70.60
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 16.84 21.03 8.70 8.2 170
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:01 UT 1,979 71.20 GBX

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Date Time Title Posts
02/2/202316:25Diversified Propco at high NAV discount302

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Posted at 05/2/2023 08:20 by Ct Property Daily Update
Ct Property Trust Limited is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker CTPT. The last closing price for Ct Property was 71.60p.
Ct Property Trust Limited has a 4 week average price of 67p and a 12 week average price of 66.40p.
The 1 year high share price is 98.80p while the 1 year low share price is currently 66.40p.
There are currently 239,055,539 shares in issue and the average daily traded volume is 193,046 shares. The market capitalisation of Ct Property Trust Limited is £170,207,543.77.
Posted at 26/1/2023 16:07 by orinocor
I had a peek at Shares magazine today. There is a section on reits and a table with the ones on the biggest discount to NAV. CTPT tops the list.
Posted at 24/1/2023 07:27 by spectoacc
@dip6666 - yes, if you think this is the last of the NAV falls.

It may turn out to be the worst of the falls, but the last? Consumer spending set to fall throughout both 2023 & 2024 (albeit is holding up better than expected so far).

The market looks ahead - it seems to be doing so correctly on CTPT, albeit income/cash generation/trading performance is ultimately what matters.

Posted at 23/1/2023 23:33 by nexusltd
@dip6666. In my view CTPT offers

Strengths:
FCF covered divi c.115%,
Low LV <20%,
Lowish borrowing costs 3.4% with weighted loan term of c. 3.5yrs.
Available cash 52mn c. 15% of gross asset value.

BUT weaknesses:
EPRA net Initial yield of 3.8% is low compared with SREI and API. The plan to address this is to sell the lower yielding estate in the SE and buy higher yield props. The new manager says he has successfully done this b4 on another REIT. I'm concerned that in current market conditions the yield gap between the two is narrowing, and not much property is moving. Investors have higher yield options and generally look for REIT yield = 10 yr gilt + 3/4%. Unless rental income leaps, or the manager's plan comes to fruition allowing divi to be increased the share price is likely to remain depressed.

EPC rating regulations will be extended from April 2023, to cover all existing tenancies for a minimum of EPC: E. A stricter EPC: C or above rating will apply in 2025 to all rental properties, new tenancies first, followed by all tenancies from 2028. Five of the 35 assets (14%) have an EPC rating of F or G. I don't know what the gross rental income is on these, nor do I have a handle on upgrade costs to EPC "E".

Posted at 23/1/2023 22:48 by dlp6666
@nexusltd

Since prior to the pandemic their widest discount was c.-20% (often much narrower), wouldn't that suggest that, at your projected discount of c.-32%, there'd actually be room for a share price *increase* of [at least] c.10% to bring back the discount level to pre-pandemic levels (assuming no further valuation shocks throughout 2023)?

Or am I missing something here?

Posted at 23/12/2022 10:00 by spectoacc
You know my view ;)

I think we've had the falls on interest rate changes, and next to come is the fall on recession. Takes very few tenants going bust/stopping paying their rent to affect income, divi cover, NAVs.

You'd hope CTPT would be better placed than some, with industrial seemingly always in demand. But whether it's cheap here I'm not so sure.

What I do find interesting atm are the divergences - some REITs holding most of the dcb, some threatening to bounce off (or go through) recent lows, some already back down through them. OK, CTPT didn't tank as much as others initially, but if I were still a holder I'd be feeling slightly hard-done by to see it at new recent lows, when the likes of BCPT, AEWU, CREI, NRR are all well above.

The re-testers (eg RGL, AIRE, EPIC) will be interesting, tho ultimately I fancy all to go back through the Kwasi lows once the CVAs start.

But that's banging a familiar drum.

Posted at 23/12/2022 08:19 by spectoacc
They are.

Agree CTPT will be one of the survivors, with their well-timed London sale.

But seeing how far Industrial got marked up, and the yields it went to, makes me think big downgrades to come.

Ignoring NAV - never a true figure at the best of times, particularly not atm - it comes down to gearing, debt cost, income, divi. Agree CTPT good on all of those. So then it's whether a 6% yield is enough when RPI inflation is 14%.

That depends on the alternatives, & whether the economy gets bad enough to threaten tenants' ability to pay.

Posted at 22/12/2022 14:46 by alan pt
Wish I shared your optimism. I've held for some time and it hasn't proved to be particularly low risk in the share price

The yield is still low compared to peers, industrial falls from peak still to properly show up in the NAV. It won't go bust, but hard to see it making us much money

Posted at 18/10/2022 12:39 by spectoacc
Only this:

"Share Buybacks

The Board and Manager believe that the current share price is not reflective of the quality of the Company's portfolio, its long-term performance and robust financial position. Since the year end, the Company has started to use some of the cash generated from the sale of Berkeley Street to buy the Company's shares at a discount rather than investment in new properties. This offers attractive value for shareholders and will be both NAV and earnings enhancing. Purchases of Ordinary Shares will only be made through the market for cash at prices below the prevailing net asset value of the Ordinary Shares where the Directors believe such purchases will enhance shareholder long-term value. At the time of writing, the Company has bought back 6,325,000 Ordinary Shares since the year-end at an average discount to the NAV of 36.1 per cent.
"

Posted at 24/7/2022 13:53 by spectoacc
@nickrl - yes. So the seller (VIP) tell their broker they want to sell, but to do it at the best price they can and not all at once. The broker/MM then soaks up loads of buys (ie sells to buyers), before taking how ever many shares they need from VIP to square their books.

There's been 2x450k's last week so another RNS can't be far away.

The CTPT price rise is good, but will it stick.. Any of us in it believe it's worth a lot more than that.

Posted at 30/6/2022 20:25 by skyship
CT Property Trust (CTPT) is a name change from BMO Real Estate Investments (BREI).

It is a well diversified REIT with a May'22 sector split:

# Industrial: 54.3%
# Office: 21.8%
# Ret W'hse: 18.2%
# Retail: 5.7%

As at 30th Jun'22 with an share price at 84.4p it had one of the highest NAV discounts in the sector at 34.1%. It had a covered dividend of 4.0p so a yield of 4.74%. LTV quite low at 23.5% & debt cost at 3.1% (5.5yrs).

With 239m shares in issue the MCap = £202m. This fell to £180m in Sept'22 with the shares down at 75p.

In May'22 fellow propco Value and Indexed Property Income Trust (VIP) declared a 6% stake; then sold it down in Jul'22.

Company website:
http://www.ctpropertytrust.co.uk

18/10/22 Annual results to 30/06/22:
https://uk.advfn.com/stock-market/london/ct-property-CTPT/share-news/CT-Property-Trust-Limited-Annual-Results/89313988

28/10/22 Trading Update & NAV:
https://uk.advfn.com/stock-market/london/ct-property-CTPT/share-news/CT-Property-Trust-Limited-Trading-update-and-NAV/89403132

Link to old thread:
https://uk.advfn.com/cmn/fbb/thread.php3?id=45414974

Ct Property share price data is direct from the London Stock Exchange
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