Oh well, at least my dividend got paid today ;-) |
Central London office leasing deals have slumped, but viewings starting to pick up |
philanderer I also like there rental table which sets the new gold standard on transparency and gives some insight into how this is an evolving situation.
So yes rent collection is improving on prior qtrs but interesting to see that amount being waived has increased in March and June qtr but countered by a diminishing level of outstanding rent so broadly a good position.
They also update on where they are on lease regears and are certainly moving forward but want to see a bit more evidence that they are retaining tenants at at least same rent so will hold off shorting them just yet and see what they say on Guy Fawkes day update. |
philanderer this is comparable to BLND and LAND so would expect DLN to be at same level. The ones at much greater risk are SHB and CAPC with higher retail exposoure. |
(Alliance News) - Great Portland Estates PLC on Monday said its near-term outlook remains uncertain as rent collections from the retail, hospitality & leisure sector remain weak.
The FTSE 250-listed property investment and development company said 65% of rent due by the end of September has been collected, or 73% including amounts covered by rent deposits.
With regards to rent for the quarter ended September 29, 71% has been collected, with 92% of monthly rent collected. This equals the 73% of total rent due for at the end of September.
Only 28% of retail, hospitality & leisure rent has been received, while 85% of rent has been collected in the company's other sectors.
For the months of March and June, 82% of rent has now been collected. |
philanderer interesting article although timing of this is very circumspect at the moment but if you have break or an expiry coming up, as DLN do by the bucket load over next 18mths, the outcome is much less certain in the current environment hence my view this is where the risk lies with DLN.
May take a look at short again if it goes up any further |
'Nearly 75% of City firms reviewing office space provision'
Rise in home working during the pandemic means many companies are assessing their needs |
Agree nick.
And they've got to get some opening windows into their buildings. |
philanderer for sure this has accelerated change that was already happening but i dont believe it spells the end of the office full stop more an evolution into how office space is used. DLN have good assets that will play to this need but imv there immediate risk is the scale of expiries/breaks over the next 12-18mths and we need to see how that plays out. Q3 update due in around a month should give an update. |
'Covid-19 has changed working patterns for good, UK survey finds'
Few staff say they intend to return to their offices five days a week |
Millions still furloughed as commuters abandon the office again |
Almost half of staff at UK offices had returned before new advice – report
Proportion was rising steadily before workers in England were again told to stay home to fight Covid |
Today's rise maybe a read across ?
....Great Portland Estates was a high riser after private equity firm KKR bought a 5.35% stake in the property company for around £74m. |
Sold last weeks small buy. |
You have got to be incredibly careful in this sector atm
investor confidence looks to be ebbing away.
Reluctantly exited the rest of a small position in CLS (CLI) this morning,
having sold some on Thursday and also sold out of MCKS yesterday. |
WOW - a chartist's delight to see such an obvious short. Unfortunately haven't been tracking DLN & SHB. Will now add them to the CP+ thread - though too late this time around!
free stock charts from uk.advfn.com |
Hi Nick, had a very small amount at 23.77.
Although could not recommend DLN to anyone atm.
If you were asked to imagine a set of circumstances that were extremely bearish
for London commercial office, you would be hard pressed to dream up the current
reality.
I've become significantly more cautious on the sector over the last couple of weeks
and cut sector holdings as mentioned on the SLI board recently.
Well done again on your prescience. |
More than welcome nick :-)
'City back in shutdown as firms send staff home'
Raft of big employers expected to update their guidance to staff after Boris Johnson’s address to the nation |
EI thing is I didn't do a short! Mind you certainly at an interesting price now and they have a good portfolio and barring a major economic collapse ought to be able sustain current dividend meagre though it is. However, they have a big level of expiries and breaks that are coming next year and in current environment that clearly represents a big risk so would have preferred to see a slower share price decline into 2021 to have some visibility over this but need to be careful not to miss a buying opportunity.
Also thanks to philanderer for the link. |
Very good call here by Nick. |
HSBC and Goldman Sachs delay plans for return to offices in England |
Excellent audio interview..
The future of the London office market: In conversation with Derwent London and Knight Frank |
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