Share Name Share Symbol Market Type Share ISIN Share Description
F&C Commercial Property Trust LSE:FCPT London Ordinary Share GG00B4ZPCJ00 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.20p +0.13% 148.90p 148.90p 149.20p 149.30p 148.50p 149.20p 107,014 10:27:29
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 64.6 50.4 6.3 23.6 1,190.18

F&C Commercial Property Share Discussion Threads

Showing 151 to 174 of 175 messages
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The HY report for 2017 is out: Http:// NAV 139.4p at June 30th, so a premium of 4.2% on that date. Last year's premium was 0.7% on June 30th 2016. So it is back to normal. Still no new acquisition since the sale of Pulteney Street in December 2016. Minor worry: "The void rate over the period has increased to 8.8 percent as a result of HSBC vacating Edinburgh Park." With no acquisition/sale, the report is mostly about collecting rent money. The borrowing facility with Barclays is still undrawn. There is no debt worry and the dividend is safe, although the cover is down to 80.6% from 87.0% before. This is due partly to the sale of Pulteney Street and the corresponding disappearance of rent there. Management fees reorganisation also seem to have brought down the cover a bit.
"Waiting for the next correction in commercial property and will likely pile-in again as a contrarian when the sector tanks." Agreed, a shake-out would press the reset button and again provide opportunities. I started the original CP+ thread back in Dec'08 under an appropriate title at that time. I see on the BLND thread that TEMPUS recommends a SELL; in the face of the well-received £300m buyback scheme announced this week!
@SkyShip You made have a second look at FCPT, re: the premium and the yield, and stopped adding monthly to this one. Everything looks expensive these days, ITs are meant to trade at discounts. For the income component, I am now piling-up more on FHI, nothing fancy, this is about big caps (BAT, HSBC, Glaxo, etc.), income at a reasonable discount (for the units anyway, FHIU). FHI have also streamlined (no more bonds investment portfolio), so performance could improve soon with lower charges/expenses. The income sector and big caps are boring, but a pf needs some ballast to smooth the ride. FCPT can feed itself from its dividend in my portfolio now. Waiting for the next correction in commercial property and will likely pile-in again as a contrarian when the sector tanks.
vacendak - like yr 167 above. All a bit boring at the moment. Substantially reduced my activity since end May & most values stalled. Still H1'17 was better than anticipated, so a period of reflection not a bad idea. On the PE front bought back into NBPE, as posted on the PE thread.
NAV update as of June 30th, up by 1.5% from March. Premium down to "only" 4.23% on the NAV release date.
Darren - hate to disagree with a fellow property investor, however to my mind FCPT is a 100% SELL. # A 5.2% NAV PREMIUM! # A yield of just 4.1% # 12.7% of portfolio in Scotland - mostly in damaged Aberdeen # 33.7% of portfolio in London's West End - better than the City, but London values softening The stats and the chart (see link below) suggest very little upside; whilst clear downside. If you are set on having some property exposure (which I agree with) then strategically look for players with portfolios outside the over-valued London. The regions are still cheap - but avoid Scotland. Two to consider might be: # Palace Capital (PCA) @ 370p - 14% NAV discount; 5% Yield; great track record - see Investor Presentation # Ediston (EPIC) @ 111p - One of the new high-yielding investment REITs - 1% NAV premium; 4.95% Yield; investment managers acknowledged as one of the very best in the field
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Basically, if you are retired or about to retire and in search of income, the 0.5p per share per month (few trusts pay monthly divis) should be a no brainer. It is now covered 87% by rent income, an increase of 7% according to the latest video update recently posted on the F&C/FCPT website. Like many I do not like buying at premium, but I have made an exception for this one because I wanted a bit of property exposure. The Brexit bit is now factored in, it was a big shakedown just after the vote for sure. The AR prior to the referendum already mentioned that the trust was entering an income phase and that the wild share price growth based on property value was coming to an end. As the share price graphs now show, FCPT has recovered from the vote, but is not flying as high as it used to. I came in with a lump sum at around 145p before the referendum, then carried on drip-feeding monthly all the way down.. and all the way back-up. Pound averaging has worked wonders, so I am relatively happy. Still, I would have been better off putting that money in a generic global fund like FRCL or WTAN, even with the dividend included. Long term, if you want growth, go for Private Equity like everybody. :) FCPT is good quality, so a tad expensive (premium) but reliable for income. I would also expect it to weather the next market crash better than the rest. FCPT is pure property, there is no builders, land holding or other trust/funds in it. You can get the list of the buildings owned by the trust, and their address, in the AR and HY reports.
Tempted to get into this but not sure about premium. Any views on this longer term and effects of brexit?
NAV up, now trading at a 5% premium.
The above mentioned AR is out in its full PDF glory. Http:// The dividend cover goes up a bit, still not enough, but improving. All the indicators are green, even if not very strong, but things are definitely back to normal after the difficulties of valuing the properties in the wake of Brexit. FCPT is easily beaten by a bland FTSE tracker over the year though.
Results for the Year Ended 31 December 2016 - HTTP://
Nice jump by 4.7p today to heights not seen since months before Brexit.
NAV update today (gone up): FCPT is now officially trading at a slight premium, like in the days of old.
Just checked the website: The Q3 2016 factsheet is now available. Http:// No actual comment, just numbers and they do not look that great, nothing alarming though. Well, at least the dividend keeps coming regularly.
I wonder where the author got the NAV estimate that supposedly put FCPT at a premium again: Https:// We are due a factsheet/NAV update soon I assume. The last time was end of September and it was 132p. The share price is hovering about 136p at the moment.
Looks like after Questor's write up matey managed to off load over quarter of a million at 136p! Maybe I'm just a cynic!!!
Cashing in on a building in central London: Positive move compared to valuation, so good news. We should know soon where they are going to re-invest it. From the RNS, it is assumed away from Central London.
Getting close to be back above 140p.
Now making money out of this one when I include the dividends: The magic of investing monthly and re-investing the divi, on the way down followed by a rebound. I entered the game when FCPT was at a premium... and more or less when the share price started to go South even before Brexit.
Everything in my portfolio seems to be dropping these past few days because of the latest polls about Trump, except FCPT!
AN RNS about the latest NAV: At 132p, it is down from last time (June 30th: 134.1p) by 1.6%. Nothing terrible considering the buffeting taken by the sector lately. Good performance from the Midlands, biggest drag was from "rest of London". Oddly enough warehouses have been doing badly. The ungeared decrease was only 0.9%, a lesser fall than the IPD Index (3.6%). I wonder if the portfolio had gone up they would have mentioned an ungeared improvement which obviously would have been less than the geared value... :) The share price is still showing a slow but steady recovering trend. The gearing is up a bit at 20.7% (19.9% back in June).
Still ticking-up/recovering nicely. Another few points like today and I would be back in the black on total returns.
Indeed, we are on the same page viz Brexit. The problem I guess is that the latest NAV was for June 30th, i.e. seven days after the event, so until we get a new one - this should be soon, last year it was published at the end of September - it might be difficult to have a reliable idea of how much the various properties are really worth. My bet, and that of those people currently buying I assume, is that the last June NAV of 134.1 (slightly down from 135.1 in March) was very conservative because of the situation at the time (valuation experts being temporarily blinded) so we could expect a higher value in the forthcoming Q3 factsheet. Not sure if the latest inflation number of 1% YTD, or "hyperinflation" according to the Financial Times :) would have any effect on the forthcoming NAV estimate.
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