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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| F&c Commercial Property Trust Limited | 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 121.20 | 121.40 | 121.60 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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To: Company Announcements
Date: 21 October 2021
Company: BMO Commercial Property Trust Limited
LEI: 213800A2B1H4ULF3K397
Subject: Trading update and NAV release for BMO Commercial Property
Trust Ltd (the "Company")
Headlines
* Net Asset total return of 5.0 per cent for the quarter ended 30 September
2021 (YTD 13.5 per cent)
* Share Price total return of 7.5 per cent for the quarter ended 30 June 2021
(YTD 25.0 per cent)
* A 7.1 per cent increase in the monthly dividend to 0.375 pence per share
with effect from November 2021
* Rent collection currently received since the onset of the pandemic in April
2020 to September 2021 is at 92.4 per cent
* As of 30 September 2021, the void rate was 2.4 per cent
* Completed £180.5 million of property disposals as part of the strategy to
adjust sector weightings
Net Asset Value
The unaudited net asset value ('NAV') per share of the Company as at 30
September 2021 was 130.0 pence. This represents an increase of 4.2 per cent
from the unaudited NAV per share as at 30 June 2021 of 124.8 pence and a NAV
total return for the quarter of 5.0 per cent.
The NAV has been calculated under International Financial Reporting Standards
('IFRS'). It is based on the external valuation of the Company's property
portfolio which has been prepared by CBRE Limited.
The NAV includes all income to 30 September 2021 and is calculated after
deduction of all dividends paid prior to that date. The EPRA Net Tangible
Assets (NTA) per share as at 30 September 2021, which is adjusted to remove the
fair value of the interest rate swap, was 130.0 pence.
Analysis of Movement in NAV
The following table provides an analysis of the movement in the unaudited NAV
per share for the period from 30 June 2021 to 30 September 2021 (including the
effect of gearing):
% of
Pence opening
per NAV per
£m share share
NAV as at 30 June 2021 990.4 124.8
Unrealised increase in valuation of 18.4 2.2 1.7
property portfolio
Realised gains on property sales 23.7 3.0 2.4
Movement in fair value of interest rate - - -
swap
Share buy-backs (15.4) 0.7 0.6
Other net revenue 8.8 1.2 1.0
Reversal of accounting adjustment for (6.8) (0.9) (0.7)
lease incentives on disposed properties
Dividends paid (8.3) (1.0) (0.8)
NAV as at 30 September 2021 1,010.8 130.0 4.2
Valuation
The capital value of the Company's portfolio increased by 1.7 per cent over the
quarter. The retail warehouse sector recorded the strongest performance in
the portfolio with valuations increasing by 7.6 per cent. This was a result of
market yield compression and store openings, following the capital initiatives
undertaken over the last 12 months.
The industrial and logistics sector of the portfolio achieved another quarter
of strong performance, increasing by 5.0 per cent. This reflected further yield
compression in the capital markets.
St Christopher's Place fell in value by 1.5 per cent due to its holding on
Oxford St and Wimbledon Broadway experienced some recovery with a marginal
increase in value.
The valuation of the office portfolio decreased with some valuation falls in
the South East and regionally on those properties with shorter lease terms.
Share Price
As at 30 September 2021, the share price was 96.3 pence per share, which
represented a discount of 25.9 per cent to the NAV per share. The share price
total return for the quarter to 30 September 2021 was 7.5 per cent.
Rent Collection
We summarise below our current rent collection outcome since the impact of
Covid-19 came into full force, from Q2 2020 to Q3 2021.
Q2 2020 to Q3 2021 Collection (billed between 26 March 2020 and 1 September
2021)
Overall collection for the eighteen-month period is at 92.4 per cent and the
breakdown is detailed below:
Rent Billed Collected
(£m) (%)
Quarter 2 2020 16.9 90.4
Quarter 3 2020 16.5 90.7
Quarter 4 2020 16.4 94.1
Quarter 1 2021 16.5 90.3
Quarter 2 2021 16.3 93.7
Quarter 3 2021 16.0 94.9
Total 98.6 92.4
Collection by sector:
Rent Billed Collected
(£m) (£m) (%)
Industrial 19.7 19.5 99.3
Offices 42.7 41.9 98.0
Retail Warehouse 14.3 13.9 97.4
Retail 15.1 9.6 63.5
Alternatives 6.8 6.1 89.7
Total 98.6 91.0 92.4
Breakdown of uncollected rent:
(£m) (%)
Agreed deferments 1.0 1.1
Rent waived 3.3 3.2
Bad Debts 0.3 0.3
Unresolved / in 3.0 3.0
discussion
Uncollected Rent 7.6 7.6
Rent collection statistics are improving and the resolution of historical rent
arrears continues to progress. As previously disclosed, the significant
proportion of uncollected rent is from the retail and leisure tenants at St
Christopher's Place Estate and Wimbledon.
Trading Activity
St Christopher's Place Estate
In the six months since the end of the last lockdown in April, footfall levels
across the estate continue at comparatively strong levels, averaging at 70 per
cent of 2019 levels. This remains ahead of the wider West End, which is
averaging at 47 per cent of 2019 levels. Since September, visitor levels to the
estate have been closer to pre-pandemic levels, following the gradual return of
office workers and an increase in leisure travel.
New tenants, 'Platform' and 'Festok' have recently joined the line-up, opening
shops on St Christopher's Place, whilst 'Emma Hyacinth' and 'Isola by San
Carlo' are due to open in the coming weeks. A letting at 372 Oxford Street has
completed to an Aldo franchisee following the surrender of the former Aldo
lease, after the company appointed Administrators in 2020. The tenant is
expected to open in early November to benefit from trade in the run up to
Christmas.
Food and beverage demand remains buoyant and lease renewal terms are under
negotiation with several tenants.
Leasing activity continues on the Estate's offices with a further two deals
exchanging.
Offices
At 82 King Street Manchester, two rent reviews and one lease renewal completed
with a further three rent reviews and one lease renewal currently in
negotiation.
Property Sales
Consistent with the strategy to recycle capital and adjust sector weightings,
the Company completed two property disposals during September 2021.
The Company sold Cassini House located in St. James', London which is a prime
multi-let freehold office building and was the second largest holding in the
portfolio. This was for a total consideration of £145.5million, reflecting a
substantial increase of 11 per cent over the previous external valuation at 30
June 2021 and 19 per cent over the year-end valuation at 31 December 2020. The
disposal represented the culmination of a long-term business plan which
involved a complete refurbishment, introduction of new tenants and re-gearing
of leases.
The Company also sold its holding at Dane Street, Rochdale for a total
consideration of £35.0 million, an increase of 9 per cent over the last
external valuation at 30 June 2021 and 12 per cent over the year-end valuation
at 31 December 2020. The asset is a purpose-built supermarket with a 12-pump
filling station and an adjacent retail warehouse. The supermarket is let to
Asda Stores Limited and the disposal follows the successful re-gearing of the
Asda lease and extension of the term expiry date out to December 2038.
Cash and Borrowings
The Company had approximately £215.1 million of available cash as at 30
September 2021. There is long-term debt in place with L&G which does not need
to be refinanced until December 2024. The Company also has a Barclays £50
million term loan along with an additional undrawn £50 million revolving credit
facility. The Barclays facility expires on 31 July 2023, with the option of one
further one-year extension. As at 30 September 2021, the Company's loan to
value, net of cash ('LTV') was 8.6 per cent.
Dividend
The Company paid three monthly dividends at a rate of 0.35 pence per share
during the quarter and will be paying a further monthly dividend at this rate
on 29 October 2021, as announced on 6 October 2021.
The Company today announces a 7.1 per cent increase in the monthly interim
dividend rate to 0.375 pence per share with effect from November 2021. This
dividend will be a property income distribution. The level of dividend will be
kept under review and the opportunity for a further increase will be assessed
as the Company reinvests the surplus cash from recent sales.
The key dates for this interim dividend are as follows:
Ex-Dividend Date - 11 November 2021
Record Date - 12 November 2021
Payment Date - 30 November 2021
Share Buybacks
The Company has continued a share buyback programme during the quarter using
some of the proceeds from property sales. 15,980,854 shares were purchased over
the period and the programme is ongoing. As at 30 September the Company had
21,980,854 shares held in treasury (2.7 per cent of ordinary shares in issue),
acquired at an average discount to NAV of 22.6 per cent.
Portfolio Analysis - Sector Breakdown
Portfolio % of % like for
Value portfolio as like capital
£m at value shift
30 September (excl
2021 transactions)
Offices 386.9 34.6 -0.7
West End 85.7 7.7 0.6
South East 70.7 6.3 -3.1
South West 29.9 2.7 -1.8
Rest of UK 181.2 16.2 0.0
City 19.4 1.7 0.0
Retail 191.7 17.1 0.3
West End 162.2 14.5 -1.8
South East 29.5 2.6 13.5
Industrial 292.4 26.2 5.0
South East 54.2 4.9 4.1
Rest of UK 238.2 21.3 5.2
Retail 122.0 10.9 7.6
Warehouse
Alternatives 125.3 11.2 -1.1
Total Property 1,118.3 100.0 1.7
Portfolio
Portfolio Analysis - Geographic Breakdown
Market % of portfolio
Value as at
£m 30 September
2021
West End 306.9 27.5
South East 277.9 24.9
Midlands 192.6 17.2
North West 150.2 13.4
Scotland 141.4 12.6
South West 29.9 2.7
Rest of London 19.4 1.7
Total Property Portfolio 1,118.3 100.0
Top Ten Investments
Sector
Properties valued in excess of £250 million
London W1, St Christopher's Place Estate * Mixed
Properties valued between £50 million and £70
million
Newbury, Newbury Retail Park Retail Warehouse
Solihull, Sears Retail Park Retail Warehouse
Properties valued between £40 million and £50
million
London SW19, Wimbledon Broadway ** Mixed
Chorley, Unit 6 and 8 Revolution Park Industrial
Winchester, Burma Road Alternative
Properties valued between £30 million and £40
million
Manchester, 82 King St Office
Liverpool, Unit 1, G.Park Industrial
Birmingham, Unit 8 Hams Hall Industrial
Daventry, Site E4, DIRFT Industrial
* Mixed use property of retail, office, food/beverage and residential space.
** Mixed use property of retail, food/beverage and leisure space.
Summary Balance Sheet
£m Pence % of
per Net
share Assets
Property Portfolio 1,118.3 143.9 110.5
Adjustment for lease incentives (20.3) (2.6) (2.0)
Fair Value of Property Portfolio 1098.0 141.3 108.5
Trade and other receivables 28.9 3.7 2.9
Cash and cash equivalents 215.2 27.7 21.3
Current Liabilities (20.7) (2.7) (2.0)
Total Assets (less current liabilities) 1,321.4 170.0 130.7
Non-Current liabilities (2.1) (0.3) (0.2)
Interest-bearing loans (308.5) (39.7) (30.5)
Net Assets at 30 September 2021 1,010.8 130.0 100.0
The next quarterly valuation of the property portfolio will be conducted by
CBRE Limited during December 2021 and it is expected that the unaudited NAV per
share as at 31 December 2021 will be announced in January 2022.
Important information
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014. Upon the publication of this announcement via Regulatory
Information Service this inside information is now considered to be in the
public domain.
Enquiries:
Richard Kirby
BMO REP Asset Management plc
Tel: 0207 499 2244
Graeme Caton
Winterflood Securities Limited
Tel: 0203 100 0268
END
(END) Dow Jones Newswires
October 21, 2021 02:00 ET (06:00 GMT)
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