Land Securities Share Discussion Threads

[action] 20/11/2024 08:53

Exd 28.11.24 9.4p.

[essentialinvestor] 15/11/2024 14:42

Anyone have the approximate % for the office holding on total portfolio.

[hugepants] 15/11/2024 08:19

strong interim results



Mark Allan, Chief Executive of Landsec, commented:



"Our operational outperformance continues, with further growth in occupancy and positive rental uplifts across our retail and London portfolio, which is translating into accelerated income growth. Combined with our focus on cost efficiencies, we therefore raise our outlook for EPRA EPS and now expect FY25 to be in line with last year's level despite £0.5bn of net disposals over the past year, and for this outperformance to flow through into FY26.



At the same time, property values have stabilised, with growth in rental values driving a modest increase in capital values, resulting in a positive total return on equity. We expect these trends to persist, as customer demand for our best-in-class space remains robust and investment market activity has started to pick up. We have continued to reposition our portfolio towards higher-return opportunities and are confident of deploying further capital towards this in the second half. Having managed our balance sheet well as markets corrected, we are now well placed to deliver growth and attractive returns."


¾ EPRA earnings of £186m, up £1m vs prior period after adjusting for £13m lower surrender receipts

¾ EPRA EPS at top end of expectations at 25.0p, as better than expected 3.4% LFL net income growth and 2.2ppt improvement in operating margin offset earnings impact from non-core asset disposals

¾ Total dividend up 2.2% to 18.6p per share, in line with guidance of low single digit percentage growth

¾ Profit before tax up to £243m, as 2.1% ERV growth resulted in £91m or 0.9% uplift in portfolio value

¾ Total return on equity of 3.9% over six months, with 1.4% increase in EPRA NTA per share to 871p

¾ Maintained strong balance sheet with 7.4x net debt/EBITDA and a 34.9% Group LTV

¾ Upgrade in EPS outlook due to higher LFL income growth and cost efficiencies, with FY25 EPRA EPS now expected to be in line with the 50.1 pence delivered in FY24 and FY26 expected to be ahead of this, before any upside from potential future acquisitions

[panache1] 23/8/2024 07:16

Thanks ! Explains the price movement then !

[garycook] 23/8/2024 07:14

XD yesterday 22/08 !

[panache1] 23/8/2024 07:04

Anyone know when this is ex div ?

[petersinthemarket] 12/6/2024 15:45

LAND: Diversified REITS: Div c40p; paid Qtly; Yld c6%; The largest commercial property development and investment company in the UK. Next xDiv c15june, then xDiv c24august. Property largely in central London, but has started to diversify into premium quality property outside the centre. share price a bit bombed out but recovering well.

Yes, you got it - I hold
And it is too quiet here.
pete

[petersinthemarket] 12/6/2024 15:38

Still quiet!
7 June 2024: Midas: Commercial property firms have been through the wringer lately. Even when borrowing costs were low, the rise in online shopping left bricks-and-mortar retailers looking vulnerable, while the craze for working from home hit office valuations. Soaring interest rates made matters even worse and shares in LAND, Britain's largest property firm, have sunk from more than £14 in 2015 to £7.05 today. At that price, the stock offers plenty of upside and Div payments are attractive too, with 39.5p pencilled in for the year to March, putting the shares on a Yld of over 5.5%. Bright prospects: LAND owns shopping malls nationwide from Buchanan in Glasgow to Gunwharf Quays in Portsmouth to Piccadilly Lights in Central London. Traditional City offices were a big part of the pf too but CEO Mark Allan has moved with the times, reducing Square Mile area and increasing West End exposure. The strategy has paid off. Vacancies down, lettings up and Central London properties 99% full. Regional development is in the mix too, as well as urban regeneration, such as Mayfield, a pioneering project in central Manchester. Midas: LAND has had a tough few years but prospects are much brighter. At £7.05, they are a BUY.

[petersinthemarket] 12/6/2024 15:37

As it's still quiet here:
3 June 2024: ii: Backing for LAND came from senior independent director Moni Mannings and non-exec James Bowling. Both spent £30k at prices of 646p and 641p resp. Their purchases followed a mixed City reaction to May’s FY results, despite the more upbeat tone of CEO Mark Allan after 2yrs of rising interest rates. He said recent stabilisation in rates and evidence of continued rental growth had started to attract increased investor interest in best assets. The company’s £10bn retail and London-focused pf spans 22.8m sq ft, the bulk of which has significant scarcity value with potential for like-for-like rents to continue to grow. BoA said recent results were slightly short of its expectations, but described the company as one of the least expensive property firms in Europe. It has a share price target of 830p [sp=653p].

[petersinthemarket] 12/6/2024 15:35

As it's quiet here:
17 May 2024: investorschronicle.co.uk: LAND books further losses: The developer still faces an uphill battle against inflation and higher interest rates but the worst may be over: LAND seems to have endured a post pandemic phase that has gone on for longer than the pandemic itself after the REIT slumped to another annual pre-tax loss, although at £341m this was half the prior year’s figure and a bit smaller than analysts had pencilled in. A combination of hybrid working practices and inflation-related costs have not helped, although management has been busy getting its house in order. It has repositioned the company away from the over-exposed and under-utilised City of London and towards a broader footprint in the capital within more mixed use developments. However, a subdued property market kept a cap on valuations; in fact these showed a 6%, or £625m decline during the year, although gross rental value (ERV) rose by 3.2% as LAND concluded greater volumes of leasing. Unfortunately, this was more than offset by a 45 basis points increase in valuation yields driven by the sharp increase in bond yields in H1. Headline EPRA earnings were essentially flat at £371m after £22m of surrender premiums were factored in. Meanwhile, net rental income, which includes JVs and subsidiaries, was down £11m at £550m. The impact of higher rates was also clear with the average weighted cost of debt servicing increasing by £18m to £102m; LAND, like all Reits, needs interest rates to fall. LAND has done all it can to mitigate the worst of its issues and must now wait patiently for the BoE to do its work on base rates. The discount to NAV has come in recently and sits at around 22%. When combined with a prospective DivYld of 5.9%, there is some potential value on offer. Speculative BUY.

[dandanactionman] 31/5/2024 18:08

What happened I today's closing auction?

[dandanactionman] 29/2/2024 20:48

Large volume in end of day auction

[bondholder] 16/1/2024 05:41

Retail investors have been badly burnt over the last decade. This has made prime shopping assets even at 8% yield short of bidders. I'm encouraged that Mike Ashley is now a buyer. He has an excellent view of the true value of these assets as a major occupier. You only see the bottom with hindsight.

[eigthwonder] 15/1/2024 11:36

On the contrary - assuming you are referring to the Times article - he doesn't think he will raise money from the public equity market given the costs - he trades at a chunky discount to NAV - but will raise money from putting some existing assets into JV's, which can then raise money more cheaply, to invest in blue chip shopping malls

[red army] 15/1/2024 11:21

Expecting dilution after that news story about raising £1b +

[fionascott1234] 12/1/2024 17:09

Not bad, up a tenth of a penny!

[income investor] 16/5/2023 06:39

Final 12p as opposed to 13p last year. Dividend still up over year, but never nice to see fall in quarterly dividend!

[bondholder] 16/5/2023 06:09

West End occupancy 99.5% lol

[bondholder] 16/5/2023 06:06

Perfectly good result in a very difficult market!

[bondholder] 16/5/2023 05:52

Valuation going to take a big hit. I'm focused on the EPRA earnings. Hopefully positive improvement on last year!

[dandanactionman] 15/5/2023 18:41

Good luck all for tomorrow results

[bondholder] 24/11/2022 12:00

UK commercial property market to outperform EuropeBrexit will deliver a huge boost for the UK's commercial property sector, according to a prominent US real estate investment firm. The UK will be Europe's best performing real estate market over the next five years because UK property yields are less vulnerable to rate increases than continental peers, according to a report published by AEW, which managed €87.8bn (£75.6bn) of property at the end of June. Properties in the UK have been trading at a discount compared with European peers since Brexit and that has created a buffer.

[nickrl] 15/11/2022 17:54

@williamcooper they have until 2030 to get assets compliant to EPC B and im sure with a construction recession they will get good pricing on this sort of work. They also have anotehr 110m to expend on completing current developments which will further increase the vacancy level as far from being fully pre let.

[williamcooper104] 15/11/2022 14:19

I think they'll do their developments with third party equity; so ought to be able to manage the cash strain on that Difficulty comes from capex to get the rest of their assets into EPC B