Land Securities Share Discussion Threads

[nickrl] 15/11/2022 14:07

LAND report city offices down 9.7%!! but im surmising thats from selling Moorfields at 9% below book so isn't necessarily reflective of the wider mkt.

NRI also flattered by 19m of surrender premiums received so baseline earnings are actually only up 7m although extra finance costs also ate into earnings. However, Moorfields sale has lowered net debt by 20% so will lower finance costs for H2. So they can support the divi but could get dicey if they plough on with the developments that are ready to go unless they have reasonable level of tenant committment.

[therealdeal25] 15/11/2022 06:35

Barnes4 buys high ad sells low don’t be sucked in by the clown, he doesn’t invest in anything, he is a fantasy investor!

[therealdeal25] 14/11/2022 08:34

Hey Dreamer Barnes or digger Barnes 😂😂Dreamer nothing but a dreamer,

[therealdeal25] 14/11/2022 07:03

Barnes Roar dreamer nothing but a dreamer! ROOOOOAAARR

[barnes4] 10/11/2022 15:37

Land about to pop again

[barnes4] 10/11/2022 15:23

And the rest

[barnes4] 10/11/2022 13:41

Oh yes 6 notes

[barnes4] 10/11/2022 07:41

6 quid today?

[williamcooper104] 07/11/2022 13:30

Today or 10 years ago, or even years before that :)

[barnes4] 07/11/2022 13:22

Is it 6 pounds today?

[barnes4] 07/11/2022 13:22

Is it 6 pounds today?

[barnes4] 07/11/2022 12:48

Looks like 6 quid is about to return

[giltedge1] 27/10/2022 08:56

Yes but Gilt yields are falling, so price up 2% today & will continue my guess good value up to £6.00.

[williamcooper104] 26/10/2022 18:41

That's been true in past recessions; but WFH plus prime property not yet anywhere repriced for higher gilts means it mightn't be true this time - plus in a deep consumer recession retail tenants are now used to just not paying the rent; and what's a landlord to do when most of the industry isn't paying rent That said; would be more surprised than not it LAND (BL too) stay at these levels/fall much further and don't get taken private; too much dry PE money and a $7-9bn fund can easily fund a buy and break up

[giltedge1] 26/10/2022 18:34

Apparantly LAND was offered over £ 1 Billion for Moorfields back in January, but decided to market instead, must be the most expensive marketing campaign in history - £200M. Anyway, besides that slip up in a good position as in past recessions grade A offices have held up well as trophy assets for Foreign Investors, so one of the few property companies in offices that will have liquidity.

[williamcooper104] 28/9/2022 08:41

Yep - have to give them credit for that

[williamcooper104] 27/9/2022 21:37

Also there's loads of PE dry powder still about At some point a break up/buy out becomes compelling Once PE too small and LAND plus BL too big But they could easily digest them now

[essentialinvestor] 27/9/2022 21:37

Their recent large asset sale very well timed!.


Remember gearing impacts NAV on the downside during falling values.

[williamcooper104] 27/9/2022 21:09

LAND has got an excellent balance sheet with well laddered debts But agree could easily fall further

[quepassa] 27/9/2022 20:56

It's not nonsense.

It's reality.

And the sky-rocketing interest rates will hit new financing and existing floating-rate financing costs hard.

When the sector tide is fast going out, it's very hard to swim against it.

7% yield sounded great a week ago. Now gilts are yielding 4.5% for a risk-free investment with the strong likelihood of gilt yields rising even further when the BoE increases rates again, as it soon will do. Gilts at 6% are being widely forecast which makes real estate at 7% look less enticing.

It's got further to fall in the ongoing rout. The market hasn't bottomed yet.

Land is a great company but the market does what the market does, irrespective of Land's credentials.

Good Luck All.

ALL IMO. DYOR.
QP

[panache1] 27/9/2022 20:26

It's a nonsense. LTV is 30% and the portfolio is practically fully let. The share price has dropped from £10 pre pandemic in 2020 to £5 now. I think it's a bit too much and hopefully oversold. At this price it's also offering a 7% yield. DYOR