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| Announcement Date | Type | Currency | Amount | Ex-Dividend Date | Record Date | Payment | |
|---|---|---|---|---|---|---|---|
| 21/9/2023 | Dividend income or Cash Dividend | GBP | 0.01 | 28/9/2023 | 29/9/2023 | 31/10/2023 | |
| 27/3/2023 | Dividend income or Cash Dividend | GBP | 0.03 | 13/4/2023 | 14/4/2023 | 15/5/2023 | |
| 22/9/2022 | Dividend income or Cash Dividend | GBP | 0.01 | 29/9/2022 | 30/9/2022 | 31/10/2022 |
| Top Posts |
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Posted at 28/3/2024 11:05 by williamcooper104 Sitting a shed out to CL2 labs also likely to be more expensive than fitting out an office to same standard Even so doubt it's more than £225psf Would of course be good to not have to guess |
Posted at 27/3/2024 12:50 by williamcooper104 Of course you can rent for a much higher number if you fit out a unit with labs Question is how much capex Lab fit out, for standard wet/CL2 is c£180-200 psf |
Posted at 27/3/2024 10:02 by williamcooper104 Right now having a converted inferior lab doesn't matter as the tenants haven't got a choice It could matter when there's a lot more purpose built labs in London - but that's some time away Tenants are all a little OCD about their labs |
Posted at 27/3/2024 10:00 by williamcooper104 On 1 - LABS are right; there is currently still significant unmet demand - plus developing in Oxford and Cambridge is very difficult - no electricity in Oxford (labs use a lot) and no water in Cambridge. Within next 5-7 years there's a lot more supply coming into London - but that's not a problem now - and if I was buying into LABS now it would be on the basis of a wind up2 - market has more of a point here - it's not that you can't convert to labs but that those labs will always be inferior to purpose built, plus in urban areas you might have to internally store your plant losing a lot of lettable floor area - but that's more of a longer term problem- and as said these are not RGLO offices |
Posted at 27/3/2024 09:25 by ghhghh My take is that LABS is selling off because1. Market doesn't believe that there is enough mid term demand for Lab space but LABS claim that interest/demand (stacked up by concerns re economy)is significantly greater than current supply and this imbalance is increasing thanks to reduced new build) 2. Market is valuing LABS on the basis of it's high % of offices, tarnishing it with the same obsolete/stranded assets discounts as RGL/CLS etc. But as far as I'm aware, all LABS offices have been acquired on the basis that they will be converted. Hence no concerns here (other than future funding) and the greater the write downs, the greater the valuation uplift on refurb, build cost inflation aside. LAB's portfolio is already 100% A-C ESG when you exclude the one listed building. And as far as I'm aware, they have no other significant funding commitments other than Oxford which is covered in Results? I'll double check with them. I should get the Jefferies Note within a couple of days, this should add to the bear case! |
Posted at 26/3/2024 17:50 by ghhghh It is not viable as a stand-alone REITBut letting the vacant assets lifts income to circa £20m and rolling out the development pipeline adds another £6m. LABS claim the limited new build supply should strongly support rental growth when interest rates fall/economy recovers. A 47% discount to NAV looks excessive, presumably this is because a high % of the portfolio is old offices but these will be subject to the ongoing refurbishment to labs programme. |
Posted at 26/3/2024 09:02 by spectoacc Gone very quiet on here. The divi cut look wise, and the market seems to have mostly priced it, but even 2p isn't quite covered by earnings.LABS still has something to prove. |
Posted at 14/3/2024 16:24 by spectoacc You'll get your 2-3 cuts - just not this year ;)LABS is still cheap without them IMO, but agree it's all taking too long. LABS's other advantage is the low LTV. |
Posted at 14/3/2024 15:35 by spectoacc Hate to agree, but even if you take LABS to be offices not labs, it still looks not bad down here to me.Persistent seller, so might go lower yet, but value is value. Good luck holders. |
Posted at 14/2/2024 17:08 by jonwig #134 - at the interim, the 1p dividend cost £3.5m, and net rental income was £6.6m. So that's decent, but earlier dividends were probably uncovered (as they weren't invested enough to earn rent). It will be clearer with the final results - probably end-March.#135 - I think you've misunderstood. Their LABS shares were held in a client's account. The client has since taken his funds elsewhere. So he's either sold the shares or holds them with another asset manager. If the latter, he ought to be issuing an RNS saying so. |
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