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LABS Life Science Reit Plc

39.30
-0.80 (-2.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Life Science Reit Plc LSE:LABS London Ordinary Share GB00BP5X4Q29 ORD GBP0.01
  Price Change % Change Share Price Shares Traded Last Trade
  -0.80 -2.00% 39.30 886,926 16:35:26
Bid Price Offer Price High Price Low Price Open Price
39.10 39.90 40.00 38.90 40.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Investment Trust 15.71M -27.61M -0.0789 -4.96 136.85M
Last Trade Time Trade Type Trade Size Trade Price Currency
17:57:48 O 1,021 39.304 GBX

Life Science Reit (LABS) Latest News

Life Science Reit (LABS) Discussions and Chat

Life Science Reit Forums and Chat

Date Time Title Posts
28/3/202412:00LIFE SCIENCE REIT186

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Life Science Reit (LABS) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
17:57:4839.301,021401.29O
17:07:2239.3017,3416,815.01O
16:35:2639.3046,71718,359.78UT
16:28:0339.101,603626.77AT
16:15:5539.403,0001,181.97O

Life Science Reit (LABS) Top Chat Posts

Top Posts
Posted at 28/3/2024 08:20 by Life Science Reit Daily Update
Life Science Reit Plc is listed in the Real Estate Investment Trust sector of the London Stock Exchange with ticker LABS. The last closing price for Life Science Reit was 40.10p.
Life Science Reit currently has 350,000,000 shares in issue. The market capitalisation of Life Science Reit is £136,850,000.
Life Science Reit has a price to earnings ratio (PE ratio) of -4.96.
This morning LABS shares opened at 40p
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 because

1. 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 REIT

But 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 16:07 by williamcooper104
Yep; hard to see it getting to the scale now But the assets aren't bad; even if you characterise some of them as more office than labs; they still are in good locations An office in Oxford trades at a very different price to one in Leeds
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 22/3/2024 13:14 by wskill
With a loan to value ratio of 20% there is not a lot to worry about here I am thinking added a few more today with this in mind.
Without this seller I am sure the share price would not be so low.
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 13/2/2024 10:58 by davebowler
Liberum
New lease at Oxford Technology Park for £20.1 per sq. ft.
Analyst: Joachim Klement

Mkt Cap £181m | Share price 51.6p | Prem/(disc) -42.5% | Div yield 7.8%

Event

Life Sciences REIT announced that it has fully let Building 5 at Oxford Technology Park, covering 57,000 sq. ft. to WAE Technologies. WAE is a technology and engineering provider to a range of sectros, including green energy, medical engineering, and automotive. WAE is part of Forrtescue, a listed Australian company which aalso has an investment fund that invests in a wide variety of businesses including spinouts from Oxford and Cambridge Universities.

WAE will pay an annual rent of £1.146 million, or £20.1 per sq. ft. for a ten-year term with a break at year five on half the space and a rent review at the end of the fifth year.

Liberum view

This lease continues the improvements in the Oxford Technology Park. Since acquiring the space, LABS has increased the average rent from £15 per sq. ft. to £19.2. At £20.1 per sq. ft. the new lease is in line with this improvement and will increase the occupancy rate. However, the average WAULT to break for the Oxford Technology Park is 10.8 years and WAULT to expiry is 13.2 years so the new lease will reduce the WAULT for this asset somewhat.
Life Science Reit share price data is direct from the London Stock Exchange

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