HIGHLIGHTS
Resilient Financial Performance
· Gross rental income of £30.6 million +3.0% (Sept 2023: £29.7 million)
· Adjusted EPS1 of 3.57 pence +3.2% (Sept 2023: 3.46 pence)
· IFRS profit of £10.2 million -39.6% (Sept 2023: £16.9 million)
· Interim Dividend per share of 3.25 pence (Sept 2023: 3.25 pence)
· EPRA net tangible assets2 ("NTA") of 158.05 pence per share -1.4% since March 2024 (Mar 2024: 160.27 pence per share)
· IFRS net assets of £748.4 million, -1.3% since March 2024 (Mar 2024: £758.6 million)
· 99.6% of H1 rents demanded were collected (Sept 2023: 99.1%)
· Total Property Return of 2.4% for the period (Sept 2023: 2.3%) |
So do I skinny, which is what leads me to conclude that actually I am the biggest loser - especially as BP. and LLoy have also stuck the boot in. Doesnt seem too long ago that the sunny uplands appeared for a short time. |
Not sure I should admit this one, but I bought a small amount of BBOX before the close. I also bought back a few GRI that I had flipped at £2.30.
We were fortunate US equity markets powered ahead today, that may not be the case tomorrow.
Anyone fancy Segro..?
What I'm trying to access is the discount the market may want in a higher for longer rate environment.
A Trump presidency is unhelpful for UK property assets - not a political point before anyone shouts ;. |
I hold both 🙄 |
Indeed, BBOX has underperformed the sector even more than SHED. As a SHED holder I take some solace from that. |
Surely BBOX is the biggest loser since September? |
May be, they have geared up the balance sheet just before yields began rising rapidly again, however tbf they are thinking longer term. |
SHED has underperformed the Real Estate sector since early September, the week before it made its announcement on performance and asset purchases on the 17th September. Perhaps the market is getting nervous about tomorrow's interim statement. |
The budget has been unhelpful but this is wider than the UK, it's multi country.
However, our cost of borrowing is now significantly higher than major European competitors.
France, Germany, even Spain, can borrow at lower rates. |
Builders are down too, perhaps a credit squeeze is looming? Starmers moves are damaging to UK employers, my guess there will be layoffs and a general decline in demand on a broad scale. If it's thought that it will translate into less demand for goods transfer sheds, then some will sell, despite this being a sensibly run business. |
What's spooked this, ah, take a look at gilt yields..
UK 10-yr yield has pushed through the Truss peak, the UK 30-yr currently yields over 5%.
I'm surprised the sector is not selling off harder today. |
Its not pretty :- |
What's spooked this down so far? 114p |
SHED beginning to look attractive to me -
barring some equity market plunge.
Likely to be taken out with increasing sector consolidation, all be it not at NAV. |
BBOX used to have frequent placings when raising money, where they allowed shareholders the chance to get in just above NAV. I applied for at least 4 of these several years ago, but that was before the huge discounts they trade at now. Certainly one of the better property companies in my view, that also pay a decent and secure dividend. |
It's quality alright, which explains the meger discount.
Does anyone have a view on BBOX, thanks. |
Agree SGRO, & if I thought the economy was on the way up after the Reeves horror show, that'd be the one I'd buy ;) |
I bought Segro far too early but now looking to average down as it is the quality share in logistics.I hope they don’t get dragged into a bidding war over Ebox as I think they can get a better return developing their existing portfolio although I will be sad to no longer have exposure to European logistics |
Waiting for Shed on Thursday hopefully encouraged to add |
Higher business rates on the tenants, but must have a small knock-on to rental growth that needs reflecting in the s/p's. |
Also Segro and Supr |
Bought some more BBOX today . |
Is the market now going to demand higher discounts to NAV with higher business rates to come on sheds..?
BBOX now sells at a 20% approx discount. |
Have dropped SHED a line, see if they get it sorted. Cant help the share price when PI's can't buy |
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