Workspace Share Discussion Threads

[elsa7878] 17/7/2020 11:57

LTV of only 21% and 35% reduction before the equity value is in question. Really should be conserving cash but REIT rules mean dividends must be paid at 90% of net income. Yield now almost 7%.

[williamcooper104] 17/7/2020 11:52

Same - was so obviously super cheap in 2011/12 - not so obvious now - but think will be a long term winner from current trends - just hard to know what the sustainable rent is

[grabster] 17/7/2020 11:45

This was a favourite holding of mine way back (2012-14). Since so many stocks got smashed down in March I added WKP to my watchlist for stocks rebounding. Sadly its rebound has disappeared and it is already retesting the March low, which itself was below the low of 4 years ago. Latest government guidance I presume will help stop the rot - but I am not buying at the moment.

[suetballs] 16/7/2020 10:22

Into the 5's!
Can't really see sentiment here changing for a while.
Everybody wfh and London a ghost town?
Don't think so.
Suet

[slicethepie] 09/7/2020 13:38

This has been a multi bagger for me twice going back to when it was London industrial, prefer to think of it as buying London property on close to a 50% discount!

[its the oxman] 09/7/2020 12:19

Some can and will, but front room is not a long term substitute for what wkp offer.

[hawaly] 09/7/2020 11:12

Many will trade down to their front rooms

The chart is telling.

[slicethepie] 09/7/2020 10:29

Lots of moving parts but very encouraged by the enquiries number for June at circa 75% of old level, lots of businesses will be looking to trade down and wkp should be a well placed recipient given their flexible leases and cost

[suetballs] 09/7/2020 08:34

Yes going to take a while to get back to the new normal.
Access to cash not a problem which is a strong plus.
Suet

[its the oxman] 09/7/2020 08:10

Nothing surprising in today's update for me, occupancy will fall this year, but also good to see enquiries picking up a bit.

[slicethepie] 03/7/2020 17:34

Agree this is getting into bargain territory, the latest planning approval is to me indicative of the uplift they can achieve at many of their sites, any relaxation of planning would be very positive ie the nav understates true value. I am not concerned about the rent role on a 12 month view as I think they could benefit from companies downsizing as they realise they can operate from smaller premises (workspace are probably the smallest) , from the demise of shared working areas and potentially from economic slowdown as you tend to see more people start their own company following redundancy.

[williamcooper104] 02/7/2020 23:27

No position at moment But interested as to what the recently proposed planning reform could do for WKP You will now be able to get PDR on a demolish basis which means that sites which couldn't be converted into resi within existing building envelop may now be viable for resi conversion Resi conversion would of course reduce the impact of any long term secular fall in office demand

[its the oxman] 02/7/2020 20:40

Feels like a real bargain but sentiment is shot. Need some time and update on improving rent collection. If things pan out ok we may yet see previous highs one day. Just need to see what the ex covid world looks like

[elsa7878] 02/7/2020 16:28

Property valuation £2.6 bn
Debt circa £550 m
Equity value £1.2 bn.
Going to take something like a 30% reduction in commercial property valuations to put the present equity value at risk.....not good on commercial property but seems like a lot...

[its the oxman] 26/6/2020 10:47

Feels really bombed out. Nice planning approval gained today and ex div soon.

[suetballs] 18/6/2020 12:05

sp disappointing since the results.The next update will be all important.
Suet

[suetballs] 05/6/2020 09:08

wkp well done - impressive.
Suet

[its the oxman] 05/6/2020 07:47

Yep , nice to get the div, but I guess they have had a strong year and I believe look well placed to cope. This year will see a obvious hit to rental income , but for businesses looking for a new office, a landlord who shares the burden in truly difficult times is attractive and positive for Workspaces reputation. And at the end of the day the properties they own are high quality and still worth far more than today's share price.

[18bt] 05/6/2020 07:20

A hike in the dividend - that's a real positive. They clearly think they will be very well positioned in the new office world beginning to emerge and it's hard to disagree. It makes a massive difference owning the freeholds and not having people crammed in like WeWork. 2021 will take a hit for 3 months on 50% rents - a lot are going to struggle from 1 July, so it will take careful management of tenants.

[its the oxman] 27/5/2020 12:33

Can't believe this is still 700p. Hope their results reassure. Not expecting div to be paid myself. Sure a short term rent hit , but longer term prospects seem compelling.

[suetballs] 26/5/2020 09:15

Final results now 5th June.
Per 7th April rns - dividend to be determined with the final results.
Also as a reit they have to pay a dividend if they have any profits left!
Suet

[18bt] 26/5/2020 07:28

I think they have already annonced no dividend

[suetballs] 23/5/2020 18:20

I just wonder how much unpaid rent is now on the books? And how much is simply deferred or bad debt. Will we get a dividend? Not long to wait as the final results are out on 3rd June.
Suet

[suetballs] 19/5/2020 11:11

Bit of a roller coaster atm.
Sold a few more yesterday and invested in dtg - a good decision it would appear.
Still got a good holding in wkp which I will now hold on to. With peeps going back to work this will get back much of its sparkle.
Suet

[suetballs] 13/5/2020 15:55

Sold a few - proceeds into gaw and bkg where I see more short term upside.
Suet