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British Land Company PLC (BLND)

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idpickering
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Re: British Land Company PLC (BLND)

#312534

Postby idpickering » May 27th, 2020, 7:06 am

Full year results for the year ended 31 March 2020

Here; https://www.britishland.com/news-and-vi ... 27-05-2020

Also posted on HYP Practical for HYPer chat.

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Re: British Land Company PLC (BLND)

#312567

Postby Alaric » May 27th, 2020, 9:27 am

idpickering wrote:Full year results for the year ended 31 March 2020
.


Dividends remain suspended, despite it being a REIT. But they have already made Property Income Distributions (PID) in their financial year and the commentary notes that rental income is well down in some cases because they helped their tenants by suspending the rent.

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Re: British Land Company PLC (BLND)

#312610

Postby dealtn » May 27th, 2020, 11:49 am

Seems a positive to me, and market agrees.

Outside of Retail, valuations are up, including the major London development.

Interesting to see that "virtual viewings" are taking place so still traction in the Office market despite the changing opinions on the longer term viability of working from home versus office.

The valuers have the NAV at 774p per share indicating the market is pricing in a further fall in value, maybe pricing Retail down towards zero. That seems a bit far in my opinion.

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Re: British Land Company PLC (BLND)

#312617

Postby Dod101 » May 27th, 2020, 12:03 pm

Alaric wrote:
idpickering wrote:Full year results for the year ended 31 March 2020
.


Dividends remain suspended, despite it being a REIT. But they have already made Property Income Distributions (PID) in their financial year and the commentary notes that rental income is well down in some cases because they helped their tenants by suspending the rent.


Yes but see the post by TJH on the HYP Practical Board. I will not say it again but it seems perverse to me that we have two threads running.

It seems that they would like not to pay at least part of it but instead pay the required tax. I have no particular interest but shareholders will want to study the comments.

Dod

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Re: British Land Company PLC (BLND)

#312627

Postby dealtn » May 27th, 2020, 12:21 pm

Dod101 wrote:
Alaric wrote:
idpickering wrote:Full year results for the year ended 31 March 2020
.


Dividends remain suspended, despite it being a REIT. But they have already made Property Income Distributions (PID) in their financial year and the commentary notes that rental income is well down in some cases because they helped their tenants by suspending the rent.


Yes but see the post by TJH on the HYP Practical Board. I will not say it again but it seems perverse to me that we have two threads running.

It seems that they would like not to pay at least part of it but instead pay the required tax. I have no particular interest but shareholders will want to study the comments.

Dod


Well where should non-HYPers congregate to discuss the company news, other than the Company Share News board? I think it unrealistic that HYPers will migrate away from habit, and biggest traffic, on their own Board to come here (although I think they should more often). So it is inevitable there are 2 threads, despite that perversity.

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Re: British Land Company PLC (BLND)

#312676

Postby idpickering » May 27th, 2020, 2:52 pm

As I put the opening posts on each board this morning, I should explain the reason I did so. As I know some HYPers hold BLND and might like to discuss the share from a HYP perspective on the HYP Practical board. Obviously none HYPers might hold BLND too, and would discuss it on the company news board. I sometimes wonder why I bother? Maybe a mod can clarify this please? I’m reporting my own post to raise this same old boring issue again. For me, if you don’t want to read my posts, then don’t. I don’t think I’ve done anything wrong posting on two boards as I do, in the manner I do, and for the reasons I do it.

Ian.

Moderator Message:
Putting company news on the news board is the correct thing to do, provided it is done on the right thread (which you do properly, thank you). Double-posting to the HYP-P board is another matter, but best left uncommented whilst some things are under review. regards, dspp

idpickering
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Re: British Land Company PLC (BLND)

#312695

Postby idpickering » May 27th, 2020, 4:03 pm

Moderator Message:
Putting company news on the news board is the correct thing to do, provided it is done on the right thread (which you do properly, thank you). Double-posting to the HYP-P board is another matter, but best left uncommented whilst some things are under review. regards, dspp
[/quote]

Thank you for your input. Another way around this would be me just providing a link to items posted on the company news board, if the item is about a HYP type share. Much like I do with the less important news, I could do the same with all the company reports, finals etc, but I think that’ll detract from HYP Practical. Either way, I respect the mod view, and look forward to the result of your collective musings on this.

Ian.

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Re: British Land Company PLC (BLND)

#313362

Postby seagles » May 29th, 2020, 1:19 pm

RNS. Brookfield Asset Management Inc. buys 7.31% of BLND.

idpickering
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Re: British Land Company PLC (BLND)

#322885

Postby idpickering » July 1st, 2020, 7:14 am

British Land Operational Update

Retail operational update

Since the UK entered lockdown, we have focused on working with our customers, helping them to continue to trade where appropriate and reopen safely and securely when possible. Today, all of our retail places are open and we are supporting non-essential retailers to re-open while prioritising the safety and welfare of people who visit and work at our assets.

As at 30 June, 894 of our stores in England were open, representing 64% of total. 116 stores in Scotland were open (50%) and 43 stores in Wales were open (64%).

For the week commencing 14 June when restrictions were eased on non-essential retail in England, footfall at our English assets was 64% of the level achieved in the same week last year. Encouragingly, like-for-like retail sales for stores that were open were 91% of the same week last year.

We expect the best located, open air retail parks to perform an important role in retailers' reopening strategies, and this was reflected in positive like-for-like sales for out of town stores open in England versus the same week last year.

Our London campuses and our standalone offices buildings have remained open throughout, although physical occupancy remains low. We are working with our customers and have agreed comprehensive plans to enable a safe return to work, when appropriate, which are now operational and working well.

https://www.investegate.co.uk/british-l ... 00046208R/

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Re: British Land Company PLC (BLND)

#322908

Postby Arborbridge » July 1st, 2020, 9:36 am

And as to the critical revenue problems:

As of 26 June, we had collected 88% of rent for Offices and 36% in Retail (including at our London campuses) relating to the June Quarter.

We continue to engage with customers on a case by case basis. For smaller, independent operators, primarily in food & beverage and retail, we have agreed rental waivers of £3m in relation to the June quarter in addition to £2m in relation to the March quarter, which we announced in our FY20 results. We are holding productive discussions with larger retail and leisure operators who have been disproportionately affected by lockdown. These include moves to monthly rents, deferrals and partial settlement of March and June rents, typically in return for the removal of lease breaks, lease extensions, reduced incentives or commitments for additional space. This is an ongoing process and so we expect the collection rates for June to improve over the coming weeks.


Arb.

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Re: British Land Company PLC (BLND)

#331388

Postby PinkDalek » August 6th, 2020, 1:19 pm

Note for self and anyone interested (I'm far from up to date on my various holdings and find Company Share news a convenient reference place, knowing full well there are many other sources), the Half Year Results are currently set to be released on 18 NOV 2020:

https://www.britishland.com/investors/financial-calendar/2020

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Re: British Land Company PLC (BLND)

#339403

Postby daveh » September 10th, 2020, 10:42 am

CEO steps down, replaced by CFO, replacement for CFO to be announced in due course

https://www.investegate.co.uk/british-l ... 00075438Y/

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Re: British Land Company PLC (BLND)

#340680

Postby dealtn » September 16th, 2020, 4:36 pm

As noted and commented on here

viewtopic.php?f=15&t=25281

the Canadian Investor Brookfield Asset Management Inc. have notified the market they have increased their equity stake here on 11th September from 7.31% to 9.23%

This RNS refers

https://www.investegate.co.uk/british-l ... 10192001Z/

idpickering
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Re: British Land Company PLC (BLND)

#346356

Postby idpickering » October 9th, 2020, 7:06 am

British Land announces resumption of dividend & operational update

Following the latest quarter date for rental payments on 29 September, and ahead of our half year results, we provide the following update:

· All retail assets and 86% of stores open. Footfall 21% ahead of benchmark, retailer sales 90% of the same period last year

· Open air, out of town retail parks driving outperformance; playing a key role for retailers

· Collection rates for June have improved to 74%; 98% Offices, 57% Retail

· 69% of September rents already collected, 91% Offices, 50% Retail

· c.£245m of retail asset sales since 1 April, overall 8% ahead of March book value

· Balance sheet remains strong: £1bn of undrawn facilities and cash; no requirement to refinance until 2024; senior unsecured rating affirmed by Fitch at 'A' with a Stable Outlook

· Dividend payments to resume and be paid semi-annually at 80% of Underlying Earnings Per Share. Intend to declare interim dividend on this basis in November


https://www.investegate.co.uk/british-l ... 00025708B/

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Re: British Land Company PLC (BLND)

#346363

Postby Dod101 » October 9th, 2020, 7:55 am

Re the dividend that is of course entirely expected and is required in order for them to retain REIT status, but it looks as if they are paying simply the bare minimum they need to.

I do not hold.

Dod

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Re: British Land Company PLC (BLND)

#347129

Postby dealtn » October 12th, 2020, 3:41 pm

A little late to the party, but these are the parts of the latest release I find interesting.

"Leases signed between 1 April and 31 August for periods greater than 1 year covered 132,000 sq ft, on average 11% below previous passing rent and 9% below ERV."

"Office leasing activity from 1 April to 31 August covered 55,000 sq ft, on average 6% ahead of March ERV. Activity has understandably been subdued, given the challenges of physically viewing space."

"At Canada Water we expect to draw down the head lease in the coming months, having secured planning permission in May 2020. A claim for judicial review was refused permission by the High Court in August, and whilst the claimant has applied for an oral hearing which will take place in late October, we are confident with respect to the outcome of this process. We are excited about commencing work on site so that the substantial public benefits of the masterplan can be delivered as soon as possible."

"...we have completed c.£245m of retail sales since March, overall 8% ahead of March book value. Our most recent disposal comprised four standalone B&Q stores sold for £100m."

NAV was 774p as at March 2020, and no update since (as expected). But the suggestion is that retail sales are being achieved above NAV, and that Office leasing is being done at above ERV, which suggests Office NAV won't be lower (or at least not significantly so). Of course all the new activity, sales and leasing may be unrepresentative, and that a large "tail" exists that has different valuation characteristics. A market price of around 380p against that NAV calculation suggests a limited downside, and plenty of potential upside.

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Re: British Land Company PLC (BLND)

#355506

Postby monabri » November 11th, 2020, 12:19 pm

dealtn wrote: A market price of around 380p against that NAV calculation suggests a limited downside, and plenty of potential upside.


Looks that way!

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Re: British Land Company PLC (BLND)

#357549

Postby idpickering » November 18th, 2020, 7:14 am

The British Land Company PLC Half Year Results

Here; https://www.investegate.co.uk/british-l ... 00086488F/

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Re: British Land Company PLC (BLND)

#357670

Postby dealtn » November 18th, 2020, 11:29 am

idpickering wrote:The British Land Company PLC Half Year Results

Here; https://www.investegate.co.uk/british-l ... 00086488F/


A pleasing set of numbers on the whole.

Balance Sheet is at 30th September, with the notes describing post Balance Sheet events including rents and footfalls for October, and partial guidance for November and beyond. Monthly trends are encouraging, but Lockdown 2 is a post-event. Arguably the more significant post-event is the "vaccine news".

Occupancy and footfall are fine, and its tempting to see Sept 20 as the lows for valuations. If so the share price is backed by Net Tangible Assets of 693p. retail, which many seem to see as the cause for concern, represents less than a third of this. London Offices, and developments, continue to make up a large proportion of the assets, and these don't appear to have diminished in value, with overseas buyers supporting the (prime) market.

The development pipeline is of interest to me, and we can expect to see the Canada Water headlease from Southwark Council in the next few weeks. Interesting commentary on (re)developing retail assets to capture more logistics (a shifting focus in retail from bricks to clicks) in adjacent space.

Debt has only fallen gradually, with (retail) disposals being recycled into mixed use developments, but leverage is low historically anyway. I can't see any of the credit rating agencies or Banks being worried by the debt here. Interest costs are on average sub 2%, interest cover >4 times, and average debt length > 7 years.

I am sure that media headlines will focus on large (non-cash) losses, as is usual, but this continues to look a good place to be invested in prime real estate to me. The shares are down around 4% today, but considering they are up around 40% on the month that might be considered immaterial.

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Re: British Land Company PLC (BLND)

#357692

Postby tjh290633 » November 18th, 2020, 12:05 pm

The section in the RNS that caught my eye was:

Following the resumption of the dividend, it is expected that the full PID will be paid for the year to 31 March 2022 and subsequent years.

A REIT is required to pay Property Income Distributions (PIDs) of at least 90% of the taxable profits from its UK property rental business within twelve months of the end of each accounting period and we have agreed an extension to this deadline for the year ended 31 March 2020 with HMRC. We have agreed with HMRC that we will remain compliant with the REIT regime requirements through the payment of corporation tax at 19% on any underpayment of the PID requirement, provided that it arises as a consequence of Covid-19. The corporation tax anticipated to be due for the years ended 31 March 2020 and the six months ended 30 September 2020 has therefore been provided for (see Note 6 Taxation). The Group comfortably passes all other REIT tests and intends to remain a REIT for the foreseeable future.

Bearing in mind the change from equal quarterly dividends to semi-annual, I am asuming that the final might also be 8.4p, but I could be wrong. It will certainly not be zero.

TJH


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