British Land Half Yearly

[idpickering]

· Robust performance following £1.2bn of net sales of income producing assets in 18 months

· Strong 5.8% LFL rental growth in Offices more than offset £6m impact of CVAs & Admins

· Underlying EPS down 10% due to impact of one off surrender premia received last year

· Half year dividend up 3.0% to 15.50p

· Portfolio value down 1.9%; Retail down 4.5% and Offices up 0.7% with developments up 7.2%

· EPRA NAV 939p, down 2.9%; total accounting return of -1.3% (H118: +4.2%)

· Strong and flexible balance sheet with a disciplined approach to capital allocation

· £842m of asset sales, further reducing leverage to 26.7% (March 2018: 28.4%)

· 5 Broadgate sold for £1bn (our share £500m), delivering 18% return per annum

· £1.3bn of financing activity including £1.1bn of new debt facilities

· £94m of the £200m share buyback extension completed as at 13 November 2018

Divi 15.5p, ex div 3 Jan 19, paid 8 Feb 19.

https://www.investegate.co.uk/british-l ... 00022592H/

[PinkDalek]

Divi 15.5p, ex div 3 Jan 19, paid 8 Feb 19.

https://www.investegate.co.uk/british-l ... 00022592H/

If I may, that 15.5p is two interim dividends combined.

From the RNS:

3. Dividends

As indicated in May 2018, we have increased the dividend by 3.0% for the 6 months to 30 September 2018 to 15.50p and propose a full year dividend to 31 March 2019 of 31.00p.

The second interim dividend payment for the quarter ended 30 September 2018 will be 7.75p. Payment will be made on 8 February 2019 to shareholders on the register at close of business on 4 January 2019. The second interim dividend will be a Property Income Distribution and no SCRIP alternative will be offered.

[idpickering]

Divi 15.5p, ex div 3 Jan 19, paid 8 Feb 19.

https://www.investegate.co.uk/british-l ... 00022592H/

If I may, that 15.5p is two interim dividends combined.

From the RNS:

3. Dividends

As indicated in May 2018, we have increased the dividend by 3.0% for the 6 months to 30 September 2018 to 15.50p and propose a full year dividend to 31 March 2019 of 31.00p.

The second interim dividend payment for the quarter ended 30 September 2018 will be 7.75p. Payment will be made on 8 February 2019 to shareholders on the register at close of business on 4 January 2019. The second interim dividend will be a Property Income Distribution and no SCRIP alternative will be offered.

My error. You're right, sorry. I hold BLND and have been disappointed in it's performance, but at least it's still paying out dividend wise.

Ian.

[jackdaww]

just sold mine to raise some cash.

[monabri]

"British Land Co PLC on Wednesday sunk to a loss for the first half of its financial year due to an adverse valuation movement, in spite of revenue growth for the period."

https://www.londonstockexchange.com/exc ... 98700.html

"British Land reported a pretax loss of GBP42 million, sinking from a pretax profit of GBP238 million the year before, due to a negative valuation on properties of GBP252 million, swinging from a gain of GBP141 million."

[Dod101]

Obviously a reduction in the valuation of its portfolio is hardly surprising and the same was evident in yesterday's results from Land Sec. These valuation adjustments did not used to go through the P & L Account but were dealt with as capital movements in the Balance Sheet. I think that is much more sensible. They are non cash movements and cannot be distributed as dividends anyway so it is much better just to look at Revenue. OTOH reductions in property values will affect the share price or at least any discount or premium to NAV.

I sold some time ago.

Dod

[Arborbridge]

Dividend growth 7.39% pa for five years is not to be sniffed at. Not a bad hedge against inflation but one would have to tolerate the ups and downs in the property/office market as the decades roll by. Still, it has been a much more dependable share than some, and 23June 2016 onwards gave me some renewed topup chances as illustrated here:-



Would be time for another topup if a) I had any cash and b) I didn't already have a fair loading of BLND.



Arb.

[pyad]

"British Land Co PLC on Wednesday sunk to a loss for the first half of its financial year due to an adverse valuation movement, in spite of revenue growth for the period."

https://www.londonstockexchange.com/exc ... 98700.html

"British Land reported a pretax loss of GBP42 million, sinking from a pretax profit of GBP238 million the year before, due to a negative valuation on properties of GBP252 million, swinging from a gain of GBP141 million."

The key measure of performance for property companies, unlike normal trading businesses, is not profit or eps but the trend of net assets per share.

[Dod101]

The key measure of performance for property companies, unlike normal trading businesses, is not profit or eps but the trend of net assets per share.

Well who'd have thought? (except for HYPers of course)

Dod

[Arborbridge]

The market seems to like it +3.8% so whether or not I understand what's going on, the concensus has optimism.


Arb.

[Horsey]

The market seems to like it +3.8% so whether or not I understand what's going on, the concensus has optimism.


Arb.

They were probably expecting worse!

Does anyone else see the futility in using hard earned profits to buy back shares, whilst simulataneously securing new debt? Why not just put the cash in the kitty and save the financing costs?

Angry Horsey!

[idpickering]

The market seems to like it +3.8% so whether or not I understand what's going on, the concensus has optimism.


Arb.

Such was my frustration with this share I very nearly dropped it last month. After having a heart to heart with myself I elected to leave well alone. Glad I did now, and that's how it'll be going forward, although I'm in no hurry to top up.

Ian.

[mike]

Dividend growth 7.39% pa for five years is not to be sniffed at.

Not with you on this Arb, I feel it is a lot lower.

Year     Div p
2013     26.40
2014     27.00
2015     27.68
2016     28.36
2017     29.20
2018     30.08

I make this a 2.6% compound rate

But this is not one I now hold. I moved out of BLND as part of my Brexit [and Corbyn] preparations.

[kempiejon]

Dividend growth 7.39% pa for five years is not to be sniffed at.

Not with you on this Arb, I feel it is a lot lower.

Dividend data is with mike
https://www.dividenddata.co.uk/dividend ... y?epic=SSE I've held Bland for ages I was looking at double digit %age income increases a decade back and I sold as part of my cgt harvesting to move into the ISA, since then things have stagnated a bit.

[Arborbridge]

Dividend growth 7.39% pa for five years is not to be sniffed at.

Not with you on this Arb, I feel it is a lot lower.

Year     Div p
2013     26.40
2014     27.00
2015     27.68
2016     28.36
2017     29.20
2018     30.08

I make this a 2.6% compound rate

But this is not one I now hold. I moved out of BLND as part of my Brexit [and Corbyn] preparations.

I've have something wrong here, then, but won't have time to look into until tomorrow. My dividends around 2013-2014 were noted as around the 21p mark so there's a big difference. Maybe "rights" or "reits" have screwed me up somewhere.

[Arborbridge]

Dividend growth 7.39% pa for five years is not to be sniffed at.

Not with you on this Arb, I feel it is a lot lower.

Dividend data is with mike
https://www.dividenddata.co.uk/dividend ... y?epic=SSE I've held Bland for ages I was looking at double digit %age income increases a decade back and I sold as part of my cgt harvesting to move into the ISA, since then things have stagnated a bit.

That link is for SSE.

[monabri]

Current Divi 30.08p
Divi 5 years ago = 26.4p

=(30.08/26.4)^((1/5))-1

=0.02644 or 2.644% in new money.

[Arborbridge]

A quick glance seems to suggest my error is something connected with changes in rights or some-such as the dividends figures are quite different to the ones I have. If it's due to corporate actions, it's one good reason to hate them since all my historic records will be "wrong" even though they actually happened at the prices of that time.

Baaah!

OK. so Blnd has been at 2.72% over five years according to dividend data, and therefore very slightly ahead of RPI. In truth, this is about what I would have expected from a company in this part of the market - so I should have questioned my own higher figure. The only question now is whether, as inflation increases, they can keeping pushing upward at the same rate with a property market in the balance. All hail diversity in the HYP.

Thanks for pulling me up guys.

[Arborbridge]

Current Divi 30.08p
Divi 5 years ago = 26.4p

=(30.08/26.4)^((1/5))-1

=0.02644 or 2.644% in new money.

Interestingly, I note the chart I published earlier has the same 26.4p figure, but another spreadsheet I took the divs from is nearer 21p.

[monabri]

I just used the data straight from dividend data...as per Mike, earlier.




p.s. good luck chasing those Gremlins in the spreadsheet