BCPT – the next to look anomalously cheap…
Posted: September 10th, 2020, 10:44 am
BCPT – the next to look anomalously cheap…
After EPIC, I've now bought into another REIT which pays its dividends monthly.
BCPT trades at 63p on a 47.8% NAV discount and a 4.76% yield. The 0.25p/month dividend is much reduced, now well covered and may improve somewhat as the rental income position becomes clearer. The discount is excessive versus peers; and a closing of the discount to even a still too high 40% would result in a 15% rise in the sp!
Their sectoral split is as follows:
Office 42%; Industrial 18%; Retail 20%; Ret. W’hse 10%; Alternatives 10%
(NB: A large %age of the Retail is the famous Christopher’s Place Estate in London’s West End)
LTV is a fairly low 22.9%; Cost of Debt is 3.3% (relatively high these days; WAULT = 6.6yrs
The chart can be seen at Post no.812 on ADVFN’s Commercial Property thread:
https://uk.advfn.com/cmn/fbb/thread.php3?id=29245091
After EPIC, I've now bought into another REIT which pays its dividends monthly.
BCPT trades at 63p on a 47.8% NAV discount and a 4.76% yield. The 0.25p/month dividend is much reduced, now well covered and may improve somewhat as the rental income position becomes clearer. The discount is excessive versus peers; and a closing of the discount to even a still too high 40% would result in a 15% rise in the sp!
Their sectoral split is as follows:
Office 42%; Industrial 18%; Retail 20%; Ret. W’hse 10%; Alternatives 10%
(NB: A large %age of the Retail is the famous Christopher’s Place Estate in London’s West End)
LTV is a fairly low 22.9%; Cost of Debt is 3.3% (relatively high these days; WAULT = 6.6yrs
The chart can be seen at Post no.812 on ADVFN’s Commercial Property thread:
https://uk.advfn.com/cmn/fbb/thread.php3?id=29245091