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British Land Company PLC (BLND)
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- The full Lemon
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Re: British Land Company PLC (BLND)
For all the optimism about B Land I have never made anything from it except of course the modest dividend and have no interest in holding it. However the presence of Brookfield on the share register may make it interesting. They have I think just under 10% and are surely unlikely just to sit on it.
Dod
Dod
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Re: British Land Company PLC (BLND)
tjh290633 wrote: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
Caught my eye too. Why would they voluntarily pay £15mio Corporation Tax? Plenty of head room on cash flow and borrowing so why not pay the PID instead of incurring Corporation tax?
Possibly the first time I have posted in favour of higher dividends rather than internal reinvestment on this site!
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Re: British Land Company PLC (BLND)
British Land completes drawdown of 500-year headlease and signs first pre-let at Canada Water
https://www.investegate.co.uk/british-l ... 00030754J/
· Following confirmation in May that planning has been secured at Canada Water, British Land has completed the drawdown of the 500-year headlease with Southwark Council
· In addition, British Land has signed its first pre-let with new higher education enterprise, TEDI-London, which has chosen to locate its new campus at Canada Water
Draw down of headlease
British Land is pleased to announce that it has completed the drawdown of the 500-year headlease with Southwark Council. This significant milestone is the culmination of a five-year process in partnership with Southwark Council, which saw planning for the Canada Water Masterplan granted in May 2020.
https://www.investegate.co.uk/british-l ... 00030754J/
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Re: British Land Company PLC (BLND)
dealtn wrote:tjh290633 wrote: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
Caught my eye too. Why would they voluntarily pay £15mio Corporation Tax? Plenty of head room on cash flow and borrowing so why not pay the PID instead of incurring Corporation tax?
Possibly the first time I have posted in favour of higher dividends rather than internal reinvestment on this site!
Is this not simply a cash flow conservation measure? In other words they pay only 19% in corporation tax rather than at least 90% as a PID? I am not a shareholder I am happy to say.
Dod
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Re: British Land Company PLC (BLND)
Operational Update
Full item here; https://www.investegate.co.uk/british-l ... 00071475L/
Following the Christmas trading period and latest quarter date for rental payments on 25 December, British Land is providing the following business update.
Retail operational update
Since our half year update in November, retailers have been required to operate under a series of different restrictions. This included a national lockdown in November (closing non-essential retail but allowing click and collect), regional restrictions based on Tier 1-4 designation in December, and in January, a third national lockdown.
We continue to help our customers trade safely and securely wherever possible. Our assets are particularly well suited to click and collect which has enabled many non-essential stores to continue to operate throughout this important trading period. On 24 December 73% of our stores were operational and footfall and sales proved resilient in the four weeks to Christmas.
From 30 November until 26 December, footfall across our portfolio was 76% of the level achieved last year, 21ppt ahead of the UK market benchmark (ShopperTrak National Index). There was a small difference in performance between assets in different Tiers with those in Tier 4, 5ppt weaker on average than the other Tiers due to the closure of non-essential stores. Like-for-like retailer sales for stores that were open were 81% of the same period last year and there was no notable difference in performance between assets in different Tiers.
Well located, open air retail parks have continued to play an important role for retailers and demonstrate operational outperformance with footfall 87% of the same period last year, 32ppt ahead of the UK market benchmark. Retailer sales for stores that were open on our retail parks were 85% of the same period last year.
As at 7 January, following the latest national lockdown, 620 of our stores are able to trade in some way, representing 32% of the total.
Full item here; https://www.investegate.co.uk/british-l ... 00071475L/
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Re: British Land Company PLC (BLND)
idpickering wrote:Operational Update
Thanks Ian. Down today over 1%, but looking across a couple of years, I'm surprised this hasn't been even more of a disaster. The price now isn't far off the ballpark 2019 levels. Famous last words?
Arb.
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Re: British Land Company PLC (BLND)
Arborbridge wrote:idpickering wrote:Operational Update
Thanks Ian. Down today over 1%, but looking across a couple of years, I'm surprised this hasn't been even more of a disaster. The price now isn't far off the ballpark 2019 levels. Famous last words?
Arb.
You’re welcome Arb. I also expected a larger fall in sp, now down 1.63% as I type. As you know, I dropped BLND early last year, luckily before COVID19 reared it’s head. I’m in no rush to buy back into this sector of the real estate area.
Ian.
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Re: British Land Company PLC (BLND)
idpickering wrote:Arborbridge wrote:idpickering wrote:Operational Update
Thanks Ian. Down today over 1%, but looking across a couple of years, I'm surprised this hasn't been even more of a disaster. The price now isn't far off the ballpark 2019 levels. Famous last words?
Arb.
You’re welcome Arb. I also expected a larger fall in sp, now down 1.63% as I type. As you know, I dropped BLND early last year, luckily before COVID19 reared it’s head. I’m in no rush to buy back into this sector of the real estate area.
Ian.
What news in the RNS do you feel justifies a fall in the share price?
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Re: British Land Company PLC (BLND)
dealtn wrote:idpickering wrote:Arborbridge wrote:
Thanks Ian. Down today over 1%, but looking across a couple of years, I'm surprised this hasn't been even more of a disaster. The price now isn't far off the ballpark 2019 levels. Famous last words?
Arb.
You’re welcome Arb. I also expected a larger fall in sp, now down 1.63% as I type. As you know, I dropped BLND early last year, luckily before COVID19 reared it’s head. I’m in no rush to buy back into this sector of the real estate area.
Ian.
What news in the RNS do you feel justifies a fall in the share price?
Perhaps nothing specific, but the general dire straits for their portfolio with the biting of the current lockdown likely to get worse.
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Re: British Land Company PLC (BLND)
Arborbridge wrote:dealtn wrote:idpickering wrote:
You’re welcome Arb. I also expected a larger fall in sp, now down 1.63% as I type. As you know, I dropped BLND early last year, luckily before COVID19 reared it’s head. I’m in no rush to buy back into this sector of the real estate area.
Ian.
What news in the RNS do you feel justifies a fall in the share price?
Perhaps nothing specific, but the general dire straits for their portfolio with the biting of the current lockdown likely to get worse.
Thanks for your input Arb. You answered dealtn’s question for me.
Ian.
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Re: British Land Company PLC (BLND)
Arborbridge wrote:dealtn wrote:idpickering wrote:
You’re welcome Arb. I also expected a larger fall in sp, now down 1.63% as I type. As you know, I dropped BLND early last year, luckily before COVID19 reared it’s head. I’m in no rush to buy back into this sector of the real estate area.
Ian.
What news in the RNS do you feel justifies a fall in the share price?
Perhaps nothing specific, but the general dire straits for their portfolio with the biting of the current lockdown likely to get worse.
And that sentiment was "discovered" by the market this morning?
In the RNS what was interesting to me was firstly a rent receiving profile no worse than the previous quarter, despite the new lockdown. Secondly, since the last update, the property sales achieved in the retail segment of their portfolio were above the latest book value. At the margin that suggests the asset values aren't as bad as the market perceives. Furthermore, since the shares are already trading considerably lower than the book value, even matching book value would be positive for the share price, if anything.
What particular parts of their portfolio do you see as being in dire straits, and what valuation adjustment do you think should be applied? How would this leave the share price versus your new NAV?
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Re: British Land Company PLC (BLND)
dealtn wrote:Arborbridge wrote:dealtn wrote:
What news in the RNS do you feel justifies a fall in the share price?
Perhaps nothing specific, but the general dire straits for their portfolio with the biting of the current lockdown likely to get worse.
And that sentiment was "discovered" by the market this morning?
In the RNS what was interesting to me was firstly a rent receiving profile no worse than the previous quarter, despite the new lockdown. Secondly, since the last update, the property sales achieved in the retail segment of their portfolio were above the latest book value. At the margin that suggests the asset values aren't as bad as the market perceives. Furthermore, since the shares are already trading considerably lower than the book value, even matching book value would be positive for the share price, if anything.
What particular parts of their portfolio do you see as being in dire straits, and what valuation adjustment do you think should be applied? How would this leave the share price versus your new NAV?
*************DELETED, dspp*****************
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Re: British Land Company PLC (BLND)
Arborbridge wrote:dealtn wrote:Arborbridge wrote:
Perhaps nothing specific, but the general dire straits for their portfolio with the biting of the current lockdown likely to get worse.
And that sentiment was "discovered" by the market this morning?
In the RNS what was interesting to me was firstly a rent receiving profile no worse than the previous quarter, despite the new lockdown. Secondly, since the last update, the property sales achieved in the retail segment of their portfolio were above the latest book value. At the margin that suggests the asset values aren't as bad as the market perceives. Furthermore, since the shares are already trading considerably lower than the book value, even matching book value would be positive for the share price, if anything.
What particular parts of their portfolio do you see as being in dire straits, and what valuation adjustment do you think should be applied? How would this leave the share price versus your new NAV?
*************DELETED, dspp*****************
*************DELETED, dspp*****************
Ian.
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Re: British Land Company PLC (BLND)
This is supposed to be Company Share news and the questions asked are totally valid.
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Re: British Land Company PLC (BLND)
Arborbridge wrote:dealtn wrote:Arborbridge wrote:
Perhaps nothing specific, but the general dire straits for their portfolio with the biting of the current lockdown likely to get worse.
And that sentiment was "discovered" by the market this morning?
In the RNS what was interesting to me was firstly a rent receiving profile no worse than the previous quarter, despite the new lockdown. Secondly, since the last update, the property sales achieved in the retail segment of their portfolio were above the latest book value. At the margin that suggests the asset values aren't as bad as the market perceives. Furthermore, since the shares are already trading considerably lower than the book value, even matching book value would be positive for the share price, if anything.
What particular parts of their portfolio do you see as being in dire straits, and what valuation adjustment do you think should be applied? How would this leave the share price versus your new NAV?
*************DELETED, dspp*****************
On this Board at least we try and enquire what is the news, what people think that will mean etc. In particular I find it useful, to eliminate confirmation bias, if nothing else, to hear the other side of the argument as to why I might be wrong. When somebody says "I also expected a larger fall in the SP ..." that says to me at least 2 people see this RNS as negative for the share price. Is it not unreasonable to ask why those others feel a different response to me? Hence my (polite, single sentence reply) "What news in the RNS do you feel justifies a fall in the share price?"
It seems those 2 people are now saying "nothing specific" (and nothing relevant to new news in the RNS), or not being bothered to answer the question.
Fair enough. However it's difficult to engage in the counter argument when it isn't forthcoming, especially so when I provided examples specifically on why I thought the RNS was positive.
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Re: British Land Company PLC (BLND)
Moderator Message:
Please keep discussion civil in all respects.
I have come here to deal with some Alert(s) and can see that there are a series of comments that are not up to the usual high standards of Fools. I expect I will not find/delete them all as my time is limited, but I'd rather not feel the need at all.
regards, dspp
Please keep discussion civil in all respects.
I have come here to deal with some Alert(s) and can see that there are a series of comments that are not up to the usual high standards of Fools. I expect I will not find/delete them all as my time is limited, but I'd rather not feel the need at all.
regards, dspp
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Re: British Land Company PLC (BLND)
British Land secures 134,000 sq ft pre-let to JLL at 1 Broadgate
https://www.investegate.co.uk/british-l ... 00037519U/
British Land is pleased to announce that JLL has chosen 1 Broadgate for its new UK flagship office. JLL, a global real estate services firm, has signed an agreement for lease for 134,000 sq ft on a 15 year term, representing a pre-let of nearly 30% of the office space.
The building comprises 546,000 sq ft of some of the highest quality, most sustainable mixed-use space in London, including 498,000 sq ft of best-in-class workspace, 47,000 sq ft of roof terraces and 48,000 sq ft of retail and leisure space. Enabling works are already underway with demolition due to start May 2021.
https://www.investegate.co.uk/british-l ... 00037519U/
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Re: British Land Company PLC (BLND)
Operational Update
https://www.investegate.co.uk/british-l ... 00083697V/
· Good progress against our strategic priorities, leveraging our competitive strengths:
o Pre let nearly 30% of the office space at 1 Broadgate to JLL
o Commitment to develop 1 Broadgate and Norton Folgate
o Canada Water planning secured, headlease drawn down, expect to place build contracts for phase 1 over the summer
o Exploiting value opportunity for top quartile retail parks with acquisition of Biggleswade and HUT minority interest
o Progressing urban logistics development opportunities including working up planning for over 1m sq ft at Meadowhall and Teesside; acquired urban logistics warehouse in Enfield with significant redevelopment potential
o £1.2bn of disposals since 1 April 2020, recycling into development and active asset management opportunities
https://www.investegate.co.uk/british-l ... 00083697V/
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Re: British Land Company PLC (BLND)
Rather late to the urban logistics opportunity, IMHO. BBOX, WHR, SHED, RGL, MCKS etc etc got there first.
MDW1954
MDW1954
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Re: British Land Company PLC (BLND)
Is urban logistics in this sense basically warehousing within cities? C.MDW1954 wrote:Rather late to the urban logistics opportunity, IMHO. BBOX, WHR, SHED, RGL, MCKS etc etc got there first.
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