Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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Yes, I questioned this. Received the following reply... Thank you for your email. I can confirm that the dividend payment was 7.09 pence per share, however, this payment is made as a property income distribution (PID). PIDs are taxable as property letting income in the hands of tax-paying shareholders, but treated separately from any other property letting income which shareholders may receive. Profits distributed as PID dividends are paid out of British Land's tax-exempt profits and therefore are potentially fully taxable in shareholders’ hands as property letting income. PID dividends are normally paid after deduction of withholding tax at the basic rate of income tax (20%), which the REIT pays to HMRC on behalf of the shareholder. Therefore, as there was 20% tax applied to the dividend payment this reduced the dividend per share to 5.672 pence per share.
just recd my first divi from bl,why do they take 20% tax from divi payment. I have holdings in numerous companies and this doesn't happen with them. the payment here is very poor when consideri ng this, I wish I had known this prior to buying in.
I sold out of these a while back because the yield was shrinking as the price rose so I lost out on a bit of capital appreciation. I re -entered recently at 666 just dipping my toes - I am hoping to add further between now and referendum lower .I think Uk assets are being affected by the uncertainty but it creates buying opportunity but not without risk. If the out vote wins it would be good to have a bit of spare cash - if we vote out in the long run these will do well but much patience. If there is too much financial turbulence and Bank of England raise rates it's not good for reits but it may make more opportunity. This is an unusual view I know but I am happier buying low.
BLND British land...... Brokers Buys...... British Land Co broker views Date Broker Recommendation Price Old target price New target price Notes 18 Nov Numis Add 831.75 - 957.00 Reiterates 18 Nov Exane BNP Paribas Outperform 831.75 990.00 990.00 Reiterates 18 Nov Deutsche Bank Buy 831.75 1,025.00 1,025.00 Reiterates 18 Nov JP Morgan Cazenove Overweight 831.75 1,000.00 1,000.00 Reiterates
British Land (BLND) has managed strong growth by refocusing on London and the South East but it will find it difficult to replicate. Numis analyst Robert Duncan retained his ‘add’ recommendation and target price of 957p on the stock following first half 2016 results. The shares fell 1.1% to 829p yesterday. ‘Over the last few years British Land has repositioned its portfolio, increasing the weighting to London and the South East and reducing exposure to non-core regional retail,’ he said. ‘While this has helped the outlook for rental growth, meaningful estimated rental value growth in retail remains in the distance and the significant yield shift seen in H1 2016 is unlikely to be repeated. ‘The pace of net asset value total returns is likely to slow assuming a stable investment market. Risks are building across the sector, but British Land has taken action to insulate the business in the event of a downturn.’ He added that as the shares were running a 15% discount ‘the risks are more than priced in’.
BLND Tempus (The Times) says avoid for now. Company is as well placed as any in the sector, w.[Read more at https://www.voxmarkets.co.uk/company/BLND ]
BLND British Land.................. http://uk.advfn.com/p.php?pid=staticchart&s=L%5EBLND&p=6&t=47 BROKER Hargreaves Lansdown COMMENT (17 NOVEMBER 2015) <b><i>Half year results from British Land, one of Europe's largest publicly listed real estate companies, saw management highlighting "strong occupational demand." The group signed 573,300 square feet of lettings and renewals in the period, with virtually its entire portfolio full given occupancy of 98.4%. For its Office portfolio, it let or renewed terms on 208,200 square feet of space - management noted "Across the Office portfolio, we are making good progress enhancing and enlivening environments, strengthening long-term demand for our space, and appealing to a broader range of occupiers." For its Retail portfolio, it let or renewed terms on 365,100 square feet of space, with performance aided by stronger markets and the quality of its assets according to the company. Highlights: European Public Real Estate Association's (EPRA) Net Asset Value (NAV) rose by 7.5% to 891 pence per share Underlying or adjusted profit before tax increased by 10.3% to £171 million Quarterly dividend of 7.09 pence; bringing the half year to 14.18 pence (+2.5%) Chief Executive Commented: "We are reporting another strong set of results. In recent years we have positioned our portfolio to benefit from long-term macro trends. This focus has underpinned our performance in the last six months where we have benefited from strong occupational demand and a sound UK economy. Moreover our high quality portfolio and attractive and flexible development opportunities, position us well for the future."</i></b>
17 Nov 2015 British Land Co PLC BLND Investec Buy 830.00 820.00 934.00 934.00 Reiterates
BRIEF – British Land first – half pretax profit rises 10 pct 17-11-2015 07:24 Nov 17 (Reuters) – British Land Company Plc : H1 underlying pretax profit rose 10.3 percent to 171 million stg Total accounting return of 9.1 pct for six months to Sept. 30, 2015 (H1 2014/15: 13.7 pct) Quarterly dividend of 7.09 pence; bringing half year to 14.18 pence (up 2.5 pct) Underlying profits were 10.3 pct ahead at 171 million stg Total gross investment for six month period was 920 million stg Source text for Eikon: ... Further company coverage: BLND.L (Bengaluru Newsroom +91 80 6749 1136) http://content.screencast.com/users/marketsniper/folders/Default/media/fe3c992d-f464-4aab-ae09-05624122b539/blnd%201.jpg
Hammerson and Allianz buy £1.4 billion Irish shopping mall loans portfolio: Hammerson has made a major foray into the Irish property market after buying a portfolio of loans secured against some of the country’s biggest shopping centres for €1.85 billion (£1.37 billion).
Demand for office space in the UK regions sped 51% higher in the second quarter of the year, which is expected to lead to rental growth and further starts on new development schemes. Bolstered by a solid economic backdrop and the Tory election win, strong occupier demand saw a total of 2.08m sq ft taken up in the three months to the end of June, which was 51% ahead of the first quarter and 49% above the five year quarterly average, according to figures collected by Knight Frank. Birmingham was head and shoulders above the rest, with take-up of 0.52m sq ft, almost half from a pre-let to HSBC at the Arena Central mixed use development, being constructed by Galliford Try, where around 1,000 head office roles will move from London before the end of 2018. "Improved occupier confidence has led to a surge in pre-letting activity and high levels of take-up across the main regional office markets in Q2, which we anticipate will be reflected in rental growth and further starts on new development schemes over the next 18 months," said Stephen Hodgson, Knight Frank's head of regional offices. Pre-letting activity increased in the quarter, which Knight Frank said impacted on new and Grade A availability, which was down by 17% year-on-year collectively to 2.2m sq ft. Hodgson added: "On the investment front, despite the fact that yields are approaching historic lows we also feel that there is scope for further yield compression." Almost £2.1bn of regional office assets were bought and sold, the strongest first six-month period since the financial crisis. Bristol, Manchester and Birmingham were the main focus of investment activity in the second quarter, accounting for over half of total investment turnover. Bristol in particular saw some sizeable transactions, including the off-market purchase of the 10 Templeback grade-A waterfront office building by Orchard Street Investment Management in June 2015 for £58.5m, reflecting a net initial yield of 5.34%, and Aviva Investors' acquisition of 66 Queen Square for £32.7m, at a net initial yield of 4.94%.
Turnover based lease rents may improve if Sunday trading is expanded as now permitted following the Budget
West End retailers take control of shops: Retailers on Oxford Street and Bond Street are increasingly seeking to take control of their shops, with stores owned by brands rising 28% and seven% respectively over the past two years.
Leasing activity in London office market heats up to 17-year high: Leasing activity in the London office market hit 6.3 million square feet in the first half of 2015 – the highest level in 17 years – fuelled by pent up demand on the back of the General Election and firms moving east.
Westfield splashes out on luxury quarter: Westfield said it plans to spend millions of pounds on the expansion of its luxury shopping quarter at Westfield London
Birmingham revels in its towering ambition: Birmingham plans to build more than a million square feet of office space to cash in on an undersupply in London that is forcing rents in the capital to sky-high levels.
Helical Bar Chief predicts record City office rents of £100 per sq ft: The meteoric rise in London office rents is unlikely to slow down for at least another year, the Chief Executive of property developer Helical Bar said, as companies compete for limited office space.
Lenders pour cash into U.K. property market: Lending to property companies has jumped sharply as the market’s return to boom conditions and poor returns from other asset classes fuel rising availability of debt. The supply of finance to U.K. property companies rose 50 % in the 12 months to end-December, hitting £45 billion, according to research by academics at De Montfort University. This is the highest amount of new lending since 2008
Office builders aim high in central London: Office-building in central London has risen by almost a quarter over the past six months, but the capital is still suffering from a severe undersupply of work space
<b>Boom time at British Land</b> By Lee Wild | Thu, 14th May 2015 - 12:06 Property giant British Land (BLND) did exactly what was expected of it last year. Demand for commercial property is booming and net asset value (NAV) jumped by over 20%. A sharp rise in the value of its property portfolio helped generate a total accounting return of 24.5%, and growth prospects look underpinned by favourable economic conditions. NAV per share grew from 688p to 829p in the 12 months to 31 March, in line with market forecasts, as the value of properties on the balance sheet jumped by £1.7 billion, or 12.1%, to £13.6 billion. Low interest rates have fuelled the property boom, and there seems little likelihood of a rate rise soon. The "Cheesegrater" office block in Leadenhall Street, which British Land finished last July, is already receiving record rents for the City. The building is now 84% let or under offer, compared to 53% at the start of the year. And a Conservative victory in last week's election could also be good for business this year, suggests the company. The prime Central London market softened in the run-up to polling day given the risk of a mansion tax on properties above £2 million. "The super-prime market moderated slightly, but we are continuing to see good demand for exceptional new build properties, such as Clarges Mayfair," it said. Indeed, new records for sales have been achieved at the Clarges development where 22 out of 34 apartments have been sold at an average of £4,750 per square foot. "We have a modern portfolio focused on the right locations; a strong balance sheet with a low cost of debt; and an exciting development programme," says chief executive Chris Grigg. And the analyst community is certainly backing the business. "The outlook is also robust with the twin positives of increasing employment in London and real wage growth supporting demand for London offices and regional retail respectively," says broker Panmure Gordon. "British Land is well placed to benefit from this with the retail portfolio fit to embrace the omni channel retail environment, superstore exposure reduced to 7% and the land bank positioned for future development." British Land shares are currently nudging significant historical technical resistance levels at about 865-875p, but Panmure reckons its forecasts for 6% growth in NAV this year to 877p "looks light", and sticks with its 'buy' rating and 994p price target. There's also a final quarterly dividend of 6.92p, which takes the full-year payout to 27.68p, with a further 7.09p proposed for the first quarter of 2016. There's a prospective dividend yield of 3.3%.
BLND British Land, Broker Views..... Date Broker Rec. Price Old target price New target price Notes 15 May 15 Goldman Sachs Buy 874.25 975.00 985.00 Reiterates 15 May 15 Numis Add 874.25 - 964.00 Reiterates 15 May 15 Canaccord Genuity Buy 874.25 907.00 1,002.00 Reiterates 15 May 15 Exane BNP Paribas Outperform 874.25 1,010.00 980.00 Reiterates 14 May 15 Investec Buy 874.25 904.00 904.00 Reiterates
British Land extended gains on Friday morning following a solid annual report a day earlier, as a host of analysts issued positive ratings for the stock. Goldman Sachs and Canaccord Genuity both raised their target prices for the shares and kept 'buy' ratings, while Numis Securities reiterated an 'add' recommendation and Exane BNP Paribas left its 'outperform' stance unchanged. Goldman, which lifted its target from 975p to 985p, it said the results showed a "source of opportunity" for the real estate investment trust. It highlighted a "variety of positive catalysts" for the stock going forward, ranging from rent growth in the London office market, positive trends in the retail portfolio, a lower exposure to superstores and a reduction in financing rates. "We believe FY2014/15 results provided further/clearer evidence of how BL has positively repositioned its business; e.g., 64% of its portfolio now in London and south east UK, an EPRA occupancy rate up to 97.1% and a well-replenished development pipeline offering significant potential," the US bank said. British Land's loan-to-value ratio reduced to 35% in the year ended 31 March from 40% previously, which Goldman said "offer[s] a reasonable balance between capturing the upside from the current positive macro without putting BL's longer-term strategic focus at risk". The bank said: "Management is running the business based on expectations of rent growth for at least a couple of years, consistent with our view of the macro. We re-iterate our 'buy' rating." The stock was up 1.1% at 876o by 11:16.
Grater expectations: BL has reported first, with Land’s numbers due next week. On the face of it, the BL team led by Chris Grigg has performed impressively. Net asset value — the sliver of the property portfolio attributable to each share — is 20% higher at 829p. Profits before tax rose 5.4% to £313 million. NAV is the preferred measure of performance in real estate, because profits can be tweaked up with property disposals. The benchmark has little solidity in routs of the kind experienced in the late noughties, though. Then, NAVs tumbled. But the white-bearded deity of real estate may be poised to smite tower builders. If inflation and base rates rise, so would bond yields, reducing the appeal of dividend-rich stocks such as BL. The prospects for a share that has appreciated 70% in three years depend on the private sector smoothly taking up slack created by a lessening of central bank support.
Office vacancies in south east at 14-year low: Vacancy rates across the south east office market are at their lowest since 2001, driving rental growth to record highs in towns across the region, Knight Frank reported .
Colliers sees no end in sight for market bull run: Real Estate advisory company Colliers International said there was no end in sight to the property market’s bull run. But the timing of interest rate hikes and geopolitical risks could threaten the current cycle.