BMO Commercial Property Trust Limited (BCPT)

Sector:

Property Investment Trusts

Index:

FTSE Small Cap

99.20p
   
  • Change Today:
      0.20p
  • 52 Week High: 101.20p
  • 52 Week Low: 59.30p
  • Currency: UK Pounds
  • Shares Issued: 779.39m
  • Volume: 892,809
  • Market Cap: £773.15m
  • RiskGrade: 186

London effect pays off for F and C Commercial Property

Date: Thursday 29 Mar 2012

LONDON (ShareCast) - F and C Commercial Property Trust claimed 2011 was another year of out-performance for the real estate investment trust, with its focus on central London serving it well.

The company's net asset value (NAV) per share as at 31st December 2011 was 100.5p. This represented an increase of 4.4% for the year, and once dividends paid to shareholders are factored in, the NAV total return for the year was 10.9%, comfortably ahead of a market portfolio return of 7.9% as measured by the benchmark Investment Property Databank (IPD) All Quarterly and Monthly Valued Funds.

The ungeared total return from the property portfolio during the year was 11.4%, reflecting strong absolute and relative performance against the IPD benchmark return. The portfolio continues to have a strong performance record, being measured top quartile over one, three and five years by IPD, F&C noted.

The company's borrowings comprise £230m of secured bonds, which have been assigned an 'Aaa' rating by Moody's Investor Services and which mature in 2015, and a £50m secured bank loan which is repayable in 2017.

As at 31st December 2011, the company's level of gearing net of cash was 25.4% which compares with 20.6% at the beginning of 2011. The movement in net gearing is due mainly to the investment of cash during the year.

F&C said its strong performance for the year is attributable in the main to its retail and office properties in central London, in particular, Wimbledon Broadway, London SW19 and the company's largest property, St Christopher's Place Estate, London W1.

The completion during the year of the developments at Revolution Park, Chorley and 25 Great Pulteney Street, London W1 also contributed positively to performance, with Great Pulteney Street recording the highest total return within the portfolio.

In 2011 the group paid dividends every month of 0.5p, and the board anticipates this will be the case again this year.

"The prospects for UK commercial property are being adversely affected by macro-economic factors as the UK economy struggles to advance, credit markets remain constrained and the problems of the Eurozone persist. In this uncertain environment, investors are expected to remain cautious and focused on core stock, and occupiers are expected to be reluctant to expand. In addition, property returns are likely to continue to be driven by income with little prospect of capital growth," predicted F&C Commercial Property's Chairman, Chris Russell.

"Against this challenging background, the [trust's fund] managers will continue to take positive steps to protect the company's income stream in terms of covenant strength and lease length. They will seek successful asset management initiatives and acquisitions of further prime properties with attractive income characteristics to deliver performance in the year ahead," Russell added.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

BCPT Market Data

Currency UK Pounds
Share Price 99.20p
Change Today 0.20p
% Change 0.20 %
52 Week High 101.20p
52 Week Low 59.30p
Volume 892,809
Shares Issued 779.39m
Market Cap £773.15m
RiskGrade 186

BCPT Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
40.70% above the market average40.70% above the market average40.70% above the market average40.70% above the market average40.70% above the market average
58.62% above the sector average58.62% above the sector average58.62% above the sector average58.62% above the sector average58.62% above the sector average
Price Trend
38.15% above the market average38.15% above the market average38.15% above the market average38.15% above the market average38.15% above the market average
72.97% above the sector average72.97% above the sector average72.97% above the sector average72.97% above the sector average72.97% above the sector average
Income
21.16% above the market average21.16% above the market average21.16% above the market average21.16% above the market average21.16% above the market average
11.11% below the sector average11.11% below the sector average11.11% below the sector average11.11% below the sector average11.11% below the sector average
Growth
28.83% below the market average28.83% below the market average28.83% below the market average28.83% below the market average28.83% below the market average
48.57% below the sector average48.57% below the sector average48.57% below the sector average48.57% below the sector average48.57% below the sector average

What The Brokers Say

Strong Buy 0
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 1
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BCPT Dividends

  Latest Previous
  5th Interim 4th Interim
Ex-Div 09-Sep-21 12-Aug-21
Paid 30-Sep-21 31-Aug-21
Amount 0.35p 0.35p

Trades for 24-Sep-2021

Time Volume / Share Price
16:35 69,904 @ 99.20p
16:29 543 @ 99.20p
16:29 1,115 @ 99.20p
16:29 18,796 @ 99.20p
16:29 816 @ 99.20p

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