News and Press Releases

Simon Thompson covers our shares in Investors Chronicle. He highlights our high rent collection rates and argues that Fprop shares should be worth more. 

He says: “Trading on a 36 per cent discount to net asset value (NAV), and offering a prospective dividend yield of 5 per cent, First Property’s long-term record of value creation for shareholders – the company has posted annualised growth in net assets (including dividends) of 22.7 per cent over the past decade and paid out cumulative dividends of 13.32p a share since I included the shares, at 18.5p, in my 2011 Bargain Shares Portfolio – is completely at odds with the miserly valuation. Buy.”

Our Annual General Meeting (AGM), held today, can be watched back on the Investor Meet Company website.

The accompanying RNS statement can be viewed by clicking here. The key points were continued high levels of group cash, a maintained dividend, and rent collection rates well above 90% in the UK, Poland, and Romania, despite challenges linked to coronavirus.

Join @FpropPlc investor presentation TODAY at 12:00, for all the company insights – Click below to register. #FPO

— Investor Meet Company (@InvestorMeetCo) September 23, 2020

Fprop CEO Ben Habib writes in The Property Chronicle: “The only way to continue getting new homes on the market is by continuing to deregulate planning law.”

He adds: “Should widespread working from home… lead to an increase in the office vacancy rate, it would make sense to convert the excess supply to alternate uses. This would help the office market to adjust in line with demand and deliver housing.”

Read the article by clicking here.

Writing in the quarterly magazine Property Chronicle, Fprop CEO Ben Habib argues that Poland is bouncing back from the Coronavirus crisis faster than most nations in Europe and is increasingly attractive to investors.

A PDF of the article can be viewed by clicking here.

Fprop has published a statement on the moratorium on rent enforcement, calling for it to end. Martin Pryce, a Director and Fund Manager at First Property Group, said:

“For six months, the property industry—and by extension the pensioners and others on whose behalf it invests—have been shouldering the extra burden of unpaid rents as other sectors have been offered aid. This isn’t fair. The moratorium on rent enforcement must end or we will be unable to collect as normal for a third quarter.

“Abruptly extending the moratorium for a second time would simply delay the final reckoning, with tenants accruing debt and landlords put under strain. As the Prime Minister said when arguing against extending the furlough scheme, it is simply “keeping people in suspended animation”.

“As we leave the EU, the government must be seen to be on the side of business to ensure continued investment. Landlords, investors, and developers must now be treated with parity and allowed to return to normal like other sectors.”

The moratorium on rent enforcement must end.

Read the statement from Martin Pryce, a Director and Fund Manager at First Property Group: pic.twitter.com/dYX2gqr7CN

— First Property Group (@FpropPlc) September 16, 2020

CEO Ben Habib pens an article on why First Property Group welcomes the Financial Conduct Authority’s move to curtail “open-ended” funds.

The article – titled “We should welcome the end of the ‘open-ended’​ property fund” – was written for React News and republished on LinkedIn. 

Read our CEO, @benhabib6, on why First Property Group welcomes the Financial Conduct Authority’s move to curtail “open-ended” funds.

“BEN HABIB: We should welcome the end of the ‘open-ended’​ property fund”https://t.co/YQFakUmEGv

— First Property Group (@FpropPlc) August 27, 2020

This informative presentation on our preliminary results for the year to 31 March 2020 was given by management and CEO Ben Habib on June 25, 2020.

To make sure you are invited to our next presentation held via Investor Meet Company, please sign up for the service here. A PDF of the report can be found here.

Fprop CEO Ben Habib appears on “Market Musing with Fairbairn and Russell podcast. They discussed Interest rates, investment, and the success of Fprop.

Mr Habib said: “I do think [interest rates will stay low]… there is not a central bank in the developed world that wants anything other than ultra-low interest rates.”

Listen to the full episode by clicking here.

Fprop CEO @benhabib6 talks Interest rates & investment on the @MarketMusing podcast.

“I do think [interest rates will stay low]… there is not a central bank in the developed world that wants anything other than ultra-low interest rates.”

Listen here 👉 https://t.co/uUzrH8VegG pic.twitter.com/SoAz9bzx6i

— First Property Group (@FpropPlc) July 9, 2020

Writing in the Investor’s Chronicle, Simon Thompson says he is “not concerned” by the “modest decline” in year-end net asset value (NAV), as this partly reflects the revaluation of several group properties which have still proved very strong investments. 

He also points towards our multiple income streams and relatively high recent rent collection rates, particularly in the UK, which points towards “the quality of tenants who account for two-thirds of third-party funds.”

Thompson concluded: “The company has generated annualised growth in net assets (including dividends) of 22.7 per cent a year over the past decade, the primary reason why the shares have produced a 155 per cent total return since I included them in my 2011 Bargain Shares Portfolio.

“On a modest price/earnings (PE) ratio of 9.5, offering a 4.5 per cent dividend yield, and on a 33 per cent discount to NAV, the shares remain on my buy list.”

First Property Group plc (AIM: FPO), the property fund manager and investor with operations in the United Kingdom and Central Europe, today announces its preliminary results for the twelve months ended 31 March 2020.