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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Schroder European Real Estate Investment Trust Plc | SERE | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.80 | 1.31% | 62.00 | 12:57:56 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 62.00 | 62.00 | 62.00 | 61.20 |
| Industry Sector |
|---|
| REAL ESTATE INVESTMENT TRUSTS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 06/12/2023 | Interim | GBP | 0.01282 | 28/12/2023 | 29/12/2023 | 25/01/2024 |
| 28/09/2023 | Interim | GBP | 0.012886 | 19/10/2023 | 20/10/2023 | 17/11/2023 |
| 28/06/2023 | Interim | GBP | 0.015966 | 20/07/2023 | 21/07/2023 | 11/08/2023 |
| 23/03/2023 | Interim | GBP | 0.016382 | 13/04/2023 | 14/04/2023 | 05/05/2023 |
| 06/12/2022 | Interim | GBP | 0.01635 | 29/12/2022 | 30/12/2022 | 13/01/2023 |
| 15/08/2022 | Special | GBP | 0.016108 | 08/09/2022 | 09/09/2022 | 30/09/2022 |
| 21/06/2022 | Interim | GBP | 0.015684 | 14/07/2022 | 15/07/2022 | 05/08/2022 |
| 21/06/2022 | Special | GBP | 0.040271 | 14/07/2022 | 15/07/2022 | 05/08/2022 |
| 07/12/2021 | Interim | GBP | 0.015549 | 23/12/2021 | 24/12/2021 | 14/01/2022 |
| 07/12/2021 | Special | GBP | 0.039924 | 23/12/2021 | 24/12/2021 | 14/01/2022 |
| 28/09/2021 | Interim | GBP | 0.015642 | 21/10/2021 | 22/10/2021 | 08/11/2021 |
| 07/07/2021 | Interim | GBP | 0.015792 | 29/07/2021 | 30/07/2021 | 16/08/2021 |
| 03/03/2021 | Interim | EUR | 0.0157 | 25/03/2021 | 26/03/2021 | 13/04/2021 |
| 09/12/2020 | Interim | EUR | 0.0157 | 07/01/2021 | 08/01/2021 | 25/01/2021 |
| 15/09/2020 | Interim | EUR | 0.0139 | 08/10/2020 | 09/10/2020 | 23/10/2020 |
| 24/06/2020 | Interim | GBP | 0.008425 | 16/07/2020 | 17/07/2020 | 31/07/2020 |
| 05/03/2020 | Interim | GBP | 0.016543 | 26/03/2020 | 27/03/2020 | 14/04/2020 |
| 09/12/2019 | Interim | GBP | 0.015868 | 09/01/2020 | 10/01/2020 | 27/01/2020 |
| 10/09/2019 | Interim | GBP | 0.016497 | 03/10/2019 | 04/10/2019 | 21/10/2019 |
| 18/06/2019 | Interim | GBP | 0.016567 | 04/07/2019 | 05/07/2019 | 22/07/2019 |
| Top Posts |
|---|
Posted at 11/4/2024 22:40 by hugepants Portfolio valuation as at end March...The direct property portfolio was independently valued at €208.1 million. The marginal like-for-like decrease over the quarter of -1.0% (31 December 2023 -1.8%), or -€2.2 million,1 was driven by continued outward yield movement, particularly for offices and select retail. The rental income has remained stable with a continuing high level of rent collection and the portfolio benefiting from indexation and high occupancy of 96%... That would imply NAV is around 105p now. So still on a 40%+ discount. |
Posted at 05/4/2024 13:35 by speedsgh According to pg18 of the Annual Report for the year to 30/9/2023, there is an outstanding principal of EUR11.68m on SERE's 50% share of external debt in the Seville joint venture. The loan is provided by Münchener Hypothekenbank eG and has a maturity date of 22/5/2024.In the current FY SERE has refinanced 2 loans against properties in France: rns 20/12/23 re St Cloud, Paris office - rns 3/4/24 re Rennes logistics asset - |
Posted at 05/4/2024 12:01 by hugepants Yes its written down to squat. Kepler make the following observation on the debt attached to the shopping centre;"Although the headline figure for gearing is 24%, in effect SERE is geared c. 20%. This is because one asset, a Seville retail asset, is written down to a value of zero. There is €11.7m of debt secured against this asset, with no recourse to any other assets . The lender collects all income from this asset which it uses to pay interest. Thus, from an investor perspective, having written the investment to zero from both an income and capital perspective, it has no day-to-day impact on the rest of the portfolio. Jeff believes that there is very little chance of recovering any value from this asset and all the cashflows from the asset go to servicing the debt. Although a conclusion hasn’t been reached, one possible outcome is that the asset is handed over to the lender at the end of the loan's term. Because shareholders have already foregone any value for this asset, which is held within a structure with no recourse to the rest of the company, this tranche of debt would have no effect positively or negatively on SERE's NAV should the rest of the portfolio rise or fall in value, and so one can consider the gearing to be c. 20% from the perspective of what gearing will mean for net asset value total return. In a scenario where this specific asset rises in value significantly, which is very unlikely at this stage, then of course this would have a positive impact on NAV." |
Posted at 05/4/2024 11:54 by skyship No. ARTL disposed of the H2O shopping centre in Madrid. SERE still hold the Seville shopping centre - though written down to ZERO. |
Posted at 21/3/2024 10:33 by skyship Well Kepler has that totally wrong. Divi rebased to 1.48c/Qtr, ie 5.92c pa. At 1:17 forex, that = 5.06p for a yield of 7.97% at 63.5p. |
Posted at 21/3/2024 10:07 by ammons The Kepler research note dated yesterday says the yield is 6.3%, not 8%."......A key difference between European and UK commercial property is that there are often explicit inflation links via CPI in lease terms in Europe, which is referred to as ‘indexation |
Posted at 20/3/2024 17:11 by ntv Happy to sit and hold on an approx 8% yield and wait for a recoveryGood to see dividend cover expanding |
Posted at 20/3/2024 10:58 by skyship Results as expected. NAV 124.8c (106.7p at forex 1:17). Divi covered 110%; so continue like that and we could see a minor increase at the end of the year. 96% occupancy and 100% rent collection.Sir Julian Berney Bt., Chairman, commented: "The Company is very well placed, with one of the strongest balance sheets - a net LTV of 24% and €27 million in cash - and dividend covers amongst the UK-listed peer group. The Board continues to assess opportunities to grow earnings and the evolution of the strategy to maximise shareholder returns and liquidity. The current share price discount does not reflect the strength of the portfolio, growth city exposure and local expertise of the investment manager." At the offer price of 63.5p these are now on a 40.5% discount & an 8.03% yield. Rating does seem more than a little harsh. |
Posted at 12/12/2023 08:00 by skyship DividendsThe Board has elected to continue with the 1.48 euro cps quarterly dividend, bringing the total dividend announced in relation to the financial year to 6.66 euro cents per share. Dividend cover for the period was 89%, increasing to 106% for the last six months. This follows the decision in June to re-base the dividend to a quarterly minimum dividend of 80% of the then current level. This decision was not taken lightly, but as we stated at the time, our priority is to protect shareholder value over the long term. It provides significant flexibility, enabling us to pay a covered dividend that can be grown over time. ==================== So, last year pd 2 x 1.85c + 2 x 1.48c; for a total of 6.66c. For the year ahead I'm assuming: 3 x 1.48c + 1 x 1.56c for a covered total of 6.00c (5.15p) That provides a prospective yield of 7.8% at 66p. |
Posted at 06/12/2022 16:03 by skyship They seem intent on holding the uncovered 7.4c dividend, relying mainly upon reinvestment of the Paris proceeds to make up the shortfall.Unable to find the sector split, though did see Industrial now at 26%. ==================== Dividends Despite the deteriorating economic and geopolitical conditions, the Board has elected to continue with the 1.85 euro cps quarterly dividend. However, it will continue to review this position taking into account the level of tenant occupation, rent collection, refinancing and dividend cover. Dividend cover has improved over the last three quarters partly due to the additional investments in Cannes and Venray and is at around 70%. As announced previously, it is expected that dividends from net income will remain uncovered whilst the proceeds from the sale of Paris BB are reinvested. The Board expects to allocate some of the net sale proceeds towards covering the shortfall in income, pending the reinvestment of the remainder. Total quarterly dividends declared relating to the year are 7.4 euro cps, with a dividend cover for the year of 61%. Including the special dividends, total dividends paid increased 195% to EUR25.2 million (18.8 euro cps) versus the previous financial year. Share price The shares continue to trade at a discount, which as at 28 November 2022 reflected a circa 35% discount to the 30 September 2022 NAV. The Board and the Investment Manager remain frustrated in the share price performance, particularly given the differentiated strategy, strength of the underlying real estate, attractive dividend, local management expertise, strong balance sheet and cash reserves. Annualising the quarterly dividend of 1.85 euro cps (to 7.4 euro cents per annum) provides an attractive circa 8.0% dividend yield based on current share price. The Board will continue to review the discount, and at its discretion to execute a share buyback programme, as well as new acquisitions consistent with the current strategy. |
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