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Schroder Real Share Discussion Threads
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SREIT DELIVERS SOLID PERFORMANCE FROM STRONGLY POSITIONED PORTFOLIO
Schroder Real Estate Investment Trust, the actively managed UK focussed REIT, today announces its half year results for the six month period ending 30 September 2016.
· Net Asset Value ('NAV') of £316.8 million or 61.1 pps compared with £322.6 million or 62.2 pps in March 2016
· Increased capital expenditure of £5.5 million (six months to 30 September 2015: £1.1 million) that should deliver higher future returns and improve the portfolio's defensive characteristics
· Sustainable dividend cover of 106%, based on the two dividends of 0.62 pps over the period
· 10% increase in underlying EPRA earnings per share to 1.3p (six months to 30 September 2015: 1.2p)
· Strong relative outperformance of the underlying portfolio with a total return over the period of +1.8% compared with -1.1% for the MSCI Benchmark Index, placing the portfolio on the 9th percentile
· Underlying portfolio has outperformed the Benchmark Index over six months, one year, three years, ten years and since IPO in 2004
· Loan to value ('LTV'), net of all cash, remains stable at 30.0%, within the long term target range of 25% to 35%
· The Company continues to deliver on its stated strategy and the successful repositioning of its portfolio is well underway with 91% now located in 'winning cities and towns' ranked in the first and second quartiles for projected UK GDP growth (Source: Oxford Economics)
· Disposal of five smaller, non-core secondary retail assets, during the period and since the period end, totalling £13.7 million, reflecting an average net initial yield of 3.9% and a 2.2% premium to valuation at start of period
· Refurbishment of vacant assets in Bristol and Cardiff near complete, leading to a portfolio rental value of £34.1 million per annum, reflecting a reversionary yield of 7.6%, compared to the Benchmark at 6.1%
· 35 letting transactions during period and since the period end, including 23 completing post-Brexit
|Schroder Real Estate Investment Trust Limited will announce half year results for the six months ended 30 September 2016 on Wednesday 16 November 2016.|
|US buyer prepares to spend £1bn on cut price UK property
'The plan by New York-based Madison International Realty is an early sign of how opportunistic investors might seek to take advantage of any downturn in the market triggered by the UK’s vote to leave the EU.'|
|SREI is a REIT, the dividend will never be significantly over covered.
Their debt is cheap, tenants solid and lease lengths respectable.
Short of full economic meltdown these are a bargain.
However given the current chaos amongst those who rule such meltdown cannot be ruled out.
|OK so at a heady 63p alleged NAV they were claiming 30% LTV. Critically the existing dividend was only just covered.Although it seems the nav may well have to be halved there solvency should not remain an issue.However trimming the dividend by around 50% looks very possible medium term.|
my retirement fund
|Well I'll be tempted back into this fund if the yeild reaches 7% that said the LTV will need to be at least under 50% can anyone confirm what LTV is at the minute?|
my retirement fund
|Standard Life suspends trading in UK property fund
|I have UAI too but for capital appreciation potential.
It's yield is not guaranteed and it's a developer.
I'm not quite sure what stage of any cycle we're at but think SREI is good value, now boring, but solid long term value.|
|4.5% yield allied to a 12% NAV discount seems reasonably fair value; but perhaps merits a HOLD - certainly not a BUY. Actually a pretty weak HOLD at this stage of the cycle.
Infinitely prefer to play the recovery of UAI on its 7.5% yield and its 35% NAV discount.|
|Seem to be on something of a downer.
Results seem OK.
Now quite a conservative approach, with plenty of demand for income can't see why the big discount ?|
|Pre-Let to Premier Inn at the Arndale Centre|
|Good news indeed, moving along nicely.|
|LETTINGS AT BEDFORD RETAIL WAREHOUSE PARK|
|Have a read of the two announcements from 17th July - here|
|according to my broker, no. we will still receive the same amount of dividend as before.|
|Does the average small investor like me need to fill in the REIT form for dividends?I didn't quite understand!|
|On the contrary, it's the relatively higher voids here which make give SREI a somewhat more interesting upside than quite a few of it's peers. No need for impatience....|
|long term holder here but find it very disappointing that we still have a void rate in excess of 9% , after all were supposed to be in a buoyant market. does anyone know where and what these properties are? if it helps i'd like to offer the management my services, buckshee of course, and help let this nearly one tenth of the portfolio. I wouldn't mind a 10% uplift in the divi like my picton holding.|
|ACQUISITION OF MILLSHAW INDUSTRIAL ESTATE IN LEEDS
NAV and Dividend|
|Year End Results
Financial highlights for the 12 months ended 31 March 2015
· Profit before tax more than doubled to £54.8 million (31 March 2014: £20.9 million)
· Earnings of 11.3 pence per share ('pps') (31 March 2014: 5.7 pps)
· 18.7% increase in NAV per share for the year 31 March 2015 to 57.7 pps, principally due to a 13.2% increase in the capital value of the underlying portfolio
· Dividend of 2.48 pps paid for the 12 months to 31 March 2015
· Strong NAV total return 24.4% (31 March 2014: 14.4%)
· Outperformance of underlying property portfolio delivered total return of 20.8%, versus Investment Property Databank ('IPD') Benchmark Index of 17.1%
· Loan to value ('LTV'), net of all cash, of 22.4% (31 March 2014: 37.8%)
Unaudited NAV as at 30 June 2015
· As announced separately today, the Company reported a NAV of 59.1 pps as at 30 June 2015, representing a quarterly increase of 2.4%, principally due to an increase in value of larger assets acquired as part of the growth strategy
· Recent acquisition of St. John's Retail Park in Bedford made a positive contribution, increasing in value to £34.1 million compared with the gross acquisition price of £32.2 million
· Successful conversion to Real Estate Investment Trust ('REIT') status since the year-end, reducing the overall burden of UK taxation and increasing net income and overall profitability, with the potential to attract a wider investor base
· £67.2 million of new equity raised through the placing programme during the year to 31 March 2015 together with disposal proceeds have been invested into seven acquisitions totalling £124.5 million at an average initial yield of 6.1%
· Disposal of ten assets (including one unconditionally exchanged) totalling £73.8 million reflecting premium compared with the valuation as at 31 March 2014 of £22 million or 42%
· Successful implementation of the growth strategy has made a positive contribution to shareholder total returns resulting in a fully covered dividend, lower leverage and improved economies of scale
· High level of asset management activity with a reduction in the portfolio void rate as a percentage of rental value from 11.7% as at 31 March 2014 to 9.2% as at 30 June 2015|
|54p is my entry point, though with present momentum could go lower|
my retirement fund