Phoenix Spree Deutschland Limited

0.50 (0.25%)
Share Name Share Symbol Market Stock Type
Phoenix Spree Deutschland Limited PSDL London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.50 0.25% 198.50 15:27:54
Open Price Low Price High Price Close Price Previous Close
194.00 194.00 198.50 198.00
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Industry Sector

Phoenix Spree Deutschland PSDL Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date

Top Dividend Posts

Top Posts
Posted at 06/6/2023 16:26 by cerrito
Thanks HugePants for that.
My main comment from yesterday's announcement is that we are paying the adviser for IR and they do nothing ie no webinars no presentations.
Interesting to read the clear tone in which they said you are not welcome at the AGM.
I ask myself if there are other owners of property in Berlin who are under more financial pressure than PSDL and hence will be willing to sell at a lower price with the result that PSDL will sell little on the wholesale market.
My gut tells me that anyone who bought today will not loose money but have not summoned the energy to buy.

Posted at 20/4/2023 14:49 by davebowler
I'll mention the Barclays problem to PSDL as I have my ISA with them too!
Posted at 17/4/2023 16:53 by cerrito
While I am reluctant to make comparisons between PSDL and Vonovia, I see that the share price of both have recuperated abit in the last few days.
I note that my online broker Barclays does not allow me to purchase more PSDL shares no doubt because PSDL have not completed some paperwork.
Anyone else having problems making on line purchases of PSDL??
I need to say Barclays are not very flexible and I would not reccomend them to anyone and indeed if I was younger would close my account with them.
At the same time I get the impression that PSDL probably do not see completing Barclays paperwork requirement as a top priority.

Posted at 08/4/2023 08:20 by carlopig1
My comments re the business model not working was forward looking. Whilst there is no formal covenant concern, pfandbrief lenders become uncomfortable when leverage gets above 50%.
Ability to raise rents in line with costs becomes harder if tenant churn slows. The gap between revenue and refi costs will increasingly hurt as we approach 2025/26.
In such an environment who knows where NAV will be never mind the share price with no dividend to support it.
Whilst I would like to think more positively the reality is German property has significant headwinds facing them in the coming years.

Posted at 07/4/2023 08:07 by spectoacc
There's two angles surely. One is to say PSDL has a NAV of 423p, and is therefore seriously undervalued. Even valuations falling another quarter from here doesn't get to current s/p, albeit NAV would fall further than 25% with gearing, and covenants do need watching.

Second angle is to say it's a £174m mkt cap co bringing in £26m/year in rent, which doesn't seem likely to change all that much. Ignore the losses being reported - non-cash valuation falls.

As to whether the PSDL business model is busted - the one that sells condos is paused, likely temporarily. The one that owns a lot of rentals and brings in decent cashflow looks largely fine.

Posted at 06/4/2023 17:08 by carlopig1
Sadly I don't agree. The move in property values post December 22 has been dramatically lower. (Deutsche Bank put out a note that resi rpoperty in GermNy can fall 25%). The PSDL NAV will be down at least 10% next time and possibly up to 25%. All the property companies have cancelled their dividends. This is all about preserving cash. It is clearly far cheaper to rent than to buy although the supply demand equation is getting worse. That said if interest rates stay at these levels or increase then the PSDL model doesn't work. Best you can hope for is a low ball bid for the company at some point but PE buyers are waiting for more pain before tabling a bid.
Posted at 03/4/2023 08:54 by spectoacc
Averaged PSDL. Not calling the bottom - look at that chart - and a lot of other possible homes for the money atm. But PSDL isn't expensive here.
Posted at 29/3/2023 09:08 by kenmitch
The bears were right. I’ve taken the loss today. Cancellation of the dividend was the key reason as unlike with the likes of EBOX there’s no income while holders wait for that share price recovery. Bearing in mind the still big discount the share price reaction seems over harsh so a good chance this is the low. But my enthusiasm for PDSL was wrong and even when the share price recovers it will be without the added bonus of big dividends available from so many if the alternatives and I would much rather invest the cash raised from the PDSL sale in those.

The buybacks were definitively a waste of money. Other REITS buying back more heavily than PDSL like SREI also wasted a lot of money on buybacks at much higher prices. If nothing else current events just might reduce the clamour for them.

Posted at 14/3/2023 10:06 by kenmitch
Below is a post I did a couple of days ago on the very good “The Commercial Property Thread,” but in case not seen there I’m posting it here too.

“I agree with SKYSHIP that EBOX looks the best of them all at present. Close behind is one rarely covered on this thread, Berlin Property REIT, PSDL. PSDL is at a 52% discount to 494p NAV.

PSDL results are due at the end of this month. NAV sure to have fallen but possibly not by much. Dividend is small which will put some off, but as long as their results update reassures, share price upside could be large.

This might interest a few, but I’ll refrain from posting my views yet again so will just give the facts and the odd question.

PSDL started their last series of buybacks in June 2021 when the discount to NAV was 17% “a level that does not reflect the track record and performance of the Portfolio.”

The share price at the start of those buybacks was 397p compared with 236p now.

When those buybacks concluded in July 2022 the share price had fallen from the near £4 at the start of them to £3.20 and that “too wide discount” had widened further.

Earlier in September 2019 “the Company has bought back 5.1% of its shares as part of a buyback strategy designed to limit the downside risk to the share price.” Share price then was 390p.

Did those expensive buybacks achieve their aim of “limiting the downside risk to the share price?”

In their interim results in September 2022 (two months after completion of buybacks) PSDL reported “€63 million has been returned to shareholders from dividends and buybacks.”


The share price has fallen 40% from £4 at the start of those buybacks, to just £2.36! Is that really “returning money to shareholders” or is it in reality a 40% loss?

Now that the share price looks really cheap and at a massive 52% discount, compared with the 17% discount PSDL were keen to narrow via buybacks, perhaps there IS a case for buying back now. But they have stopped buybacks!

I bought PSDL too soon and am 16% down. I’m looking to average down but will wait for their results just in case there’s a big fall in NAV (I think a small fall is more likely) or any shock bad news that might explain the exceptionally wide NAV discount. If no such shocks PSDL looks a stunning bargain priced buy.”

Posted at 29/9/2022 10:47 by davebowler
Phoenix Spree Deutschland – Interims: Fundamentals robust but macro outlook weakens
● Results summary: Phoenix Spree Deutschland’s interim results for the six months to 30 June show an EPRA NTA of €5.72
(£4.92) per share, which reflects a 1.2%. increase in Euro terms since the 31 December NTA of €5.65 (+3.8% in Sterling
terms). This increase was driven by a 2.2% like-for-like valuation uplift for the portfolio, excluding the impact of
disposals. The NAV total return for the six months was 2.2% (in Euro terms), including dividends paid in the period.
● Portfolio: As at 30 June, the portfolio of 95 assets (2,554 residential units, 136 commercial units) was valued at €820.1m,
reflecting a gross fully occupied yield of 2.8% (December 2021: 2.9%). The 2.2% like-for-like valuation increase reflects
the combined impact of increased rental tones as well as investments in the Brandenburg asset and completion of
the condominium splitting process in one building. Average passing rent was up 1.9% over the period to €9.8 per sqm
as the company continued to capture the re-letting premium. 174 new leases were signed in the period (a 7.3%
reletting rate), achieving an average rent of €12.7per sqm, which reflects a 28.4% premium to previous passing rents.
Focusing solely on the Berlin portfolio (91% of lettable space), the average premium to passing rent on re-lettings was
33.7%, (2021: 35.8%). EPRA vacancy across the portfolio remains low at 2.5%.
● Transactional Activity: In addition to investing c.€6.2m of capex across the existing portfolio in H1 to facilitate the
reversionary rental strategy, the company also acquired four multi-family houses (24 units) in Hoppegarten and
Nuenhagen Berlin for €6.3m, which offer significant reversionary potential. Since period-end, the company has also
agreed to acquire a 22-unit property in Berlin-Neuk├Âlln for €4.8m. Two non-core disposals have also been undertaken
since period-end, consisting of a fully-split Altbau building with an ongoing construction project within its original
footprint and a smaller asset with a significant commercial component and mature residential tenant structure. The
aggregate proceeds from these two disposals of €8.6m is fractionally below the 30 June valuation of €8.8m.
● Profitable Condominium Sales: Alongside its reversionary re-letting strategy, Phoenix Spree has continued its
condominium strategy whereby assets are divided and selectively sold as individual units. Nine condominium units
were notarised for sale in H1, with an aggregate value of €3.0m, which reflects a slowdown in investment volumes in
Q2, owing to the worsening macroeconomic sentiment and concerns over the cost-of-living crisis and borrowing
costs. However, condominium pricing has remained strong, with the average value achieved per sqm of €5,257
representing a 19.2% premium to book value and a 21.8% premium to the average portfolio value per sqm as at 30
June. Since period-end a further 2 units have been sold, with an aggregate value of €1.0m, reflecting a price of €6,236
per sqm, which is 33% ahead of book value and 44% ahead of the average residential portfolio value. However,
management notes that the headwinds impacting buyer confidence do not show signs of reversing during H2.
● Debt financing: At 30 June, Phoenix Spree had net debt of €295.5m (€305.1m gross borrowings and €9.6m cash),
which reflects a net LTV of 36%, up marginally from c.35% at 31 December. The company’s average cost of debt at 30
June was 2.1% and nearly all of the company’s debt cost is effectively fixed though hedging. The company has limited
near-term refinancing risk with the earliest debt maturity in 2026. Management considers the current level of gearing
to be appropriate and will therefore “not look to increase debt levels until such time as the market outlook becomes
more stable.”
Dividends and Buybacks: The company has declared an interim dividend of 2.35 cents in respect of the period, which
is unchanged from H1 2021 and the Board remains committed to providing shareholders with a secure dividend over
the medium term. The Board has also resumed the company’s share buyback programme which has seen c.9% of
share capital repurchased since its implementation in October 2019. It has repurchased c.£3m, c.1% of share capital
year to date. Although it does not intend to increase gearing at this stage in the cycle, the Board notes that any excess
proceeds from future disposals may be used for share buybacks if considered appropriate.
● Numis views: From a property valuation and NAV perspective these results highlight a solid period for PSDL with values
up a further 2% on a like-for-like basis driving a 2.2% NAV total return (in Euro terms). However, the macroeconomic
landscape shifted over the course of H1 and has deteriorated further since year, which will inevitably present
headwinds over the coming periods. Bund yields have moved sharply higher in recent months, and this has started
to be reflected in transactional pricing for residential portfolios as debt-funded investors have become net sellers in

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