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Phoenix Spree Deutschland Limited (PSDL)
Phoenix Spree Deutschland Limited (PSDL) Dividends

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

more quote information »

Industry Sector
EQUITY INVESTMENT INSTRUMENTS

Phoenix Spree Deutschland PSDL Dividends History

Announcement Date	Type	Currency	Dividend Amount	Ex Date	Record Date	Payment Date
29/09/2022	Interim	GBP	0.0209	06/10/2022	07/10/2022	28/10/2022
30/03/2022	Final	GBP	0.0429	12/05/2022	13/05/2022	09/06/2022
24/09/2021	Interim	GBP	0.0202	07/10/2021	08/10/2021	29/10/2021
29/03/2021	Final	GBP	0.0465	13/05/2021	14/05/2021	07/06/2021
15/09/2020	Interim	GBP	0.021	24/09/2020	25/09/2020	16/10/2020
06/04/2020	Final	GBP	0.044	11/06/2020	12/06/2020	03/07/2020
26/09/2019	Interim	GBP	0.021	10/10/2019	11/10/2019	25/10/2019
29/04/2019	Final	GBP	0.0462	06/06/2019	07/06/2019	27/06/2019
27/09/2018	Interim	GBP	0.021	04/10/2018	05/10/2018	19/10/2018

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. Read Full Thread Follow Reply
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! Read Full Thread Follow Reply
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. Read Full Thread Follow Reply
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. Read Full Thread Follow Reply
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. Read Full Thread Follow Reply
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. Read Full Thread Follow Reply
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. Read Full Thread Follow Reply
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. Read Full Thread Follow Reply
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.” Really? 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.” Read Full Thread Follow Reply
Posted at 29/9/2022 10:47 by davebowler Numis 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-Neukölln 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 Read Full Thread Follow Reply

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