Schroder European Real E... Dividends - SERE

Schroder European Real E... Dividends - SERE

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Schroder European Real Estate Investment Trust Plc SERE London Ordinary Share GB00BY7R8K77 ORD GBP0.10
  Price Change Price Change % Stock Price Last Trade
-0.80 -0.81% 98.20 13:22:24
Open Price Low Price High Price Close Price Previous Close
98.20 98.20 98.20 99.00
more quote information »
Industry Sector
REAL ESTATE INVESTMENT TRUSTS

Schroder European Real E... SERE Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount
09/12/2020InterimEUX1.5730/09/201930/09/202007/01/202108/01/202125/01/20215.74
15/09/2020InterimEUX1.3901/03/202030/06/202008/10/202009/10/202023/10/20200
24/06/2020InterimEUX0.92501/10/201931/03/202016/07/202017/07/202031/07/20200
05/03/2020InterimEUX1.8531/08/201931/12/201926/03/202027/03/202014/04/20200
09/12/2019InterimEUX1.8530/09/201830/09/201909/01/202010/01/202027/01/20207.4
10/09/2019InterimEUX1.8502/03/201930/06/201903/10/201904/10/201921/10/20190
18/06/2019InterimEUX1.8501/10/201831/03/201904/07/201905/07/201922/07/20190
07/03/2019InterimEUX1.8531/08/201831/12/201828/03/201929/03/201912/04/20190
03/12/2018InterimEUX1.8530/09/201730/09/201810/01/201911/01/201925/01/20197.4
03/08/2018InterimEUX1.8502/03/201830/06/201830/08/201831/08/201814/09/20180
12/06/2018InterimEUX1.8501/10/201731/03/201805/07/201806/07/201820/07/20180
22/02/2018InterimEUX1.8531/08/201731/12/201722/03/201823/03/201813/04/20180
06/12/2017InterimEUX1.530/09/201630/09/201704/01/201805/01/201819/01/20182.7
25/05/2017InterimEUX1.201/10/201631/03/201722/06/201723/06/201707/07/20170
14/12/2016InterimEUX0.930/09/201530/09/201612/01/201713/01/201727/01/20171.7
29/07/2016InterimEUX0.801/10/201531/03/201618/08/201619/08/201607/09/20160

Top Dividend Posts

DateSubject
16/4/2021
07:53
speedsgh: 6%-yielding Schroder European Reit rallies on dividend hope despite Seville setback - HTTPS://citywire.co.uk/investment-trust-insider/news/6-yielding-schroder-european-reit-rallies-on-dividend-hope-despite-seville-setback/a1494216 Schroder European Real Estate (SERE) has suffered another setback with its troubled Seville shopping centre, which it says is probably in breach of its bank loan agreement after a recent recent slide in value. However, dividend hopes have seen the trust’s depress share price rally in the past six weeks. The real estate investment trust, which aims to invest in ‘winning cities’, this week said the main lender to the Metromar centre - in which it has a 50% stake - planned to instruct a new valuation. Fund manager Jeff O’Dwyer said this was likely to show the covenant restricting the loan from accounting for more than 60% of the property’s value had been breached. ‘The loan is secured solely against the Seville investment, with no recourse back to the group or any other property,’ O’Dwyer told shareholders. The move reflected ‘the increase in vacancy, declining estimated rental values, and increase in risk to trading at shopping centres from the pandemic in general, which has increased pressure on the yield of the Seville asset as well’. Most of the decline in Metromar, the only one of the trust’s investments to retain a pandemic ‘material uncertainty’ clause from valuers, was revealed by SERE last month when it published its net asset value (NAV) for 31 December. This showed the retail centre had declined to 2.9% of the portfolio from 3.6% three months before. However, valuation increases in its other key investments, including a Hamburg office, Dutch industrial assets and its Paris Boulogne-Billancourt project, ensured the portfolio grew 2.8%, or €7.5m, to €276.1m in the fourth quarter of last year. This week’s update showed the portfolio valuation slipped 0.6%, or €1.8m, to €274.3m in the first quarter. The decline was 1.2% including the €1.4m SERE spent refurbishing the Boulogne-Billancourt office as part of its ‘transformational’ £95m sale last autumn. Once again there was good news on the industrial assets, which represent 19% of the portfolio by value, which grew 3.9%. The Berlin DIY store - whose residential conversion potential O’Dwyer discussed at a Citywire virtual event last year - rose 4%, helping to offset the downward pressure from Seville. There was also good news on rent collection which improved to 93% from 89% in the previous two quarters. The shares, up 1.4p to 101p today, have rallied 13.5% from 89p when the end-of-year NAV was announced on 3 March and the company declared a 1.57 euro cents first quarter dividend, which offered a a 6.3% forward yield. Although dividend cover from rental income will fall to 70% while the Paris office is empty and is refurbished, the board said it would use some of the sale proceeds to cover the shortfall. It also stated its intention to increase the quarterly dividend back to the 1.85 cents. If that is achieved the annualised 7.4 cents dividend will still offer a forward yield of 6.4% at today’s share price equivalent of 116 cents. The uncertainty of that outcome means the shares can be bought on a 26% discount to their estimated NAV of 134.3p, according to the trust’s broker, Numis Securities. ‘Although the Seville asset continues to be a detractor from performance for SERE, we take comfort that the investment will not impact current income expectations, and the issues relating to the asset are more than reflected in the significantly wide discount of 25% that the shares are trading at,’ said Numis analysts.
13/4/2021
14:50
speedsgh: Rent collection and portfolio valuation update - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/rent-collection-and-portfolio-valuation-update/202104130700031817V/ Schroder European Real Estate Investment Trust plc ("SERE" or the "Company"), the company investing in real estate in European growth cities, today provides an update on rent collection, alongside an independent valuation of the property portfolio as at 31 March 2021. - Approximately 93% of rent due for the quarter ended 31 March 2021 has been collected, which is ahead of the amount collected in the previous two quarters of 89% - As at 31 March 2021, the property portfolio was independently valued at €274.3 million, a decrease of 0.6%, or €1.8 million, on the 31 December 2020 valuation of €276.1 million. Net of approximately €1.4 million of capital expenditure invested in the refurbishment of Boulogne-Billancourt over the quarter, the valuation decreased by €3.2 million, or 1.2% - Excluding the Boulogne-Billancourt capital investment, the like-for-like valuation movement during the quarter was driven by the following: o Improved yield re-rating at the Berlin DIY investment, delivering a valuation increase of €1.1 million, or 4.0% o Improved yield re-rating across the industrial portfolio, delivering a valuation increase of €1.9 million, or 3.9%. As at 31 March 2021, SERE's industrial exposure represents 19% of the portfolio by value o The value of SERE's 50% interest in the Seville shopping centre declined by €6.2 million. This reflects the recent increase in vacancy, declining ERVs and increase in risk to trading at shopping centres from the pandemic in general, which has increased pressure on the yield of the Seville asset as well. The majority of this decline had been reflected in the 31 December 2020 NAV, with the remaining exposure to this asset now representing 2.9% / €5.8M of the NAV. This is the only asset in the portfolio where the valuers continue to adopt a material uncertainty clause - The bank which is financing the Seville property has indicated that it expects to instruct a new valuation to formally test the Loan-to-Value ("LTV") covenant in June 2021, which, based on the Company's revised asset value, is likely to show that the 60% LTV covenant has been breached. The loan is secured solely against the Seville investment, with no recourse back to the Group or any other property. SERE continues to work proactively with its lending partner regarding next steps and will provide a further update in due course - The Company has an aggregated loan to value ratio of approximately 25% as at 31 March 2021, with no recourse to the Company and no debt maturity before 2023. The Company will announce its half year results for the six months ended 31 March 2021 in early July.
29/3/2021
13:03
speedsgh: Dividend currency exchange rate (Sterling) - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/dividend-currency-exchange-rate--sterling-/202103291245048325T/ On 3 March 2021, Schroder European Real Estate Investment Trust plc (the "Company") announced its first interim dividend for the year ending 30 September 2021 of 1.57 euro cents per share... ... This announcement confirms that the currency exchange rate applicable for the interim dividend for shareholders on the UK register who did not make a currency election before the applicable deadline and who therefore will receive their dividend in sterling is: Declared dividend - 1.57 euro cents per share Exchange rate - 0.85120 Dividend to be paid for those receiving dividends in sterling - 1.33638 pence per share The dividend will be paid on 13 April 2021 to shareholders who were on the register at the close of business on 26 March 2021.
25/2/2021
11:27
speedsgh: NAV NAV as at 31/3/21 likely to fall following recent announcement that one of the fashion anchor tenants at its Metromar shopping centre JV in Seville has opted to exercise its 'lease termination right' (presumably a break option). The audited NAV as at 30/9/20 was 150.9 cents. The unaudited NAV to 31/12/20 and dividend are due to be announced in early March, but the above hit to NAV will only come into play when the portfolio is valued to 31/3/21 - "An updated valuation will be carried out as at 31 March 2021, which will reflect the potential vacancy." DIVIDEND "As previously stated, the income from the centre was already subject to a cash trap with the lender and therefore any reduction in income from this vacancy will not have a material impact on the Company's current dividend expectations." "The rent due [from the departing tenant at Metromar in Seville] will continue to be collected until the end of July 2021." Will be interesting to see the level of the Q1 dividend to be announced soon. DISCOUNT Following the Property Portfolio Valuation Update released on 12/1/21, it would seem that the NAV as at 31/12/20 may see a small increase on the previous valuation (150.9c). At the current share price the discount has widened back out to approx 35%. Even with an adjustment for the Metromar news, one could argue that -35% is excessive but there is still plenty of uncertainty out there in the sector generally. MY VIEW The current dividend is 6.28c annualised (approx 5.4p) based on Jan 21 payment of 1.57c. That gives a yield of 6.4% which is certainly attractive, especially if they increase the Q1 dividend again. I suspect there is a buying opportunity looming but it's not cheap enough for me yet. Will probably wait for further info in upcoming NAV/dividend announcement and see what the share price/chart is looking like then. Sorry. Probably not much help :o)
12/1/2021
19:17
speedsgh: Rent collection and valuation update - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/rent-collection-and-valuation-update/202101120700063024L/ Schroder European Real Estate Investment Trust plc ("SERE" or the "Company"), the company investing in European growth cities, today provides an update on rent collection, alongside a quarterly independent valuation of the property portfolio as at 31 December 2020. - Approximately 89% of rent due for the quarter ending 31 December 2020 has been collected, which is ahead of the amount collected in the previous two quarters of 87% - As at 31 December 2020, the property portfolio was independently valued at €276.1 million, an increase of 2.8%, or €7.51 million, on the 30 September 2020 valuation of €268.6 million. Net of the €4.6 million capital expenditure invested in the refurbishment of Boulogne Billancourt over the quarter, the valuation increase is €2.91 million, or 1.4% - Excluding the Boulogne-Billancourt capital investment, the like-for-like valuation increase during the quarter was driven by a number of asset management initiatives which included: o Two new lease agreements, for five and six years respectively, for a further floor and part floor at its Hamburg office investment, representing c. 10% of the lettable area. This resulted in a valuation increase of €1.2 million or 6.5% o Yield compression and ERV growth across a number of the industrial assets in the portfolio. This resulted in a valuation increase of €1.41 million or 3.0% o The value of SERE's 50% interest in the Seville shopping centre declined marginally by €50,000 or 0.2%. The opening of the recently expanded and refurbished Mercadona supermarket has assisted in limiting the decline. This asset is the only asset in the portfolio where the valuers continue to adopt a material uncertainty clause - The Company remains prudently geared with a loan to value, net of cash, of approximately 25% as at 31 December 2020, with no debt maturity before 2023. The 31 December 2020 unaudited NAV and dividend will be announced in early March 2021.
09/12/2020
11:55
speedsgh: FULL YEAR RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2020 - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/annual-financial-report/202012090700049867H/ Key Financial highlights ‒ Portfolio valued at €268.6 million1, reflecting a 10.7% uplift during the period (30 September 2019 €242.7 million); the like-for-like valuation movements during the period by sector were Offices +24.9%, DIY/Grocery +1.4%, Industrial +0.5%, Other -4.8% and Shopping centre -9.4% ‒ Net Asset Value ('NAV') of €201.8 million or 150.9 cps, an increase of 10.8% during the period (30 September 2019: €182.1 million or 136.2 cps) ‒ NAV total return of 16.2% (30 September 2019: 4.1%) ‒ Profit increased to €28.4 million (30 September 2019: €7.4 million) driven primarily by the portfolio valuation uplift ‒ Underlying EPRA earnings of €8.6 million (30 September 2019: €10.5 million), with the 2019 earnings having included receipt of a one-off surrender premium of €1.5 million ‒ Loan to value ('LTV') decreased to 24% net of cash (30 September 2019: 26% net of cash) at a weighted average total interest rate of 1.4% ‒ Total dividends declared of 5.7 cps (30 September 2019: 7.4 cps) ‒ Dividend cover of 112% (30 September 2019: 107%) Operational highlights ‒ Underlying property portfolio total return of 15.7% ‒ Increased portfolio occupancy to 96% (30 September 2019: 94%), with a 5.5 years average lease term to expiry (30 September 2019: 6.4 years) ‒ Successful execution of asset management initiatives across the portfolio: o Excluding Alten, concluded 10 leases and re-gears, at a rent similar to previous rent of those leases, at a weighted lease term of 5 years o Reflecting its increasing focus on ESG considerations, the Company increased its GRESB green star rating to three, in recognition of the portfolio's sustainability performance, whilst improving the sustainability rating at the Company's Hamburg office asset with the certification of BREEAM in use o The Group continues to give support to its tenants, service providers and consumers in understanding the impact Covid-19 is having on their respective positions. Dividend update The Board will continue to review the dividend in 2021, in particular having regard to the reinvestment of the Paris Boulogne-Billancourt sale proceeds, market conditions and the longer term sustainable rental income collected from the portfolio. As announced previously, whilst the refurbishment of Paris Boulogne-Billancourt is being undertaken, it is expected dividend cover from net income will reduce. The Board expects to allocate some of the net sale proceeds from the forward-funding disposal of this asset, towards covering the shortfall in income from Paris Boulogne-Billancourt whilst it is being refurbished and pending reinvestment of the remainder of sale proceeds. Sir Julian Berney Bt., Chairman, commented: "Our operationally strong portfolio, focused on the Winning Cities of Continental Europe, provided a solid foundation coming into the pandemic, which has been borne out through our robust rent collection figures. Through active asset management, in particular, the conditional forward sale of Paris Boulogne-Billancourt, we have further strengthened the Company's balance sheet and prospects over the period. We are looking forward to next year with cautious optimism, with a focus on investing the sales proceeds into new acquisition opportunities in high-growth sectors and cities in order to continue growing net income and the dividend and favourably positioning the portfolio to drive the next phase of the Company's growth." Jeff O'Dwyer, Fund Manager for Schroder Real Estate Investment Management Limited, added: "Despite the challenges presented by Covid-19, significant progress has been made during the reporting period in delivering on the stated strategy. Key to this was the successful execution of our Paris Boulogne-Billancourt initiative, a transformational transaction that is highly accretive for shareholders and underpinned this extremely strong set of results. Whilst we continue to deal with small pockets of underperformance in the portfolio, the REIT is extremely well placed as we move into 2021 to deliver further income and capital growth on behalf of shareholders."
09/12/2020
11:49
speedsgh: Dividend Declaration - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/dividend-declaration/202012090701029847H/ Schroder European Real Estate Investment Trust plc (the "Company") announces its fourth interim dividend for the year ended 30 September 2020 of 1.57 euro cents per share. The interim dividend payment will be made on Monday, 25 January 2021 to shareholders on the register on the record date of Friday, 8 January 2021. In South Africa, the last day to trade will be Tuesday, 5 January 2021 and the ex-dividend date will be Wednesday, 6 January 2021. In the UK, the last day to trade will be Wednesday, 6 January 2021 and the ex-dividend date will be Thursday, 7 January 2021. The interim dividend will be paid in sterling to shareholders on the UK register and rand to shareholders on the South African register... The exchange rate for determining the interim dividend paid in sterling will be confirmed following the election cut off date by way of an announcement on Monday, 11 January 2021...
11/11/2020
12:02
speedsgh: European Real Estate: Alive and kicking in the Covid crisis - HTTPS://citywire.co.uk/investment-trust-insider/news/european-real-estate-alive-and-kicking-in-the-covid-crisis/a1423362 Citywire and Schroders are giving you a chance to learn more about the investment opportunity in European commercial property and to quiz Schroders’ Jeff O’Dwyer about the pros and cons of real estate investment trust at a special one-hour online event at 11.30am on 19 November. Investors have fled the mainstream commercial property market in Europe this year as the coronavirus pandemic has accelerated the decline in high street retailing and raised a big question mark over the future value of offices. These are understandable concerns but, according to O’Dwyer, fund manager of Schroder European Real Estate (SERE), a £174m investment trust offering a 5.5% dividend yield and a wide 40% share price discount, the sector has been oversold. The depressed share prices of diversified real estate investment trusts indicate investors see little value in their portfolios, which O’Dwyer, head of pan-European Real Estate at Schroders, believes is a mistake. AGENDA As with our previous broadcasts, this programme will start with a presentation by O’Dwyer and be followed by a discussion on European real estate with a professional wealth manager alongside O’Dwyer (pictured). There will also be plenty of time for you to submit questions before or on the day in a Q&A that will conclude the online session. In this Citywire Virtual event, O’Dwyer will discuss the opportunities that the real estate sector offers active investors in Europe. With reference to specific case studies, he will show how real estate is about far more than battered retailers and will explain the positive trends that exist alongside the economic pressures from Covid-19. Topics will include: ~ How SERE builds value in the office sector (eg, Boulogne, Paris); ~ Opportunities in data centres and infrastructure (Netherlands); ~ Preserving value in its one shopping centre investment (Seville); ~ ‘Winning cities’ and the story in Berlin; ~ Rental collection supporting attractive dividends.
24/6/2020
09:38
speedsgh: Second Interim Dividend - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/second-interim-dividend/202006240701048440Q/ Schroder European Real Estate Investment Trust plc (the "Company") announces its second interim dividend for the year ending 30 September 2020. In light of the ongoing market uncertainty, the Board has reduced the next quarterly dividend to 0.925 euro cents per share, equating to 50% of the target dividend level. In implementing the dividend strategy, the Board has considered the rent collection and cash position of the Company, alongside market conditions, current asset management activity and the longer term sustainable rental income from the portfolio. By retaining additional cash at this time, the Company will be better positioned to withstand the impact of Covid-19 on the portfolio. The dividend will be kept under close review as clarity improves around the extent of the impacts of Covid-19, including on future rental receipts, property values and asset management initiatives. The interim dividend payment will be made on Friday, 31 July 2020 to shareholders on the register on the record date of Friday, 17 July 2020. In South Africa, the last day to trade will be Tuesday, 14 July 2020 and the ex-dividend date will be Wednesday, 15 July 2020. In the UK, the last day to trade will be Wednesday, 15 July 2020 and the ex-dividend date will be Thursday, 16 July 2020.
05/3/2020
07:49
speedsgh: NAV and Dividend - HTTPS://www.investegate.co.uk/schroder-euro-real--sere-/rns/nav-and-dividend/202003050700030475F/ Portfolio valuation gain underpins NAV uplift Schroder European Real Estate Investment Trust plc ("SERE" or the "Company"), the company investing in European growth cities, today announces its unaudited net asset value ("NAV") for 31 December 2019, together with its first interim dividend for the year ending 30 September 2020: - Unaudited NAV as at 31 December 2019 of €184.0 million or 137.6 cents per share, an uplift of 1.0% over the quarter; - NAV total return of 2.4% over the quarter and 5.9% over the last 12 months; - Portfolio valuation, net of capex, increased by 1.1% over the quarter to €246.3 million; - A first interim dividend of 1.85 euro cents per share will be paid for the year ending 30 September 2020, in line with the target dividend stated at IPO of an annualised rate of 5.5% on the IPO issue price; - Significant asset management successes, including: · In Hamburg, the Company has secured a new tenant on a five year lease, for an additional 670 sqm of space; and · Lease renewals agreed with two existing tenants at St Cloud, Paris, covering 3,150 sqm of floor space, at rents above the previous level paid. Jeff O'Dwyer, of Schroder Real Estate Investment Management Limited, commented: "Our strategy of investing in a diversified real estate portfolio in winning cities such as Paris, Berlin, Hamburg and Frankfurt has again supported an uplift in NAV and portfolio valuation and a stable and attractive dividend. We are making good progress on the planning, design and financing for the re-development of our largest asset in Boulogne-Billancourt, Paris. Successful completion will deliver profitable growth for the Company and will improve the building's sustainability credentials and income quality." Interim dividend The first interim dividend of 1.85 euro cents per share for the year ending 30 September 2020 represents an annualised rate of 5.5% based on the Euro IPO issue price of 137 euro cents per share. This is in line with the Company's target dividend, which is based on paying a dividend based on the longer term sustainable rental income expected to be generated from the portfolio. Based on the GBP IPO issue price of 100 pence per share the annualised yield is 6.4% (based on FX rates as at 31 December 2019. The dividend is 88% covered from income received during the quarter. As previously noted, we expect dividend cover to reduce whilst we undertake asset management activity across the portfolio, the most significant of which is the refurbishment of our Paris office property Boulogne-Billancourt. These initiatives are expected to improve the longer term income profile of the Company and its dividend cover. The interim dividend payment will be made on Tuesday, 14 April 2020 to shareholders on the register on the record date of Friday, 27 March 2020. In South Africa, the last day to trade will be Tuesday, 24 March 2020 and the ex-dividend date will be Wednesday, 25 March 2020. In the UK, the last day to trade will be Wednesday, 25 March 2020 and the ex-dividend date will be Thursday, 26 March 2020.
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