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 High Price Low Price Open Price Close Price Last Trade
  -2.00 -1.74% 113.00 115.50 111.50 115.50 115.00 16:35:00
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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

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speedsgh: DIVIDEND The Company has declared a fourth interim dividend in respect of the year ended 30 September 2019 of 1.85 euro cents per share payable on 27 January 2020 to shareholders on the register on 10 January 2020. The total dividends in respect of the year amount to 7.4 euro cents per share. The latest declared dividend represents an annualised rate of 5.5% based on the euro equivalent of the issue price at admission, again achieving the target dividend stated at IPO. Based on the Euro: GBP exchange rate and GBP share price as at 30 September 2019, this equates to an annualised dividend yield of 5.9%. The dividends in respect of the year are approximately 107% covered from net income from the portfolio. Dividend cover over the next two years is expected to be reduced whilst the refurbishment of the Paris Boulogne-Billancourt office investment is completed. However, this project will be accretive to NAV and will improve the longer term income profile and dividend cover of the Company, with a new 10 year lease to a strong tenant being agreed in return for the refurbishment. In implementing the dividend strategy going forward, the Board will consider the shorter term cash generation of the Company, alongside the longer term sustainable rental income from the portfolio. OUTLOOK Initiatives such as the Paris Boulogne-Billancourt refurbishment and lease regear demonstrate the potential to generate strong shareholder returns from our strategy of focusing on Winning European Cities and active asset management by local teams. Having a diverse portfolio of properties and tenants presents other asset management opportunities to improve value and income. Equally, it also provides defensive attributes if certain sectors or markets come under pressure, for example the exposure to the retail sector in the Seville shopping centre. Alongside the quality of the portfolio, execution of asset management initiatives such as improving the occupancy of the Hamburg and Seville assets will also reduce portfolio risk. This will position the Company well to deliver on our long-term growth ambitions.
speedsgh: Announcement of NAV and dividend - HTTPS:// 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 30 June 2019, together with its third interim dividend for the year ending 30 September 2019: - Unaudited NAV as at 30 June 2019 of €183.3 million or 137.1 cents per share; an uplift of 0.3% over the quarter; - NAV total return of 1.7% over the quarter; - A third interim dividend of 1.85 euro cents per share will be paid for year ending 30 September 2019, in-line with the target dividend stated at IPO of an annualised rate of 5.5% on the IPO issue price and approximately 6.0% as of 6 September 2019 based on the closing share price. Jeff O'Dwyer, of Schroder Real Estate Investment Management Limited, added: "Our focus continues to be on delivering an asset management programme that will further strengthen the income, portfolio diversity and shareholder returns. For example, the pre-let redevelopment at the Paris office, Boulogne-Billancourt, will be transformational for the Company. The high quality portfolio and diversified geography, tenant and sector profile means the Company is well positioned across the strongest cities in Continental Europe."... INTERIM DIVIDEND The third interim dividend of 1.85 euro cents per share for the year ending 30 September 2019 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 sustainable dividend based on the annualised income expected to be generated from the portfolio. Based on the GBP IPO issue price of 100 pence per share the annualised yield is 6.8% (based on FX rates as at 30 June 2019). The dividend is 100% covered from income received during the quarter. Dividends for the first nine months of the financial year are 106% covered from net income received. The interim dividend payment will be made on Monday, 21 October 2019 to shareholders on the register on the record date of Friday, 4 October 2019. In South Africa, the last day to trade will be Tuesday, 1 October 2019 and the ex-dividend date will be Wednesday, 2 October 2019. In the UK, the last day to trade will be Wednesday, 2 October 2019 and the ex-dividend date will be Thursday, 3 October 2019...
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