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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Schroder Real Estate Investment Trust Limited | LSE:SREI | London | Ordinary Share | GB00B01HM147 | ORD SHS NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.20 | 0.45% | 44.30 | 44.30 | 44.60 | 44.50 | 44.30 | 44.40 | 494,241 | 15:21:37 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Real Estate Agents & Mgrs | 25.23M | -54.72M | -0.1114 | -3.99 | 218.04M |
Date | Subject | Author | Discuss |
---|---|---|---|
29/1/2020 14:49 | It often pays to buy out of favour, provided fundamentals remain ok. Much easier to buy when everyone is exited about something and agrees with you, which can mark a top. Usually prefer market down days, they are the most productive. Strong bullish sentiment useful for selling. | essentialinvestor | |
29/1/2020 14:22 | CC, thanks for the view and you don't mind a bit of risk, MARS, eh ) | essentialinvestor | |
29/1/2020 14:17 | cc2014 - I do trade RLE from time to time, playing when they fall back into an excessive discount. The problem will always remain there however - a rag-bag of a portfolio, seemingly without any apparent strategy. Skinny - yes, keep forgetting about the 5p/share cost of the break clause!!! | skyship | |
29/1/2020 13:42 | Nicely edited Skyship :-) | skinny | |
29/1/2020 13:41 | The assets we can assess for ourselves. Looks ok to me. Some retail but a balance of things. The LTV is really low at 22%. The NAV is £354m of which £90m is cash. But unless they redeploy the cash how do they generate a decent return, so (part of) the raised dividend will be paid from the cash pile I think rather than generated from earnings at least in the short term. The new long term funding at 2.5% until 2036 will come in useful if ever interest rates rise but I'm not impressed they had to pay a break clause of £28m to get out of the old financing deal. So, it looks a bit like the fund has screwed up on it's long term debt, paid a lump of money to get rid of it and start again with a low headline rate. Of course if previous shareholders have paid for that and you as a new shareholder aren't it won't matter. My view overall is in 10 years time that interst rate fix at 2.5% might look amazing in which case an entry here will work out well. (or it could look even worse as it seems rates may fall further too). I tend towards believing interest rates will rise in the long term but the market does not agree with me. I perceive RLE looks better value if you want a REIT with no London assets. The dividend is fully covered and rising and the mood music on RLE is good. Of course RLE only has a market cap of £100m. Which of course if Schroders got their finger out they could use the £90m cash pile and some of their undrawn debt facility to make a bit for RLE. I can only hope. I'm sure Schroders can spend the £90m on something M&G are looking to shift. I'll wait for the share price to drop as although an entry here is OK and enough to pique my interest I don't see the share price as low enough to make me want to press the buy button. Some clarifation on what the £90m is being spent on might also entice me off the fence. I have the feeling the market is turning on these REITs though and I'm not sure the share price will fall. | cc2014 | |
29/1/2020 13:05 | Really market difference in performance between SREI and SLI over the past few months. SLI now sells on a 6% NAV Premium. Appreciate SLI has a lower retail weighting, however a 15% NAV discount v a 6% premium seems harsh, particularly given similar yield and gearing. Unless I'm missing something? - which may well be the case! ). | essentialinvestor | |
29/1/2020 12:10 | Added this AM. | essentialinvestor | |
28/1/2020 14:04 | Had this on the watchlist but not sure selling a load of assets to pay the break costs on the loan refinancing was a good move or not. They just seem to sit there taking the fees currently but there not the only ones. | nickrl | |
28/1/2020 12:24 | There's clearly a good seller around, I've just bought some at 52.622p when the spread was 52.6-53p. But agree they look reasonable value here. | spittingbarrel | |
28/1/2020 09:59 | SREI continue to grind in the 53p-58p range. At an offer price of 53.5p on a f/c prospective yield of 5.6% and a 20% NAV discount. they could well be a buy again. NB: EDIT - actually discount (post the penalty for debt reduction) is 16% @ 53p. Low LTV, low borrowing costs, long maturity and institutional status all contribute; so have bought in for a few... | skyship | |
08/12/2019 20:40 | LTV of only 22% is surely a major plus point? | hugepants | |
08/12/2019 16:59 | Hopefully a move nicely over 55 pence on the way. Selling that chunk of property well over NAV looks a shrewd move. | essentialinvestor | |
07/12/2019 11:39 | CJ - Thnx for posting, though link doesn't work - this one does: | skyship | |
07/12/2019 11:34 | Thanks Jack. | essentialinvestor | |
07/12/2019 10:55 | SREI is one of the trusts covered in an informative article about commercial property trusts published by Citywire yesterday hxxps://citywire.co. | cousin jack | |
07/12/2019 09:28 | Multiple BOD buys this week. | essentialinvestor | |
05/12/2019 11:35 | Thanks. Thought it was around that. SLI have a lower retail %, discount atm is not enough for me. There is certainly scope for NAV falls here, as with most REITS. | essentialinvestor | |
05/12/2019 11:29 | Just under 25% from their web site. | colonel a | |
05/12/2019 11:09 | I think we are late cycle and there are ample reasons for caution. In terms of SREI, they have sold £95 million of property sinc January, of which £45 million was sold at a 15% premium to NAV, so with the recent refinancing they may be in a better position than some. Retail comprises around 26% of their portfolio from memory would need to double check that. I've just had another few, but only have a few k invested here. Regional office space is their largest area. | essentialinvestor | |
04/12/2019 15:41 | Isn't this stuffed to the gills with over priced retail and commercial crud where rental reductionswill need to be pencilled in for at least a decadepost Brexit. For example the galaxy in Luton ? | my retirement fund | |
02/12/2019 17:44 | Bought a small amount today. Would prefer if the retail exposure was less, but take what they say on asset management opportunities etc - although every Propco says the same!. | essentialinvestor | |
27/11/2019 12:19 | The annual management costs eat in to returns here. | essentialinvestor | |
26/11/2019 17:27 | SKY, appreciated, thanks. Wanted to ensure I was not miscalculating. | essentialinvestor |
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