Schroder Real Estate Inv... Share Discussion Threads

[tiltonboy] 23/7/2012 11:45

WINS view:

"‐ The current strategy of asset management, debt reduction and disposal of lower yielding assets makes sense to us in the current market.
‐ At the current discount of 27% Schroder REIT provides significant value. Furthermore, while not fully covered, we believe the dividend is unlikely to be cut, and hence the current yield of 9.6% is very attractive."

[4spiel] 20/7/2012 10:03

Well sleepy you are right the real yield may only be 4.5%. Thats not too bad if they were to improve as they plan. Schroders is not a rubbish company and may be better than asset strippers.Howeverhave moved my small investment as don't want the hassle. Good Luck

[sleepy] 19/7/2012 14:00

Interesting to see Pre-tax net revenue of 1.6m and dividend of 3.1m.
NIY 6.8% - well below the suggested yield in Sky's post on the portfolio Henderson are selling

[alanji] 19/7/2012 13:40

Dividend confirmed at 0.88p - payable 17 August, xd 1 August.

Property values down 1.67% in quarter but co had already accrued for swap break costs so my estimate of current nav at 53.8 is only down 0.4p on my previous estimate.

Nothing much else new in ims except confirmation that prop co's are having to give very generous incentives to attract tenants - two new lettings have rent holidays of 12 months and 15 months.

[cwa1] 19/7/2012 13:27

IMS, NAV and divvi:-

[eithin] 19/7/2012 12:36

Yes my best for a while. Up 10% in a couple of weeks and a 10%+ nett income.

[jonwig] 19/7/2012 12:35

I see the cover of the presentation tells me that it's intended -

"For professional investors only. This material is not suitable for retail clients"

- which probably explains why I can't get my head around the dividend gap (page 14).

[4spiel] 19/7/2012 12:29

Results very satisfactory. No regrets having bought in here.Thanks

[eeza] 18/7/2012 13:33

My notes give:-

Int XD - 1/2/12 2/5/12 3/8/12 3/11/12
Pay - 17/2/12 18/5/12 19/8/12 19/11/12

[eithin] 18/7/2012 11:46

d500 Thanks.

[red army] 18/7/2012 11:43

Thanks for that Sleepy - very useful.

[danny500] 18/7/2012 11:41

IMS for last quarter not annouced yet but should be sometime towards end of this month with divi dates close to your assumptions.

[eithin] 18/7/2012 11:25

assume next divi date about 20th. August with an ex date of about 3rd. Aug. divi 0.88p. Can't find anywhere any info ????

[sleepy] 17/7/2012 12:15

Results presentation now up -

[elmfield] 17/7/2012 10:27

well suppose I will hold on for the div and longer term, they seem to be doing O.K.

[gary1966] 17/7/2012 07:30

Nor can I Skyship. Language is the same as in previous statements, increase dividend cover and pay down debt. Only a slight fall in NAV which is good.

[skyship] 17/7/2012 07:20

A good statement - Can't see any threat to the dividend...

[cwa1] 16/7/2012 14:24

SCHRODER REAL ESTATE INVESTMENT TRUST MAKES FURTHER GBP12 MILLION DEBT REPAYMENT
Following Schroder Real Estate Investment Trust Limited's previously announced disposal of its investment in Plantation Place on 2 May 2012, the Company announces that it has now repaid a further GBP12 million of debt, reducing its securitised loan from GBP163.5 million to GBP151.5 million. The repayment reduces the Company's annual loan interest cost by a further GBP0.7 million from GBP9.4 million to GBP8.7 million and follows the previously announced debt repayment of GBP10 million in April 2012.
As a condition of the loan repayment, on 18 July the Company will break a pro-rata proportion of its interest rate swaps, crystallising a break cost of GBP1.9 million and reducing the total negative mark-to-market value of the Company's interest rate swaps to -GBP24.5 million.
The debt has been repaid from cash held inside the security pool charged to the Group's lenders, with the swap break costs to be funded from cash outside the security pool. This reduces total cash held by the Group to GBP25.4 million, of which GBP17.9 million remains outside the security pool. Based upon the last published independent property valuation as at 31 March 2012, the Company's net loan-to-value following the debt repayment is 38%.

[gary1966] 16/7/2012 14:17

In light of your post above Skyship I have sold another 50K today. If there is a sniff of the divi possibly being cut then I am fairly certain that I will be able to buy back cheaper. If their is no hint then I may end up with a few less shares but having sold at 36.25p I am sure I will get the chance to get back in cheaper at some time.

[skyship] 15/7/2012 18:08

As we all know, SREI were a difficult market in Q2'12 and continually drifted, to as low as 32p for a few days at the end of June. With the reason likely to have been Lloyds selling down their holding, the offer at 32.25p was impossible to ignore...a yield of just under 11% was just far too generous!

Come July, come the end of the Tap, goodbye Lloyds and suddenly SREI back up to 37p, closing @ 36.25p on Friday.

And this week, Tuesday, we have the Prelims.

The NAV must surely be down a bit; but it is the statement that I am keen to read, as there is some nervousness abroad that they will intimate a slightly less generous dividend policy, following a statement to that effect by Picton (PCTN) just last week.

We'll see what we'll see...Good luck all...

[eeza] 13/7/2012 17:24

140k late reported sell.

[gary1966] 08/7/2012 09:54

Not at all concerned that they will be able to re-finance their loans. The only thing that would make me feel uneasy is if when they do re-finance that it wasn't on a fixed rate.

[skyship] 08/7/2012 07:45

On the subject of re-financing, here was another Aviva deal @ 4% Fixed over 7yrs:

28 November 2011 -- PRIMARY HEALTH PROPERTIES PLC

Primary Health Properties PLC ("PHP", the "Group" or the "Company") one of the largest providers of modern primary healthcare facilities, today announces the completion of its new banking facility with Aviva and the acquisition of three further primary healthcare assets.

Aviva debt facility

As indicated in the recent Interim Management Statement, a new GBP75 million, seven year, interest only facility with Aviva has now been documented, closed and fully drawn. The all-inclusive interest rate is 4%, fixed for the term of the loan.

Bi-lateral debt facilities

The proceeds of the Aviva loan have been used to repay and cancel GBP30 million of the current Royal Bank of Scotland ("RBS") revolving facility and GBP20 million of the Allied Irish Bank ("AIB") revolving facility. The balance of GBP25 million increases resources available to the Group.

[gary1966] 06/7/2012 17:05

Decided to sell just over 50K shares today after the recent run. Still hold a good amount as I had increased my position substantially over the last few weeks. Hopefully it won't retrace but if it does then I will be buying them all back again, with interest.

[sleepy] 06/7/2012 10:44

Following the very welcome rise in SREI is it still better value than PCTN?