Share Name Share Symbol Market Type Share ISIN Share Description
Schroder Real Estate Investment Trust 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
  +0.40p +0.68% 59.50p 59.50p 60.00p 59.50p 59.10p 59.10p 62,174 11:13:41
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 25.6 33.8 6.5 9.2 308.52

Schroder Real Estate Share Discussion Threads

Showing 276 to 299 of 525 messages
Chat Pages: 21  20  19  18  17  16  15  14  13  12  11  10  Older
DateSubjectAuthorDiscuss
24/1/2013
10:04
I think it fair to equate the low LTV with a lower discount. The discount implying that property values are expected to fall further. Personally I don't think 100% cover is all that critical as long as the cash drain were modest and non-impacting. 90% by end 2013 would do me - at that point becomes irrelevant compared to property price movement.
colonel a
24/1/2013
09:53
LTV down to 31% though and plenty of cash swilling about. Perhaps they will put it to good use.
specuvestor
24/1/2013
08:00
So....Divi held....NAV reduced again....Discount just 18%....perhaps not high enough!
skyship
24/1/2013
07:47
I.M.S. NAV and Dividend Net Asset Value Schroder Real Estate Investment Trust Limited announces an unaudited net asset value ('NAV') of £165.6 million or 46.5 pence per share ('pps') as at 31 December 2012. This reflects a decrease of 3.8% compared with the NAV as at 30 September 2012 of £172.1 million. This resulted in an unaudited NAV total return for the 2012 calendar year of 5.7%. Dividend The Company announces an interim dividend of 0.88 pps for the period 1 October 2012 to 31 December 2012. The dividend payment will be made on 22 February 2013 to shareholders on the register on 8 February 2013. The ex-dividend date will be 6 February 2013. Pre-tax dividend cover over the quarter to 31 December 2012 was 69% which compared with pre-tax dividend cover of 60% for the nine months to 30 September 2012. The Board continues to keep dividend policy under close review with a view to ensuring the Company can deliver a sustainable level of cover whilst having due regard to current and anticipated future market conditions, rental values and the outcome of any future debt refinancing.
skinny
23/1/2013
16:06
Having come all this way WITHOUT cutting the dividend, surely they wouldn't do so now........or would they? No... Not major concerns, but the niggles here are: # Still uncovered div # Debt refinancing still o/s # NAV discount just 20% ...so on a valuation basis, I prefer PCTN & MCKS.
skyship
23/1/2013
12:33
I think the dividend will be covered by the end of this year, if not before.
alanji
23/1/2013
10:55
That is my one big fear, speedsgh. They say that they are working to improve dividend cover as a priority, but an uncovered dividend must always present a real risk.
lord gnome
23/1/2013
10:33
SKYSHIP et al - In your opinion is there any likelihood that SREI may re-base the dividend as PCTN did recently?
speedsgh
22/12/2012
12:18
If they can do a deal that is anywhere near as good as that done by PCTN we'll be off to the races. I like the way that this is shaping up. I plan to add more SREI and PCTN. Property will comeback into fashion one day and I hope to be fully loaded when it does. In the meantime the high yields on offer and the good asset backing make it worth the wait.
lord gnome
21/12/2012
16:20
"The Company continues to pursue refinancing options well in advance of the loan maturing in July 2014." Yes, they obviously want to lock in these low interest rates - waiting for July'14 would likely be way too late. I suspect H1'13 a more likely prospect, even if it does trigger major swap breakage costs.
skyship
21/12/2012
15:18
rns re latest debt repayment - http://uk.advfn.com/news/UKREG/2012/article/55572467. current loan facility matures in July 2014 but SREI say they are looking to refinance well in advance of maturity. what's the general consensus on likely timescales for having the refinancing sorted? H2 2013?
speedsgh
13/12/2012
19:11
topvest - yes, they're doing a great job - the balancing act will be to try to maintain the uncovered divi whilst rejigging the debt. I'm more confident on that than I was a few weeks ago!
jonwig
13/12/2012
18:00
Well I suppose this gets them to a LTV of 30% which is more conservative - be helpful if they said what their target was. I guess there will also be some swap breakage costs when the debt is repaid. They have done a good job here to deleverage in a non-dilutive way.
topvest
11/12/2012
18:03
This is not a bad place to rest.
elmfield
10/12/2012
09:48
Looks o.k to me.
elmfield
10/12/2012
09:32
RNS - Sale of Minerva House for £30m.
eeza
20/11/2012
14:51
I was out (at the TCSC AGM, as it happens) so haven't been able to give this much thought. I see they tell us that the dividend is 60% covered by net rental income (why not "only 60%..."?). This is a bit of a worry - potentially a bigger one. They are selling properties which yield less than debt interest which will be beneficial to cover, and the resultant paying-down of debt is probably essential in view of upcoming renewal negotiations. However, it has the unfortunate effect of crystallising SWAPs losses. I suspect there's pressure on them to maintain the dividend from, principally, income funds which hold the shares. As a direct private investor, I can see through their policy of paying me 3.52p pa, of which 1.4p is my own capital. With a revival of the market and hardening of rents the dividend will become fully covered, of course. We need to hope this will start to happen before debt comes up for renewal.
jonwig
20/11/2012
11:52
Steady as she goes.
djderry
20/11/2012
07:24
Half Yearly Report Financial Highlights · Net Asset Value ('NAV') of £172.1m or 48.4 pence per share ('pps') (31 March 2012: £180.0m or 50.6pps) a decline of 4.3% primarily driven by a 1.5% decline in the capital value of the portfolio, comparing favourably to the IPD Benchmark capital value decline of 2.4% over the same period · £22m of debt repaid during the period with an additional £17m repaid subsequent to the period end, resulting in a reduction of LTV ratio, net of all cash, as at 15 October 2012, of 36% (31 March 2012; 40.6%) · Debt repayment generates interest cost saving of £2.2m per annum · Pre-tax dividend cover over the period of approximately 60% · Loss per share of 1.0p. Recurring earnings per share of 1.0p when the impact of interest swaps are removed · Dividend declared and paid of 1.76pps (31 March 2012: 1.76pps) · Total cash of £27.9m following debt repayment on 15 October and related swap break costs. £16.2m of the cash balance is outside the security pool charged to the Group's lenders Operational Highlights Good on-going progress in reducing risk, strengthening the balance sheet through debt reduction and driving income through active management of the portfolio. Operational highlights include: · Disposal of Plantation Place, London EC3 for £11.7m, in line with March 2012 book value · Disposal of a further five low yielding or non-income producing assets for £25m reflecting a 7.5% premium to book value as 31 March 2012 and an average net initial yield of 4.4% · Continued progress with asset management activities including a 6.3% uplift secured from rent review negotiations with Ipsos Mori UK Ltd at Minerva House, London SE1, contributing to a 4% uplift in the value of the property over the period
skinny
01/11/2012
07:44
red army - yes, absolutely, but I think SREI are selling assets which generate rental less than the apportioned loan interest. As for borrowing to maintain an uncovered dividend, I can't look on that with approval!
jonwig
31/10/2012
19:20
jonwig Reducing debt for reducing debts sake can have a detrimental effet ie selling the very assetts that provide the income for dividend etc.
red army
31/10/2012
18:00
soi - I suppose we should be discussing this on the UKCM board, but that's a bit quiet, so ... "I don`t think the dividend is currently covered" confirms what I suggested earlier. In fact, their gearing has increased substantially over the past 12 months: 06/11 ... £103m 12/11 ... £138m 06/12 ... £198m ... which they say is to finance the purchase of assets at attractive valuations (I'm not quoting verbatim). In fact, of course, it can finance an uncovered dividend! They have a sufficiently large distributable reserve, so nobody will notice for a while, I suppose. While we're at it, SREI has a problem in the dividend cover department, too! But I'm more confident in that I've a lot of regard for Schroder's property management skills, and they are more in the business of reducing debt than increasing it! So I'll stick a while with SREI even though I'm not altogether confident the divi will be maintained.
jonwig
31/10/2012
17:46
I hold a few UKCM, bought twice this year. I liked the yield and low gearing. The gradual decline in share price not so good though. Phoenix placed/sold 47 million shares at 69 p on 21/3/12, still obviously leaves them with a lot. Maybe they will sell more, don`t know, they did get the last lot away OK. I thought the management charges seemed somewhat high but maybe I have mis read. On the last report I think it showed some properties had been revalued downwards. I don`t think the dividend is currently covered. My holding not particularly big so all the above just based on a quick look before buys, probably worthy of more research.
soi
31/10/2012
14:46
I know they are not held in high esteem but I always assumed they could read.
colonel a
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