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
  -0.70p -1.12% 61.60p 61.70p 62.20p 61.70p 61.60p 61.70p 21,851 08:47:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 25.6 33.8 6.5 9.5 319.40

Schroder Real Estate Share Discussion Threads

Showing 326 to 350 of 525 messages
Chat Pages: 21  20  19  18  17  16  15  14  13  12  11  10  Older
DateSubjectAuthorDiscuss
16/4/2013
12:32
"The successful refinancing of the loan will allow the Board, in turn, to consider the longer term sustainability of the dividend. The terms of the new loan will be taken into account alongside other factors, including the recent planning refusal at Reynards Trading Estate in Brentford. The Board will update shareholders in due course." Sound ominous. Winterflood reckon "dividend cut is a distinct possibility" At least long tern financing has been sorted on reasonable terms.
specuvestor
10/4/2013
10:28
Took profit at over 42p, happy with that.
elmfield
28/3/2013
14:06
Ic: keep buying.
elmfield
16/3/2013
20:34
Yes, I would agree - I'm also more interested in maintaining NAV growth and having a sustainable covered dividend. The Property Income Trust model of distributing capital doesn't really work in today's property world.
topvest
16/3/2013
17:05
bisiboy - the point about owning 'secondary property' is that periodic refurbishment needs to progress as leases come up for renewal in order to maintain asset value: it can collapse otherwise. Hence you need headroom on loans, or retained earnings, or asset sales which take out non-performers. So far, SREI has managed the last one well - I'd be relaxed if they dropped to a covered dividend as total return is more important (to me) than paid-out income. Investor's Chronicle had a substantial article a couple of weeks ago highlighting the pros and cons of this kind of propco - SREI was one of their suggestions. Looking at the recent posts here, I'd back the asset managers (Schroders - good) to get the right result for shareholders. So I'd agree with you 'solid long term hold' and still be comfortable with a dividend cut from 3.52p to something like 2.3p. On discounts, these companies seem to be pretty tight: SLI is at a small premium, FCCP at a larger one. Any propco on a significant discount to NAV has either a known problem or a sceptical audience.
jonwig
16/3/2013
14:49
i dont see why they need to cut the dividend now they have re financed. planning news is will come very shortly i think and divi ca be maintained through their management and trading activities and cash reserves. now i think a solid long term hold
bisiboy
15/3/2013
21:49
i believe picton had a blended rate of 4.8% so was a little dissapointed we couldnt do better.maybe the amortisation picton have made the difference. would like to hear some positive news regarding reynards planning application soon.
danny500
15/3/2013
21:48
Correct topvest - this is another of the favourable consequences of the new deal. The funding is in place for many years to come at a modest cost. As you say prospects look good going forward. In my opinion there are more reasons to hold than to sell.
redsonning
15/3/2013
19:32
The debt cost will be nearly 15% lower going forwards - 5% versus 5.7% - this will help build more dividend cover. I think today's announcement is good news. They can start again from a sound financial position and long term funding in place. There may be a small reduction in the dividend, but prospects here now look pretty good in my view.
topvest
15/3/2013
11:46
Yes, I was effectively saying that one can expect a dividend adjustment downwards. That will improve the company's position still further. The market will react positively to that, since this stock is not really rated by it's dividend percentage, but by a combination of factors which is presently improving (and will be improved still further by a dividend reduction). Whilst I don't disagree that the NAV discount has firmed up considerably, that is simply a reflection of the overall mix of improving parameters. The share price may not have much upside in the near future, but neither does it have much downside potential, and a dividend reduction will not change that analysis.
redsonning
15/3/2013
11:41
Agree with that but you have to hand it to the team running this just how good they are, what else will yet surprise us?
elmfield
15/3/2013
11:02
I am not so sure about that redsonning. The dividend here is uncovered at present and I wouldn't be surprised to see a reduction at some stage. The discount to NAV is now also rather tight compared to many other quality property stocks.
lord gnome
15/3/2013
10:44
The new financing is excellent news for the company, which is why the shares are starting to rise. It is not logical to suggest that the share price is over valued following this significant improvement in the company's loan arrangement. The share price is most certainly not driven by the dividend (which is indeed somewhat high). We have seen this in the recent examples of Picton (when the share price rose following a reduction in the dividend, and in the IRP/IPT situation where the same thing is in the process of happening. In property stocks the decision about the level of dividend is simply a balance between taking cash now and leaving enough for the company to develop it's property portfolio further. Hence when the balance is wrong (for example when the dividend is too high) the company finds it's share price being negatively affected since the market fears future NAV decline. Putting that situation right allows the share price to return to its underlying value level.
redsonning
15/3/2013
10:40
ND - looks as though you got very good prices, courtesy of Investec it would seem...
skyship
15/3/2013
10:39
red army - follow many of us looking for the best value plays over on the CP+ thread. CIC was a great recent winner, with further to go IMO. DSC well worth researching - it was one of those mentioned in the excellent IC article this time last week...
skyship
15/3/2013
10:25
I'm out. Suspect the divi will have to be cut. Will look again then.
riskblue
15/3/2013
08:58
Nil Desperandum What better value property funds are there as this one looks to be ready for growth and divi.
red army
15/3/2013
08:43
Can't do better than that! Well done on the trade, I will hold on for a whole yet!
elmfield
15/3/2013
08:40
I agree SKYSHIP, I was hoping to see these swap costs diminish and add to NAV ... of course they will have a better interest rate and so will help support the dividend. But not enough play here for me so I'm out. Thankfully someone likes them becasue I've sold over 200k from various accounts without problem at between 41.39 and 41.45p. It was good, but now I think we have better plays in this space.
nil desperandum
15/3/2013
08:15
I admit SREI has the better portfolio, but there seems to be a value disconnect here. Still, the Market says I'm wrong...today at least!
skyship
15/3/2013
08:10
I have already discounted a drop in the dividend to 3p per annum, Skyship, same as PCTN. I reckon PCTN is the pick of the two, but WDIK? Who has the best portfolio?
lord gnome
15/3/2013
07:47
Hmm - crystallises the swap loss, so at 40.5p the NAV discount is down to a mere 13%. Looks seriously over-priced, especially as no encouraging statement re the dividend - so a cut now looks a certainty. Can't figure yesterday's rise...
skyship
15/3/2013
07:45
More level for some than others! I notice Investec increased their holding as well.
skinny
15/3/2013
07:34
Funny how the news comes a day after the market pushed the share price back above 40p. Level playing field anyone?
lord gnome
15/3/2013
07:04
SREIT Announces Refinancing Agreement Terms of the New Canada Life loan The Company has entered into a Credit Agreement with Canada Life and expects to draw down the loan on 15 April 2013, the next available repayment date of the existing securitised loan. This is subject to satisfaction of standard conditions precedent which are required to be satisfied prior to loan drawdown. The key loan terms are as follows: · Loan to value ratio ('LTV') of up to 50% calculated with reference to an independent valuation to be provided no later than 15 March 2013 · 80% of the loan maturing in 15 years and 20% in 10 years · Fixed rate loan referenced to the 15 year Gilt rate. The Gilt rate will be set no later than 10 business days prior to drawdown · Assuming the current 15 year Gilt rate and dependent on the LTV at drawdown, the Company expects a final fixed interest cost of approximately 5%. This could potentially change depending on movement in the Gilt rate prior to drawdown · No amortisation · Flexibility to sell existing properties and acquire new properties · Flexibility to asset manage the portfolio including the ability to utilise cash from disposals to fund capital expenditure · LTV covenant ratio of 65% and an ICR covenant ratio of 185%
skinny
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