Schroder Real Estate Inv... Share Discussion Threads

[skyship] 28/4/2012 12:19

Here on ADVFN...just press the TRADES button at the top of the page - et voila!

[lord gnome] 28/4/2012 12:02

Skyship - I've checked on my trades feed from m o n e y a m and there is no sign of any after hours trades going through. It looks to have been a very quiet day yesterday. Where did you see these trades?

[skyship] 28/4/2012 08:39

Overpriced & unsustainable rents - that's a thorny old debate. Rents are of course set in an extremely competitive market and are priced ultimately from capital values and replacement costs. Halve the rents and out the window goes progress and the construction industry!

Did we all see the substantial late trades revealed after hours. Over 6m trades @ 34p. Could that finally be the tap finished and revealed.

Tilts - you may have a handle on that one, if not over the weekend then perhaps when the market reopens on Monday.

[holts] 26/4/2012 20:22

Maybe reality of overpriced rent is begining to dawn , I have thought for years that commercial rent and rates are just far to high for businesses to be left with the prospect of making money , but companies happily wade in saddling themselves with the prospect of struggling to make regular payments that they can ill afford.

[elmfield] 26/4/2012 16:00

meantime live off the income, i HOPE!

[skyship] 26/4/2012 15:58

Big Yellow shows the way with imaginative refinancing. Exactly the sort of deal I expect SREI to come up with - will require a swaps write-off; but worth paying the price for cheap long-term debt:

[skyship] 25/4/2012 16:02

1. RE: the Kingsland Trading Estate 44,000 sq ft warehouse - an over-valuation sounds both a bit simplistic and wholly unlikely. Email the Company & you'll get an answer - perhaps the Jongor lease isn't for the whole building...

2. RE: Reynards Trading Park in Brentford - yet another planning committee set-back. A frequent event in Labour boroughs. As the Company states: "This is disappointing as the density is comfortably within formal planning guidance and was supported by Council Officers at the London Borough of Hounslow." The Company will likely "...appeal against the refusal and this, together with the possibility of making a revised application, is being considered."

3. NAV: The 1.1% fall is actually not at all bad after 5 consecutive months of falls in commercial property values. PCTN today announced a 2.9% reversal!

4. Dividend - 0.88p confirmed once more.

5. SUMMARY: Certainly no fireworks, but the share price already fully reflects any negatives. Still too cheap, so happy to hold and enjoy the 10.2% yield; whilst waiting for good news from Plantation Place...

[lord gnome] 25/4/2012 15:34

Seems over the top to me, Sleepy. No doubt the rating agencies have given it AAA status. A valuation on a yield of 9% would surely be more the norm for such a property, in which case the valuation would be nearer to £2.4 millions. Such a generous approach to property valuation could help to explain the heathy discount to NAV at which these stocks trade

[sleepy] 25/4/2012 14:45

"At Kingsland Trading Estate in Bristol, a 44,000 sq ft warehouse unit in the process of being refurbished has let. Jongor Limited, an events company, has taken a new ten year lease without tenant break options at GBP0.19 million per annum. Jongor receive 18 months rent free structured as 36 months at half rent. This initiative contributed to an 18% increase in the value of the property over the quarter, from GBP3.3 million to GBP3.9 million."

Why would a warehouse in Bristol be valued on a yield of less than 5%???

[envirovision] 25/4/2012 08:46

Repaying 10M of debt and incurring nearly 1M in costs to do so sounds like complete madness to me.

[lord gnome] 25/4/2012 07:45

By the way..... I wouldn't be at all surprised if the persistent seller turned out to be Schroders. Still selling down their holding, but doing it in a way that doesn't scare the share price.

[lord gnome] 25/4/2012 07:43

A very 'so-so' announcement. Nothing there to get the pulse racing. In the current economic environment I rate this as nothing more than a hold for income. Refinancing concerns (clear from the statement and the planned use of the BT cash) and the ongoing lack of dividend cover will haunt this share for a little time to come.

[danny500] 25/4/2012 07:25

yes another divi on its way. bit disappointed about reynards back to the drawing board on that one for the time bein.

[cwa1] 25/4/2012 07:10

IMS just out:-



The Schroder Real Estate Investment Trust, formerly the Invista Foundation Property Trust, today provides an update to shareholders for the quarter to 31 March 2012.

Net Asset Value

Schroder Real Estate Investment Trust Limited announces an unaudited net asset value ('NAV') of GBP167 million or 46.9 pence per share ('pps') as at 31 March 2012. This reflects a decrease of 1.1% compared with the NAV as at 31 December 2011 of GBP168.9 million.

On a like for like basis and allowing for capital expenditure, the directly held property portfolio fell in value by 0.8% or GBP2.5 million. This excludes the BT Building in West Bromwich which was sold on 30 March for GBP19.5 million which compared with a valuation of GBP18.9 million as at 31 December 2011.

Over the quarter to 31 March 2012 the negative mark-to-market of the Group's interest rate swaps reduced by GBP1.8 million, or 6%, to -GBP28.0 million. This represents 7.9 pps or 16.7% of the Company's NAV. Pre-tax dividend cover over the quarter was 62%.

The Company is also today announcing an interim dividend of 0.88 pps for the period 1 January 2012 to 31 March 2012. The dividend payment will be made on 18 May 2012 to shareholders on the register on 4 May 2012. The ex-dividend date will be 2 May 2012.

Etc

[tiltonboy] 24/4/2012 16:00

We now have a "bot" trader selling 300-500 shares at 33.75p every few minutes!

[elmfield] 24/4/2012 12:52

I am going to join you all!
watch it go down, No hope not!

[badtime] 24/4/2012 10:43

..nt quite as gd as me then 33.9724p

[tiltonboy] 24/4/2012 10:11

Just paid 33.9725p.

[badtime] 24/4/2012 09:43

Tut...tilts even i can get in under 34p now :)

[cwa1] 24/4/2012 09:40

Yes, Plenty of stock about it seems. Can buy 250,000 at 34p on the open market at the moment tilts.

[tiltonboy] 24/4/2012 09:33

Got an immediate fill at 34p on the SETS board this morning!

[pip_uk] 24/4/2012 08:48

I too had no problem picking up shares yesterday through Selftrade.
Cheers Skyship, saw your post on Michael Walters which got me doing some research and I like what I see.
At the end of the day with markets in their present mood good old bricks and mortar are still there earning a good return for investors.

[skyship] 23/4/2012 17:19

A bit of a volume spike today following the S. Times article:

[cwa1] 23/4/2012 16:38

Thanks for posting that danny500.

Sky, I can add that I too have bought tranches at 33.75p and 34p off the book with what seems to be relative ease over the past few months. I've got all I want now but as tilts attests it can still be picked up. There always seems to be a bit of stock about and somebody will fill your order-but I guess/hope if there was good news on Plantation and an upbeat IMS that could change. Fingers crossed.

[skyship] 23/4/2012 16:18

Danny - great, an encouraging read - thnx for that.

Amazed that Tilts has found it relatively easy to access stock after that piece. Let's hope it is Item 1 on tomorrow's Board Meeting confirming the other routine details for the imminent IMS.