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SREI Schroder Real Estate Investment Trust Limited

41.45
0.15 (0.36%)
18 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
Schroder Real Estate Investment Trust Limited SREI London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.15 0.36% 41.45 16:35:29
Open Price Low Price High Price Close Price Previous Close
41.55 41.40 43.45 41.45 41.30
more quote information »
Industry Sector
REAL ESTATE INVESTMENT & SERVICES

Schroder Real Estate Inv... SREI Dividends History

Announcement Date Type Currency Dividend Amount Ex Date Record Date Payment Date
27/02/2024InterimGBP0.0083607/03/202408/03/202428/03/2024
21/11/2023InterimGBP0.0083630/11/202301/12/202322/12/2023
27/07/2023InterimGBP0.0083603/08/202304/08/202325/08/2023
08/06/2023InterimGBP0.0083615/06/202316/06/202330/06/2023
03/02/2023InterimGBP0.0081916/02/202317/02/202307/03/2023
16/11/2022InterimGBP0.0080324/11/202225/11/202209/12/2022
27/07/2022InterimGBP0.0080304/08/202205/08/202219/08/2022
07/06/2022InterimGBP0.0079516/06/202217/06/202230/06/2022
01/03/2022InterimGBP0.0077210/03/202211/03/202225/03/2022
23/11/2021InterimGBP0.0072602/12/202103/12/202117/12/2021
19/07/2021InterimGBP0.0067529/07/202130/07/202113/08/2021
02/06/2021InterimGBP0.0065610/06/202111/06/202125/06/2021
15/02/2021InterimGBP0.0062525/02/202126/02/202112/03/2021
17/11/2020InterimGBP0.0057526/11/202027/11/202011/12/2020
20/07/2020InterimGBP0.00385830/07/202031/07/202014/08/2020
17/02/2020InterimGBP0.00771527/02/202028/02/202013/03/2020
26/11/2019InterimGBP0.006505/12/201906/12/201918/12/2019
19/07/2019InterimGBP0.006501/08/201902/08/201916/08/2019
13/05/2019InterimGBP0.006523/05/201924/05/201907/06/2019

Top Dividend Posts

Top Posts
Posted at 15/3/2024 10:48 by flyer61
fordtin - no that's not what is being suggested. SREI's loan is unusual as it is at a particularly good rate and duration. If there was corporate activity with SREI the lender might decide to exercise it's rights. Most commercial loans I have been involved with have clauses that allow the lender a lot of control if things change.
Posted at 15/3/2024 10:35 by speedsgh
How about SREI & PCTN? Similarish portfolios?
Posted at 15/3/2024 10:26 by nickrl
API and SREI would have been a good combination but Aberdeen and Schroders are never going to agree terms to do that.
Posted at 15/3/2024 08:59 by riverman77
From memory the fair value gain on the debt is only worth a couple of per cent to NAV, so can't believe this alone would prevent a deal. More likely, SREI is probably a bit too small to bother with and not really the right type of assets (a fair chunk in offices which won't be attractive to many).
Posted at 15/3/2024 08:46 by flyer61
No the point i'm making is I believe there is a clause that a change of ownership means the loan provider can call the loan in. Why wouldn't they! unless there was something in it for them....a new higher loan rate, one off fee etc etc.

Everything is negotiable however would it be to an acquirers advantage in this case...I doubt it. Ergo I don't think SREI is going to attract a bidder.

Very happy to be proved wrong.
Posted at 15/3/2024 06:49 by raj k
The board seems to have gone quiet. Im no REIT expert but SREI seems to be a well managed one with conservative debt levels. Its still on quite a big discount. I see they are skewing to a green theme. With the size of SREI wouldnt it be a candidate for a takeover?


What are the thoughts of others?
Posted at 27/2/2024 08:53 by spectoacc
2027 is also going to come around (or threaten to come around) sooner than it currently feels.

But otherwise agreed, and if even site-hungry Starbucks needs 12 months free and £850k..

You'd think SREI might feature amongst the bid interest eventually.
Posted at 30/1/2024 04:45 by rambutan2
The big advantage SREI has is the long term cheap debt. A merger of any scale instantly dilutes that advantage away.

Sod the large wealth managers, their portfolios performance will suffer with size and new smaller wealth managers will emerge who will be happy to buy the likes of SREI.

Cost benefits from being a larger trust always turn out to be absolutely minimal, if anything at all, in my long experience.
Posted at 08/6/2023 21:27 by giltedge1
Copied from todays IC, basically same comments as posted today, but more content.see below.
SREI (45p)has not been immune to the challenging market environment as the steep shift in bond yields has led to a 1.5 percentage point hike in the equivalent yield to 7.8 per cent embedded in the portfolio valuation
However, the negative yield expansion valuation movement was partly offset by 9.2 per cent growth in the estimated rental value (ERV) of the group’s portfolio, well ahead of the 3.4 per cent increase in the MSCI Benchmark. New lettings, rent reviews and renewals generated £2.3mn of additional annual rent on a reversionary portfolio that has an ERV of £37.8mn, up from £33.8mn in March 2022 – well above the annualised rental income of £29.2mn currently earned from 312 tenants. The portfolio’s above-average income yield and asset management initiatives to support rental income growth explain why the underlying portfolio only declined 7.9 per cent in the 12-month period compared with the 13.5 per cent fall in the MSCI Benchmark.

Moreover, Schroder Reit’s low-cost fixed-term debt gives it a competitive advantage as 90 per cent of group borrowings are either fixed or hedged against interest rate movements. The £178mn debt secured against the £470mn portfolio has an average maturity of more than 10 years and average interest cost of 2.9 per cent. What this means is that the investment manager can recycle cash into selective acquisitions to exploit its low-cost funding lines to enhance rental income. For instance, the £14.7mn acquisition of a mixed-use office and retail property in Manchester City Centre was acquired on a NIY of 7.8 per cent, reversionary yield of 9.1 per cent and low average capital value of £283 per square foot.

The additional rental income generated from rent reviews and capital recycling are being passed on to shareholders, hence the 14 per cent increase in the annual payout to 3.22p per share. Based on the fourth quarter dividend of 0.836p (ex-dividend date of 15 June), the shares offer an attractive dividend yield of 7.4 per cent in addition to a 27 per cent discount to net asset value (NAV). The true share price discount to NAV is deeper still. That’s because the £16.8mn (3.4p) fair value benefit of a £129.6mn loan fixed at 2.5 per cent with Canada Life until 2036 is not included in the group’s NAV of £300.7mn (61.5p).

The high dividend yield and reversionary nature of a portfolio, which has a strong bias towards industrial and retail warehouses, explain why the holding has held up well since I covered the interim results (‘Positioning for a commercial market downturn’, 16 November 2022). Furthermore, with the gap between property yields and 10-year gilts close to the long term average for fair value, then there should now be scope for capital upside as rental growth drives valuations higher. Buy.

 
Posted at 03/6/2023 16:14 by mirandaj
Just a swift comment on Stanley Green Trading Estate for interest really. I am happy with the other holdings and hope that letting continues well with good percentage increases. They have chosen some very particular and popular places to be.

Obviously the results will tell all but, in the meantime, we had reason to drive over to Manchester Airport and I wanted to have a fleeting look from the A555. We didn't come off on to the A34 as I was happy with what I saw. The airport is only a few minutes away.

The new build seem to have a really high end finish and solar panels everywhere - all looks very high tech! The roads are tarmacadamed and the finish is excellent. The contractors have taken great care. I could not tell if all ready for letting but have no doubt they will have no trouble with them. Rents on the older properties will have been increasing as everywhere but being in such an advantageous position will draw in customers to the various unit.





(Still at a 28% + discount pre results on 8th.)

A little from Kepler's research - RNS dated 9th December 2022:

SREI’s high dividend yield looks attractive versus both peers and other asset classes, including equities, cash and gilts – particularly given how well covered it is. Investors buying now should receive a dividend yield of 7% on an ongoing basis. In addition, the reversionary potential of the portfolio is attractive at 6.6% (versus the benchmark’s 4.8%) and there is a pipeline of asset management opportunities to further grow income.

SREI trades on a very wide discount of 39% at the time of writing, meaning the valuation of the portfolio could fall by c. 25% and the shares would still be on a discount. We think this should give comfort to investors concerned that further falls to the capital value of the portfolio are likely in the coming quarters, given that property valuations come in with a lag. Of course, if interest rates peak lower and sooner than expected, then some of the pressure on pricing will be relieved, although there will still be the impact of a recession to assess.

Additionally, we think the balance sheet looks strong. The decision to fix long-term debt in late 2019 was well timed, and the low rate agreed of 2.5% is extremely attractive in the current environment. We note there is some refinancing risk through the RCF, the hedges on which have to be rolled in July 2023, although this is only 26% of the drawn-down debt. The cheap gearing could provide a tailwind behind the NAV when the recovery comes, and importantly there are very significant cushions over the covenants on the debt

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