Schroder Real Estate Inv... Investors - SREI

Schroder Real Estate Inv... Investors - SREI

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Stock Name Stock Symbol Market Stock Type
Schroder Real Estate Investment Trust Limited SREI London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
2.15 4.47% 50.30 16:35:22
Open Price Low Price High Price Close Price Previous Close
49.10 49.10 50.80 50.30 48.15
more quote information »
Industry Sector

Top Investor Posts

nickrl: Speedsgh watched it myself and sensible questions from investors rather than twaddle that analysts pose.
chucko1: I think this looks perfectly reasonable. What else would you want - uncertainty and more defaults? I think this approach confers a higher likelihood that rents post March 2022 can align with pre March 2020 levels in certain distressed sectors. This has far more value for a long term investor than a quick bit of cash via a judgement. Assuming the balance between Landlord and tenant is generally arbitrated fairly. In any event, if you have lost 20% of your rent the past year and a half, that is effectively the equivalent about 60% of a year's earnings. It's in the past. If you recover on average half of this via negotiation/arbitration, and the market is stabilised via this regime, you are basically 3% worse off assuming you buy a REIT for 10 years of earnings. Given that you have already been hit for 6% and had the opportunity of buying cheaply the past year, I am in favour of such a plan. I have not seen anything especially worrying in the Government's statement.
skinny: A good starting point :-
kenmitch: I agree with both replies and buying at inflated prices (along with wasting it on rubbish choices) is worse use of spare cash than buying back. It’s very likely there will be much better buying opportunities ahead for the likes of SREI. Question is how soon? It could be a good while yet. That’s a reason there’s this clamour from some for buybacks. They want to see cash put to use NOW. Too much cash on the balance sheet is seem as inefficient too. The ideal (far easier said than done) is very profitable use of cash when there are tempting bargains. That’s far better imo than artificial means of lifting REIT and other share prices. Investors can be too impatient. I look to buy after big dips and when dividends are therefore sometimes very big. Others look for quick in and out profitable trades and coincidentally perhaps, they are often the ones pestering for buybacks. So buying AEWU, AIRE, EPIC, SERE and now belatedly SREI (along with NRR) near or luckily at their lows last year has worked a treat, with capital gain up to 40% and dividend as high as 13% (for AEWU). The dividends alone make them worth holding, and if we need to be patient, just as SREI and others need to be patient before deploying cash, then so be it.
kenmitch: No buybacks since the 12th. So the willing buyer (SREI) is no longer absorbing sales from investors who want out. Since the 12th the share price has gone up 10%. Coincidence? Possibly and we can never know for sure, but it happens surprisingly often.
ec2: Interesting that there was takeover activity in the European Real Estate sector yesterday. I have pondered for a while on the idea that if the SREI manager sees the most efficient way to invest excess cash is to buy their own shares as apposed to buying properties, then likewise the same thinking would apply to other investors looking to increase their property exposure. A big institutional investor could simply bid for the entire share capital and get the complete property portfolio on the cheap. Depends on how much of a premium over the current share price it would take.
ec2: Interesting comments regarding the share buybacks. I see them as having short term benefits. The longer term impact of reducing the number of shares in circulation reduces liquidity leading to wider spreads and reduced NMS. This in turn makes the shares less attractive to larger/institutional investors as it's impossible to trade the stock in meaningful size. It's good the asset manager has not wasted excess cash buying overpriced properties, but I would prefer this cash be returned to shareholders. IMO a number of REITs have become too tiny and lack the critical mass to operate efficiently let alone register on larger investors' radar. I've suggested on the EPIC message board that EPIC and SREI would be good candidates to merge. EPIC mkt cap 147m and SREI mkt cap 198m have similar investment styles and both have excess cash. The REITs could be merged leading to: 1) Economies of scale in terms asset management, admin and compliance costs; 2) Improved share price liquidity and attractiveness to larger investors; 3) increased asset/tenant diversification. These points would in turn encourage a narrowing of the discounts, and the excess cash could simply be returned to shareholders.
kenmitch: hindsight. That’s true now but that’s because of the recent SERE share price fall which is probably partly because of Sterling stronger and the recent disappointing news about one of their fashion tenants at their Metromar shopping centre in Seville exercising their lease termination right. Before those two negatives the SERE share price performance was much better. But that’s my point. The share price can take care of itself (both up and down) in reaction to good or bad news, and without the need to resort to buybacks. And if the NAV discount gets too wide, canny investors on The Commercial Property Thread tend to point that out, and others notice for themselves and the discount can narrow with increased buying. At present both SERE (not buying back) and SREI NAV discount are shown on aic website at 34%. I find aic to be better than Trustnet and it’s exclusively Investment Trusts.
nickrl: Sky rather it was investor as they should keep the cash now for investments
spin doctor: Interesting to see relatively firm share price of SREI and to some extent REITs more generally. Presumably a response to the vaccination program, and investors looking through the next few months of tight restrictions. A solid (and overweight) hold for me.
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