Schroder Real Estate Inv... Share Discussion Threads

[skyship] 04/11/2021 08:10

SLI's Q3 NAV update, released today, shows a 5.4% increase. If SREI were to achieve the same return then our NAV rises to 66.3p for a 25% discount at 49.7p.

Roll on 23rd November...

[chucko1] 02/11/2021 11:59

So results on Nov 23.

[flyer61] 01/11/2021 14:48

Topped up this morning.

[chucko1] 01/11/2021 13:24

So we have three weeks to quintuple our positions!!

[spectoacc] 01/11/2021 13:07

Thanks all :)

[skinny] 01/11/2021 13:06

The Company will provide a further update when it announces its interim results to 30 September 2021 and quarterly dividend during the week commencing 22 November 2021.

[chucko1] 01/11/2021 13:01

26th Nov the year before.

[skyship] 01/11/2021 12:21

Specto - not overdue - Interims were 17th November last year.

[petewy] 01/11/2021 12:06

Quite right chuck & Skinny.
Explanation. I sold out on pandemic drop and bought all warehouse stocks which have shot up (eg BBOX doubled) except srei my only non gainer.

[skinny] 01/11/2021 10:40

Remember this from the 70s :-

[chucko1] 01/11/2021 10:38

"I'm in patience mode". Is there any realistic alternative?

[petewy] 01/11/2021 10:21

I'm in patience mode

[spectoacc] 01/11/2021 10:17

Have had a few more this morning, overdue the next NAV RNS.

[skyship] 01/11/2021 09:52

Expecting a bounce...


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[flyfisher] 26/10/2021 11:21

Specto, They see a better use for the cash in the new build.

[skyship] 26/10/2021 10:48

Indeed, BREI's Q3 NAV increase was 8.2%! So a 3.3% increase would surely be a pretty modest expectation.

[spectoacc] 26/10/2021 10:23

Agree SREI looks solid, & happy to hold, but it'll need some increase to get near eg BREI. Not that NAV is everything, but on discount BREI a belter (& BCPT).

What happened to the SREI buyback, seen none since April?

[cwa1] 26/10/2021 10:18

FWIW, I'm looking forward to the next announcement as well.

Hopefully things will show a steady progression, with a modest increase in NAV. I'd be very happy if the dividend was increased too.

50p sounds like very solid value to me until we hear something that either confirms expectations...or blows us off course!

[skyship] 26/10/2021 10:01

Looking forward to next month's dividend & Interim statement - 17th November last year.

I agree with chucko that a prospective 3.0p annual dividend looks infinitely possible.

Also a modest increase in the NAV has to be likely; though the 33% office may limit gains for the time-being. Still, the great stats from BREI last week (very similar portfolio profile) would suggest that a 3.3% increase up to 65p also a possibility.

Working on a 3p divi and a 65p NAV; then the yield at 50p would be 6% and the discount 23%.

Suggests to me that we could see a move up from the recent plateau around the 50p level.

[spectoacc] 01/10/2021 07:48

Sign of a well-managed IT:


"In Summer 2021, the Board of the Company initiated a tender process for the
appointment of the Company's secretary and administrator. A number of
potentially suitable firms were identified. Following this review, meetings
were held with a shortlist of suitable firms. Langham Hall (Guernsey) Limited
and Langham Hall UK Depositary LLP were selected by the Board. These
arrangements are expected to deliver a modest reduction in fees paid by the
Company."

[chucko1] 22/9/2021 07:55

The RNS of Fen 17th 2020 makes interesting (re)reading: at that time they had an NAV of 68.3p but was reduced to 63.1p on account of the refinancing of a fixed rate debt arrangement. On the flip side, they were able to increase the annual targeted dividend by some 19% to 0.7715ppq or 3.086ppa.

This is the level we saw paid in April 2020 but has not yet been repeated. In this respect, it seems to me that 3ppa is perfectly feasible in the near term given the current and likely continuing stabilisation and mild improvement of rental income.

Of course, had they not refinanced, this would not be possible, but then we would be looking at an NAV discount 10% or so greater. As I have always argued, absent of proximity to covenant breaches, NAV is wholly irrelevant. Probability and quantum of dividend yield versus portfolio quality is wholly relevant.

[petewy] 21/9/2021 18:34

very welcome

[skyship] 21/9/2021 16:02

Currently on track for 2.7p (4 x 0.675p); so a rise to 3p would be most welcome.

[flyfisher] 21/9/2021 12:48

Rent increases have added £0.66m pa to the rent roll and rent collection has increased by 4% or £1.15m pa.

It seems to suggest a dividend increase to 3p pa, giving a 6% forward yield.

[skinny] 20/9/2021 14:32

Skyship - if you have a problem with it - message me.