Schroder Real Estate Inv... Share Discussion Threads

[skinny] 22/9/2023 07:09

Notice of Half Year Results

Schroder Real Estate Investment Trust Limited will announce its Half Year Results for the period ended 30 September 2023 on Tuesday 21 November 2023.

There will be a live webcast presentation for analysts and investors at 9.00am on the morning of the results which will be available at:

[skyship] 19/9/2023 14:19

free stock charts from uk.advfn.com

[yump] 19/9/2023 13:49

I’ve done my best to move the price up but its not lottery number investment.

Very simple reasoning: it was 30p when the world was going to end because of covid. Now its 40p and I don’t think the uncertainty and fear is as bad. Or at least 10p not as bad.

[flyer61] 19/9/2023 10:07

Yes that office in Manchester I wouldn't have bought if it was my money.

Wonder if the market is looking at the EPIC take out price and saying those NAVs don't count and discounting accordingly. Cashflow is King and to be fair we have a covered (just) dividend here.

This market is a bit like the weather....grim!

[giltedge1] 19/9/2023 06:50

SREI has good 50 % multi unit Industrial estate, 2 largest offices are universities in London on long leases. Dividend is secure with Long term fixed debt & gain in ERV next 2 years. Only weakness I can see is a few offices in regions which are not 100% let. Not sure why they bought another office a year ago in Manchester, a distraction no matter how good the quality. NAV is about 64 but no adjustment for gain on debt so really nearer 70.Witan trust is a big holder so passed their strict investment criteria. A buy for the brave.

[flyer61] 18/9/2023 12:10

SKYship,

the only negative I see here Sky is some of the tenants may turn out to be a little flaky. Would like to buy more.....but....

[skyship] 18/9/2023 11:34

Proving strangely reluctant to rally off the bottom.

[pavey ark] 11/9/2023 10:33

Had a top-up here today...not my favourite REIT but figures have got silly....average now c. 41.5p so quite relaxed.
( I think my dislike stems from the fact that Montgomery reminds me of Robert Peston...not very logical but I think understandable reason to dislike any person/organisation !!??)

I consider UKCM to be the best value REIT on an overall /balanced view but I have enough.

Obviously ...each to his own.... "you pays your money you takes your chance."

EDIT: quite liked the idea that SREI could cover their dividend even with a comparatively high void rate.....room for improvement if they can reduce the voids.

[giltedge1] 09/9/2023 12:44

I reviewed the recent presentation Stanley Green 40% let or in legals based on ERV. Cost £8.2m
ERV £ 1.3m (land was vacant space). So even at 40% let returning 6%, did say in talk, small businesses are slower to commit, like to see finished product. I consider this a good A rated Industrial Asset.
On review expect £6m uplift next 2 years in rent (including letting Stanley Green in full), so thats another circa 3% on current MV, assuming no serious lease surrenders.
The main structural vacancies are offices, about 5%, hard to let in current environment.

[flyer61] 07/9/2023 15:46

Thanks speedsgh,

it will be interesting to see if they entice anybody from other locales not to far away.

[speedsgh] 07/9/2023 14:53

According to the accommodation schedule on pg4 of the latest brochure, Units 5A/5B and 8B/8C/D are let. That's 21,843 sq ft (GEA) out of a total of 73,855 sq ft across all the Phase 2 units let, approx 30%. Perhaps unsurprisingly it is the smaller units that have been taken up first.



An older version of the brochure showing the accommodation schedule prior to any units having been let is downloadable from here -

[flyer61] 07/9/2023 08:11

Visited Stanley Green this morning after an early morning airport drop off.

Units 5A/5B and 8D are let. The rest of the estate is still available.

Quite a lot to get rented.

[skyship] 23/8/2023 11:42

Strange pricing as we approach 11:45. 41p choice; ie bid and offered at that!

[nickrl] 21/8/2023 22:59

@paveyark UKCM are one the few that are covering their divi currently and with that yield approaching 7% starting to look attractive

[pavey ark] 21/8/2023 15:43

Bought back in today at a hair above 40p.....not a great fan but....!!!???

The good thing about not being a fan is that it is easier to sell into an uplift.

{UKCM is ,in my opinion, the best bet in REIT land as yield edges to 7% and they can afford to increase it.)

"you pays your money...."

[skyship] 21/8/2023 14:44

With their great B/S we know these will be higher in a few months; so perhaps I should breach my 10% MAX rule.

[skyship] 21/8/2023 14:42

At 40.6p the yield is now a very generous 8.24%. The discount is 34.1% to the 61.60p NAV as at Jun'23.

Really great value - but already fully committed.

Tried a CFD purchase but the market size is only 5000 shares; so the price gets loaded too much.

[my retirement fund] 21/8/2023 14:13

Dividend yield that was covered in last report = 8.2%, discount to NAV 37%. Value or value trap ?

[nickrl] 11/8/2023 14:51

@mirandaj SREI investor meets always worth a watch

[mirandaj] 10/8/2023 18:57

Quarter ended 30th June

[giltedge1] 03/8/2023 17:43

xd today & price went up, market down, nice one. Hopes holds next few days.

[skinny] 27/7/2023 14:50

As if by magic :-

SCHRODER REAL ESTATE INVESTMENT TRUST LIMITED will be holding a Results for the Quarter Ended 30 June 2023 meeting on 9th Aug 2023 at 9:00am BST.

[nickrl] 27/7/2023 10:10

This is my biggest holding bought because it covers its dividend at the cash level so content to see that position maintained. The vacancy rate was up slightly to 11.5% so good that some lettings are imminent as we need the reversionary to move on from here. They do have good long term debt but mustn't overlook the RCF which is now costing as much to service despite it being less than half the fixed debt. Yes it part capped but every pound that goes on it now is costing 6.6%, nearer 7 by next week probably, because they haven't got it all capped. So all this is going to hold back any further divi increase until rates start moving in a more favourable direction.

Hopefully an Investor Meet soon to hear from Nick Montgomery.

[skyship] 27/7/2023 09:01

ACT - No catch. Most REITs are exceptionally good value at the moment; and offer a high yield whilst we wait for the sps to rise and discounts to reduce to more normal levels.

SREI has the best B/S with very long-dated debt - 10.5yrs maturity at an average rate of 3.4%.. Current discount 28.2% & Yield of 7.6%

Great value elsewhere too; especially these:

# API @ 51.5p - Discount of 37.5% & yield of 7.8%

# EBOX @ 54.7p - Discount of 40.1% & yield of 7.9%