Share Name Share Symbol Market Type Share ISIN Share Description
Schroder Real Estate Investment Trust Limited LSE:SREI London Ordinary Share GB00B01HM147 ORD SHS NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.60 1.31% 46.30 695,416 16:35:18
Bid Price Offer Price High Price Low Price Open Price
46.25 46.45 46.50 46.00 46.35
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 21.75 4.54 0.90 51.4 229
Last Trade Time Trade Type Trade Size Trade Price Currency
17:04:59 O 3,761 46.291 GBX

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09/7/201801:02Schroder RE (SREI) One to Watch on Monday -

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Schroder Real Estate Inv... Daily Update: Schroder Real Estate Investment Trust Limited is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker SREI. The last closing price for Schroder Real Estate Inv... was 45.70p.
Schroder Real Estate Investment Trust Limited has a 4 week average price of 43.35p and a 12 week average price of 39.25p.
The 1 year high share price is 47.55p while the 1 year low share price is currently 27.65p.
There are currently 494,790,887 shares in issue and the average daily traded volume is 1,020,216 shares. The market capitalisation of Schroder Real Estate Investment Trust Limited is £229,088,180.68.
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.
spectoacc: Can't agree that EPIC and SREI are similar or would fit well together. SREI are about 11% in Retail Warehouse; EPIC are 60%. SREI fairly well spread, with 37% in Industrial. EPIC 0% Industrial. (26% offices, to SREI's 35%, as near as the two come). Most of the smaller REITs (still not that small, all below are well over £100m) are different to each other, in geography (generally whether they target London/South East or not), sectors, or weightings. Be interesting to find the most similar - outside of the warehouse/industrial lot. Can't think anyone else has eg RGL's offices weighting, nor EPIC's Retail Parks, nor BCPT's London retail (mainly St Christopher's Place). SREI & BREI? Similar EPICs too ;) SLI? You'd struggle to put eg UKCM or PCTN with anyone else due to the tighter discounts. Edit - SLI more industrial than I remembered - nearly 64% - with 43% offices, 15% retail [SLI's %'s add up to 132% due to gearing; "Other Commercial" another c.10%]. Edit #2 - mkt caps (mostly yesterday's): SLI £245m BREI £178m SREI £200m EPIC £148m BCPT £570m RGL £333m PCTN £484m UKCM £949m My guess is, few Boards (or managers) would be eager to get off the gravy train. Which doesn't rule out takeovers, but might make voluntary mergers unlikely..
essentialinvestor: Issue is the extraordinary economic support provided may have reduced opportunity to acquire 'on the cheap'. The moritorium has arguably also played in to that, which may be overlooked. Made a guessestimate here about 10 months ago on where I saw the share price and NAV cycle trough. Although I got the share price guess about bang on 'high 20's, I was about 30% (woefully) out on the cycle NAV low - expected that to trough lower down. SREI found themselves ideally positioned with high levels of cash to deploy as the Covid-19 hit materialised, but particularly in industrial warehouses/distribution assets, bargains perhaps did not materialise as expected, or at least to an extent. The exponential growth in e-commerce has clearly also been a factor for that segment.
kenmitch: SpectoAcc Where would share price be without the buybacks? Probably about the same as what it is now. I hold SREI, SERE, EPIC and AEWU and all are flat lining at present. SREI buybacks have probably made no difference to the share price, and SREI is the weakest performer of the four from my buy prices. All 4 have done well but SREI gain is the smallest. I’m a fan of Skyship’s excellent posts but I‘ve never shared his enthusiasm for buybacks. Spend spare cash to invest wisely is better imo than resorting to artificial ways to try, and often fail, to give the share price a lift. Buybacks do increase NAV but at considerable expense and the problem is a higher NAV does not always mean the discount will narrow. Sometimes it widens despite the buybacks. Or it narrows while they are buying back and then can widen again when they stop.
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.
kenmitch: Yes chucko1. I’ve corrected it now. There’s nothing to stop the discount to NAV actually widening even if they buyback a lot more shares. Or narrowing when they buy back and then widening again. Is that money really better spent on buybacks than on bargain priced properties as any become available? It’s a buyers market. SREI share price performance is disappointing compared to SERE which I also hold.
essentialinvestor: Ken, in terms of buy backs for SREI, they built up a huge watchest of cash and asset prices did not fall by the % many expected. That's what I think has happened, although would expect to see some acquisitions ultimately. The SREI share price was hammered, but without a corresponding % fall in real world property values.
kenmitch: SKYSHIP. I take your point and the same point made by others that there are few bargains available for Trusts like SREI at present. But whenever I post on buybacks there are almost no direct replies or counter points to the evidence I provide to back up my negative view of them. e.g SERE far far better share price performance despite not buying back than SREI who have bought back. e.g that shares and Trusts buying back often underperform shares and Trusts in the same sector who didn’t buy back. SERE vSREI is yet another such example. e.g Trusts buying back often see the discount narrow and the share price rise a bit while they are buying back, only as has happened with SREI, for the share price to drop back when they stop.
kenmitch: SREI share price is up today despite no current support from buybacks. Isn’t it possible for Investment Trust REIT share price discounts to NAV to reduce without buybacks? e.g if investors decide a REIT looks good value as SREI certainly does. SREI has significantly underperformed others I hold like SERE who have not afaiaa bought back recently. What’s more SERE increased their dividend. Much as I respect Skyship for his excellent posts and correct calls I just can’t fathom his absolute certainty about SREI buybacks being a no brainer. As with so many contrary views the points for and against are finely balanced yet people post with absolute certainty. Brexit was a classic example of this. Views were far too polarised on both sides of the argument.
kenmitch: I would much rather SREI invest spare cash on bargain priced acquisitions than spend it on buybacks. For traders buybacks might appeal, but for longer term investors what matters is not the share price and NAV next week or month, but longer term. Shrewd buys now from distressed sellers could work wonders for the SREI share price in time, along with possible dividend increases.And that way SREI could outperform too.
Schroder Real Estate Inv... share price data is direct from the London Stock Exchange
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