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
  0.20 0.49% 41.00 766,791 16:27:19
Bid Price Offer Price High Price Low Price Open Price
41.00 41.20 41.15 40.35 40.35
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 23.49 -32.46 -6.30 213
Last Trade Time Trade Type Trade Size Trade Price Currency
17:23:10 O 95,692 41.00 GBX

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09/7/201800:02Schroder 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 40.80p.
Schroder Real Estate Investment Trust Limited has a 4 week average price of 38.20p and a 12 week average price of 35.60p.
The 1 year high share price is 54.80p while the 1 year low share price is currently 27.65p.
There are currently 518,513,409 shares in issue and the average daily traded volume is 671,871 shares. The market capitalisation of Schroder Real Estate Investment Trust Limited is £212,590,497.69.
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.
kenmitch: I hold SERE and SREI and bought both late October. Excellent update overall from SERE yesterday, with just “small pockets of underperformance,221; along with a second successive dividend increase. Managers express disappointment at the share price performance. Yet SERE is up almost 50% since late October. SREI is up just 12%. SERE NAV discount was about 45% when I bought. It is now down to 26%. That is without the “benefit”; of buybacks. SREI have been buying back but the discount is still 34%. I know many disagree with my negative views on effectiveness of Trusts buying back and are utterly convinced they work, but don’t examples like this (and there are many others) show that it is right to question whether buybacks are a wise or effective use of spare cash?
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 agree that it’s pointless spending long arguing for or against buybacks, as (a bit like with Brexit) minds are made up, and are almost impossible to sway. But I can’t resist replying to your “just the one case” comment. There are so many similar examples. Look at what happened to Investment Trust share prices and discounts at the time of the March market crash. The many Trusts who had bought back often saw their share prices hammered. The buybacks provided no support with those buying back seeing similar or worse falls than Trusts that hadn’t. And it was the same with shares. US Companies had bought back on a scale like never before ahead of the crash, and yet the US market saw one of the biggest and fastest crashes ever.
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.
skyship: Taken a couple of good REIT turns today. Parked some of that cash just now into more SREI at a smidgeon under 30.8p. Looking across the piece SREI are the standout BUY; especially when you accept that the buybacks will start again after the issue of the Interims. At 30.8p the discount = 46.3%. This versus, say, the rallying SLI @ 32.2%, RGL @ 39.4% & EPIC @ 41.6%. Consider this, an SREI rally back up to 34p (the share price before they interrupted the buybacks) matches a 41.1% discount and a 10% turn. May have to go back for more - this trade is easy money IMO!
essentialinvestor: To put the current SREI price in some historical context, In mid May 2009, the heart of the financial crisis, the share price was higher than at the time of this post. SREI made a low that January 2009.
Schroder Real Estate Inv... share price data is direct from the London Stock Exchange
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