Schroder Real Estate Inv... Share Price (SREI)

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
	-0.70	-1.22%	56.50	460,206	16:35:20

Bid Price		Offer Price	High Price	Low Price	Open Price
56.00		56.60	57.50	56.00	56.00

Industry Sector	Turnover (m)	Profit (m)	EPS - Basic	PE Ratio	Market Cap (m)
Real Estate Investment & Services	26.62	15.90	3.10	18.2	293.0

Last Trade Time	Trade Type	Trade Size	Trade Price	Currency
16:35:20	UT	13,467	56.50	GBX

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Schroder Real Estate Inv... (SREI) Latest News

Schroder Real Estate Inv... News

Date	Time	Source	Headline
13/6/2019	09:13	ALNCF	Alliance News Flash Headline
13/6/2019	09:11	PRNUS	Schroder Real Estate Investment Trust Ltd - Holding(s) in Company
21/5/2019	11:28	ALNC	Schroder REIT Posts Solid Annual Performance, Sells Acton Warehouse
21/5/2019	07:00	PRNUS	Schroder Real Estate Investment Trust Ltd - Full year results for the year..
14/5/2019	16:58	PRNUS	Schroder Real Estate Investment Trust Ltd - Holding(s) in Company
13/5/2019	13:57	ALNC	Schroder Real Estate Proposes Interim 0.65 Pence Dividend
13/5/2019	07:00	PRNUS	Schroder Real Estate Investment Trust Ltd - Dividend Announcement
03/5/2019	17:34	PRNUS	Schroder Real Estate Investment Trust Ltd - Holding(s) in Company
03/5/2019	13:28	UKREG	Schroder Real Estate Holding(s) in Company
03/5/2019	11:32	UKREG	Schroder Real Estate Holding(s) in Company

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Schroder Real Estate Inv... (SREI) Discussions and Chat

Schroder Real Estate Inv... Forums and Chat

Date	Time	Title	Posts
21/5/2019	07:03	SCHRODER REAL ESTATE INVESTMENT TRUST LIMITED	516
09/7/2018	01:02	Schroder RE (SREI) One to Watch on Monday	-
14/3/2012	20:03	SCHRODER REAL ESTATE INVESTMENT TRUST LIMITED	-

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Schroder Real Estate Inv... (SREI) Most Recent Trades

Trade Time	Trade Price	Trade Size	Trade Value	Trade Type
2019-07-16 15:35:20	56.50	13,467	7,608.86	UT
2019-07-16 15:29:56	56.00	217	121.52	AT
2019-07-16 15:29:55	56.00	2,641	1,478.96	AT
2019-07-16 15:29:55	56.00	159	89.04	AT
2019-07-16 15:28:20	56.60	61	34.53	AT

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Schroder Real Estate Inv... (SREI) Top Chat Posts

Date	Subject
16/7/2019 09:20	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 57.20p. Schroder Real Estate Investment Trust Limited has a 4 week average price of 53.80p and a 12 week average price of 53.80p. The 1 year high share price is 67.30p while the 1 year low share price is currently 53.10p. There are currently 518,513,409 shares in issue and the average daily traded volume is 328,161 shares. The market capitalisation of Schroder Real Estate Investment Trust Limited is £292,960,076.09. Read Full Thread Reply
23/1/2014 14:08	asmodeus: Supposing you get dividends of £100 a year. If the share price rises by £500 you can take the profit and (assuming you are within your allowance) and, less charges, that is the equivalent of 5 years dividends - and tax-free! Read Full Thread Follow Reply
23/1/2014 11:17	novision: This continuing share price increase is knackering the yield. ;-) Read Full Thread Follow Reply
16/7/2013 07:07	skinny: Annual Results Financial Highlights · Net Asset Value of 45.1 pence per share ('pps') (31 March 2012: 50.6 pps) · EPRA earnings of 2.1 pps (31 March 2012: 1.6 pps) · Loss before tax of £10.8 million (31 March 2012 profit before tax: £12.1 million) · Dividend declared and paid of 3.52 pps for the 12 months to 31 March 2013 (31 March 2012: 3.52 pps) · Share price total return of 33.2% Operational Highlights · Disposal of seven properties for £67 million reflecting a 6% average premium compared to the valuations as at 31 March 2012, with proceeds used to pay down £59 million of securitised debt · On 16 April 2013 a new £129.6 million long term loan facility was concluded with Canada Life allowing repayment of the remaining £114.5 million securitised loan in full that matured in July 2014 · The new loan is at a total margin of 4.77% compared with the securitised loan margin of 5.72%, generating a saving in interest and related costs of approximately £0.8 million per annum · Dividend revised to a more sustainable level of 0.62 pence per share per quarter, which, together with the refinancing, puts the Company on a solid platform to take advantage of future opportunities Read Full Thread Follow Reply
13/5/2013 23:34	redsonning: As I indicated in my last post, this company is now extremely well placed. This has been entirely borne out by the market support to date since the dividend cut. The dividend adjustment has of course strengthened future prospects and the share price has shown no sign at all of dropping below the 39-40p level. In fact in the last day or two it is creeping back above 40. Those who thought they would be buying back around the mid thirties will be disappointed. Read Full Thread Follow Reply
24/4/2013 23:53	redsonning: There continues to be some misunderstanding about this company. Those who think that this SREI is not as strong as they thought it was are missing some of the point. The company has reorganised a great deal over the last year and, as a result, is now well positioned. It's new debt arrangement is amongst the best now in place at any property company. It's dividend has been set at a low level in order to allow it to strengthen its position further over the next year or two. Its high level of voids is now a significant opportunity compared with those which have lower voids. Additionally it has the potential from the eventual successful planning applications at Reynards Park and at Hinkley. Much of this is simply a matter of time to transpire, given good management, and it is clear that it now has that good management. These factors continue to support the price at which the shares trade. A company which overpays dividends is inherently weaker than one which does not, and this weakness has now been corrected. Similarly the recovery in the share price of the combined IPT-IRP (now FCRE) following the merger and dividend reduction was essentially for that same reason. Read Full Thread Follow Reply
17/4/2013 14:48	speedsgh: Thanks for the link, Skinny. Trades not showing up there either. No doubt they'll pop out of one of the systems at some point. jonwig - i concur that a cut in the dividend is sensible. i don't have a problem with it, however i do expect the uncertainty over the ongoing dividend level to have an effect in the share price in the short term. the share price action at PCTN during the corresponding period of uncertainty provides a pointer as to the possible scenario here imo. Read Full Thread Follow Reply
15/3/2013 10:44	redsonning: The new financing is excellent news for the company, which is why the shares are starting to rise. It is not logical to suggest that the share price is over valued following this significant improvement in the company's loan arrangement. The share price is most certainly not driven by the dividend (which is indeed somewhat high). We have seen this in the recent examples of Picton (when the share price rose following a reduction in the dividend, and in the IRP/IPT situation where the same thing is in the process of happening. In property stocks the decision about the level of dividend is simply a balance between taking cash now and leaving enough for the company to develop it's property portfolio further. Hence when the balance is wrong (for example when the dividend is too high) the company finds it's share price being negatively affected since the market fears future NAV decline. Putting that situation right allows the share price to return to its underlying value level. Read Full Thread Follow Reply
31/1/2013 11:07	redsonning: I share your general sentiments Sky. With SREI it's the dividend cover which is the problem, and indeed it's not clear that the discount is so huge. On the other hand the new managers have been primarily concerned with turning properties back into cash and then paying down debt. They perceive that the refunding negotiations will be more favourable this way, and they may well be right. However, this will almost certainly mean no substantial improvement in dividend coverage for some longish time. There is however no intrisic reason why a circa £165m property company cannot expect to pay a £12.5m dividend in the longer term if it gets voids down to 5% instead of near 12% as now. But given those funding pressures and the scarcity of renters right now my guess is that we will indeed see some kind of cut in the dividend at some stage in order to provide financial flexibility (as with the PCTN situation). However, I do not expect a dividend cut (at the present parameters) would push down the share price, since once the dividend is cut the NAV discount will indeed start to look much more attractive. Read Full Thread Follow Reply
28/6/2012 08:29	lord gnome: The PCTN deal looks good and shows that SREI might also refinance without too much difficulty. The variable interest rate shouldn't hold too many fears. If interest rates rise, that's a sign that the economy is improving and so property prices - and rents - should also respond. In the meantime, like others on here, I am amazed that the SREI share price is so low. Read Full Thread Follow Reply
18/4/2012 15:29	skyship: My response posted on FT Adviser: ================================== The author, Stephen Peters is an IT analyst rather than a Property analyst; so well done him for finding his way to the value here, however he should have consulted with one of his Property colleagues. He still would have penned the recommendation, but he wouldn't have been so reserved. SREI is one of the very best value property plays on the LSE bar none! Sure its portfolio is not top drawer trophy assets; but nor is it entirely secondary either. It is a good mix of highly marketable, long-leased and well-tenanted properties; and it is a deliberate policy to retain its middle-of-the-road mix so as to retain above-average yields. The usual parameters for assessing the stockmarket valuation of property companies are: # NAV discount # Yield # Loan-to-Value figure LTV # Debt profile # Property portfolio mix & quality office, industrial, retail NAV discount Most commentators nowadays use the EPRA NAV as in recent years companies considered it good practice, or were persuaded by their bankers, to enter into swap arrangements to ensure debt against future interest rate rises. The QE inspired interest rate falls have saddled most companies with mark-to-market deficits, which unravel with time as the company progresses to debt renewal. The EPRA NAV at SREI is 55.8p; so at a share price of 34p the NAV discount = a highly attractive 39%. If the Plantation Place Joint Venture is sold it may well take the EPRA NAV up to 60p, increasing that discount to 43%. Yield: The Board is set on maintaining the 0.88p quarterly dividend and it is the remorselessly stated objective to increase cashflow so as to cover that 3.52p annual dividend as soon as possible. The stats over the past year show that the Company is delivering on that objective, with full cover now looking certain in 2013. At the current share price of 34p the yield = a quite remarkable 10.3% LTV: Following the recent sale of the BT building in West Bromwich, the LTV reduced to just 41.2% versus its debt covenant level of 60%. Peters states: "The fund remains one of the most highly indebted in the sector, a fact reflected in the relatively wide discount at which its shares are trading to the value of its investments." For a property company that 41.2% that isn't high at allso; actually the borrowings are quite normal, low even... Compare that figure to the LTV of 4 of the big blue chips: # BLND: 45.6% # GPOR: 36.6% # HMSO : 52.0% # LAND: 37.2% And compare to Picton (formerly ING Real Estate) who in a fruitless pursuit of SREI wasted a year of SREI management time and an estimated £1million of costs. The PCTN LTV = 46%. Peters has perhaps validly but incorrectly compared the LTV figure with other Investment Trusts; whereas he should have compared to SREI's property peers. Debt Profile: I've shown that the gearing is normal. The other thing to consider is the debt maturity. This is fully transparent. To quote from the most recent IMS: The Company has a single on-balance sheet loan facility of GBP173.5 million that matures in July 2014, with no other on-balance sheet financing maturing prior to this date. The Company is considering longer term re-finance strategies that reduce the overall interest cost and avoid crystallising swap break costs. The average interest rate inc. swap margin is 5.69%. So there is no immediacy; but the Company would like to refinance for the long-term sooner rather than later. Property Portfolio: # Retail 22.2% # Offices 49.4% # Industrial 24.3% # Other 4.1% Prior to the BT building sale, the Top Ten properties accounted for 47% of the portfolio and fell into the value band of £10m - £28m. So quite clearly this is not a portfolio of tertiary properties, secondary yes, highly marketable yes. Summary: SREI is an attractive middle-of-the-road property play with a considerable number of value enhancing opportunities. Now, managed at low cost under the Schroder umbrella, the 2014 refinancing should be a relative formality; and the likelihood of a stockmarket rerating is obvious. Post a Plantation Place sale I would expect a share price rise to, say, 44p for a still way above average 8%yield and a 27% EPRA NAV discount. That share price would still be cheap, but would represent a 29% gain from the current 34p.....and shareholders enjoy the 10.3% yield whilst they wait for that inevitable re-rating to kick in... Read Full Thread Follow Reply

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