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
  0.00 0.0% 55.30 399,151 16:35:08
Bid Price Offer Price High Price Low Price Open Price
54.60 55.50 55.50 54.30 55.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 26.62 15.90 3.10 17.8 287
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:07 UT 35,404 55.30 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 55.30p.
Schroder Real Estate Investment Trust Limited has a 4 week average price of 54.30p and a 12 week average price of 52p.
The 1 year high share price is 59.40p while the 1 year low share price is currently 52p.
There are currently 518,513,409 shares in issue and the average daily traded volume is 554,528 shares. The market capitalisation of Schroder Real Estate Investment Trust Limited is £286,737,915.18.
pimsim: I suspect the share price is reacting more to this bit: "The refinancing has resulted in a negotiated break cost of approximately GBP28 million, equating to a reduction in the NAV per share of 5.5 pence." So they have paid GBP28m up front as a break clause on the existing loan in order to refinance at a lower rate which saves GBP2.8m per year in future interest payments for the next 16.5 years. On a NPV basis that doesn't look particularly great.
speedsgh: Refinancing of Long Term Debt and Dividend Increase - HTTPS:// The announcement hasn't been of much help to the share price yet! "This activity resulted in the Board increasing the Company�s dividend by 5% in the financial year to March 2019." Hmmm. Full yr dividend for year to March 2019 was 2.5555p (year to March 2018: 2.48p) which represents an increase of 3.04%. TOTAL FY ended 31/3/2019 - 2.5555p 4th interim (Jun 19) - 0.65p (PID 0.35p; non-PID 0.30p) 3rd interim (Mar 19) - 0.65p (PID 0.35p; non-PID 0.30p) 2nd interim (Dec 18) - 0.6355p (PID 0.35p; non-PID 0.2855p) 1st interim (Aug 18) - 0.62p (PID 0.35p; non-PID 0.27p) ------------------------------------------------------------------ TOTAL FY ended 31/3/2018 - 2.48p 4th interim (May 18) - 0.62p (PID 0.35p; non-PID 0.27p) 3rd interim (Mar 18) - 0.62p (PID 0.35p; non-PID 0.27p) 2nd interim (Dec 17) - 0.62p (PID 0.35p; non-PID 0.27p) 1st interim (Aug 17) - 0.62p (PID 0.35p; non-PID 0.27p) However I suspect what they mean is that the quarterly payment rose by 5% over the course of the year to March 2019 from 0.62p to 0.65p. If so, one assumes that they now mean that the "increase of approximately 20%" is to the quarterly payment which means that it should rise to 0.78p per qtr which equates to 3.12p per annum (forward yield of 5.8% based on current offer of 53.6p).
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!
novision: This continuing share price increase is knackering the yield. ;-)
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
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.
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.
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.
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.
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...
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