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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Summit Properties Limited | SMTP | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.60 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.60 |
| Top Posts |
|---|
Posted at 13/10/2023 16:15 by jezreel I'd more or less written this one off in my mind as worthless. So I was surprised when a dividend suddenly appeared in my account in September. 8.1 cents per share, after three years of nothing. Definitely good news! No idea where it goes from here .... |
Posted at 09/11/2021 13:50 by davebowler Such a contrast to Summit. Sirius Property-Strong results, proposed UK acquisition and £135m capital raise Mkt Cap £1,469m | Share price 138p | Prem/(disc) 65.9% | Div yield 2.9%EventSirius Real Estate's EPRA NTA per share at 30 September 2021 was 97.0c (March 2021: 92.3c), which represents a 7.3% NAV total return over the six-month period. The NAV performance was driven by a 4.6% like-for-like revaluation gain. The valuation uplift is due to a combination of yield shift (20 bps of yield compression), rental growth and uplifts from the capex programme. The EPRA net initial yield on the portfolio is 6.2% and the average capital value per sqm of 895 is well below replacement cost. Annualised rental income rose by 2.5% on a like-for-like basis in H1. This was predominantly driven by a 2.6% increase in average rental rates. Like-for-like occupancy remained broadly flat at 86%. Cash collection has remained strong with 97.4% collected for the six-month period. The strong operating performance led to a 7.3%% increase in adjusted EPS to 2.93c per share. The H1 dividend has increased by 12% to 2.04c per share (65% payout ratio). FFO per share increased by 12.1% in H1 versus the prior year.Sirius has also announced it has agreed to acquire BizSpace Group for £245m (EV of £380m). BizSpace is a provider of flexible regional workspace in the UK across 72 sites. The portfolio is comprised of 74% light industrial and 26% out of town office assets. The acquisition will be funded by a combination of debt (new and existing) and an equity issue of £135m by way of an accelerated bookbuild. BizSpace's existing management team will remain in place. The transaction is expected to increase FFO and dividends by 11% and will be marginally accretive to EPRA NTA per share. The net LTV ratio at September 2021 was 36.8%. The BizSpace acquisition will increase the net LTV to 44% and Sirius expects to de-lever towards its 40% target over the medium term. Sirius completed a 400m five-year bond issue in June at an attractive 1.125% coupon. The weighted average cost of debt has fallen by 30bps to 1.2%. Liberum viewSirius Real Estate's portfolio continues to deliver strong operational performance. The company has achieved a material increase in both portfolio occupancy and the average rate per sqm over the last five years. Significant upside remains given the potential for asset management improvements across the portfolio. The average value per sqm of 895 is well below replacement cost and offers scope for further growth. We note the bullish outlook from management regarding expectations of FFO growth in H2 (acquisitions) and over the medium-term through the capex programme and vacancy reduction. The BizSpace acquisition offers the company the chance to enter a new market at scale and replicate its successful operating model. |
Posted at 01/6/2020 09:31 by davebowler AS a matter of interest-Liberum; Sirius Real Estate FY 2020 maintains strong track record Mkt Cap £824m | Prem/(disc) 9.5% | Div yield 3.9% Event Sirius Real Estate's EPRA NAV at 31 March 2020 was €0.806 per share (March 2019: €0.7482) which represents a 12.5% NAV total return over the prior 12 months (H1: 8.3%, H2: 3.9%). The NAV performance was driven by a 9.9% like-for-like revaluation gain over the year (c.6% like-for-like after adjusting for capex). The valuation uplift is due to a combination of yield shift (26 bps of yield compression) and organic rental growth. The EPRA net initial yield on the portfolio is unchanged at 6.3%. The valuation of the portfolio was supported by the completion of the sale of five properties to the Titanium JV with AXA. The sale price was at a 19% premium to the prior carrying value. Annualised rental income rose by 6.1% on a like-for-like basis over the period despite a number of large move-outs. This was predominantly driven by a 4.1% increase in average rental rates. Like-for-like occupancy rose to 87% from 85%. Sirius Real Estate has reported strong cash collection in Q2 2020 with April rent and service charge collection at 98.8% of normal levels. Payments in May were in line with April. A small number of tenants have requested payment deferrals. The strong operating performance led to a 14.4% increase in adjusted EPS to 5.24 cents per share. The total dividend for FY 2020 has increased 6.3% to 3.57 cents per share. The higher dividend is also based on a lower payout ratio (65% in FY 2020 vs. 70% in FY 2019). The net LTV ratio at March 2020 was 32.8%, comfortably within the target of 40%. Interest cover on the group's debt facilities is 11.0x (10.1x in FY 2019). Sirius also has significant flexibility with €121m of cash (€97m unrestricted) and €119m of unencumbered assets. Liberum view Today's results demonstrate continued strong operational performance across the portfolio. The company has achieved a material increase in both portfolio occupancy and the average rate per sqm over the last five years. Significant upside remains given the potential for asset management improvements across the portfolio. The average value per sqm of €775 is well below replacement cost and offers scope for further growth. The value-add properties represent 57% of the portfolio and have a vacancy rate of 19.9% (vs. 4.7% for the mature assets). The company's capex investment programme is delivering significant gains and there is considerable potential to increase this across the portfolio. Approximately 47% of the vacant space in the portfolio is going through the capex investment programme. |
Posted at 17/2/2020 07:28 by alpal2 Tender offer: What's going on? I was expecting imminent dividends of 1.5c which seem to have disappeared. Tender offer at 1.8% [Wow!] premium. No, an offer to buy at a discount since they will keep the dividends.I hope someone can provide clarity. Unifinter owns 82% of SMTP, so why not just buy out in toto all other 18% shareholders. Also, with delisting I cannot hold the shares in my ISA; so much for the 'seconday market'. This looks like a scam, smells like a scam. Is it a scam? |
Posted at 22/1/2020 09:04 by alpal2 HCS: Interesting post but I don't see it as a potential problem as Unifinter will probably be happy to pick up any SMTP that Barnett needs to sell. |
Posted at 20/1/2020 13:41 by alpal2 Per 1/2 Year results in Septemder:"Dividends An interim dividend of 0.5 of a cent per share declared today and we intend to declare a further interim dividend of 0.5 of a cent per share in 2019. Following completion of the sale of the office building referred to above and subject to market conditions, we expect to declare a further interim dividend of 1 cent per share." When will these happen? |
Posted at 20/1/2020 10:09 by alpal2 I also had difficulty buying a small amount. Maybe Unifinter has a standing 'buy' order in the market.1] Aren't we supposed to get another dividend after closure of sale of business complex? 2] Anyone like to guess NAV? Both total and make-up i.e. property and net cash. Presumably a high amount of cash at present? |
Posted at 28/12/2019 11:17 by jezreel Always perplexed by the dividend policy here, from a company that states " Our objective is to deliver attractive and secured dividends with sustained growth in both income and capital values.'A 0.5 cent dividend after a 14 month gap with no dividends at all. Annual dividend seems to have dropped from 3 cents to 0.5, though there is some vague promise in the half-yearly report. I wouldn't mind if there was some sort of transparency here - the lack of information makes me uneasy. Anyone else? |
Posted at 25/11/2019 13:26 by davebowler Sirius - now on a premium to NAV of 12%!Liberum; Mkt Cap £787m | Prem/(disc) 12.2% | Div yield 4.0% Event Sirius Real Estate's EPRA NAV at 30 September 2019 was €0.793 per share (March 2019: €0.7482) which represents an 8.3% NAV total return over six months. The NAV performance was driven by a c.5% like-for-like revaluation gain over the six-month period. The valuation uplift is due to a combination of yield shift (47 bps of yield compression) and organic rental growth of 0.9%. The gross yield of the portfolio is still relatively high at 7.4%. The valuation of the portfolio was supported by the completion of the sale of five properties to the Titanium JV with AXA. The sale price was at a 19% premium to the prior carrying value. Annualised rental income rose by 0.9% on a like-for-like basis over the period despite a number of large move-outs. Like-for-like occupancy has remained steady at 85%. The company has completed more than 50,000 sqm of new lettings, offsetting the impact of vacating tenants, including 25,000 sqm on newly acquired properties. Adjusted EPS rose 14.5% in the half-year to 2.51 cents per share. The dividend has increased 8.6% to 1.77 cents per share. As expected, the payout ratio reduced from 70% to 67% and the company expects to revert to a 65% payout ratio over the longer term. The net LTV ratio at 30 September 2019 was 30.6%, comfortably within the target of 40%. Liberum view Sirius has delivered another set of positive results and the company is on track to generate a NAV total return in excess of 15% for the fifth consecutive year. Today's results demonstrate continued strong performance with operational gains in addition to an uplift from yield compression. Significant upside remains given the scope for asset management improvements across the portfolio. The value-add properties represent 46% of the portfolio and have a vacancy rate of 27.3%. The company's capex investment programme is delivering significant gains and there is considerable potential to increase this across the portfolio. Approximately 42% of the vacant space in the portfolio is going through the capex investment programme. The occupational market has improved over the past three years which has enabled the company to generate a material increase in both portfolio occupancy and the average rate per sqm over that period. The price achieved for the asset sales to the JV demonstrates the level of investment demand for commercial assets in Germany. Sirius remains well-placed to maintain its strong NAV performance with rising rental growth in addition to potential yield compression. |
Posted at 25/9/2019 09:27 by alpal2 Company seems to have a strong cash flow but a very low dividend yield. Would a higher dividend payout bring the share price into line with peers? What are dividend yields of peer companies. |
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