Member Info for rylidan

Another good solid set of figures. Nice increase in NAV and fully covered dividend. Why we continue to trade at a significant discount to NAV is beyond me.

Looking good to me, in line with long term strategy. Nice lift of dividend to 15p.

With record production looking forward to the Q2 update, last year 8th August. If they can deliver above the base dividend and match with positive forward guidance, that will really help. Would be nice if the didn't follow with the usual PSU RNS a few days after. Include it in the update please! An update on expansion will also help IMO. Onwards... GLA

SREI has outperformed the benchmark on a rolling three-year basis with a 5.5% per annum total return compared to the benchmark's 0.8% per annum.

Schroder Real Estate (SREI) and its closest peers continue to trade on wide discounts to NAV, in SREI's case c. 26%, which may be a signal that investors are happy to sit on the fence until a rate cut actually comes, unsure of whether property assets really are at attractive valuations. Two things strike us, the first is that SREI's net initial yield is about 200bp higher than 10-year gilts, and the estimated rental value (ERV), 8.4%, is clearly much higher than that. The spread between property yields and the 10-year gilt is an age-old rule of thumb for property investors, with 200bps often seen as the 'right' number. Earlier on in the interest rate cycle, our analysis suggested that UK REITs share prices were actually at about the right level, as opposed to being undervalued, compared to gilts at the time, but this calculation has shifted now, with SREI's yield at NAV now being at the 'right' level, and therefore one can suggest, based on long-established convention, that the share price, a discount of 26% to the NAV, and the dividend yield of over 8%, undervalues the portfolio. The second thing that strikes us is that SREI's portfolio valuation levelled off in the final quarter of the year, and while one must of course treat this as just one small datapoint, it's interesting that it occurred just as the net initial yield reached our so-called 'right' level.

We should get the dividend update this week, normally towards end July. Also BoE interest rate decision on Wednesday.

I reckon they will hold these shares in treasury, and then use them for taking over other assets when their share price is back around NAV. The discount to NAV is quite ludicrous IMO. It's a great use of cash IMO.

We should get a nice bump up if the results match expectations here. Meanwhile looks like the late drop in share price solely down to oil price drop on US market open

Nice bump in NAV from $1.48 to $1.60. All looks encouraging to me.

Looking forward to the next update (next week?). Very pleased with my initial purchases average £1.01, but just topped up as this still looks considerably oversold, and a great yield for a long term investment IMO. Solar and wind energy is the way forwards. Low maintenance costs with solar.

More happy news from SpongeBob

Thanks Mike and Sam for your insight here, much appreciated

Steady as expected. A bit of a bargain 9% yield IMO and what seems like a conservative valuation of NAV.

I would also happily take 75p a share! Can't see it right now as we struggle to break 43p. Oil not looking that strong and I can see the Democrats trying to manipulate it down in the run up to November. Also dollar quite weak against the GBP.

I think 55p to 60p would get a majority shareholder vote, but just my opinion.

However, is it likely to happen? It's a specialist part of the world, with particular challenges. Manolo is such a key figure and would need to be happy to stay.

Very hard to value, but I'm also like you and happy to collect the dividends. It's why I'm invested.

I'm happy being invested in green energy. I'm happy with these results. I'm happy with the buybacks as a cost effective way to return capital. I'm very happy with the dividend I get every quarter!

With over 9% yield and such a huge discount to NAV, this must be one of the REIT bargains still around. Gilt yields falling, making this very attractive IMO.

Looks like £1m went through at 11am and after that we've returned to normal activity. Monday will be interesting IMO.

Personally I think investors like reality. We are heavily discounted to NAV because of the perceived high dividend compared to income. I believe if you want to invest in green infrastructure for the future this is a great option.

So unless you bought early today you would have lost out selling the day before ex divi. Strong buys after market close. This is considerably undervalued IMO, and all REITs should see solid rises during the rest of 2024 as interest rate cuts come.

That comes with the q1 financials

Dividend fully covered at Q4 run rate. See last report. Long term gilts have strengthened from 4.7% to 4.2% interest recently. It hasn't been reflected here yet, nor the fully covered dividend.

DYOR GLA