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SEGRO PLC (SGRO)

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tjh290633
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Re: SEGRO PLC (SGRO)

#367477

Postby tjh290633 » December 18th, 2020, 4:48 pm

Dod101 wrote:That was some Rights Issue in March 2009. Suggests that they had a funding problem then. I think I may have participated in the March 2017 Rights Issue which looks much healthier at 1 for 5.

Dod

It was all associated with the take-over of Brixton estates.

See https://www.investegate.co.uk/segro-plc ... 04052791O/ for details of that rights issue.

TJH

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Re: SEGRO PLC (SGRO)

#367521

Postby daveh » December 18th, 2020, 6:40 pm

Dod101 wrote:
monabri wrote:From
https://www.dividenddata.co.uk/dividend ... ?epic=SGRO

Mar 2017 - 1 for 5 Rights Issue
Jul 2009 - 1 for 10 Share Consolidation
Mar 2009 - 12 for 1 Rights Issue


That was some Rights Issue in March 2009. Suggests that they had a funding problem then. I think I may have participated in the March 2017 Rights Issue which looks much healthier at 1 for 5.

Dod

I participated in both, but the first was a very large cash call to buy (as TJH says ) Brixton Estates, as I didn't have that much cash available I tail swallowed. In hindsight taking up the entire rights issue it now turns out would have been a good deal. I took up the 2017 rights issue in full, but that was a much smaller cash call.

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Re: SEGRO PLC (SGRO)

#377326

Postby idpickering » January 15th, 2021, 7:05 am

Statement re Update on Rent Collection

For the year ending 31 December 2020, to date we have collected 98 per cent of all rents.

In respect of UK rents payable in advance relating to the first quarter of 2021, as at 14 January, we had received 88 per cent of the £63 million of rent due. This represents a higher collection level than at the equivalent time in each of the three previous quarters.

We expect the substantial balance of outstanding rents to be paid by the end of the quarter with the majority now due to be paid monthly.


Full item here; https://www.investegate.co.uk/segro-plc ... 0000Z7439/

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Re: SEGRO PLC (SGRO)

#387877

Postby idpickering » February 19th, 2021, 7:08 am

Results for the Year Ended 31 December 2020

Adjusted pre-tax profit of £296.5 million up 10.8 per cent compared with the prior year (2019: £267.5 million). Adjusted EPS is 25.4 pence (2019: 24.4 pence).
• Adjusted NAV per share is up 16.3 per cent to 814 pence (2019: 700 pence) mainly due to a 10.3 per cent increase in the valuation of the portfolio driven by asset management, our development activity and yield compression.
• A record leasing and asset management performance with £77.9 million of new headline rent in 2020, including £41.1 million of new pre-let agreements.
• Net capital investment of £1.3 billion through key strategic asset acquisitions, development projects and land purchases.
• Near-term earnings prospects underpinned by 1.2 million sq m of development projects under construction or in advanced pre-let discussions equating to £81 million of potential rent, of which 75 per cent has been pre-let, substantially de-risking the 2021 pipeline.
• Over £1 billion of new equity and debt financing, helping to strengthen the balance sheet for further, development-led growth. LTV of 24 per cent at 31 December 2020.
• 2020 full year dividend increased by 6.8 per cent to 22.1 pence (2019: 20.7 pence). Final dividend increased by 5.6 per cent to 15.2 pence (2019: 14.4 pence).


Ex Div 18 Mar 21, paid 4 May 21.

https://www.investegate.co.uk/segro-plc ... 0000Z0689/

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Re: SEGRO PLC (SGRO)

#387881

Postby Dod101 » February 19th, 2021, 8:19 am

Right place right time. These are very good results by any standard. Bravo!

Dod

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Re: SEGRO PLC (SGRO)

#402485

Postby idpickering » April 8th, 2021, 7:22 am

Update on Rent Collection

SEGRO plc (“SEGRO” or the “Group”) today updates the market on its continued strong rent collection for the first and second quarters of 2021.

In respect of UK rents payable in advance on 25 March relating to the second quarter of 2021, as at 7 April, we had received 89 per cent of the £52 million of rent due and we expect the substantial balance of outstanding rents to be paid by the end of the quarter. This compares with 71 per cent at a similar point in 2020.

In respect of the first quarter of 2021, we have now collected 97 per cent of all rents due from both our UK and Continental Europe portfolios.


https://www.investegate.co.uk/segro-plc ... 0000Z4685/

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Re: SEGRO PLC (SGRO)

#406059

Postby daveh » April 22nd, 2021, 10:05 am

Trading update:
https://www.investegate.co.uk/segro-plc ... 0000Z5790/

SEGRO plc (“SEGRO” or the “Group”) today publishes a trading update for the period from 1 January 2021 to 21 April 20211.

David Sleath, Chief Executive, said:
“2021 has started well for SEGRO, with our ongoing active asset management strategy and continued strong occupier demand enabling us to sign £18 million of new headline rent during the quarter by capturing reversionary potential on the existing portfolio, alongside securing new pre-lets on developments.

“Our expanded, de-risked development programme now comprises 1.3 million sq m of new space either under construction or in advanced discussions. We have also been able to secure further land to extend our future development pipeline.

“Our sector continues to benefit from highly supportive and structural tailwinds and we therefore remain confident in the outlook for the business as well as our ability to drive further sustainable growth in rental income, earnings and dividends over the coming years.”


Looks to be a pretty positive update.

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Re: SEGRO PLC (SGRO)

#427983

Postby daveh » July 16th, 2021, 8:27 am

Segro sells six Italian warehouses at a good price (ahead of book value).
https://www.investegate.co.uk/segro-plc ... 0000Z1465/

SEGRO plc (“SEGRO”) has agreed the sale of a portfolio of six Italian urban warehouses for €127.5[1] million to AXA IM Alts, on behalf of clients.

The warehouses within this portfolio are located outside our core markets so we have chosen to capitalise on buoyant market conditions to sell this portfolio at a price materially ahead of December 2020 book value. We will be recycling the capital into exciting opportunities in other parts of Italy.”

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Re: SEGRO PLC (SGRO)

#431136

Postby daveh » July 29th, 2021, 9:23 am

Interim results for 6month to 30June21:
https://www.investegate.co.uk/segro-plc ... 0000Z2379/


SEGRO PLC
Results for the Six Months Ended 30 June 2021
SEGRO reports a strong performance in H1 2021 and remains well-positioned to deliver further growth.

Commenting on the results, David Sleath, Chief Executive, said:

“SEGRO has delivered another strong set of results, which reflect the high quality of our portfolio and increased demand from a diverse range of occupiers and investors. Together with our active approach to asset management, rental growth and further progress with our development pipeline, these factors have driven significant valuation increases and earnings growth.

“We have also made important progress on our Responsible SEGRO priorities, putting the necessary framework in place to enable us to deliver on our long-term commitments, whilst continuing to work with our local teams and partners to embed our approach into our day-to-day business.

“SEGRO is well-placed to continue benefitting from the structural tailwinds driving the industrial property sector with our unique portfolio of prime warehouses, two-thirds of which are located in the most supply constrained urban markets, and an enviable land bank capable of supporting our profitable and expanding development programme. The combination of our established pan-European, customer-focused operating platform and our relationships and reputation with other key stakeholders, give us a significant competitive advantage which further enhances our ability to secure opportunities for future growth.”

HIGHLIGHTS:

Adjusted pre-tax profit of £168 million up 19 per cent compared with the prior year (H1 2020: £141 million). Adjusted EPS is 13.8 pence, up 10 per cent (H1 2020: 12.5 pence).

Adjusted NAV per share is up 12 per cent to 909 pence (31 December 2020: 814 pence) driven by portfolio asset management initiatives, yield compression, rental growth and our development activity delivering a 10 per cent increase in the valuation of the portfolio.

Strong occupier demand, our customer focus and active management of the portfolio generated £38 million of new headline rent commitments during the period, including £21 million of new pre-let agreements, and a 12 per cent average uplift on rent reviews and renewals (UK: 16 per cent, CE: 2 per cent).

Further growth in the development pipeline with 1.3 million sq m of projects under construction or in advanced pre-let discussionsequating to £96 million of potential rent, of which 75 per cent has been pre-let, substantially de-risking the 2021-2022 pipeline.

Balance sheet positioned to support further, development-led growth with access to over £1.2 billion of available liquidity and a low level of gearing reflected in an LTV of 21 per cent at 30 June 2021 (31 December 2020: 24 per cent).

Interim dividend increased by 7 per cent to 7.4 pence (2020: 6.9 pence), in line with our usual practice of setting the interim dividend at one-third of the previous full year dividend.

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Re: SEGRO PLC (SGRO)

#431141

Postby Dod101 » July 29th, 2021, 9:33 am

Thanks for that. A great share. In the right place at the right time.

Dod

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Re: SEGRO PLC (SGRO)

#431174

Postby tjh290633 » July 29th, 2021, 11:13 am

INTERIM DIVIDEND OF 7.4 PENCE PER SHARE

Consistent with its previous guidance that the interim dividend would normally be set at one-third of the previous year’s total dividend, the Board has declared an increase in the interim dividend of 0.5 pence per share to 7.4 pence (H1 2020: 6.9 pence), a rise of 7.2 per cent. This will be paid as an ordinary dividend on 24 September 2021 to shareholders on the register at the close of business on 13 August 2021. The Board will offer a scrip dividend option for the 2021 interim dividend, allowing shareholders to choose whether to receive the dividend in cash or new shares. 39 per cent of the 2020 final dividend was paid in new shares, equating to £66 million of cash retained on the balance sheet and 7.2 million new shares being issued.

I missed that on my first scan through.

TJH

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Re: SEGRO PLC (SGRO)

#447624

Postby idpickering » October 4th, 2021, 7:13 am

SEGRO and Schroders Complete UK Industrial Asset Swap

SEGRO plc (“SEGRO”) and Schroders have completed a property swap transaction in which SEGRO has acquired from Schroders a 256,000 sq ft urban warehouse estate in West London for £140 million and Schroders has acquired from SEGRO a portfolio of UK big box and urban assets totalling 880,000 sq ft for £205 million. The balance of £65 million has been paid by Schroders to SEGRO.

SEGRO has acquired Matrix Park, a fully let urban warehouse estate in Park Royal, West London, close to existing SEGRO assets and the A40. The estate also includes a 1.4 acre development site. Based on current passing rent and lease reviews and renewals under discussion the estate generates a passing rent of £4.1 million and has an average WAULT of 5 years.

The portfolio acquired by Schroders consists of two stand-alone, fully let big box assets in Hams Hall, Birmingham and Brackmills, Northampton as well as four urban assets including multi-level warehouse X2 close to Heathrow Airport, Oakwood in Park Royal, Advent Way in North London and a cross-dock warehouse in Radlett. Based on current passing rent and lease reviews and renewals under discussion the portfolio generates a passing rent of £7.5 million and has an average WAULT of 6 years.

David Proctor, Managing Director of Group Investment at SEGRO, commented:

“This off-market transaction has allowed us to acquire a significant multi-let industrial estate in one of our core markets, offering strong rental growth potential as well as a medium to long term redevelopment opportunity. At the same time we have been able to divest a number of relatively small holdings, all of which were ear-marked for disposal in the near to medium term.”


https://www.investegate.co.uk/segro-plc ... 0000Z7739/

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Re: SEGRO PLC (SGRO)

#451491

Postby idpickering » October 20th, 2021, 7:06 am

Trading Update

David Sleath, Chief Executive, said:

“SEGRO has had an active and successful third quarter as we continue to capitalise on strong occupier and investment market conditions, with high leasing volumes across the business.

“We have made significant progress with our profitable development programme and have completed projects equivalent to £25 million of potential rent, of which over 90 per cent is already let. We currently have 1 million square meters of space under construction, and during the period have added to the active pipeline and secured further land to extend our bank of future development opportunities.

“We head into the final months of 2021 with confidence in our ability to drive further sustainable growth in rental income, earnings and dividends.”

Strong rent roll growth during the period as a result of a busy period of lettings and the continued capture of reversionary potential (Appendix 1).
• £26 million (Q3 2020: £16 million) of new headline rent2 signed during the quarter, taking the total for the nine months to 30 September 2021 to £64 million (9M 2020: £50 million). This includes £9 million (Q3 2020: £6 million) of new, unconditional pre-let agreements and lettings of speculative developments prior to completion, taking the nine-month figure to £30 million (9M 2020: £25 million).
• New headline rents on review and renewal up more than 13 per cent (UK: 18 per cent, CE: 2 per cent) on previous passing rent in the nine months to 30 September 2021 as ongoing asset management continues to capture reversionary potential from our existing portfolio.
• Vacancy rate reduced further to 3.2 per cent (30 June 2021: 4.3 per cent) predominantly due to strong demand for recently completed speculatively developed space.
• Customer retention is 76 per cent for 2021 to date after we took the opportunity to take back some space in urban estates in London and Paris with a view to executing identified asset management initiatives.


https://www.investegate.co.uk/segro-plc ... 0000Z8921/

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Re: SEGRO PLC (SGRO)

#451498

Postby Dod101 » October 20th, 2021, 7:56 am

Looks like there is not much will stop this juggernaut. Encouraging trading report, again! Thanks Ian.

Dod

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Re: SEGRO PLC (SGRO)

#451560

Postby idpickering » October 20th, 2021, 11:14 am

Dod101 wrote:Looks like there is not much will stop this juggernaut. Encouraging trading report, again! Thanks Ian.

Dod


You're welcome Dod. I've noted the interest in this share by your good self, and others too, TJH I think? I even toyed with buying some, but changed my mind. I've missed the boat, and the yield on offer doesn't excite me much either. Hey ho....

Ian.

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Re: SEGRO PLC (SGRO)

#451583

Postby Dod101 » October 20th, 2021, 11:51 am

idpickering wrote:
Dod101 wrote:Looks like there is not much will stop this juggernaut. Encouraging trading report, again! Thanks Ian.

Dod


You're welcome Dod. I've noted the interest in this share by your good self, and others too, TJH I think? I even toyed with buying some, but changed my mind. I've missed the boat, and the yield on offer doesn't excite me much either. Hey ho....

Ian.


That is the trouble if you concentrate on yield. What makes you think you have missed the boat? I have held Segro off and on since the days when it was Slough Estates and even then it was a decent share. It really only took off though towards the end of 2016, Before then it hung around £4.60 for a long while.

Dod

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Re: SEGRO PLC (SGRO)

#451593

Postby Alaric » October 20th, 2021, 12:08 pm

Dod101 wrote:It really only took off though towards the end of 2016, Before then it hung around £4.60 for a long while.


Looking back at my notes, I see that there was a Rights Issue in March 2017 ( 1 for 5) at a price of £ 3.45. Today's price is £ 12.79


Back in 2009 as Slough Estates, it had to undergo some financial reconstruction, share splits, consolidations and rights issues being needed,

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Re: SEGRO PLC (SGRO)

#451605

Postby idpickering » October 20th, 2021, 12:21 pm

Dod101 wrote:
That is the trouble if you concentrate on yield. What makes you think you have missed the boat? I have held Segro off and on since the days when it was Slough Estates and even then it was a decent share. It really only took off though towards the end of 2016, Before then it hung around £4.60 for a long while.

Dod


Thanks for your input Dod. I do get where you're coming from, but as I only have my HYP as an investment of any kind, the current less than 2% dividend yield from Segro wouldn't have passed muster anyway. Also I don't like chasing shares higher, and with them having risen 41% in the last year, I would look at other opportunities elsewhere.

Ian.

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Re: SEGRO PLC (SGRO)

#451641

Postby daveh » October 20th, 2021, 1:13 pm

Alaric wrote:
Dod101 wrote:It really only took off though towards the end of 2016, Before then it hung around £4.60 for a long while.


Looking back at my notes, I see that there was a Rights Issue in March 2017 ( 1 for 5) at a price of £ 3.45. Today's price is £ 12.79


Back in 2009 as Slough Estates, it had to undergo some financial reconstruction, share splits, consolidations and rights issues being needed,


It had a really really really big rights issue in 2009 in that I held ~700 shares and received ~9000 rights. I tail swallowed and acquired ~3300 new shares (as I had insufficient cash available at the time to take up the issue in full - shame as it would have turned out very well indeed). They then immediately had a 1 for 10 consolidation so I was back to ~400 shares. If my memory serves the rights issue was to buy Brixton Estates.

After the rights issue and consolidation my purchase cost was up in the £7 pound region, well above the price at the time which was around the £2 level, but I bought more in 09 10 and 11 at around the £2 level, took up the 2017 rights in full and then had to top slice in 2018 and 19 as they were making up too high a percentage of my portfolio (sold at ~£6.50 and £7.20 which doesn't seem such a good decision now, but I'd need to check what I bought at the time to see how the replacement has done). Updating my XIRR calculation I've held since 2008 and they are showing a return of 15.8% pa even with the two top slices.

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Re: SEGRO PLC (SGRO)

#451718

Postby tjh290633 » October 20th, 2021, 4:39 pm

I just had a look at my records of Segro. First bought in September 2007 at 543p, then added to in the odd rights issue in 2009, associated with taking over Brixton Estates, and in the open offer at 285p. Added some more in 2011 at 223p, then took up the 1/5 rights in 2017 at 345p. Early in February 2018 they went overweight at 590p, so 25% sold. Again in November 2019 at 887p, a further 25% sold. Finally in July 2020 a further 25% went at 966p. Last night at 1288p, they have given me an IRR of 10.57%. With the yield down under 2%, they are on the cusp of being sold for low yield, but as they continue to grow I am in no hurry. If they went they would be replaced by another REIT, like BBOX for example.

Looking at the data since 2010, after the Brixton merger, I see:

Year     Dividend   Price   Yield
2010 14.10 3.23 4.37%
2019 20.15 8.87 2.27%
Up 42.91% 174.56%
2020 21.30 9.84 2.16%
Up 5.71% 10.96%
2021 22.60 11.94 1.89%
Up 6.10% 21.34%

The growth in price has been more than the growth in dividends, hence the reduction in yield. The prices are those at declaration of the interim dividend in each calendar year mentioned. The dividends are the sum of the final and the next interim in each case. In my view growth of dividend trumps reduction in yield.

TJH


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