As at 31 December 2024, the underlying portfolio comprised 38 properties valued at £473.9 million. It generated annual rent of £28.5 million, reflecting a net initial yield of 5.6% (MSCI Benchmark: 5.1%). Note that the University of Law, the tenant at Store Street in Bloomsbury, is in a 10-month rent free period ending on 16 October 2025. Adding back the Company's share of its annual rent, being £2,359,885, would result in a net initial yield of 6.1%. The portfolio's ERV is £39.6 million, reflecting a reversionary yield of 8.4% (MSCI Benchmark: 6.1%). The portfolio void rate was 11.6% calculated as a percentage of ERV, with 0.2% of space completed since the period end and a further 3.6% of space currently under offer and in advanced legal negotiations. The weighted average unexpired lease term, assuming all tenants vacate at the earliest opportunity, is 5.3 years. A further update on portfolio activity will accompany the dividend announcement.
Metrics to compare | SREI | Sector Sector - Average of metrics from a broad group of related Real Estate sector companies | Relationship RelationshipSREIPeersSector | |
---|---|---|---|---|
P/E Ratio | 7.9x | 10.1x | 9.0x | |
PEG Ratio | 0.01 | 0.02 | 0.01 | |
Price/Book | 0.8x | 0.6x | 0.9x | |
Price / LTM Sales | 8.0x | 4.9x | 4.0x | |
Upside (Analyst Target) | - | 25.7% | 11.7% | |
Fair Value Upside | Unlock | −5.0% | −0.4% | Unlock |