Sirius Real Estate (JSE: SRE) share price, discussion & sentiment

big wall at 22.40, algos keeping it pinned down hard

Volume pretty thin today on that 1.23% move up.

Been digging into the latest numbers. European logistics absolutely firing right now!!

@swordfish_sa what's your take on the refinancing risk with rates staying high though

@swordfish_sa exactly, beats watching Eskom schedules every morning for returns

European logistics real estate, boring but works.

Load-shedding killed my internet right at market open again

Dividend yield still looking decent even at 22.30. Question is whether those European assets actually hold value in a recession.

been digging into the half year numbers and the portfolio yield is sitting around 6.8% which is decent for a european industrial play, but what's caught my eye is the loan to value creeping up to 47%. that's still within their covenant range but they're going to need rents or asset sales to hold steady if rates stay elevated. comparing to similar european reits they're trading at a discount which either means opportunity or the market knows something about their tenant base, mostly mid-market logistics operators. longer term if europe's supply chain doesn't completely collapse the assets shoul

Industrial property across Europe still offers decent yield relative to what's available locally, and SRE's exposure to logistics beats most alternatives on the JSE. Dividend sustainability is the real question though, especially if cap rates compress further. At 21.97 the risk reward looks reasonable enough but you'd want to see some upside catalyst on rentals before adding heavy.

Spent some time on the latest results. Balance sheet's holding up okay.

SRE sitting at 21.97 but the dividend yield doesn't look that compelling if european logistics rents start sliding. what's the actual occupancy rate on their portfolio right now, anyone know. seem to remember they were taking writedowns a year ago.

35.00 WITHIN 18 MONTHS EASY!!

@cape_steel what happens to rents if the euros raise rates again. cover looks ok now but.

@trpine_patient what's your read on the euro strength though, that's been a tailwind right?

21.96 holding strong, volume steady today

@trpine_patient yeah the yield is solid at this level, especially if warehouses stay busy. euro real estate holding its own

r21.95 and still nobody talking about the dividend cover. european logistics doing ok but when rates stay high like this, how long before occupancy pressure hits rents. comparing to similar reits the yield looks decent on paper, long game probably works if you can stomach the rand weakness though.

@cape_steel need to flag, their last announcement was Q3, not the most recent quarter for cover math.

Do you think the dividend is sustainable here?