SRE | Sirius Real Estate | Adjusting the dimmer switch
Sirius Real Estate (SRE) reported HY'18 DPS of EUR1.56c (+12.2% y/y) which was broadly in line with expectations. FFO per share declined by 3% y/y to EUR2.07c due to the loss of income from EUR103m of disposals and the lag between the reinvestment of the disposal proceeds. As a result, the pay-out ratio was increased to 75%. NAV per share increased by 7.8% y/y to EUR63.4c while like for like rental income increased by 2% y/y. In the note we analyse the original and updated capex program, the impact on the balance sheet from the capital recycling program, update our distribution growth forecast and valuation.
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