SEGRO (SGRO)

Sector:

Property Investment Trusts

Index:

FTSE 100

909.00p
   
  • Change Today:
      3.20p
  • 52 Week High: 940.00
  • 52 Week Low: 679.20
  • Currency: UK Pounds
  • Shares Issued: 1,352.33m
  • Volume: 1,377,782
  • Market Cap: £12,293m
  • RiskGrade: 100

Segro reports robust rent roll growth in first quarter

By Josh White

Date: Thursday 18 Apr 2024

LONDON (ShareCast) - (Sharecast News) - Segro reported robust growth in its rent roll in a trading update for the March quarter on Thursday, driven by favourable occupier market dynamics.
The FTSE 100 company said that in the quarter, it achieved significant growth in its rent roll, supported by ongoing positive trends in the occupier market.

Additionally, it said it had completed or unconditionally exchanged on £159m of disposals in 2024, at prices surpassing December book values.

The board said market data suggested that industrial and logistics asset values were stabilising.

Segro said it was well-positioned to invest in profitable development opportunities, boasting an average yield on cost of 7% to 8%.

The group also had the capacity to pursue additional growth opportunities, further bolstered by the proceeds of its recent equity raise.

Segro said it would publish its half-year results on 26 July.

"2024 has started well for Segro - our prime urban and big box portfolio and market-leading operating platform, supported by favourable occupier markets, have enabled us to sign £29m of new headline rent during the first quarter," said chief executive officer David Sleath.

"This was achieved through capturing rental uplift on lease renewals and rent reviews, as well as the signing of £17m of new pre-let developments.

"Market data is showing that industrial and logistics asset values are stabilising and potentially reaching a turning point."

Sleath said that although transaction volumes remained muted, Segro had disposed of £159m of land and standing assets so far this year, including £134m exchanged since the quarter ended, at prices above December book values, in line with its continued approach to disciplined capital allocation.

"As stated in our full-year 2023 results, our existing portfolio and land bank offer us the potential to grow our passing rents by more than 50% over the next three years, through capturing embedded rent reversion, leasing vacant units and developing new space.

"The £907m of new equity raised in February provides us with the capacity to pursue further attractive growth opportunities, both through development and asset acquisitions.

"This gives us confidence in our ability to deliver further compound growth in earnings and dividends during 2024 and beyond."

At 0815 BST, shares in Segro were up 1.01% at 836p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

SEGRO Market Data

Currency UK Pounds
Share Price 909.00p
Change Today 3.20p
% Change 0.35 %
52 Week High 940.00
52 Week Low 679.20
Volume 1,377,782
Shares Issued 1,352.33m
Market Cap £12,293m
RiskGrade 100

SEGRO Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
94.47% below the market average94.47% below the market average94.47% below the market average94.47% below the market average94.47% below the market average
100% below the sector average100% below the sector average100% below the sector average100% below the sector average100% below the sector average
Price Trend
38.79% above the market average38.79% above the market average38.79% above the market average38.79% above the market average38.79% above the market average
80.00% above the sector average80.00% above the sector average80.00% above the sector average80.00% above the sector average80.00% above the sector average
Income
26.7% below the market average26.7% below the market average26.7% below the market average26.7% below the market average26.7% below the market average
100% below the sector average100% below the sector average100% below the sector average100% below the sector average100% below the sector average
Growth
0.86% below the market average0.86% below the market average0.86% below the market average0.86% below the market average0.86% below the market average
10.34% above the sector average10.34% above the sector average10.34% above the sector average10.34% above the sector average10.34% above the sector average

What The Brokers Say

Strong Buy 7
Buy 7
Neutral 6
Sell 0
Strong Sell 1
Total 21
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

SEGRO Dividends

  Latest Previous
  Final Interim
Ex-Div 14-Mar-24 10-Aug-23
Paid 03-May-24 22-Sep-23
Amount 19.10p 8.70p

Trades for 14-Jun-2024

Time Volume / Share Price
16:35 8,301 @ 909.00p
16:35 2,246 @ 909.00p
16:35 858,476 @ 909.00p
16:35 10,998 @ 909.00p
16:35 10,998 @ 909.00p

SEGRO Key Personnel

CEO David J R Sleath
CFO Soumen Das

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