Can't make my mind up due to high level of short disclosures. Any advice appreciated

Final Results.

Strong operating results due to portfolio quality and operational focus

l Strong income generation, with £38.4m of new rental income contracted during the year (2010: £42.7m); lettings completed 1.7% above December 2010 ERVs

l Increased retention rate to 74% (2010: 63%), with takebacks reduced to £21.0m (2010: £29.3m)

l Group vacancy rate reduced further to 9.1% at 31 December 2011, down from 11.4% at 30 June 2011 and 12.0% at 31 December 2010. Former Brixton portfolio vacancy reduced to 13.4% (2010: 18.6%) - acquisition target of sub-15% achieved one year early

l Total cost ratio reduced to 24.3% (2010: 28.1%), with improved vacancy rates and tight management of operating expenses

l EPRA profit before tax up 8.8% to £138.5m (2010: £127.3m)

l 3.5% increase in full-year dividend to 14.8p (2010: 14.3p)

Reduction in Net Asset Value (NAV) impacted by write down of non-core assets

l Year-on-year like for like core completed portfolio valuation decline of 0.4%

l H2 2011 non-core portfolio valuation decline of £187.0m

l 2011 EPRA NAV per share down 9.6% to 340p (2010: 376p)

Good progress with strategic portfolio reshaping

l £110.9m of disposals in 2011 and post year-end disposal of five non-core UK industrial estates to Ignis Asset Management for £80.2m; further disposals expected over balance of year

l 14 developments completed during the year, generating £9.0m of annualised rental income

l A further 20 developments under way or contracted, producing annualised rental income of approximately £18.9m, and an average expected development yield of 9.5%

l Planned expansion of the logistics portfolio commenced with the £314.7m acquisition of the UK Logistics Fund in January 2012 in a 50/50 JV with Moorfield

Solid balance sheet

l Funding position further strengthened by significant debt financings arranged in 2011, including €440m (£367m) of new five-year bank facilities and a £400m refinancing of the Airport Property Partnership (APP) JV

l 78% of net borrowings in long-term bonds; weighted average maturity of gross borrowings of 8.8 years. No significant debt maturities before 2014

Great results and the SP drops - baffling!

Interim Results

HIGHLIGHTS

Delivering on our operational objectives

· EPRA profit before tax up 5.3% to £74.9m

· Net rental income 3.4% lower due to the impact of disposals (£5.4m); like for like net rental income up 1.0%

· £13.3m of new contracted headline rent secured,including £2.9m relating to pre-let developments signed in the period

· Group vacancy rate maintained from 31 December 2011 at 9.1%. Core portfolio vacancy 8.8% compared with 10.5% in the remaining non-core assets

· Total cost ratio reduced to 22.4% (H1 2011: 23.6%) through our focus on cost control

· EPRA net finance costs £4.2m lower at £55.9m due to lower euro interest rates, currency translation impact and disposal proceeds


SEGRO completes sale of £111.0 million of UK regional assets

Only hold Segro bonds 5.75 on the 2035 contract, they have performed very well indeed.

Interim Management Statement

MIDAS SHARE TIPS: Property developer Segro has tempting yield



By Joanne Hart, Financial Mail On Sunday

PUBLISHED:22:31, 5 January 2013| UPDATED:22:31, 5 January 2013

Established property developer Segro is our second recommendation. It owns the Slough Trading Estate, home to Ricky Gervais’s television hit, The Office.


Segro offers investors a six per cent dividend yield and the possibility of some real share price appreciation, too. The company is in the throes of change and the stock should respond as chief executive David Sleath delivers on his strategy.


Sleath took the helm in the summer of 2011 and has spent the past 18 months giving Segro a much sharper focus, concentrating on industrial property in or near key transport hubs, such as the Thames Valley,





Asset: The Office is set in Segro's Slough Trading Estate

Heathrow Airport, Ile-de-France – the region surrounding Paris – and the Rhine-Ruhr region in Germany.


Sleath is also disposing of non-core property in Britain and on the Continent and reinvesting the proceeds in his chosen areas.






More...
MIDAS SHARE TIPS: Oil and gas group Fastnet aims to deliver rapid threefold share price rise
MIDAS SHARE TIPS: Biotech minnow Avacta set to reap rewards from animal blood test kits


The company sold £505million worth of property last year and expects to complete further sales in 2013.


Brokers forecast a dividend of 15p for the year just ended, rising to 15.3p for 2013 and 15.5p the year after. Profits are expected to grow steadily as well.


Midas verdict: Sleath is determined to create one of Britain’s leading income-focused property companies and City supporters believe he is well-equipped to do so. The shares are trading at 251p and should reward yield-seeking investors. Buy.

Full year results for the year ended 31 December 2012, expected on 27 February 2013

Should be an interesting read

Up 4.5% today....

pero ¿por qué

ex div 20th mar.,.

This doesn't attract much comment...I wonder why as the PE Ratio is fair and a modest dividend...?
Could it be the -40% change in ROCE?
------------------------------------------------------------------------------------------------
As an aside, can someone explain what these figures ( On the Right-hand column for any Quoted Co,) mean?..... I understand Shares in Issue, sp and Mkt Cap ( on the LH column )... but the others are less obvious in their "Underlying meaning". at least to me....To the extent I rarely consider them.

What I'd like to see is:- Unresolved Litigation, Cash at Bank -and- Pension Deficit . . . but no-one else seems to be bothered.... for any Co I mean...