One of the key figures to catch Peel Hunt’s eye in Sirius Real Estate Limited (LSE:SRE, JSE:SRE, OTC:SRRLF)’s interims was the sturdy growth of the REIT’s rent roll.
On a like-for-like basis, Sirius’ rent roll increased by 7.7% year on year in the six months ending 30 September 2023.
This puts the REIT on track to deliver its 10th consecutive year of 5% or more like-for-like rent roll growth, reflecting a stable EPRA occupancy rate at 84.5%, with the average rental rate up 7.2% in Germany and 9% in the UK year on year.
Also of note for analysts was Sirius’ £145 million capital raise, announced in tandem with its results. This is set to reduce Sirus’ loan-to-value ratio below 35% while contributing to its long-term funds-from-operations target of €150 million.
The fundraise should also be accretive to net asset value in the medium term, noted Peel Hunt analysts.