Starwood European Real Estate Finance Ltd (SWEF) SWEF: Quarterly
Portfolio Update 21-Oct-2022 / 07:01 GMT/BST Dissemination of a
Regulatory Announcement that contains inside information in
accordance with the Market Abuse Regulation (MAR), transmitted by
EQS Group. The issuer is solely responsible for the content of this
announcement.
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Starwood European Real Estate Finance Limited
Quarterly Portfolio Update
Annualised dividend yield of 6.0 per cent;
Portfolio 80 per cent contracted at floating interest rates
Starwood European Real Estate Finance Limited ("SEREF" or "the
Group"), a leading investor originating, executing and managing a
diverse portfolio of high quality senior and mezzanine real estate
debt in the UK and Europe, is pleased to announce a strong
performance for the quarter ended 30 September 2022.
Highlights
-- Strong cash generation - the portfolio continues to support
annual dividend payments of 5.5 pence perOrdinary Share, paid
quarterly, and generates an annual dividend yield of 6.0 per cent
on the share price as at 30September 2022
-- Regular and Consistent Dividend - GBP196 million of dividends
paid since inception
-- Inflation protection - 80 per cent of the portfolio is
contracted at floating interest rates (withfloors) which will
provide an increase in revenue as expected higher inflation results
in higher interest rates
-- Robust portfolio - the loan book is performing in line with
expectations with its defensive qualitiesreflected in the Group's
continued stable NAV; the weighted average Loan to Value for the
portfolio reduced thisquarter to 59.9 per cent from 60.5 per cent
last quarter
-- 53 per cent share price total return since inception in
December 2012
-- Compelling pipeline of opportunities - The Investment Adviser
and Manager continue to see an activeinvestment pipeline across a
range of geographical regions and sectors which represent
attractive risk adjustedreturns
John Whittle, Chairman of SEREF, said:
"In these turbulent times we are reassured by the highly
defensive nature of the Group's portfolio, the quality and
resilience of which has again been proven in another testing macro
environment. As evidence of this, once again all interest payments
have been received in full, with the ongoing strong cash generation
supporting our annual dividend target distribution of 5.5 pence per
share, a yield of 6.0 per cent on the share price as at 30
September 2022.
Importantly, we remain satisfied with our average portfolio LTV
which has further fallen during this quarter to 59.9 per cent,
representing a very significant cushion to the Group's loans.
We are also pleased with the substantial new loan that was
originated in the period comprising a GBP46.2 million investment in
an industrial campus at Loughborough, increasing our portfolio
weighting to the light industrial sector to 6.9 per cent.
Looking ahead, we continue to evaluate an interesting and
diverse pipeline of potential opportunities across various regions
and sectors and we anticipate attractive new opportunities to arise
from the current volatility. In the meantime, given the high
weighting of the portfolio to floating interest rates (80 per
cent), portfolio income will continue to benefit from the
inflationary environment."
The factsheet for the period is available at:
www.starwoodeuropeanfinance.com
Share Price / NAV at 30 September 2022
Share price (p) 91.6
NAV (p) 103.58
Discount 11.6%
Dividend yield (on share price) 6.0%
Market cap GBP366m
Key Portfolio Statistics at 30 September 2022
Number of investments 20
Percentage of currently invested portfolio in floating rate loans 79.7%
Invested Loan Portfolio unlevered annualised total return (1) 7.4%
Portfolio levered annualised total return (2) 7.7%
Weighted average portfolio LTV - to Group first GBP (3) 13.7%
Weighted average portfolio LTV - to Group last GBP (3) 59.9%
Average loan term (based on current contractual maturity) 5.0 years
Average remaining loan term 1.9 years
Net Asset Value GBP414.2m
Amount drawn under Revolving Credit Facilities (including accrued interest) GBP42.0m
Loans advanced (including accrued interest) GBP453.4m
Cash GBP4.0m
Other net liabilities (including hedges) GBP1.2m
Remaining years to contractual or negotiated maturity* Value of loans (GBPm) % of invested portfolio
0 to 1 years GBP139.4 31.1%
1 to 2 years GBP82.4 18.4%
2 to 3 years GBP115.6 25.7%
3 to 5 years GBP111.4 24.8%
*excludes any permitted extensions. Note that borrowers may
elect to repay loans before contractual maturity. Negotiated
maturity is agreed subject to certain conditions being met by the
borrower.
Country % of invested assets
UK 60.2%
Republic of Ireland 18.8%
Spain 15.6%
Netherlands 4.3%
Germany 1.1%
Sector % of invested assets
Hospitality 37.4%
Office 23.7%
Retail 10.9%
Residential 10.2%
Light Industrial 6.9%
Healthcare 5.6%
Life Sciences 4.3%
Logistics 0.6%
Other 0.4%
Loan type % of invested assets
Whole loans 69.3%
Mezzanine 30.7%
Currency % of invested assets*
Sterling 60.2%
Euro 39.8%
*the currency split refers to the underlying loan currency,
however the capital on all non-sterling exposure is hedged back to
sterling.
(1) The unlevered annualised total return is calculated on
amounts outstanding at the reporting date, excluding undrawn
commitments, and assuming all drawn loans are outstanding for the
full contractual term. 17 of the loans are floating rate (partially
or in whole and all with floors) and returns are based on an
assumed profile for future interbank rates but the actual rate
received may be higher or lower. Calculated only on amounts funded
at the reporting date and excluding committed amounts (but
including commitment fees) and excluding cash uninvested. The
calculation also excludes the origination fee payable to the
Investment Manager.
(2) The levered annualised total return is calculated as per the
unlevered return but takes into account the amount of net leverage
in the Group and the cost of that leverage at current
SONIA/Euribor.
(3) LTV to Group last GBP means the percentage which the total
loan drawn less any deductible lender controlled cash reserves and
less any amortisation received to date (when aggregated with any
other indebtedness ranking alongside and/ or senior to it) bears to
the market value determined by the last formal lender valuation
received by the reporting date. LTV to first Group GBP means the
starting point of the loan to value range of the loans drawn (when
aggregated with any other indebtedness ranking senior to it). For
development projects the calculation includes the total facility
available and is calculated against the assumed market value on
completion of the relevant project.
Dividend
On 21 October 2022, the Directors declared a dividend in respect
of the third quarter of 2022 of 1.375 pence per Ordinary Share,
equating to an annualised income of 5.5 pence per annum. The Board
is targeting a dividend of 5.5 pence per annum (payable quarterly)
which it considers to be sustainable and covered by earnings during
the course of 2022 with any excess cash generated being used to
replenish a modest dividend reserve.
The Invested Loan Portfolio unlevered annualised total return
has been increasing steadily as interest rates curves have moved
upwards. The year-on-year increase is 70 basis points (i.e. now 7.4
per cent, up from 6.7 per cent in September 2021). As the interest
rate environment increases there is additional support for the
dividend cover.
Portfolio Update
Despite the various wider macroeconomic headwinds, we are very
pleased with the performance of the portfolio. Average LTV of the
portfolio is 59.9 per cent. Our valuations are based on independent
third party RICS red book appraisals with a weighted average age of
1.2 years for the total portfolio. While these numbers are backward
looking, there remains a very signification cushion to the Group's
loan basis. Risk around interest rate increases is managed by a
combination of underlying borrowers having interest rate hedging
contracts or various other structural features including cash
reserves in place. All interest and scheduled amortisation have
been paid in line with contractual obligations to date.
We were pleased to announce the origination of one new loan in
the quarter with GBP46.2 million of total loan commitment on an
industrial campus in the UK. This investment has increased our
exposure to industrial assets to 6.9 per cent and has had the
impact of reducing our largest sector exposure, hospitality, to
37.4 per cent, down from 39.9 per cent last quarter.
Despite a slowdown in transactions across the market, we have
continued to see the Group's borrowers execute specific strategic
sales. A total of GBP16.2 million repaid in the quarter from a
combination of underlying property sub-portfolio sales. Post
quarter end in October 2022, the Group received a further partial
loan repayment of EUR7.2 million on the Dublin Office Portfolio
loan. This was the result of the borrower executing a sale of a
large office building in Dublin for over EUR90 million. The sale
price was ahead of the Group's most recent independent valuation
report for this portfolio from March 2022. This assists in
providing confidence that valuations have held up in the last
quarter, particularly for high quality assets where borrowers have
executed asset management plans including the re-gearing of
occupational leases and select refurbishment projects.
As the existing portfolio becomes more seasoned, risk around
ground up construction or heavy refurbishment projects reduces
significantly as these projects build out and near completion. The
Group's exposure to ground up construction is 13.4 per cent of the
current portfolio across two projects. Both of these buildings are
forecast to substantially complete within the next six months.
These projects have benefitted from having fixed price design and
build contracts and strong sponsors who are delivering very high
quality, desirable buildings. The largest exposure, Hotel &
Residential UK (GBP49.9 million loan) has pre-sold the majority of
its residential units, with the total contracted sales value
exceeding the total loan commitment. This provides material
de-risking of the lenders position and we expect this loan to fully
repay during 2023.
We continue to closely monitor any actual or potential impact of
market headwinds such as energy, food, labour and construction cost
inflation through review of underlying asset performance and
discussions with sponsors and asset managers. The Group's key
sector exposures of hospitality (37 per cent of total invested
portfolio), office (24 per cent) and retail (11 per cent) all
continue to perform in line with expectations. Hotels have
performed very strongly throughout the summer, with average daily
rates exceeding the Group's underwritten expectations, underpinning
the demand for these hotels, driven by robust demand for business
and leisure travel. Occupancy across the office portfolio continues
to be robust. Occupancy of the Spanish Shopping Centres, which
comprise over 90 per cent of the Group's retail exposure, continues
to be robust and remains ahead of the pre-pandemic level
occupancy.
New Loan
In September 2022 the Group funded the initial advance of a
GBP46.2 million floating rate whole loan secured by an industrial
estate in Loughborough, UK. The financing has been provided in the
form of an initial advance to assist the acquisition of the asset
along with a capex facility to support the borrower's
value-enhancing capex initiatives.
The asset is a multi-let industrial estate currently consisting
of 802k sq ft over 11 buildings across 53 acres with a strong
income base. It is located in Loughborough within the Golden
Triangle for logistics providing strong transport links within the
UK.
Partial repayments
During the quarter, despite lower transaction volumes across the
markets because of the cautionary approach being adopted by
investors, borrowers in the portfolio successfully executed a
number of disposals ahead of business plan that resulted in the
following partial repayments of loan obligations:
-- EUR7.5 million, Hotel, Dublin
-- EUR5.3 million, Mixed Portfolio, Europe
-- EUR5.0 million, Office and Industrial Portfolio, The
Netherlands
-- EUR0.7 million, Logistics Portfolio, Germany
In addition, since quarter end, the following partial repayments
have been received:
-- EUR7.2 million, Office Portfolio, Dublin
-- EUR3.4 million, Mixed Portfolio, Europe
Market commentary and outlook
-- While the most recent UK and US rates of annual inflation are
down on previous months the overall levelsremain high.
-- Central banks continue to fight inflation by raising
short-term interest rates and long-term interestrate expectations
have continued to rise to fresh post global financial crisis highs
during the quarter.
-- Public markets remain volatile. Many stock markets are
currently in bear markets. Credit markets arereflecting the new
interest rate environment, with the biggest effect seen in medium
to long-term fixed rate creditmarkets.
-- The UK mini budget was badly received by markets who are
questioning the credibility of the fiscal plan.The market reaction
has caused some reversal of policy and some resignations but
markets remain jittery.
-- Hotel market data continues to illustrate positive revenue
growth for operating real estate.
-- Choppy markets will create opportunities for lending to
borrowers with solid real estate and businessplans.
We are now almost 8 months into the war in Ukraine which
continues to have a destabilising effect on energy and commodity
supply which are the largest drivers of rising inflation.
Inflation and interest rates continue to dominate markets with
central banks resolute in their aim of tackling inflation through
higher interest rates. Central banks have continued to raise rates
during the quarter with the Fed raising rates by 150 basis points
in the quarter to a 3-3.25 per cent range and the Bank of England
by 100 basis points to 2.25 per cent. The market anticipates a
steep pace of further increases with UK rates expected to peak at
almost 6 per cent. These rates are creating recessionary pressures
but particularly in the UK we are also seeing long term rates
continuing to rise as the markets require a higher return given
concerns around fiscal prudence.
In the UK, the September inflation figure of 10.1 per cent was
up from 9.9 per cent in August, while in the US the September
inflation number of 8.2 per cent was slightly lower than previous
month levels but both remain at very elevated levels. Inflation
numbers continue to be driven by increased energy costs. Energy
prices in August were estimated to be up 38.6 per cent compared to
a year earlier for the Eurozone, up 52.0 per cent for the UK and up
23.8 per cent for the US. However, even after stripping out energy
and food, core inflation was 4.3 per cent for the Eurozone, 6.3 per
cent for the UK and 6.3 per cent for the US. Commodity prices are
expected to remain volatile while the war in Ukraine causes
disruption to energy, agricultural and other exports from Ukraine
due to blockades of the ports and from Russia due to sanctions.
Interest rates have moved very quickly over the past quarter and
this can be seen in the SONIA, Euribor and swap rates, to which
most of the Group's investments are linked. As at 30 September
2022, 3 month (forward-looking) SONIA and Euribor currently stands
at 3.24 per cent and 1.17 per cent respectively versus 1.55 per
cent and negative 0.20 per cent just 3 months ago at 30 June 2022.
The 5 year sterling swap and 5 year Euro swap have also moved
significantly and currently stand at 5.04 per cent and 2.92 per
cent respectively versus 2.48 per cent and 1.74 per cent last
quarter, reflecting increases of 2.56 per cent and 1.18 per cent in
the quarter. These movements have provided a significant yield
benefit to lenders with exposure to floating rate loans and have
resulted in a significant sell off in fixed rate debt.
In the public credit capital markets, primary issuance has
picked up somewhat but continues to be slow across asset classes
and secondary pricing has increased as investors digest the
implications of the rising rate environment and the knock-on
effects. Fixed rate credit markets, where lenders do not have the
benefit of rising rates in the credit instrument they own, have
continued to sell off reflecting higher interest rates.
In the European high yield market there were a number of new
issues in September but overall year to date issuance is still down
62 per cent versus the 2017 to 2019 average. The iTraxx Crossover
index is a good example of the volatility in the market. The index
which had already more than doubled to reach 580 basis points at
the end of the second quarter traded in a very wide 200 basis
points range in September and peaked at 695 basis points in late
September before closing the quarter at 638 basis points.
There remains limited primary markets activity for real estate
corporate unsecured bonds with only three new issuances in the real
estate space and no CMBS issuance in Europe during the quarter.
This is contributing to the reduced capacity of investment banks to
underwrite and distribute real estate risk and we think it is
likely to continue until the end of the year.
In our last factsheet we gave some examples of how rate
inflation in operational real estate could be seen to be boosting
revenues in hotel market data. We are continuing to see that trend
compounded with a strong dollar helping drive UK and European hotel
performance.
The vast majority of gateway markets in Europe reported higher
average daily rates ("ADRs") in August 2022 compared with August
2019. Paris continues to be the leader in both total and luxury
markets versus 2019, achieving a premium of 46 per cent and 52 per
cent to 2019 rates respectively. Milan achieved ADRs 20 per cent
and London 16 per cent higher overall. Prague was the only city
with a lower ADR - down 1 per cent versus 2019.
August 2022 occupancy levels almost reached 2019 levels, with
Milan and Warsaw exceeding those levels by 9 per cent and 2 per
cent respectively. 17 out of the 25 markets achieved over 70 per
cent in August. Leisure destinations have been performing well,
such as Glasgow (88 per cent), Edinburgh (87 per cent), Dublin (87
per cent) and Spanish Resorts (86 per cent).
London Heathrow saw traffic in August at 79 per cent of 2019
levels - down 3 per cent vs. July as staff shortages have had a
negative impact on the total number of passengers processed. The
number of travellers from Northern American reached 97 per cent of
its 2019 level, a strong increase over summer up from 78 per cent
in May. Middle Eastern travel has also recovered strongly to 92 per
cent of 2019 levels.
The UK mini budget announcement in late September was received
very badly by the market. The market had not been prepared for the
size of the tax policy changes and did not like the lack of
information with no forecasts to back up how the books would be
balanced.
Interest rates shot up both at the short end as the plans are
expected to drive further inflation and have also risen at the long
end showing investors' doubts over UK finances in the current
government's hands with investors and third parties like the
International Monetary Fund particularly critical of the lack of
financial forecasting.
Since the initial reaction the government has been forced by
markets to abandon many of the proposed tax cuts and both the
Chancellor and the Prime Minister have now resigned.
While the initial volatility has somewhat passed, this story is
not over, neither the markets nor the Conservative party have yet
reached final conclusions and long dated gilt markets are still
fragile despite resignations, U-turns and Bank of England
intervention.
The mini-budget also brought a focus to the pound's foreign
exchange rate. The pound did drop significantly over the Friday and
Monday of the mini budget to an all-time low of 1.035. However, it
has rallied since and while the pound does look weak against the
dollar the currency story is actually more one of dollar strength
as both the Euro and Japanese Yen are down more than the pound this
year.
We anticipate a slow and cautious resumption in market activity
which will depend on assessing how inflation and interest rates
expectations will stabilise. Disrupted markets provide opportunity
for the Group allowing it to focus on deal selection and generating
strong returns with good downside protections.
No Credit Losses Recognised
All loans within the portfolio are classified and measured at
amortised cost less impairment. The Group closely monitors the
loans in the portfolio for deterioration in credit risk. There are
some loans for which credit risk has increased since initial
recognition. However, we have considered a number of scenarios and
do not currently expect to realise a loss in the event of a
default. Therefore no expected credit losses have been
recognised.
This assessment has been made based on information in our
possession at the date of reporting, our assessment of the risks of
each loan and certain estimates and judgements around future
performance of the assets.
Investment Portfolio at 30 September 2022
As at 30 September 2022, the Group had 20 investments and
commitments of GBP499.8 million as follows:
Sterling equivalent Sterling equivalent unfunded Sterling Total (Drawn and
balance (1) commitment (1) Unfunded)
Hospitals, UK GBP25.0 m GBP25.0 m
Hotel & Residential, UK GBP49.9 m GBP49.9 m
Office, London GBP18.8 m GBP1.8 m GBP20.6 m
Hotel, Oxford GBP23.0 m GBP23.0 m
Hotel, Scotland GBP42.6 m GBP42.6 m
Hotel, North Berwick GBP15.0 m GBP15.0 m
Life Science, UK GBP19.5 m GBP7.1 m GBP26.6 m
Hotel and Office, Northern Ireland GBP12.5 m GBP12.5 m
Hotels, United Kingdom GBP31.4 m GBP19.3 m GBP50.7 m
Office and Industrial Portfolio, UK GBP5.5 m GBP5.5 m
(2)
Industrial Estate, UK GBP27.2 m GBP19.0 m GBP46.2 m
Total Sterling Loans GBP270.4 m GBP47.2 m GBP317.6 m
Three Shopping Centres, Spain GBP30.3 m GBP30.3 m
Shopping Centre , Spain GBP14.9 m GBP14.9 m
Hotel, Dublin GBP46.2 m GBP46.2 m
Office, Madrid, Spain GBP16.3 m GBP0.9 m GBP17.2 m
Mixed Portfolio, Europe GBP11.7 m GBP11.7 m
Mixed Use, Dublin GBP10.1 m GBP2.8 m GBP12.9 m
Office Portfolio, Spain GBP8.4 m GBP0.1 m GBP8.5 m
Office Portfolio, Ireland GBP27.8 m GBP27.8 m
Logistics Portfolio, Germany GBP2.7 m GBP2.7 m
Office and Industrial Portfolio, The GBP10.0 m GBP10.0 m
Netherlands (2)
Total Euro Loans GBP178.4 m GBP3.8 m GBP182.2 m
Total Portfolio GBP448.8 m GBP51.0 m GBP499.8 m 1. Euro balances translated to sterling at period end exchange rate. 2. Office and Industrial Portfolio, UK and Office and Industrial Portfolio, The Netherlands are one singleloan agreement with sterling and Euro tranches.
Loan to Value
All assets securing the loans undergo third party valuations
before each investment closes and periodically thereafter at a time
considered appropriate by the lenders. The current weighted average
age of the dates of these third party valuations for the whole
portfolio is just 1.2 years while the current weighted average age
of the valuations for the income-producing portfolio (i.e.
excluding loans for development or heavy refurbishment) is just
over 10 months.
On the basis of the methodology and valuation processes
previously disclosed (see 30 June 2020 factsheet) and including new
valuations received, at 30 September 2022 the Group has an average
last GBP LTV of 59.9 per cent (30 June 2022: 60.5 per cent).
The table below shows the sensitivity of the loan to value
calculation for movements in the underlying property valuation and
demonstrates that the Group has considerable headroom within the
currently reported last LTVs.
Change in Valuation Hospitality Retail Residential Other Total
-25% 78.2% 93.4% 77.7% 78.3% 79.9%
-20% 73.3% 87.6% 72.9% 73.4% 74.9%
-15% 69.0% 82.5% 68.6% 69.1% 70.5%
-10% 65.2% 77.9% 64.8% 65.2% 66.6%
-5% 61.8% 73.8% 61.4% 61.8% 63.1%
0% 58.7% 70.1% 58.3% 58.7% 59.9%
5% 55.9% 66.7% 55.5% 55.9% 57.0%
10% 53.3% 63.7% 53.0% 53.4% 54.5%
15% 51.0% 60.9% 50.7% 51.1% 52.1%
Share Price performance and Share buyback programme
The Company's shares closed on 30 September 2022 at 91.6 pence,
resulting in a share price total return since the start of 2022 of
1.8 per cent. As at 30 September 2022, the discount to NAV stood at
11.6 per cent, with an average discount to NAV of 9.7 per cent over
the quarter. The Board, the Investment Manager and Adviser continue
to believe that the shares represent attractive value at this
level.
Note: the 30 September 2022 discount to NAV is based off the
current 30 September 2022 NAV as reported in this factsheet. All
average discounts to NAV are calculated as the latest cum-dividend
NAV available in the market on a given day, adjusted for any
dividend payments from the ex-dividend date onwards.
The Company received authority at the most recent AGM to
purchase up to 14.99 per cent of the Ordinary Shares in issue on 10
June 2022. On 19 July 2022 the Board announced that it had engaged
Jefferies International Limited as buy-back agent to effect share
buy backs on behalf of the Company. In order to assist in managing
the discount, the Board has shareholder approval to hold in
treasury any shares repurchased by the Company, rather than
cancelling them. The purpose of this active discount management
programme is to reduce discount volatility, subject to the
availability of cashflow. During the quarter to 30 September 2022,
the Company bought back 9.0 million shares for a total
consideration of GBP8.5 million. In addition, the Board has been
consulting with investors in recent weeks in recognition of the
ongoing discount control assessment period.
For further information, please contact:
Apex Fund and Corporate Services (Guernsey) Limited as Company Secretary
Duke Le Prevost
+44 (0)20 3530 3630
Starwood Capital
Duncan MacPherson +44 (0) 20 7016 3655
Jefferies International Limited
Stuart Klein
Neil Winward
+44 (0) 20 7029 8000
Gaudi Le Roux
Buchanan +44 (0) 20 7466 5000
Helen Tarbet +44 (0) 7788 528 143
Henry Wilson
Hannah Ratcliff
Notes:
Starwood European Real Estate Finance Limited is an investment
company listed on the premium segment of the main market of the
London Stock Exchange with an investment objective to provide
Shareholders with regular dividends and an attractive total return
while limiting downside risk, through the origination, execution,
acquisition and servicing of a diversified portfolio of real estate
debt investments in the UK and the wider European Union's internal
market. www.starwoodeuropeanfinance.com.
The Company is the largest London-listed vehicle to provide
investors with pure play exposure to real estate lending.
The Group's assets are managed by Starwood European Finance
Partners Limited, an indirect wholly-owned subsidiary of the
Starwood Capital Group.
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ISIN: GG00B79WC100
Category Code: PFU
TIDM: SWEF
LEI Code: 5493004YMVUQ9Z7JGZ50
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.: 195693
EQS News ID: 1468279
End of Announcement EQS News Service
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