Final Results

About this update from Schroder European Real Estate Investment Trust Plc

[{"type":"text","content":"\n\n \n \n6 December 2023\n \nSCHRODER EUROPEAN REAL ESTATE INVESTMENT TRUST PLC\n(\"SEREIT\"/ the \"Company\" / \"Group\")\n \nFULL YEAR RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2023\n\nDIVERSIFIED EUROPEAN PORTFOLIO'S INDEXATION CHARACTERISTICS DRIVES 31% GROWTH IN EARNINGS AND FULLY COVERED DIVIDEND\n \nSchroder European Real Estate Investment Trust plc, the company investing in European growth cities and regions, announces its full year results for the year ended 30 September 2023.\n \nPortfolio indexation and low-cost fixed rate debt supporting earnings growth; low LTV and significant investment firepower\n·      NAV of €171.4 million or 128.2 cps (30 September 2022: €188.2 million or 140.8 cps), reflecting the impact that challenging economic and geo-political risks have had on asset valuations;\n·      Net Asset Value (\"NAV\") total return of -5.0% based on an IFRS loss of €9.4 million (30 September 2022: 7.3% total return / €13.9 million IFRS profit)\n·      Underlying EPRA earnings increased 31% to €8.0 million, or 6.0 cps (30 September 2022: €6.1 million, or 4.5 cps), driven by rental growth and income from recently acquired Alkmaar asset underpinned by low cost, fixed rate debt position\n·      Completed two refinancings on highly competitive terms and repayment of a third debt facility, extending average loan maturity by 20 months to 2.6 years; low average interest cost of 2.9%, with 100% fixed or hedged against interest rate movements\n·      Robust balance sheet, with low Loan to Value of 24% (net of cash) and c.€30 million of cash providing significant investable capacity\n \nQuarterly dividend fully covered by EPRA earnings\n·      Dividends declared for the year totalling 6.66 cps (FY22: 7.40 cps), with dividends declared in the six months to 30 September 2023 106% covered by EPRA earnings\n \nYield expansion partially offset by contracted rental growth; alignment with structurally supported sectors driving higher occupancy and rent collection\n·      Direct property portfolio independent valuation declined -8.5% to €214.1 million, (or €18.5 million net of capex), reflecting between a 50 to 200 b...

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