Business
Full Year Results for the year ended 31 March 2021
Full Year Results for the year ended 31 March 2021.
About this update from Schroder Real Estate Investment Trust Ltd
[{"type":"text","content":"\n \n For release 2 June 2021\n Schroder Real Estate Investment Trust Limited\n (“SREIT”/ the “Company” / “Group”)\n FULL YEAR RESULTS FOR THE YEAR ENDED 31 MARCH 2021\n PORTFOLIO WELL PLACED TO MEET EVOLVING OCCUPIER NEEDS WITH INCREASED EXPOSURE TO HIGHER GROWTH SECTORS AND ACTIVE ASSET MANAGEMENT\n Schroder Real Estate Investment Trust, the actively managed UK focussed REIT, today announces its audited full year results for the 12 months ended 31 March 2021. \n Key financial highlights \n · Net Asset Value (‘NAV’) of £296.8 million or 60.4 pps (31 March 2020: 309.8 million or 59.7 pps), supported by an accretive share buy-back programme.\n · Net asset value (‘NAV’) total return for the year to 31 March 2021 of 3.9% (31 March 2020: -1.5%).\n · EPRA earnings of £11.6 million, a decrease of 9% (31 March 2020: £12.7 million), reflecting the impact of the pandemic on rent collection rates and a prudent approach to recognising bad debts.\n · IFRS profit of £4.5 million (31 March 2020: loss of £32.5 million, due to one-off refinancing costs).\n · Continued outperformance of the underlying portfolio with a total return of 4.6% vs. the MSCI Benchmark Index at 1.8%.\n · Loan to Value (‘LTV’), net of all cash, of 32.3%, within the long-term strategic range of 25% to 35%\n · £12.2 million of cash and £28 million of undrawn debt facilities provides operational and financial flexibility.\n · Dividends totalling £8 million or 1.59 pps paid during financial year, reflecting dividend cover of 145% based on EPRA earnings. The Company will institute a further 5% increase in the quarterly dividend to 0.656 pps, to be paid in the quarter ending June 2021.\n · Post year end reduction in the Investment Manager’s fees to generate an annualised saving of approximately £600,000 per annum with effect from 1 July 2021.\n Key operational highlights\n · Robust collection rate of 90% of rents due over the financial year.\n · Two multi-let industrial acquisitions in December 2020 for £36.5 million, reflecting an above average net initial yield of 6.8%\n · 80 new lettings, renewals and reviews completed from 1st April 2020 to 2nd June 2021, which totalled £7.9 million per annum of rental income and underpinned a significant reduction in portfolio vacancy to 4.8% (31 March 2020: 7.3%)\n · 73% of the portfolio weighted to the industrial and office se...