Business
Full Year Results for the year ended 31 March 2022
Full Year Results for the year ended 31 March 2022.
About this update from Schroder Real Estate Investment Trust Ltd
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n For release 7 June 2022\n \n \n \n \n \n \n \n Schroder Real Estate Investment Trust Limited\n \n \n \n \n \n \n \n ('SREIT' / the 'Company' / 'Group')\n \n \n \n \n \n \n \n FULL YEAR RESULTS FOR THE YEAR ENDED 31 March 2022\n \n \n \n \n \n \n \n \n \n INCOME PROFILE AND SUSTAINABILITY-LED ASSET MANAGEMENT INITIATIVES TO DRIVE CONTINUED OUTPERFORMANCE IN A MORE VOLATILE MACRO ENVIRONMENT\n \n \n \n \n \n \n \n \n Schroder Real Estate Investment Trust Limited, the actively managed UK focussed REIT, today announces its audited full year results for the 12 months ended 31 March 2022.\n \n \n \n \n \n \n \n \n Key financial highlights \n \n \n \n ·\n Net Asset Value ('NAV') increased 25.4% to £372.2 million or 75.8 pps (31 March 2021: £296.8 million or 60.4 pps).\n \n \n ·\n NAV total return for the year to 31 March 2022 of 30.9% (31 March 2021: 3.9%).\n \n \n ·\n EPRA earnings of £15.7 million, an increase of 35.3% (31 March 2021: £11.6 million).\n \n \n ·\n IFRS profit of £89.4 million (31 March 2021: £4.5 million).\n \n \n ·\n Continued outperformance of the underlying portfolio with a total return of 23.5% compared to 19.9% for the MSCI Benchmark Index.\n \n \n ·\n Loan to value, net of all cash, of 28.6%\n , within the long-term strategic range of 25% to 35%.\n \n \n ·\n £12.5 million of cash, including share of joint ventures, and £42.3 million of undrawn debt facilities, including the post year end increase of the revolving credit facility, providing operational and financial flexibility.\n \n \n ·\n Dividends reinstated to the pre-pandemic level, having been increased every quarter since June 2020. Dividends totalling £13.9 million, or 2.83 pps, paid during the financial year, reflecting dividend cover of 113% based on EPRA earnings.\n \n \n ·\n Further 3% increase in the quarterly dividend to 0.795 pps, to be paid in the quarter ending 30 June 2022.\n \n \n \n \n \n \n Key operational highlights\n \n \n \n ·\n Company announces its own 'Pathway to Net Zero Carbon' commitments and an evolution in its sustainability strategy and approach.\n \n \n ·\n Rent collection stabilised at pre-pandemic level: 96% collected for the quarter ending 31 March 2022, and recovery of certain amounts previously provided for as bad debt.\n \n \n ·\n Disposal of Not...