Business
Full Year Results for the year ended 31 March 2023
Full Year Results for the year ended 31 March 2023.
About this update from Schroder Real Estate Investment Trust Ltd
[{"type":"text","content":"\n\nFor release 8 June 2023\n \nSchroder Real Estate Investment Trust Limited\n \n('SREIT' / the 'Company' / 'Group')\n \nRESULTS FOR THE YEAR ENDED 31 MARCH 2023\n \nLOW COST, LONG TERM DEBT PROFILE AND INCOME-LED OUTPERFORMANCE DELIVERS FURTHER INCREASE IN FULLY COVERED DIVIDEND\n \nSchroder Real Estate Investment Trust Limited, the actively managed UK focused REIT, today announces its final results for the year ended 31 March 2023. These are also available on the Company's website, https://www.srei.co.uk.\n \nHigh income return and a sector leading debt profile underpinning earnings and a further dividend increase\n \n· Net asset value ('NAV') decreased to £300.7 million or 61.5 pps (31 March 2022: £372.2 million, or 75.8 pps), with equivalent yield expansion of 152 bps to 7.8% (MSCI Benchmark: 123 bps to 6.2%) as a result of the higher interest rate environment, partially offset by ERV growth of 9.2% (MSCI Benchmark: 3.4%)\n· 14% increase in dividends paid during the financial year to £15.8 million, or 3.22 pps (31 March 2022: £13.9 million, or 2.83 pps), fully covered by EPRA earnings\n· NAV total return -15.1% (31 March 2022: 30.9%)\n· Long debt maturity profile of 10.6 years and a low average interest cost of 2.9%, with 90% either fixed or hedged against movements in interest rates\n· Loan to value, net of all cash, of 36.0% (31 March 2022: 28.6%)\n· Change of independent valuer at the financial year end\n· 12 month total return from the underlying portfolio of -7.9% compared with the MSCI Benchmark at -13.5%\n· Further 2% increase in the quarterly dividend to 0.836 pps for the quarter ended 31 March 2023, to be paid in June\n \nAsset management and transactional activity leading to long term outperformance against the MSCI Benchmark, strong rental value growth and an improvement in defensive qualities\n \n· Sustained, long term outperformance of the underlying portfolio with a total return of 6.0% per annum on a rolling three year basis (MSCI Benchmark Index: 1.9% per annum)\n· 65 new lettings, rent reviews and renewals across 973,000 sq ft completed since the start of the financial year, totall...