Business
Interim Results for the Period Ended 30 Sept 2021
Interim Results for the Period Ended 30 Sept 2021.
About this update from Schroder Real Estate Investment Trust Ltd
[{"type":"text","content":"\n \n \n \n RNS Number : 1925T\n Schroder Real Estate Inv Trst Ld\n 23 November 2021\n \n \n \n \n \n For release 23 November 2021\n \n \n \n \n \n Schroder Real Estate Investment Trust Limited\n \n \n (\"SREIT\"/ the \"Company\" / \"Group\")\n \n \n \n \n \n INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2021\n \n \n \n \n \n INCREASED PORTFOLIO ALIGNMENT TO HIGH GROWTH SECTORS AND ACTIVE ASSET MANAGEMENT UNDERPINNING NAV, EARNINGS AND DIVIDEND GROWTH\n \n \n \n \n \n Schroder Real Estate Investment Trust, the actively managed UK focussed REIT, today announces its interim results for the six months ended 30 September 2021. \n \n \n \n \n \n Key financial highlights \n \n \n · \n 9.0% increase in Net Asset Value ('NAV') to £323.4 million or 65.8 pps (31 March 2021: £296.8 million or 60.4 pps)\n \n \n · \n Net asset value ('NAV') total return of 11.3% \n \n \n · \n EPRA earnings of £8.3 million (30 September 2020: £5.1 million), reflecting improving rent collection and a reduction in bad debt provisions, as well as the impact of recent acquisitions and active management\n \n \n · \n IFRS profit of £33.2 million (30 September 2020: £-8.8 million)\n \n \n · \n Underlying portfolio total return of 8.9% vs. the MSCI Benchmark Index at 7.7% \n \n \n · \n Loan to Value ('LTV'), net of all cash, of 30.7%, within the long-term strategic range of 25% to 35%\n \n \n · \n Dividends paid during the period totalled £6.5 million, or 1.33 pps, an increase of 8% over the period, with a further 7.5% increase announced for the quarter to 30 September 2021, to be paid in December\n \n \n · \n Dividend cover of 127% based on EPRA earnings\n \n \n · \n Reduction in the Investment Manager's fees to generate an annualised saving of approximately £650,000 per annum, effective from 1 July 2021\n \n \n \n \n \n Key operational highlights\n \n \n · \n Robust rent collection rate of 92% during the period, rising to 98% for the quarter to December 2021 \n \n \n · \n Including post period activity, 50 new lettings, renewals and reviews completed, generating an additional £800,000 per annum of rental income \n \n \n · \n Portfolio vacancy of 4.9%, close to historic low\n \n \n · \n Post period acquisition of four asset industrial portfolio in the north west of England for £19.85 million, reflecti...