Business
Interim Results for the period ended 30 Sept 2023
Interim Results for the period ended 30 Sept 2023.
About this update from Schroder Real Estate Investment Trust Ltd
[{"type":"text","content":"\n\nSchroder Real Estate Investment Trust Limited\n \n('SREIT' / the 'Company' / 'Group')\n \nRESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023\n \nSECTOR LEADING LOW COST, LONG TERM DEBT PROFILE AND ASSET MANAGEMENT INITIATIVES SUPPORTING FULLY COVERED DIVIDEND; SIGNIFICANT PORTFOLIO REVERSION TO DRIVE FUTURE EARNINGS; ANNOUCEMENT OF STRATEGIC EVOLUTION\n \nSchroder Real Estate Investment Trust Limited, the actively managed UK focused REIT, today announces its interim results for the six months ended 30 September 2023. These are also available on the Company's website, https://www.srei.co.uk and are available in unedited full text on the national storage mechanism. The interim results are also available as a PDF at the following link:\n \nhttp://www.rns-pdf.londonstockexchange.com/rns/0602U_1-2023-11-20.pdf\n \nSector leading debt profile underpinning earnings and fully covered dividend\n \n- Net asset value ('NAV') declined marginally to £296.0 million or 60.5 pps (31 March 2023: £300.7 million, or 61.5 pps), with a rise in real estate yields offset by a high income return and estimated rental value ('ERV') growth of 2.4% (MSCI Benchmark: 1.7%)\n- Dividends paid totalling £8.2 million, or 1.67 pps (30 September 2022: £7.8 million, or 1.60 pps), 102% covered by EPRA earnings\n- NAV total return 1.1% (30 September 2022: 0.8%)\n- Long debt maturity profile of 10.2 years and a low average interest cost of 3.5%, with 91% either fixed or hedged against movements in interest rates\n- Loan to value, net of all cash, of 36.6% (31 March 2023: 36.0%)\n- Six month total return from the underlying portfolio of 1.9% compared with the MSCI Benchmark at -0.6% \n \nIncreasing exposure to higher growth multi-let industrial sector, with asset management initiatives capturing portfolio reversion\n \n- Sustained, long term outperformance of the underlying portfolio with a total return of 6.7% per annum on a rolling three year basis (MSCI Benchmark Index: 2.2% per annum)\n- Like-for-like por...