Business
Interim results for the period ended 30 September
Interim results for the period ended 30 September.
About this update from Schroder Real Estate Investment Trust Ltd
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n For release 16 November 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 INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022\n \n \n \n \n \n \n \n \n \n STRONG INCOME RETURN UNDERPINS POSITIVE TOTAL RETURN PERFORMANCE AND INCREASED DIVIDEND, FULLY COVERED BY EPRA EARNINGS\n \n \n \n \n \n \n \n \n Schroder Real Estate Investment Trust Limited, the actively managed UK focussed REIT, today announces its unaudited interim results for the six month period ended 30 September 2022.\n \n \n \n \n \n \n \n \n Low cost, long-term debt profile supporting earnings growth and further dividend increase\n \n \n \n ·\n Net Asset Value ('NAV') of £366.0 million or 74.8 pps (31 March 2022: £372.2 million, or 75.8 pps)\n \n \n ·\n EPRA earnings increased 3.6% to £8.6 million (30 September 2021: £8.3 million)\n \n \n ·\n Dividends paid during the period increased 20% to £7.8 million, or 1.60 pps, reflecting dividend cover of 110% based on EPRA earnings\n \n \n ·\n Positive NAV total return performance of 0.8%, reflecting a strong income return from the\n underlying portfolio\n of 2.8% vs. 1.9% for the MSCI Benchmark Index (the 'Benchmark'), led by active asset management\n \n \n ·\n L\n ong term debt maturity profile of 11.2 years at an average interest cost of 2.7%, with\n 91% of drawn debt fixed rate or capped\n \n \n ·\n Loan to value, net of all cash, of 31.4% (31 March 2022: 28.6%)\n \n \n ·\n Continued total return outperformance of the underlying portfolio of 1.8% vs 1.2% for the Benchmark\n \n \n ·\n 1,969,725\n shares\n acquired for £1.0 million as part of the Company's share buyback programme\n \n \n \n \n \n \n Portfolio outperformance driven by recent higher yielding acquisitions, a disposal ahead of book value and active asset management\n \n \n \n ·\n Acquisition of St. Ann's House, a mixed-use office and retail asset in Manchester City Centre, for £14.7 million, reflecting a net initial yield of 7.8%, a reversionary yield of 9.1% and a low average capital value of £283 per sq ft\n \n \n ·\n Disposal of a single let industrial asset at Southlink, Portsmouth for £6.5 million, reflecting a net initial yield of 3.2% and a 33% premium t...