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NAV and Dividend
NAV and Dividend.
About this update from Schroder Real Estate Investment Trust Ltd
[{"type":"text","content":"\n \nRNS Number : 8033E Schroder Real Estate Inv Trst Ld 21 July 2016 \n\nFor release 21 July 2016\n \nSchroder Real Estate Investment Trust Limited\n \nANNOUNCEMENT OF NAV AND DIVIDEND FOR QUARTER TO 30 JUNE 2016\n \nSchroder Real Estate Investment Trust (the 'Company'), the actively managed UK-focused REIT, announces its net asset value ('NAV') and dividend for the quarter to 30 June 2016.\n \nNet Asset Value\n \nThe unaudited NAV as at 30 June 2016 was £325.6 million or 62.9 pence per share ('pps'). This reflects an increase of 1.1% per share compared with the NAV as at 31 March 2016, or a NAV total return, including the dividend of 0.62 pps, of 2.1%. A breakdown is set out below: \n \n\n\n\n\n\n\n\n£m\n\n\npps\n\n\nComments\n\n\n\n\nNAV as at 31 March 2016\n\n\n322.6\n\n\n62.2\n\n\n\n\n\n\n\nUnrealised change in valuation of direct property portfolio\n\n\n7.0\n\n\n1.4\n\n\nReflects a quarterly like-for-like increase in the value of the underlying portfolio of 1.6% before capital expenditure\n\n\n\n\nCapital expenditure\n\n\n(3.2)\n\n\n(0.6)\n\n\nRelating to refurbishment work at Cardiff, Bristol and Liverpool\n\n\n\n\nUnrealised loss on joint ventures\n\n\n(0.1)\n\n\n-\n\n\nCapital expenditure relating to City Tower in Manchester\n\n\n\n\nLoss on disposals\n\n\n(0.1)\n\n\n-\n\n\nLoss reflects costs in connection with the previously announced disposals in Bath, Nottingham and New Malden\n\n\n\n\nNet revenue\n\n\n3.3\n\n\n0.6\n\n\nResults in quarterly dividend cover of 104% \n\n\n\n\nDividends paid\n\n\n(3.2)\n\n\n(0.6)\n\n\nReflects an annualised dividend of £12.8 million or 2.48 pps\n\n\n\n\nOthers\n\n\n(0.4)\n\n\n(0.1)\n\n\nPrincipally relating to lease incentives\n\n\n\n\nNAV as at 30 June 2016\n\n\n325.6\n\n\n62.9\n\n\n\n\n\n\n\n \nFollowing the EU referendum result, and in common with other independent valuers, Knight Frank has stated that (i) the UK real estate market is now in a period of uncertainty in relation to many factors that impact the property investment and letting markets; (ii) it has not been possible to gauge the effect of the vote to leave the EU by reference to transactions in the market place; and (iii) the probability of the value coinciding with the price achieved, were there to be a disposal, has reduced. \n \nDividend payment\n \nT...