Business
NAV and Dividend Announcement
NAV and Dividend Announcement.
About this update from Schroder Real Estate Investment Trust Ltd
[{"type":"text","content":"\n\nFor release 31 July 2024\nSchroder Real Estate Investment Trust Limited\n('SREIT' or the 'Company')\nNAV AND DIVIDEND ANNOUNCEMENT FOR THE QUARTER TO 30 JUNE 2024\nIncome focus driving NAV growth and fully covered dividend, with leasing pipeline to capture portfolio reversion\nSchroder Real Estate Investment Trust Limited ('SREIT' or the 'Company'), the actively managed REIT focused on improving the sustainability performance of buildings to generate higher income, announces its net asset value ('NAV') and dividend for the quarter to 30 June 2024, and provides an update on activity.\nHighlights:\n· NAV increase of 0.5% to £289.0 million or 59.1 pence per share ('pps') (31 March 2024: £287.4 million or 58.8 pps), driven by a 0.3% increase in the value of the underlying portfolio, net of capital expenditure.\n· Quarterly dividend paid of £4.2 million, or 0.853 pps, 103% covered by recurring earnings, resulting in a quarterly NAV total return of 2.0%. \n· Announcement of an interim dividend of 0.853 pps for the period 1 April 2024 to 30 June 2024, to be paid on 30 August 2024.\n· Net loan to value 36.9% (31 March 2024: 37.1%), with sector-leading debt terms including an average interest cost on debt drawn of 3.5%, an average loan duration of 9.5 years and no debt maturities until June 2027.\n· Strong leasing momentum since 31 March 2024, with 27 new lettings, renewals and rent reviews completed across 278,000 sq ft, generating £2.3 million of contracted annual rental income.\n· Significant near-term leasing pipeline, notably at the recently completed industrial refurbishments in Manchester, Milton Keynes and Swindon, which should further drive income and earnings growth.\n· Progressing strategy to include sustainability at the centre of the Company's investment proposition, with a sustainability improvement and decarbonisation strategy focused on adapting existing buildings into those that are both modern and fit for purpose.\nAlastair Hughes, Chair of the Board, commented: \"Following a significant correction, there are increasing signs that the UK real estate market is positioned for a recovery in late 2024 and into 2025. Whilst economic growth remains muted, greater political stability, fal...