Business
NAV and Dividend for Quarter to 30 June 2021
NAV and Dividend for Quarter to 30 June 2021.
About this update from Schroder Real Estate Investment Trust Ltd
[{"type":"text","content":"\n \n For release 19 July 2021\n \n Schroder Real Estate Investment Trust Limited\n \nLEI Number: 549300ZIJJTMTIIQJP67\n \n \n ANNOUNCEMENT OF NAV AND DIVIDEND FOR QUARTER TO 30 JUNE 2021\n \n \n Schroder Real Estate Investment Trust (the ‘Company’ or ‘SREIT’), the actively managed UK-focused REIT, announces its net asset value (‘NAV’) and dividend for the quarter to 30 June 2021.\n \n \n Highlights\n \n \n · Net asset value (‘NAV’) per share increase of 4.1% and a NAV total return of 5.3% per share based on dividends paid during the quarter.\n · Further 3% quarterly dividend increase to 0.675 pence per share (‘pps’) for the period 1 April 2021 to 30 June 2021.\n · The portfolio valuation increased by 2.6% net of capital expenditure over the quarter, driven by the performance of industrial, which represents the largest component of the portfolio by value at 40.2%.\n · Rent collection levels continue to improve, with 90% of rent due for the quarter ending 30 September 2021 collected as at 16 July 2021, ahead of the equivalent date in the previous quarter.\n · High levels of earnings enhancing asset management activity across the portfolio, with 14 leasing transactions generating £1.1 million per annum of rental income. These reflected a £400,000 per annum like for like increase compared with the rental income as at 31 March 2021.\n · The Company’s strategy is focused on the acceleration in structural changes and emerging occupier trends through a fully integrated ESG approach, specialist capabilities, hospitality mindset and operational excellence with respect to tenant management to create sustainable income and long term value.\n \n \n Net Asset Value\n \n \n The unaudited NAV as at 30 June 2021 was £309.1 million or 62.9 pps, a 4.1% per share increase compared with the NAV as at 31 March 2021. During the quarter the Company paid a dividend of 0.656 pps, which resulted in a NAV total return of 5.3%.\n A breakdown of the quarterly NAV movement is set out below:\n \n \n \n £m\n pps\n Comments\n \n \n NAV as at 31 March 2021\n 296.8\n 60.4\n \n \n \n Unrealised net increase in the valuations of the direct real estate portfolio and Joint Ventures\n 12.3\n 2.5\n Reflecting a gross portfolio capital value uplift of £12.3 million or 2.8%.\n \n \n Capital expenditure (direct portfolio and share of Joint Ventures)\n (0.9)\n (0.2)\n Capi...