Business
NAV and Dividend for quarter to 30 June 2022
NAV and Dividend for quarter to 30 June 2022.
About this update from Schroder Real Estate Investment Trust Ltd
[{"type":"text","content":"\n \n \n For release 27 July 2022\n \n \n \n \n \n Schroder Real Estate Investment Trust Limited\n \n \n ('SREIT' or the 'Company')\n \n \n \n \n \n \n \n \n ANNOUNCEMENT OF NAV AND DIVIDEND FOR THE QUARTER TO 30 JUNE 2022\n \n \n \n Schroder Real Estate Investment Trust Limited ('SREIT' or the 'Company'), the actively managed UK-focused REIT, announces its net asset value ('NAV') and dividend for the quarter to 30 June 2022.\n \n \n \n Highlights\n \n \n \n ·\n NAV increased by 4.4% to £388.6 million (31 March 2022: £372.2 million) and the NAV total return was 5.4%.\n \n \n ·\n Dividend paid during the quarter of 0.795 pps, fully covered by recurring earnings, with a further 1% increase in the quarterly dividend to 0.803 pence per share ('pps'), payable on 19 August.\n \n \n ·\n Net loan to value of 29.0%, with an average interest cost of 2.7%, an average loan duration of 11 years and no debt maturities until 2027.\n \n \n ·\n Acquired St. Ann's House in Manchester, a mixed-use office and retail asset, for £14.7 million reflecting a net initial yield of 7.8%.\n \n \n ·\n Disposed of a single let industrial asset at Southlink, Portsmouth for £6.5 million, reflecting a net initial yield of 3.5% and a 33% premium above the independent valuation as at 31 March 2022.\n \n \n ·\n High volume of portfolio activity with 22 letting transactions completed across 468,760 sq ft totalling rent of £3.2 million per annum, reflecting an uplift of £1.5 million per annum compared to the previous position.\n \n \n ·\n Continued outperformance vs. MSCI Benchmark Index over three months, 12 months, three years and since inception in 2004 (based on latest available Benchmark data to 31 March 2022).\n \n \n ·\n Announced recommencement of the share buyback programme.\n \n \n Nick Montgomery, Fund Manager of SREIT, commented: \"This strong performance is testament to continued asset management successes, notably at our regional multi-let industrial estates and retail warehouse assets. Whilst the outlook is increasingly uncertain due to high inflation and an expectation that interest rates will continue to rise, the Company is well positioned due to its good quality, higher yielding portfolio and long-term, fixed-rate debt.\"\n \n \n \n Net asset value\n \n \n \n The unaudited NAV as at 30 June 2022 was £388.6 million or 79.1 pps. This refl...