Business
NAV and Dividend for Quarter to 31 December 2018
NAV and Dividend for Quarter to 31 December 2018.
About this update from Schroder Real Estate Investment Trust Ltd
[{"type":"text","content":"\n \nSchroder Real Estate Investment Trust Limited\n\nANNOUNCEMENT OF NAV AND DIVIDEND FOR QUARTER TO 31 DECEMBER 2018\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 31 December 2018.\n\nNet Asset Value\n\nThe unaudited NAV as at 31 December 2018 was £358.6 million or 69.2 pence per share ('pps'). This reflects an increase of 0.25% per share compared with the NAV as at 30 September 2018, or a NAV total return, including the dividend paid of 0.6355 pps, of 1.2%. A breakdown is set out below:\n\n\n\n\n£m\npps\nComments\n\n\n\nNAV as at 30 September 2018\n357.7\n69.0\n\n\n\n\nUnrealised change in valuation of direct property portfolio\n0.0\n0.0\nReflects a quarterly like-for-like increase in the value of the underlying portfolio of 0.2% before capital expenditure. Note that this includes the underlying valuation movement in the joint ventures.\n\n\n\nUnrealised gain on joint ventures\n0.6\n0.1\nIncrease in valuation of joint ventures net of capital expenditure.\n\n\n\nCapital expenditure\n(0.6)\n(0.1)\nCapital expenditure includes £0.3m works completed at Clifton Park, York. Commercial Road, Portsmouth £0.1m and Swindon of £0.1m.\n\n\n\nNet revenue\n4.5\n0.9\nIncludes one-off dilapidation/surrender premium received in relation to The Portergate, Sheffield of £1.2m.\n\n\n\nDividends paid\n(3.3)\n(0.6)\nReflects the increased dividend.\n\n\n\nOthers\n(0.3)\n(0.1)\nAdjustment for lease incentives.\n\n\n\nNAV as at 31 December 2018\n358.6\n69.2\n\n\n\n\nRecurring dividend cover for the quarter was 98%. This increased to 134% including the one-off dilapidations/surrender premium at The Portergate, Sheffield.\n\nDividend payment\n\nThe Company announces an interim dividend of 0.65 pence per share (‘pps’) for the period 1 October 2018 to 31 December 2018. This reflects a further 2.5% increase over the prior quarter.\n\nThe dividend payment will be made on 15 March 2019 to shareholders on the register as at 1 March 2019. The ex-dividend date will be 28 February 2019. The dividend of 0.65 pps will be designated 0.35 pps as an interim property income distribution (‘PID’) and 0.30 pps as an interim ordinary dividend.\n\nPerformance versus MSCI Index\n\nOver the quarter to 31 December 2018, the underlying...