Business
NAV and Dividend for the quarter to 30 June 2022
NAV and Dividend for the 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 A\n NNOUNCEMENT OF NAV AND DIVIDEND FOR THE QUARTER TO 30 JUNE 2022\n \n \n Schroder Real Estate Investment Trust Limited ('SREIT' or the 'Company'), the actively managed UK-focused REIT, announced its net asset value ('NAV') and dividend for the quarter to 30 June 2022 at 7.00 am. The Company has been made aware that some investors are having difficulty accessing this, which can be found at\n \n \n https://www.londonstockexchange.com/news-article/SREI/nav-and-dividend-for-quarter-to-30-june-2022/15557698\n \n \n .\n \n \n The full text of the announcement is shown below:\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 perform...