Business
NAV and Dividend for the Quarter to 30 June 2023
NAV and Dividend for the Quarter to 30 June 2023.
About this update from Schroder Real Estate Investment Trust Ltd
[{"type":"text","content":"\n\nFor release 27 July 2023 \n \nSchroder Real Estate Investment Trust Limited\n \n('SREIT' or the 'Company')\n \nNAV AND DIVIDEND ANNOUNCEMENT FOR THE QUARTER TO 30 JUNE 2023\n \nSchroder 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 2023 and provides an update on portfolio activity.\n \nKey points\n \n· NAV increased to £301.1 million or 61.6 pence per share ('pps') (31 March 2023: £300.7 million or 61.5 pps), which, together with dividends paid, resulted in a NAV total return for the quarter of 1.5%\n· Dividend paid during the quarter of 0.836 pps, 103% covered by EPRA earnings, representing an annualised yield of 7.6% on the 26 July closing share price of 43.8 pps\n· Net loan to value of 35.7%, with an average interest cost of 3.4%, an average loan duration of 10.5 years and no debt maturities until 2027\n· Strong leasing activity since 1 April 2023 with 25 new lettings, renewals and rent reviews completed across 131,599 sq ft totalling £1.5 million per annum, reflecting an uplift of 4% compared to the estimated rental value ('ERV') at the beginning of the quarter\n· Good progress with ongoing letting activity which could generate a further £1 million per annum of rent\n· Disposed of an office asset, Morgan Sindall House, in Rugby, for £4.0 million, in line with the independent valuation as at 31 March 2023\n· Sustained outperformance vs. MSCI UK Balanced Portfolios Qu...