Business
NAV update for the quarter to 31 December 2024
NAV update for the quarter to 31 December 2024.
About this update from Schroder Real Estate Investment Trust Ltd
[{"type":"text","content":"\n\nFor release 17 February 2025\n \nSchroder Real Estate Investment Trust Limited\nNAV UPDATE FOR THE QUARTER TO 31 DECEMBER 2024\n4.0% NAV TOTAL RETURN SUPPORTED BY INDUSTRIAL WEIGHTING AND ACTIVE MANAGEMENT\n \nSchroder Real Estate Investment Trust Limited ('SREIT' or the 'Company'), the actively managed REIT focused on improving the sustainability performance of buildings to generate higher income and capital growth, announces its 31 December 2024 net asset value ('NAV'), an asset management update, and further progress selling smaller non-core assets on completion of business plans.\n \nFinancial highlights\n· NAV total return for the quarter of 4.0% (30 September 2024: 2.0%), reflecting the Company's strongest quarterly performance since June 2022\n· NAV increase of 2.5% to £297.8 million or 60.9 pence per share ('pps')\n· Annualised dividend yield of 6.9% on 14 February closing share price of 50.6p\n· Quarterly EPRA earnings increased 6.7% to £4.5 million, or 1.0 pps\n \nBalance sheet highlights\n· Sector-leading debt terms with a weighted average maturity of 8.8 years and interest cost of 3.5% on drawn debt\n· Incremental positive fair value benefit of the fixed-rate loan of £18.4 million, which is not reflected in the Company's NAV\n· Net loan to value 36.6% (30 September 2024: 37.3%)\n \nOperational highlights\n· Quarterly portfolio capital growth of 1.5% (MSCI Benchmark: 0.8%)\n· Quarterly portfolio total return of 2.9% (MSCI Benchmark: 2.0%)\n· Strong leasing momentum maintained, with 12 deals completed across 223,804 sq ft:\no Two new lettings of vacant units adding £147,000 of rent, 1% ahead of 30 September 2024 independent valuation estimated rental value ('ERV')\no Five lease renewals generating total rent of £328,000, which is £94,000 or 40% ahead of the previous passing level and 3% ahead of 30 September 2024 ERV\no Five rent reviews with a total rent of £1,194,000 which is £287,000 or 32% ahead of the previous passing level\n· Progressing sustainability improvement and decarbonisation strategies with significant near-term leasing pipeline, notably at the recently completed ...