Business
Net Asset Value and Dividend Declaration
Net Asset Value and Dividend Declaration.
About this update from Schroder Real Estate Investment Trust Ltd
[{"type":"text","content":"\n \nFor release 7 February 2018\n\nSchroder Real Estate Investment Trust Limited\n\nANNOUNCEMENT OF NAV AND DIVIDEND FOR QUARTER TO 31 DECEMBER 2017\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 2017.\n\nNet Asset Value\n\nThe unaudited NAV as at 31 December 2017 was £345.5 million or 66.6 pence per share ('pps'). This reflects an increase of 1.4% per share compared with the NAV as at 30 September 2017, or a NAV total return, including the dividend of 0.62 pps, of 2.3%. A breakdown is set out below: \n\n\n\n\n£m\npps\nComments\n\n\n\nNAV as at 30 September 2017\n340.6\n65.7\n\n\n\n\nUnrealised change in valuation of direct property portfolio\n8.4\n1.6\nReflects a quarterly like-for-like increase in the value of the underlying portfolio of 1.8% before capital expenditure. Note that this includes the underlying valuation movement in the joint ventures.\n\n\n\nCapital expenditure\n(2.4)\n(0.5)\nCapital expenditure including the Premier Inn at Leeds Arndale Centre of £1.2 million and Stacey Bushes Industrial Estate in Milton Keynes of £0.3 million.\n\n\n\nRealised gains on disposal\n0.5\n0.1\nProfit on the disposal of No. 1 Riverside Exchange in Sheffield.\n\n\n\nNet revenue\n1.6\n0.3\nNet revenue impacted by one-off abortive transaction costs of £1.5 million.\n\n\n\nDividends paid\n(3.2)\n(0.6)\nReflects an annualised dividend of £12.8 million or 2.48 pps.\n\n\n\nNAV as at 31 December 2017\n345.5\n66.6\n\n\n\n\nQuarterly dividend cover, ignoring one-off abortive transaction costs, was 97%. Dividend cover was also negatively impacted by 11% as a result of the accounting treatment of the rent free relating to the Sheffield office disposal.\n\nDividend payment\n\nThe Company announces an interim dividend of 0.62 pence per share (‘pps’) for the period 1 October 2017 to 31 December 2017. The dividend payment will be made on 7 March 2018 to shareholders on the register as at 16 February 2018. The ex-dividend date will be 15 February 2018. The dividend of 0.62 pps will be designated 35 pps as an interim property income distribution (‘PID’) and 27 pps as an interim ordinary dividend.\n\nPerformance versus MSCI Index\n\nOver the quarter to 31 De...