Business
Net Asset Value, New Acquisitions and Dividend ...
Net Asset Value, New Acquisitions and Dividend ....
About this update from Schroder Real Estate Investment Trust Ltd
[{"type":"text","content":"\n \nFor release July 2018\n\nSchroder Real Estate Investment Trust Limited\n\nNET ASSET VALUE, NEW ACQUISITIONS AND DIVIDEND INCREASE\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 30 June 2018:\n\n\nUnaudited NAV as at 30 June 2018 of £358.8 million or 69.2 pence per share ('pps');\n\nQuarterly NAV total return, including the dividend of 0.62 pps, of 2.3%; and\n\nAn interim dividend of 0.62 pps for the period 1 April 2018 to 30 June 2018 which will be paid on 31 August 2018 to shareholders on the register as at 10 August 2018. The ex-dividend date will be 9 August 2018.\n\n\nSince the period end, the Company has made progress with its strategy to grow net income. In addition to the two debt refinancings announced on 4 July 2018, the Company also today announces:\n\n\nExchanged unconditional contracts to acquire two office buildings in Edinburgh and Nottingham at a combined price of £21.05 million, reflecting a net initial yield of 6.7%;\n\nThe Company will increase its annual dividend by 5% for the quarter from October to the end of December 2018;\n\nFor the next immediate quarter to the end of September 2018, to reflect the acquisitions completing in mid-August, the Company will increase its dividend by 2.5%, with the 5% increase taking the full affect thereafter;\n\nThis equates to a dividend of 0.634 pps for the period 1 July 2018 to 30 September 2018; and a dividend of 0.65 pps for the period 1 October to 31 December 2018. Details of future dividend payment and ex-dividend dates will be announced in due course.\n\n\nNet Asset Value\n\n\n\n\n£m\npps\nComments\n\n\n\nNAV as at 31 March 2018\n353.6\n68.2\n\n\n\n\nUnrealised change in valuation of direct property portfolio\n7.3\n1.4\nLike-for-like quarterly increase in the underlying portfolio value of 1.5% before capital expenditure. Performance over the quarter was driven by industrial assets which increased in value by 5.2%. This was partly off-set by retail assets that fell in value by 1.2%. \n\n\n\nCapital expenditure\n(0.8)\n(0.2)\nIncludes £235,000 at Millshaw Industrial Estate in Leeds and £220,000 at the Arndale Centre.\n\n\n\nUnrealised loss on joint ventures\n(0.6)\n(0.1)\nDue to capital expenditure at City Tower....