Schroder Real Estate Investment Trust Ltd · LSE:SREI
Schroder Real Estate Investment Trust — FY2026 Earnings Presentation
31 slides from Schroder Real Estate Investment Trust's earnings presentation, Jul 10, 2026
Slide 1: Schroder Real Estate Investment Trust Limited – Annual results
10 July 2026 SCHRODER REAL ESTATE INVESTMENT TRUST LIMITED Annual results for the year ended 31 March 2026 Nick Montgomery Bradley Biggins Fund Manager Fund Manager Marketing material.
Slide 2: High income and low debt cost provides platform for growth
High income and low debt cost provides platform for growth 7.8%1 dividend yield, and commitment to maintaining progressive dividend policy 02 Reversionary yield of 8.3% (MSCI Benchmark: 6.2%), equating to additional rent of £8.1 million vs £17.6 million annualised dividend 03 Robust balance sheet un
Slide 3: Active management reducing void and supporting future earnings
Active management reducing void and supporting future earnings Since the start of the financial year on 1 April 2025, 71 letting transactions totalling £6.3 million completed, with lease renewals and rent reviews 24% ahead of the previous rent Portfolio void rate reduced to 9.8% (31 March 2025: 12.3
Slide 4: NAV per share decrease of 1.1% and a NAV total return of 4.8%
NAV per share decrease of 1.1% and a NAV total return of 4.8% NAV movement over the year ended 31 March 2026 £m PPS NAV as at 31 March 2025 301.4 61.6 Unrealised net increase in the valuations of the direct real estate Marginal NAV decline with a -0.1% change in underlying 9.1 1.9 portfolio and join
Slide 5: 4% increase in dividends paid
4% increase in dividends paid Reduced void should support future earnings Year end (£m) 31 Mar 2025 31 Mar 2026 Change Rental income – direct portfolio 27.2 27.9 3% Share of total net income in joint ventures 3.6 3.0 (17%) Asset management activity drives increase in rent, more Other income 0.8 1.8
Slide 6: Long term debt at an attractive interest rate
Long term debt at an attractive interest rate Canada Life fixed rate loan value of £19.0 million is not reflected in the Company’s NAV Debt Debt available drawn £204.6m £186.1m £18.5m Undrawn RCF Non-utilisation cost of 0.62% Overall loan to value, net of cash RBSI RCF, £75.0m £26.0m £30.5m Drawn RC
Slide 7: Long term outperformance vs. MSCI Benchmark
Long term outperformance vs. MSCI Benchmark1 Marginal underperformance over 12 months, but with higher income return One-year portfolio total return Three-year portfolio total return Five-year portfolio total return -0.3% relative underperformance p.a. 2.3% relative outperformance p.a. 3.3% relative
Slide 8: Market Context
MARKET CONTEXT
Slide 9: Supportive real estate market fundamentals, despite uncertainty
Supportive real estate market fundamentals, despite uncertainty Capital values declined by 25% post June 2022, with protracted recovery Rents grew over the same period, particularly in structurally supported sectors June 2022 = 100 UK All Industrial rental growth index versus prior downturns 99 130
Slide 10: Strategy
STRATEGY
Slide 11: Sustainability at the centre of SREIT's investment proposition
Sustainability at the centre of SREIT’s investment proposition Capturing the green premium Investment strategy Case study – Stanley Green Trading Estate, Manchester 1 2 Investment policy includes Clear governance and sustainability objectives and proprietary ESG Scorecard two sustainability KPIs We
Slide 12: Strong progress through the financial year and post year end
Strong progress through the financial year and post year end Leasing momentum maintained, with significant pipeline 71 lettings completed totalling Progressing sales of smaller assets Cost control £6.3 million across 596,000 sq ft Truro, 15/16 King Street (Retail) (since the start of the financial y
Slide 13: Case study - Millshaw Park Industrial Estate, Leeds
Case study - Millshaw Park Industrial Estate, Leeds Phased capital expenditure programme to drive green premium and deliver outperformance Three units acquired for £2m reflecting a net initial yield of 6.4%, with additional land to build a new 3,500 sq ft unit at an 8–10% yield on cost Refurbished t
Slide 14: Case study - University of Law Campus, Store Street, Bloomsbury
Case study - University of Law Campus, Store Street, Bloomsbury Progressing planning gain strategy in an improving location with constrained supply Existing Store Street Asset 2025 pre-app process Use Flexibility of use required between Education and Office use classes to reflect the dynamic occupat
Slide 15: Case study - University of Law Campus, Store Street, Bloomsbury
Case study - University of Law Campus, Store Street, Bloomsbury Positive activity lifting the profile and rental tone ahead of the UoL lease expiry in 2029 University of Law Campus 55 Tottenham Court Road 85,000 sq ft leased to the University Global Holdings refurbishment/ of Law until December 2029
Slide 16: Portfolio reversion of £8.1m compares with annualised dividend of £17.6m
Portfolio reversion of £8.1m compares with annualised dividend of £17.6m Attractive reversionary rental yield of 8.3% (Benchmark1 6.2%) – with uplifts locked in £m +26% 3.8 39.3 40.0 1.6 1.8 0.9 31.2 30.0 £0.4m under offer 20.0 £0.8m under refurb 10.0 0.0 Annual rent Fixed uplifts AfLs exchanged ERV
Slide 17: High income and low debt cost provides platform for accelerated growth
High income and low debt cost provides platform for accelerated growth Increased market uncertainty due to Middle East conflict, but protracted recovery expected in UK real estate, supported by limited development and positive rental value growth Company well positioned given favourable sector weigh
Slide 18: Appendix
APPENDIX
Slide 19: Discrete yearly performance
Discrete yearly performance 12 months to 12 months to 12 months to 12 months to 12 months to Discrete yearly performance (%) Mar–2026 Mar–2025 Mar–2024 Mar–2023 Mar–2022 Share Price Total Return1 1.8 28.1 3.8 -19.7 53.2 SREIT NAV Total Return 4.8 11.0 1.1 -15.1 30.9 SREIT Real Estate Total Return 5.
Slide 20: Portfolio's attractive reversion underpinning progressive dividend policy
Portfolio's attractive reversion underpinning progressive dividend policy Quarterly dividend payments (pence per share) Term loan Postponed due to Sustainable and progressive dividend policy refinancing market uncertainty 1.000 0.879 0.897 0.897 0.897 0.897 0.897 0.897 0.900 0.853 0.853 0.795 0.8030
Slide 21: Portfolio analysis
Portfolio analysis Highly diverse portfolio with attractive income profile Diversified portfolio Structure as a % of portfolio value¹ 52.7 97% multi-let industrial Metrics as at 31 Mar 2026 SREIT/(MSCI¹) Industrial 32.5 estates Portfolio value (£m) 474.6 Office - 9.6 100% let to University London 13
Slide 22: Diversified portfolio of assets with good fundamentals
Diversified portfolio of assets with good fundamentals Offering significant asset management potential # Property Sector Value (£m) % Portfolio 1 Milton Keynes, Stacey Bushes Industrial Estate Industrial 55.1 11.6 2 Leeds, Millshaw Park Industrial Estate Industrial 52.0 11.0 3 Cheadle, Stanley Green
Slide 23: Attractive and granular tenant base increases resilience
Attractive and granular tenant base increases resilience Focused on operational excellence to attract occupiers on better terms # Tenant Annual rent (£m) % of portfolio¹ 1 The University of Law 2.57 8.24 2 Siemens 1.44 4.62 3 Buckinghamshire New University 1.30 4.17 4 Express Bi Folding Doors Limite
Slide 24: City Tower, Manchester – valuation analysis
City Tower, Manchester – valuation analysis1 31 March 2026 Office Hotel Retail Car parking2 Costs Total3 100% of the asset Value £48m £26m £17m £3m £93m Weighting by value 51% 27% 18% 3% 100% Area NIA (sq ft) 349,000 186,000 79,000 - 613,000 Passing rent £5.0m £2.6m £1.6m £0.4m (£3.7m) £5.8m ERV £8.
Slide 25: Void analysis – an opportunity to drive income
Void analysis – an opportunity to drive income 9.8% with a further 1.0% under offer and 2.0% under refurbishment Void ERV as at Void ERV as a % of portfolio Asset Under offer Under refurb 31 Mar 2026 ERV as at 31 Mar 2026 Manchester, City Tower – 25% £867,038 2.2% – – (Office) Warwick, Seton House £
Slide 26: Sustainability KPIs in the investment policy
Sustainability KPIs in the investment policy Sustainability KPI 1 Sustainability KPI 2 ESG Scorecard (asset level) Net zero carbon commitments (portfolio level) – The Company’s assets will be managed with a view to ensuring – Further, the Company's assets will also continue to be managed that at any
Slide 27: Baseline asset scores and portfolio carbon emissions
Baseline asset scores and portfolio carbon emissions Sustainability KPI 1 ESG Scorecard (asset level) Sustainability KPI 2 NZC commitments (portfolio level)1 Baseline ESG ESG i. Target reduction in whole building scope 1, 2, and 3 operational greenhouse gas intensity by Valuation as Target ESG 2030
Slide 28: Debt details as at 31 March 2026
Debt details as at 31 March 2026 Net LTV is 36.8% versus target long-term strategic range of 25–35% The Company has two debt facilities – a £129.6 million long term fixed loan and a £75.0 million revolving credit facility of which £56.5 million is drawn Net LTV Forward Maximum Maximum Total Asset Ne
Slide 29: Risk considerations
Risk considerations Prospective Investors should be aware of the associated risks and special factors of the Real Estate asset class which are not related to investments in traditional listed instruments. Attention is drawn to the following specific risks: Credit risk A decline in the financial heal
Slide 30: Important Information
Important Information Marketing material. The material is not intended to provide, and should not be relied on for, accounting, legal or tax advice, or investment recommendations. The views and opinions contained herein are those of the author's, or the individual to whom they are attributed, and ma
Slide 31: Thank you
THANK YOU Schroder Real Estate Investment Management Limited 1 London Wall Place London EC2Y 5AU
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