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Schroder Real Estate Investment Trust (SREI)
skinny
- 22 Jan 2014 08:27
skinny
- 18 Dec 2014 07:06
- 28 of 48
skinny
- 28 Jan 2015 07:02
- 29 of 48
NAV AND DIVIDEND
Schroder Real Estate Investment Trust Limited announces an unaudited net asset
value ('NAV') of £290.7 million or 56.1 pence per share ('pps') as at
31 December 2014. This reflects an increase of 1.8% per share compared with the
NAV as at 30 September 2014, or a NAV total return, including the dividend of
0.62 pps, of 3%.The NAV total return over the 12 months to 31 December 2014 was
24.5%
Dividend payment
The Company announces an interim dividend of 0.62 pps for the period 1 October
2014 to 31 December 2014. Following the issuance of 47 million shares on 20
November 2014 the quarterly dividend payment increases from £2.9 million to £
3.2 million. The dividend payment will be made on 27 February 2015 to
shareholders on the register as at 6 February 2015. The ex-dividend date will
be 5 February 2015.
Over the quarter to 31December 2014 dividend cover was101% excluding
exceptional items and non-recurring expenses.
Schroder Real Estate Investment Trust Limited announces an unaudited net asset
value ('NAV') of £290.7 million or 56.1 pence per share ('pps') as at
31 December 2014. This reflects an increase of 1.8% per share compared with the
NAV as at 30 September 2014, or a NAV total return, including the dividend of
0.62 pps, of 3%.The NAV total return over the 12 months to 31 December 2014 was
24.5%
Dividend payment
The Company announces an interim dividend of 0.62 pps for the period 1 October
2014 to 31 December 2014. Following the issuance of 47 million shares on 20
November 2014 the quarterly dividend payment increases from £2.9 million to £
3.2 million. The dividend payment will be made on 27 February 2015 to
shareholders on the register as at 6 February 2015. The ex-dividend date will
be 5 February 2015.
Over the quarter to 31December 2014 dividend cover was101% excluding
exceptional items and non-recurring expenses.
skinny
- 31 Mar 2015 07:02
- 30 of 48
REIT Proposal
Schroder Real Estate Investment Trust Limited (the "Company") has today
published a circular (the "Circular") to shareholders setting out proposals to
become resident in the United Kingdom for tax purposes, to apply for entry to
the REIT Regime, to adopt New Articles and setting out a Notice of
Extraordinary General Meeting.
more....
Schroder Real Estate Investment Trust Limited (the "Company") has today
published a circular (the "Circular") to shareholders setting out proposals to
become resident in the United Kingdom for tax purposes, to apply for entry to
the REIT Regime, to adopt New Articles and setting out a Notice of
Extraordinary General Meeting.
more....
skinny
- 29 Apr 2015 07:14
- 31 of 48
NAV and Dividend
Net Asset Value
The Company delivered an unaudited net asset value ('NAV') of £299.2 million or 57.7 pence per share ('pps') as at 31 March 2015. This reflects an increase of 2.9% per share compared with the NAV as at 31 December 2014, or a NAV total return, including the dividend of 0.62 pps, of 4%. The NAV total return over the 12 months to 31 March 2015 was 24.4%. A breakdown of the NAV movement over the quarter is set out below:
Dividend payment
The Company announces an interim dividend of 0.62 pps for the period 1 January 2015 to 31 March 2015. The dividend payment will be made on 28 May 2015 to shareholders on the register as at 8 May 2015. The ex-dividend date will be 7 May 2015.
Following shareholder approval to the REIT conversion proposal the Company expects to enter the UK REIT regime on or around 1 May. The aforementioned dividend for the period from 1 January 2015 to 31 March 2015 will be paid in the normal way and will be paid free of any withholding tax.
more....
Net Asset Value
The Company delivered an unaudited net asset value ('NAV') of £299.2 million or 57.7 pence per share ('pps') as at 31 March 2015. This reflects an increase of 2.9% per share compared with the NAV as at 31 December 2014, or a NAV total return, including the dividend of 0.62 pps, of 4%. The NAV total return over the 12 months to 31 March 2015 was 24.4%. A breakdown of the NAV movement over the quarter is set out below:
Dividend payment
The Company announces an interim dividend of 0.62 pps for the period 1 January 2015 to 31 March 2015. The dividend payment will be made on 28 May 2015 to shareholders on the register as at 8 May 2015. The ex-dividend date will be 7 May 2015.
Following shareholder approval to the REIT conversion proposal the Company expects to enter the UK REIT regime on or around 1 May. The aforementioned dividend for the period from 1 January 2015 to 31 March 2015 will be paid in the normal way and will be paid free of any withholding tax.
more....
skinny
- 18 May 2015 07:04
- 32 of 48
ACQUISITION OF BEDFORD RETAIL WAREHOUSE PARK
The Company announces that it has acquired the freehold interest in St.John's
Retail Park in Bedfordfor £31.8million reflecting a net initial yield of
approximately 6.5%. The property is well located approximately 1.5 milesto the
south of Bedford town centre and comprises a130,000 sq ft retail warehouse park
let to 12 tenants with an adjoining 11,600 sq ft office building.
The retail park produces a rent of £2 million per annum which reflects a
relatively low average rent of £16 per sq ft. The average unexpired lease term,
assuming all tenants break at the earliest opportunity, is 7.9 years with
tenants including DSG Retail Limited (24% of income expiring in September 2020)
andHomebase Limited (17% of income expiring in May 2024). There is a single
vacant unit comprising 5,000 sq ft where terms have been agreed for a new
letting. Approximately half of the office building islet to DHL GBS (UK)
Limited at £61,000 per annum reflecting a low average rent of £9.50 per sq ft,
with approximately half of the remaining vacant space under offer.
The acquisition satisfies the Company's investment criteria by offering:
* An above average initial yield of approximately 6.5% with potential for
immediate growth assuming the completion of lettings under offer to new
tenants;
* Good fundamentals due to tenant demand, affordable rents, low retail
warehouse supply and vacancy in Bedford and above average population growth
for Bedford and the surrounding area; and
* Significant scope for asset management including lease extensions and
widening the planning consent in order to increase the rental tone and
improve the tenant mix.
The property was acquired via the acquisition of shares in a UK company that
had developed the property and therefore had latent capital gains tax
liabilities. Following conversion to Real Estate Investment Trust (`REIT')
status on 1 May, the Company has been able to extinguish these capital gains
tax liabilities. This provided a competitive advantage when bidding for the
property and resulted in the gross purchase price of £32.2 million.
Following the acquisition of St. John's Retail Park the Company expectsits
dividend to be fully covered by recurring earnings with approximately £12
million of cash remaining for on-going committed capital expenditure and
operational flexibility.
Looking forward, there are further potential capital expenditure initiatives
that should be accretive to earnings and net asset value (`NAV'). The Company
intends to fund these initiatives from selling smaller properties or the
issuance of new equity from treasury. The Company is now cautious about pricing
in parts of the market but may consider issuing new equity in a disciplined
mannerto fund specific acquisitionsthat are accretive to earnings.
Commenting, Duncan Owen, Global Head of Real Estate at Schroders said: "The
acquisition follows the disposal of low or non-income producing property and
results in SREIT being substantially invested with a fully covered dividend.
Converting to UK-REIT status has enabled SREIT to be more agile and competitive
by extinguishing the capital gains in the vendor special purpose vehicle and
therefore enhancing SREIT'sinitial income return."
-ENDS-
The Company announces that it has acquired the freehold interest in St.John's
Retail Park in Bedfordfor £31.8million reflecting a net initial yield of
approximately 6.5%. The property is well located approximately 1.5 milesto the
south of Bedford town centre and comprises a130,000 sq ft retail warehouse park
let to 12 tenants with an adjoining 11,600 sq ft office building.
The retail park produces a rent of £2 million per annum which reflects a
relatively low average rent of £16 per sq ft. The average unexpired lease term,
assuming all tenants break at the earliest opportunity, is 7.9 years with
tenants including DSG Retail Limited (24% of income expiring in September 2020)
andHomebase Limited (17% of income expiring in May 2024). There is a single
vacant unit comprising 5,000 sq ft where terms have been agreed for a new
letting. Approximately half of the office building islet to DHL GBS (UK)
Limited at £61,000 per annum reflecting a low average rent of £9.50 per sq ft,
with approximately half of the remaining vacant space under offer.
The acquisition satisfies the Company's investment criteria by offering:
* An above average initial yield of approximately 6.5% with potential for
immediate growth assuming the completion of lettings under offer to new
tenants;
* Good fundamentals due to tenant demand, affordable rents, low retail
warehouse supply and vacancy in Bedford and above average population growth
for Bedford and the surrounding area; and
* Significant scope for asset management including lease extensions and
widening the planning consent in order to increase the rental tone and
improve the tenant mix.
The property was acquired via the acquisition of shares in a UK company that
had developed the property and therefore had latent capital gains tax
liabilities. Following conversion to Real Estate Investment Trust (`REIT')
status on 1 May, the Company has been able to extinguish these capital gains
tax liabilities. This provided a competitive advantage when bidding for the
property and resulted in the gross purchase price of £32.2 million.
Following the acquisition of St. John's Retail Park the Company expectsits
dividend to be fully covered by recurring earnings with approximately £12
million of cash remaining for on-going committed capital expenditure and
operational flexibility.
Looking forward, there are further potential capital expenditure initiatives
that should be accretive to earnings and net asset value (`NAV'). The Company
intends to fund these initiatives from selling smaller properties or the
issuance of new equity from treasury. The Company is now cautious about pricing
in parts of the market but may consider issuing new equity in a disciplined
mannerto fund specific acquisitionsthat are accretive to earnings.
Commenting, Duncan Owen, Global Head of Real Estate at Schroders said: "The
acquisition follows the disposal of low or non-income producing property and
results in SREIT being substantially invested with a fully covered dividend.
Converting to UK-REIT status has enabled SREIT to be more agile and competitive
by extinguishing the capital gains in the vendor special purpose vehicle and
therefore enhancing SREIT'sinitial income return."
-ENDS-
skinny
- 20 Jul 2015 07:07
- 33 of 48
Year End Results
Financial highlights for the 12 months ended 31 March 2015
· Profit before tax more than doubled to £54.8 million (31 March 2014: £20.9 million)
· Earnings of 11.3 pence per share ('pps') (31 March 2014: 5.7 pps)
· 18.7% increase in NAV per share for the year 31 March 2015 to 57.7 pps, principally due to a 13.2% increase in the capital value of the underlying portfolio
· Dividend of 2.48 pps paid for the 12 months to 31 March 2015
· Strong NAV total return 24.4% (31 March 2014: 14.4%)
· Outperformance of underlying property portfolio delivered total return of 20.8%, versus Investment Property Databank ('IPD') Benchmark Index of 17.1%
· Loan to value ('LTV'), net of all cash, of 22.4% (31 March 2014: 37.8%)
Unaudited NAV as at 30 June 2015
· As announced separately today, the Company reported a NAV of 59.1 pps as at 30 June 2015, representing a quarterly increase of 2.4%, principally due to an increase in value of larger assets acquired as part of the growth strategy
· Recent acquisition of St. John's Retail Park in Bedford made a positive contribution, increasing in value to £34.1 million compared with the gross acquisition price of £32.2 million
Operational highlights
· Successful conversion to Real Estate Investment Trust ('REIT') status since the year-end, reducing the overall burden of UK taxation and increasing net income and overall profitability, with the potential to attract a wider investor base
· £67.2 million of new equity raised through the placing programme during the year to 31 March 2015 together with disposal proceeds have been invested into seven acquisitions totalling £124.5 million at an average initial yield of 6.1%
· Disposal of ten assets (including one unconditionally exchanged) totalling £73.8 million reflecting premium compared with the valuation as at 31 March 2014 of £22 million or 42%
· Successful implementation of the growth strategy has made a positive contribution to shareholder total returns resulting in a fully covered dividend, lower leverage and improved economies of scale
· High level of asset management activity with a reduction in the portfolio void rate as a percentage of rental value from 11.7% as at 31 March 2014 to 9.2% as at 30 June 2015
Financial highlights for the 12 months ended 31 March 2015
· Profit before tax more than doubled to £54.8 million (31 March 2014: £20.9 million)
· Earnings of 11.3 pence per share ('pps') (31 March 2014: 5.7 pps)
· 18.7% increase in NAV per share for the year 31 March 2015 to 57.7 pps, principally due to a 13.2% increase in the capital value of the underlying portfolio
· Dividend of 2.48 pps paid for the 12 months to 31 March 2015
· Strong NAV total return 24.4% (31 March 2014: 14.4%)
· Outperformance of underlying property portfolio delivered total return of 20.8%, versus Investment Property Databank ('IPD') Benchmark Index of 17.1%
· Loan to value ('LTV'), net of all cash, of 22.4% (31 March 2014: 37.8%)
Unaudited NAV as at 30 June 2015
· As announced separately today, the Company reported a NAV of 59.1 pps as at 30 June 2015, representing a quarterly increase of 2.4%, principally due to an increase in value of larger assets acquired as part of the growth strategy
· Recent acquisition of St. John's Retail Park in Bedford made a positive contribution, increasing in value to £34.1 million compared with the gross acquisition price of £32.2 million
Operational highlights
· Successful conversion to Real Estate Investment Trust ('REIT') status since the year-end, reducing the overall burden of UK taxation and increasing net income and overall profitability, with the potential to attract a wider investor base
· £67.2 million of new equity raised through the placing programme during the year to 31 March 2015 together with disposal proceeds have been invested into seven acquisitions totalling £124.5 million at an average initial yield of 6.1%
· Disposal of ten assets (including one unconditionally exchanged) totalling £73.8 million reflecting premium compared with the valuation as at 31 March 2014 of £22 million or 42%
· Successful implementation of the growth strategy has made a positive contribution to shareholder total returns resulting in a fully covered dividend, lower leverage and improved economies of scale
· High level of asset management activity with a reduction in the portfolio void rate as a percentage of rental value from 11.7% as at 31 March 2014 to 9.2% as at 30 June 2015
skinny
- 20 Jul 2015 07:08
- 34 of 48
skinny
- 11 Sep 2015 07:04
- 35 of 48
skinny
- 14 Sep 2015 07:13
- 36 of 48
skinny
- 14 Sep 2015 11:23
- 37 of 48
BAYLIS
- 17 Sep 2015 21:11
- 38 of 48
cheers skinny
skinny
- 05 Jan 2016 08:49
- 39 of 48
CHANGE TO REPORTING QUARTERLY FINANCIAL RESULTS
With immediate effect the Company will make the following changes to the frequency of quarterly financial results announcements:
Interim Management Statements containing the unaudited Net Asset Value will no longer be issued for the quarters to 31 March and 30 September respectively
The announcement of the audited year end results to 31 March will be brought forward to mid June for the 2015/16 financial year, with the expectation that this can be brought forward to late May for the 2016/17 financial year
The announcement of the interim results to 30 September will continue to be made in November
Following these changes unaudited Interim Management Statements will continue to be issued for the quarters to 30 June and 31 December, in July and late January or early February respectively. The dividend timetable will also remain unchanged.
With immediate effect the Company will make the following changes to the frequency of quarterly financial results announcements:
Interim Management Statements containing the unaudited Net Asset Value will no longer be issued for the quarters to 31 March and 30 September respectively
The announcement of the audited year end results to 31 March will be brought forward to mid June for the 2015/16 financial year, with the expectation that this can be brought forward to late May for the 2016/17 financial year
The announcement of the interim results to 30 September will continue to be made in November
Following these changes unaudited Interim Management Statements will continue to be issued for the quarters to 30 June and 31 December, in July and late January or early February respectively. The dividend timetable will also remain unchanged.
skinny
- 21 Jul 2016 07:25
- 40 of 48
NAV and Dividend
Net Asset Value
The unaudited NAV as at 30 June 2016 was £325.6 million or 62.9 pence per share ('pps'). This reflects an increase of 1.1% per share compared with the NAV as at 31 March 2016, or a NAV total return, including the dividend of 0.62 pps, of 2.1%.
Following the EU referendum result, and in common with other independent valuers, Knight Frank has stated that (i) the UK real estate market is now in a period of uncertainty in relation to many factors that impact the property investment and letting markets; (ii) it has not been possible to gauge the effect of the vote to leave the EU by reference to transactions in the market place; and (iii) the probability of the value coinciding with the price achieved, were there to be a disposal, has reduced.
Dividend payment
The Company announces an interim dividend of 0.62 pps for the period 1 April 2016 to 30 June 2016. The dividend payment will be made on 31 August 2016 to shareholders on the register as at 12 August 2016. The ex-dividend date will be 11 August 2016.
The dividend of 0.62 pps will be designated 0.39 pps as an interim property income distribution ('PID') and 0.23 pps as an interim ordinary dividend.
Strategy
The investment strategy remains focussed on winning cities and towns, meaning those with a competitive advantage in terms of:
· Higher levels of GDP, employment and population growth;
· Well developed infrastructure; and
· Being places where people want to live as well as work.
A concentration of assets in these locations combined with active management and long term fixed rate debt supports the potential for long term sustainable earnings growth. The portfolio also has no exposure to the City of London, Canary Wharf or European financial institutions as tenants, which could be the most impacted by the uncertainty arising from the UK's exit from the EU. As a consequence the Company is well positioned whilst remaining vigilant to potential challenges as well as opportunities following the referendum.
more...
Net Asset Value
The unaudited NAV as at 30 June 2016 was £325.6 million or 62.9 pence per share ('pps'). This reflects an increase of 1.1% per share compared with the NAV as at 31 March 2016, or a NAV total return, including the dividend of 0.62 pps, of 2.1%.
Following the EU referendum result, and in common with other independent valuers, Knight Frank has stated that (i) the UK real estate market is now in a period of uncertainty in relation to many factors that impact the property investment and letting markets; (ii) it has not been possible to gauge the effect of the vote to leave the EU by reference to transactions in the market place; and (iii) the probability of the value coinciding with the price achieved, were there to be a disposal, has reduced.
Dividend payment
The Company announces an interim dividend of 0.62 pps for the period 1 April 2016 to 30 June 2016. The dividend payment will be made on 31 August 2016 to shareholders on the register as at 12 August 2016. The ex-dividend date will be 11 August 2016.
The dividend of 0.62 pps will be designated 0.39 pps as an interim property income distribution ('PID') and 0.23 pps as an interim ordinary dividend.
Strategy
The investment strategy remains focussed on winning cities and towns, meaning those with a competitive advantage in terms of:
· Higher levels of GDP, employment and population growth;
· Well developed infrastructure; and
· Being places where people want to live as well as work.
A concentration of assets in these locations combined with active management and long term fixed rate debt supports the potential for long term sustainable earnings growth. The portfolio also has no exposure to the City of London, Canary Wharf or European financial institutions as tenants, which could be the most impacted by the uncertainty arising from the UK's exit from the EU. As a consequence the Company is well positioned whilst remaining vigilant to potential challenges as well as opportunities following the referendum.
more...
skinny
- 19 Oct 2016 13:32
- 41 of 48
Schroder Real Estate Investment Trust Limited will announce half year results for the six months ended 30 September 2016 on Wednesday 16 November 2016.
skinny
- 16 Nov 2016 07:08
- 42 of 48
Interim Results
SREIT DELIVERS SOLID PERFORMANCE FROM STRONGLY POSITIONED PORTFOLIO
Schroder Real Estate Investment Trust, the actively managed UK focussed REIT, today announces its half year results for the six month period ending 30 September 2016.
Financial highlights
· Net Asset Value ('NAV') of £316.8 million or 61.1 pps compared with £322.6 million or 62.2 pps in March 2016
· Increased capital expenditure of £5.5 million (six months to 30 September 2015: £1.1 million) that should deliver higher future returns and improve the portfolio's defensive characteristics
· Sustainable dividend cover of 106%, based on the two dividends of 0.62 pps over the period
· 10% increase in underlying EPRA earnings per share to 1.3p (six months to 30 September 2015: 1.2p)
· Strong relative outperformance of the underlying portfolio with a total return over the period of +1.8% compared with -1.1% for the MSCI Benchmark Index, placing the portfolio on the 9th percentile
· Underlying portfolio has outperformed the Benchmark Index over six months, one year, three years, ten years and since IPO in 2004
· Loan to value ('LTV'), net of all cash, remains stable at 30.0%, within the long term target range of 25% to 35%
Operational highlights
· The Company continues to deliver on its stated strategy and the successful repositioning of its portfolio is well underway with 91% now located in 'winning cities and towns' ranked in the first and second quartiles for projected UK GDP growth (Source: Oxford Economics)
· Disposal of five smaller, non-core secondary retail assets, during the period and since the period end, totalling £13.7 million, reflecting an average net initial yield of 3.9% and a 2.2% premium to valuation at start of period
· Refurbishment of vacant assets in Bristol and Cardiff near complete, leading to a portfolio rental value of £34.1 million per annum, reflecting a reversionary yield of 7.6%, compared to the Benchmark at 6.1%
· 35 letting transactions during period and since the period end, including 23 completing post-Brexit
more.....
SREIT DELIVERS SOLID PERFORMANCE FROM STRONGLY POSITIONED PORTFOLIO
Schroder Real Estate Investment Trust, the actively managed UK focussed REIT, today announces its half year results for the six month period ending 30 September 2016.
Financial highlights
· Net Asset Value ('NAV') of £316.8 million or 61.1 pps compared with £322.6 million or 62.2 pps in March 2016
· Increased capital expenditure of £5.5 million (six months to 30 September 2015: £1.1 million) that should deliver higher future returns and improve the portfolio's defensive characteristics
· Sustainable dividend cover of 106%, based on the two dividends of 0.62 pps over the period
· 10% increase in underlying EPRA earnings per share to 1.3p (six months to 30 September 2015: 1.2p)
· Strong relative outperformance of the underlying portfolio with a total return over the period of +1.8% compared with -1.1% for the MSCI Benchmark Index, placing the portfolio on the 9th percentile
· Underlying portfolio has outperformed the Benchmark Index over six months, one year, three years, ten years and since IPO in 2004
· Loan to value ('LTV'), net of all cash, remains stable at 30.0%, within the long term target range of 25% to 35%
Operational highlights
· The Company continues to deliver on its stated strategy and the successful repositioning of its portfolio is well underway with 91% now located in 'winning cities and towns' ranked in the first and second quartiles for projected UK GDP growth (Source: Oxford Economics)
· Disposal of five smaller, non-core secondary retail assets, during the period and since the period end, totalling £13.7 million, reflecting an average net initial yield of 3.9% and a 2.2% premium to valuation at start of period
· Refurbishment of vacant assets in Bristol and Cardiff near complete, leading to a portfolio rental value of £34.1 million per annum, reflecting a reversionary yield of 7.6%, compared to the Benchmark at 6.1%
· 35 letting transactions during period and since the period end, including 23 completing post-Brexit
more.....
skinny
- 30 Jan 2017 12:46
- 43 of 48
Net Asset Value(s)
Released 07:00 30-Jan-2017.
For release 30 January 2017
Schroder Real Estate Investment Trust Limited
ANNOUNCEMENT OF NAV AND DIVIDEND FOR QUARTER TO 31 DECEMBER 2016
Schroder 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 2016.
Net Asset Value
The unaudited NAV as at 31 December 2016 was £320.3 million or 61.8 pence per share ('pps'). This reflects an increase of 1.1% per share compared with the NAV as at 30 September 2016, or a NAV total return, including the dividend of 0.62 pps, of 2.2%. A breakdown is set out below:
more.....
Released 07:00 30-Jan-2017.
For release 30 January 2017
Schroder Real Estate Investment Trust Limited
ANNOUNCEMENT OF NAV AND DIVIDEND FOR QUARTER TO 31 DECEMBER 2016
Schroder 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 2016.
Net Asset Value
The unaudited NAV as at 31 December 2016 was £320.3 million or 61.8 pence per share ('pps'). This reflects an increase of 1.1% per share compared with the NAV as at 30 September 2016, or a NAV total return, including the dividend of 0.62 pps, of 2.2%. A breakdown is set out below:
more.....
skinny
- 07 Feb 2018 07:06
- 44 of 48
A fairly sizeable discount.
ANNOUNCEMENT OF NAV AND DIVIDEND FOR QUARTER TO 31 DECEMBER 2017
Schroder 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.
Net Asset Value
The 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%.
more.....
ANNOUNCEMENT OF NAV AND DIVIDEND FOR QUARTER TO 31 DECEMBER 2017
Schroder 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.
Net Asset Value
The 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%.
more.....
skinny
- 22 May 2018 12:51
- 45 of 48
Year End Results
Financial highlights for the 12 months ended 31 March 2018
· Net Asset Value ('NAV') total return of 10.5% (31 March 2017: 7.2%).
· 6.4% increase in NAV per share for the year to 68.2 pence per share (pps).
· EPRA earnings, adjusted for abortive transaction costs, of £14.1 million (31 March 2017: £13.8 million) which reflects a dividend cover of 109%.
· Profit for the year increased 48% to £33.8 million (31 March 2017: £22.8 million).
· Low Debt with Loan to value ('LTV') of 25.3% on a long-term debt (31 March 2017: 26.0%).
Operational highlights
· Sustained outperformance of real estate portfolio with a total return of 11.8% versus the MSCI/IPD Benchmark Index of 10.7% resulting in annualised outperformance of 1.0% over the past 12 months, 2.3% over 3 years and 1.4% since IPO in July 2004.
· Portfolio supported by strong fundamentals with 93% of the portfolio located in Winning Cities.
· Positive weighting to office and industrial sectors of 64%, and no City of London or Shopping Centres.
· Reversionary income yield of 7.0%, compared with the MSCI Benchmark of 5.7%, should lead to stronger income growth over the next 12-24 months.
· Identified programme of asset management initiatives of approximately £10 million of capital expenditure initiatives over the next 12 months to generate attractive income returns.
· Over the course of the financial year sales were completed at a premium to their valuations, and the Company is seeking opportunities to reinvest.
more.....
Financial highlights for the 12 months ended 31 March 2018
· Net Asset Value ('NAV') total return of 10.5% (31 March 2017: 7.2%).
· 6.4% increase in NAV per share for the year to 68.2 pence per share (pps).
· EPRA earnings, adjusted for abortive transaction costs, of £14.1 million (31 March 2017: £13.8 million) which reflects a dividend cover of 109%.
· Profit for the year increased 48% to £33.8 million (31 March 2017: £22.8 million).
· Low Debt with Loan to value ('LTV') of 25.3% on a long-term debt (31 March 2017: 26.0%).
Operational highlights
· Sustained outperformance of real estate portfolio with a total return of 11.8% versus the MSCI/IPD Benchmark Index of 10.7% resulting in annualised outperformance of 1.0% over the past 12 months, 2.3% over 3 years and 1.4% since IPO in July 2004.
· Portfolio supported by strong fundamentals with 93% of the portfolio located in Winning Cities.
· Positive weighting to office and industrial sectors of 64%, and no City of London or Shopping Centres.
· Reversionary income yield of 7.0%, compared with the MSCI Benchmark of 5.7%, should lead to stronger income growth over the next 12-24 months.
· Identified programme of asset management initiatives of approximately £10 million of capital expenditure initiatives over the next 12 months to generate attractive income returns.
· Over the course of the financial year sales were completed at a premium to their valuations, and the Company is seeking opportunities to reinvest.
more.....
skinny
- 09 Oct 2018 08:59
- 46 of 48
Property Tour and Notice of Results
Schroder Real Estate Investment Trust, the actively managed UK-focused REIT, will host a property tour for analysts and institutional investors today.
The event will include a presentation by the SREIT management team as well as site visits to key assets in Manchester and Leeds.
The presentation will be made available on the Company’s website (http://www.srei.co.uk/home).
Notice of Results
The Company confirms that it will announce its Half Year results for the six months ended 30 September 2018 on Tuesday 13 November 2018.
A presentation for analysts and investors will be held on the morning of the results. For details of the meeting, please contact FTI Consulting on the below.
-End-
Schroder Real Estate Investment Trust, the actively managed UK-focused REIT, will host a property tour for analysts and institutional investors today.
The event will include a presentation by the SREIT management team as well as site visits to key assets in Manchester and Leeds.
The presentation will be made available on the Company’s website (http://www.srei.co.uk/home).
Notice of Results
The Company confirms that it will announce its Half Year results for the six months ended 30 September 2018 on Tuesday 13 November 2018.
A presentation for analysts and investors will be held on the morning of the results. For details of the meeting, please contact FTI Consulting on the below.
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- 13 Nov 2018 07:25
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Interim Results
HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018
REFINANCINGS, ACQUISITIONS AND ASSET MANAGEMENT DRIVE DIVIDEND UPLIFT
Schroder Real Estate Investment Trust, the actively managed UK focussed REIT, today announces its unaudited half year results for the six months ended 30 September 2018.
Highlights
Completed two debt refinancings that reduced interest from 4.4% to 4.0% and the average loan term to approximately nine years
Acquired offices in Edinburgh and Nottingham at a net initial yield of 6.7%, supporting the Company’s strategy to invest in assets with strong fundamentals
5% dividend increase with effect from 1 October 2018
Financial highlights for the six months ended 30 September 2018
Net Asset Value (‘NAV’) of £357.7 million or 69.0 pps, reflecting an increase over the period of 1.2%
NAV total return, including dividends paid, of 3.0% (30 September 2017: 4.5%)
Profit for the six months of £10.6 million (30 September 2017: £14.5 million), including one-off refinancing costs of £3.1 million incurred during the period
Adjusted EPRA earnings of £7.1 million (30 September 2017: £7.5 million)
Dividend cover of 107% (30 September 2017: 117%)
Loan to value (‘LTV’), net of all cash, of 29.2% (31 March 2018: 25.3%)
Property portfolio highlights
Sustained outperformance of real estate portfolio with a total return of 4.5% versus the MSCI/IPD Benchmark Index of 3.8%
95% of the portfolio now located in Winning Cities
Significant asset management initiatives include the new ten-year lease without breaks with BUPA at a rent of £1.09 million per annum, reflecting an uplift of 14%
Letting activity over the period has improved the portfolio void rate to 6.0% (31 March 2018: 7.2%)
Reversionary income yield of 7%, compared with the MSCI Benchmark of 5.6%, supporting income growth over the next 12 to 24 months.
Commenting, Lorraine Baldry, Chairman of the Board, said:
“The UK real estate market has continued to deliver attractive levels of income and total returns despite growing political and economic risk. Looking forward, these risks combined with the late stage in the market cycle means we are more cautious about the outlook and may look to realise some of the capital gains across the portfolio. The Company is well positioned in this environment due to its high quality, diversified portfolio, a high income return, stable balance sheet and potential to enhance income and value from ongoing asset management initiatives.”
Duncan Owen, Global Head of Schroder Real Estate, added:
“In the face of challenges to the UK real estate market presented by current political and economic uncertainty, we will continue to be active managers adopting a disciplined approach. Our broad pipeline of asset management initiatives provide opportunities to add value throughout the cycle. This activity is a mainstay of the Company’s strategic objectives, the delivery of which is intended to sustainably increase net income. We will also sell assets where good performance can be realised and reinvest in opportunities which will generate higher net income.”
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HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2018
REFINANCINGS, ACQUISITIONS AND ASSET MANAGEMENT DRIVE DIVIDEND UPLIFT
Schroder Real Estate Investment Trust, the actively managed UK focussed REIT, today announces its unaudited half year results for the six months ended 30 September 2018.
Highlights
Completed two debt refinancings that reduced interest from 4.4% to 4.0% and the average loan term to approximately nine years
Acquired offices in Edinburgh and Nottingham at a net initial yield of 6.7%, supporting the Company’s strategy to invest in assets with strong fundamentals
5% dividend increase with effect from 1 October 2018
Financial highlights for the six months ended 30 September 2018
Net Asset Value (‘NAV’) of £357.7 million or 69.0 pps, reflecting an increase over the period of 1.2%
NAV total return, including dividends paid, of 3.0% (30 September 2017: 4.5%)
Profit for the six months of £10.6 million (30 September 2017: £14.5 million), including one-off refinancing costs of £3.1 million incurred during the period
Adjusted EPRA earnings of £7.1 million (30 September 2017: £7.5 million)
Dividend cover of 107% (30 September 2017: 117%)
Loan to value (‘LTV’), net of all cash, of 29.2% (31 March 2018: 25.3%)
Property portfolio highlights
Sustained outperformance of real estate portfolio with a total return of 4.5% versus the MSCI/IPD Benchmark Index of 3.8%
95% of the portfolio now located in Winning Cities
Significant asset management initiatives include the new ten-year lease without breaks with BUPA at a rent of £1.09 million per annum, reflecting an uplift of 14%
Letting activity over the period has improved the portfolio void rate to 6.0% (31 March 2018: 7.2%)
Reversionary income yield of 7%, compared with the MSCI Benchmark of 5.6%, supporting income growth over the next 12 to 24 months.
Commenting, Lorraine Baldry, Chairman of the Board, said:
“The UK real estate market has continued to deliver attractive levels of income and total returns despite growing political and economic risk. Looking forward, these risks combined with the late stage in the market cycle means we are more cautious about the outlook and may look to realise some of the capital gains across the portfolio. The Company is well positioned in this environment due to its high quality, diversified portfolio, a high income return, stable balance sheet and potential to enhance income and value from ongoing asset management initiatives.”
Duncan Owen, Global Head of Schroder Real Estate, added:
“In the face of challenges to the UK real estate market presented by current political and economic uncertainty, we will continue to be active managers adopting a disciplined approach. Our broad pipeline of asset management initiatives provide opportunities to add value throughout the cycle. This activity is a mainstay of the Company’s strategic objectives, the delivery of which is intended to sustainably increase net income. We will also sell assets where good performance can be realised and reinvest in opportunities which will generate higher net income.”
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