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Schroder Real Estate Investment Trust (SREI) Fundamentals

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.

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.


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Schroder Real Estate Investment Trust Limited will announce half year results for the six months ended 30 September 2016 on Wednesday 16 November 2016.

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


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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:

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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%.

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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.

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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-

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.”

-Ends-

DIVIDEND ANNOUNCEMENT

The company announces an interim dividend of 0.6355 pence per share (‘pps’) for the period 1 July 2018 to 30 September 2018. The dividend payment will be made on 5 December 2018 to shareholders on the register as at 23 November 2018. The ex-dividend date will be 22 November 2018.

The dividend of 0.6355 pps will be designated 0.35 pps as an interim property income distribution (‘PID’) and 0.2855 pps as an interim ordinary dividend.