TIDMSERE
RNS Number : 8861N
Schroder Eur Real Est Inv Trust PLC
28 September 2023
28 September 2023
SCHRODER EUROPEAN REAL ESTATE INVESTMENT TRUST PLC
("SEREIT"/ the "Company" / "Group")
ANNOUNCEMENT OF NAV AND QUARTERLY DIVIDEND
Schroder European Real Estate Investment Trust plc, the company
investing in European growth cities and regions, provides a
business update and announces its unaudited net asset value ("NAV")
and quarterly dividend as at 30 June 2023.
- Unaudited NAV of EUR174.4 million, or 130.4 euro cents per
share ("cps") as at 30 June 2023 (31 March 2023: EUR177.1 million,
or 132.4 euro cps), reflecting a NAV total return of -0.1% over the
quarter and -4.8% over the nine months of the current financial
year;
- The real estate portfolio continues to demonstrate valuation
resilience; the direct property portfolio was independently valued
at EUR218.4 million, reflecting a marginal like-for-like decrease
over the quarter of -0.8%, or -EUR1.8 million;
- Third quarterly interim dividend of 1.48 euro cps which is
108% covered; reflecting an annualised dividend exceeding 7% on the
current share price(1) ;
- The portfolio income, value and debt is Euro denominated, with
100% of the income subject to indexation .
Net Asset Value
The table below provides a breakdown of the movement in NAV
during the quarter ended 30 June 2023:
EURm (1) Cps (2) % (3)
Brought forward NAV as at 1 April 2023 177.1 132.4
Unrealised loss in the valuation of the
property portfolio (1.8) (1.3) (1.0)
Capital expenditure (0.7) (0.5) (0.4)
EPRA earnings 2.1 1.6 1.2
Non-cash items 0.2 0.1 0.1
Dividend paid (2.5) (1.9) (1.4)
NAV as at 30 June 2023 174.4 130.4 (1.5)
(1) Management reviews the performance of the Company
principally on a proportionally consolidated basis. As a result,
figures quoted in this table include the Company's share of joint
ventures on a line-by-line basis and exclude non-controlling
interests in the Company's subsidiaries.
(2) Based on 133,734,686 shares.
(3) % change based on starting NAV as at 1 April 2023.
Interim dividend
Announcement of a third quarterly interim dividend of 1.48 euro
cps which is 108% covered by EPRA earnings. The intention is to
grow the dividend progressively as rental growth and asset
management initiatives positively impact earnings.
Annualising the dividend provides investors with a dividend
yield of in excess of 7%, based on the share price as at 25
September 2023(1) .
Total dividends declared relating to the nine months of the
current financial year are 5.18 euro cps, being 85% covered by EPRA
earnings.
The interim dividend payment will be made on Friday 17 November
2023 to shareholders on the register on the record date of Friday
20 October 2023. In South Africa, the last day to trade will be
Tuesday 17 October 2023 and the ex-dividend date will be Wednesday
18 October 2023. In the UK, the last day to trade will be Wednesday
18 October 2023 and the ex-dividend date will be Thursday 19
October 2023.
The interim dividend will be paid in British pound sterling
("GBP") to shareholders on the UK register and Rand to shareholders
on the South African register. The exchange rate for determining
the interim dividend paid in South African Rand ("Rand") will be
confirmed by way of an announcement on Tuesday 3 October 2023 . UK
shareholders are able to make an election to receive dividends in
Euro rather than GBP should that be preferred. The form for
applying for such election can be obtained from the Company's UK
registrars (Equiniti Limited) and any such election must be
received by the Company no later than Friday 20 October 2023 . The
exchange rate for determining the interim dividend paid in GBP will
be confirmed following the election cut-off date by way of an
announcement on Monday 23 October 2023 .
Shares cannot be moved between the South African register and
the UK register between Tuesday 3 October 2023 and Friday 20
October 2023 , both days inclusive. Shares may not be
dematerialised or rematerialised in South Africa between Wednesday
18 October 2023 and Friday 20 October 2023 , both days
inclusive.
The Company has a total of 133,734,686 shares in issue on the
date of this announcement. The dividend will be distributed by the
Company (UK tax registration number 21696 04839) and is regarded as
a foreign dividend for shareholders on the South African register.
In respect of South African shareholders, dividend tax will be
withheld from the amount of the dividend noted above at the rate of
20% unless the shareholder qualifies for the exemption. Further
dividend tax information for South African shareholders will be
included in the exchange rate announcement to be made on Tuesday 3
October 2023 .
Property portfolio
Demonstrating continued valuation resilience, the direct
property portfolio was independently valued at EUR218.4 million,
reflecting a marginal like-for-like decrease over the quarter of
-0.8%, or -EUR1.8 million. The change partially reflects the
valuers increasing sustainability-led provisions across select
assets, whilst outward yield movement in the wider real estate
market was partially offset by asset management initiatives and
portfolio rental growth. The portfolio net initial yield is now
6.4%.
Balance sheet
The Company remains well positioned with cash reserves in excess
of EUR20 million, retaining capital to manage the two re-financings
due in 2024.
Based on 30 June 2023 values, and following the recent repayment
of the French Rumilly loan, the portfolio LTV is approximately 31%
based on gross asset value and 23% net of cash (31 March 2023 LTV
32% gross and 23% net of cash).
1. Based on share price of c. 71p as at 25 September 2023
-Ends-
Enquiries:
Jeff O'Dwyer
Schroder Real Estate Investment Management Limited Tel: 020 7658 6000
Shilla Pindoria
Schroder Investment Management Limited Tel: 020 7658 6000
Dido Laurimore/Richard Gotla/Ollie Parsons Tel: 020 3727 1000
FTI Consulting
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END
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