Schroder Real Estate Investment Trust

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Interim results to 30 September 2020

On 17 November Schroder Real Estate Investment Trust published its interim results for the six months to 30 September 2020, which was accompanied by a presentation by its managers, Duncan Owen and Nick Montgomery. The fund’s investment objective is to provide shareholders with an attractive level of income together with the potential for income and capital growth through its investments in, and active management of, a diversified portfolio of UK commercial real estate.

In the six months to 30 September 2020, the fund’s NAV per share fell by 2.8% from 59.7p to 58.0p, while the NAV total return was -2.2%. The property portfolio valuation saw a like-for-like decrease of 3.4% over the period. The like-for-like valuation movements by sector were: Industrial -0.1%, Offices -0.9%, Other -6.0% and Retail -10.4%. The portfolio delivered a total return of -0.3% over the period versus the MSCI Benchmark Index return of -1.3%. The portfolio has now outperformed the index over six months (+1.0%), one year (+1.1%), three years (+2.0% p.a.) and since IPO in July 2004 (+1.0% p.a.).

EPRA earnings per share were 1.0p, down 23% from 1.3p in the first half of the previous financial year, reflecting a reduction in income following asset disposals and provisions taken against bad debts. The dividend was initially suspended in April in light of Covid-19 related uncertainty, with no payment declared in respect of the quarter to 31 March 2020. However, the dividend was reinstated at 50% of the pre-pandemic level for the quarter to 30 June. It was announced yesterday that the quarterly dividend would be increased to 0.575p per share (75% of the pre-Covid level) for the period to 30 September 2020, payable in December. The fund launched a share buyback programme in September, with a total of 15.2m shares repurchased for a cost of £4.9m at an average discount to NAV of more than 40%.

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