REG - Schroder Euro Real - Announcement of NAV and Quarterly Dividend

Schroder European Real Estate Investment TrustAnnouncement

19/03/2026 07:00

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RNS Number : 1980X  Schroder Eur Real Est Inv Trust PLC  19 March 2026

19 March 2026

 

SCHRODER EUROPEAN REAL ESTATE INVESTMENT TRUST PLC

("SEREIT"/ the "Company" / "Group")

ANNOUNCEMENT OF NAV AND 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") as at 31 December 2025, together with
its first interim dividend for the year ending 30 September 2026:

·      Prior period service charge adjustments of €2.5 million, or 1.9
euro cents per share ("cps") have resulted in an adjusted starting NAV as at 1
October 2025 of €154.2 million, or 117.3 cps

·      Underlying adjusted quarterly earnings from operational
activities ("EPRA earnings") of €1.8 million before exceptional items for
the quarter ended 31 December 2025 (quarter ended 30 September 2025: €1.9
million)

·      A first interim dividend of 1.48 cps declared for the quarter,
90% covered by EPRA earnings before exceptional items, reflecting an
annualised dividend yield of c. 8.3% based on the 16 March 2026 share price
(c. 61.8 pence sterling)

·      An IFRS profit of €1.0 million for the quarter ended 31
December 2025

·      Unaudited NAV of €153.3 million, or 116.7 euro cents per share
("cps") as at 31 December 2025, reflecting a NAV total return of 0.8%

·      The property portfolio was independently valued at €194.0
million (30 September 2025: €194.0 million)

·      Portfolio vacancy increased to 7% (as at 16 March 2026) following
the departure of Shuurman Beheer B.V. at the Alkmaar industrial property and
the tenant's decision not to fulfil its lease obligations due to financial
difficulties, as previously announced on 5 March 2026

·      Post-period end, income security has improved following newly
completed lease re-gears in Stuttgart (5% of portfolio rents), terms agreed in
Rumilly (5% of portfolio rents), and a new letting agreed in Paris (reducing
asset vacancy from 11% to below 10%)

·      The income from the portfolio is considered to be a strong
inflation hedge with almost all leases subject to indexation

·      Tax disclosure update: No material change since the previous
announcement on 5 December 2025. The Group has appealed the French Tax
Authority's €14.2 million notice of adjustment (including interest and
penalties) and is awaiting a response, and continues to maintain that the
amount is not payable. No provision has been recognised, based on professional
advice and the Board's assessment that an outflow is not probable. Further
updates will be provided as appropriate.

 

Net Asset Value

The table below provides a breakdown of the movement in NAV during the
reporting period:

                                                                 €m          Cps((1))
 Brought forward NAV as at 1 October 2025                        156.7       119.2
 Prior period adjustment                                         (2.5)((2))  (1.9)
 Adjusted NAV as at 1 October 2025                               154.2       117.3
 Unrealised movement in the valuation of the property portfolio  0.0         0.0
 Capital expenditure                                             (0.8)       (0.6)
 EPRA earnings                                                   1.7         1.3
 Non-cash items                                                  0.1         0.1
 Dividend paid                                                   (1.9)       (1.4)
 NAV as at 31 December 2025                                      153.3       116.7

((1))        Based on 131,407,986 shares.

((2))        An adjustment to correct property expenses assigned to
vacant spaces which had been incorrectly recorded in the period 2021 to 2024
as recoverable from tenants.

 

Interim dividend

The Company announces its first interim dividend of 1.48 euro cents per share
for the year ending 30 September 2026, which represents an annualised dividend
yield of c. 8.3%, based on the 16 March 2026 share price (c. 61.8 pence
sterling). The quarterly dividend is 90% covered by EPRA earnings excluding
exceptional items for the quarter.

The interim dividend payment will be made on Friday 15 May 2026 to
shareholders on the register on the record date of Friday 10 April 2026. In
South Africa, the last day to trade will be Tuesday 7 April 2026 and the
ex-dividend date will be Wednesday 8 April 2026. In the UK, the last day to
trade will be Wednesday 8 April 2026 and the ex-dividend date will be Thursday
9 April 2026.

The interim dividend will be paid in British pound sterling ("GBP") to
shareholders on the UK register and South African Rand ("Rand") to
shareholders on the South African register. The exchange rate for determining
the interim dividend paid in Rand will be confirmed by way of an announcement
on Tuesday 24 March 2026. 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 10 April 2026. 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 13 April 2026.

Shares cannot be moved between the South African register and the UK register
between Tuesday 24 March 2026 and Friday 10 April 2026, both days inclusive.
Shares may not be dematerialised or rematerialised in South Africa between
Wednesday 8 April 2026 and Friday 10 April 2026, both days inclusive.

On the date of this announcement, the Company has a total of 131,407,986
shares in issue (excluding treasury shares). 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 24 March 2026.

 

 Enquiries:

 Jeff O'Dwyer

 Schroder Real Estate Investment Management Limited             Tel: 020 7658 6000

 Natalia de Sousa

 Schroder Investment Management Limited                          Tel: 020 7658 6000

 Richard Gotla/Oliver Parsons

 FTI Consulting                                                  Tel: 020 3727 1000

 

 

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