Schroder European Real Estate Investment Trust plc, the company investing in European growth cities and regions, announces its half year results for the six months ended 31 March 2024.

Portfolio indexation underpins earnings growth and 109% covered dividend, supported by low-cost, fixed-rate debt profile

·     Underlying EPRA earnings increased 3% to €4.3 million on the prior six month’s EPRA earnings of €4.2 million (31 March 2023: €3.8 million), primarily due to rental growth offsetting the impact of higher interest costs
·     Two quarterly dividends of 1.48 euro cents per share (‘cps’) declared, bringing the total dividends relating to the period to 2.96 euro cps, 109% covered by EPRA earnings
·     Net Asset Value (“NAV”) of €165.3 million, or 123.6 cps, (30 September 2023: €171.4 million or 128.2 cps), largely driven by continued outward yield movement of the underlying portfolio
·     NAV total return of -1.3% based, in part, on an IFRS loss of €2.2 million (31 March 2023: -4.7% total return/€8.7 million IFRS loss)
·     Strengthened balance sheet with completion of all near-term refinancings on attractive terms, with no further debt expiries until June 2026 and a low average interest cost of 3.2%
·     Low Loan to Value of 24% (net of cash), and €26 million of available cash, provides significant flexibility