SCHRODER EUROPEAN REAL ESTATE INVESTMENT TRUST PLC - Announcement of NAV and Quarterly Dividend

Announcement of NAV and Quarterly Dividend

Schroder European Real Estate Investment Trust plc
(Incorporated in England and Wales)
Registration number: 09382477
JSE Share Code: SCD
LSE Ticker: SERE
ISIN number: GB00BY7R8K77


                      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 €174.4 million, or 130.4 euro cents per share ("cps") as at 30 June 2023 (31
    March 2023: €177.1 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 €218.4 million, reflecting a marginal like-for-like
    decrease over the quarter of -0.8%, or -€1.8 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 (see footnote 1 below);
-   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:

                                                                                  €m(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) Percentage (%) 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 (see footnote 1 below).

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 €218.4 million, reflecting a marginal like-for-like decrease over the quarter of -0.8%, or
-€1.8 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 €20 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

The Company has a primary listing on the London Stock Exchange and a secondary
listing on the JSE Limited.

London
28 September 2023

JSE Sponsor
PSG Capital

Date: 28-09-2023 08:00:00
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