London · Delayed Price · Currency is GBP · Price in GBX Schroder European Real Estate Investment Trust Earnings Call Transcripts
Fiscal Year 2025
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Asset management drove new leases and high occupancy, but risks include KPN's lease exit and a French tax dispute with €14.2 million ring-fenced. Dividend cover fell to 94% due to asset sales, while a 35% NAV discount and 8.2% yield reflect market caution.
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Strong interim results with 100% dividend cover, high occupancy, and a positive NAV total return driven by accretive share buybacks. Asset management initiatives and a conservative balance sheet support future growth, while risks include a French tax audit and key tenant lease expiries.
Fiscal Year 2024
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Resilient portfolio performance with 103% dividend cover, 3% EPRA earnings growth, and a 7%+ yield. Conservative balance sheet, active lease management, and asset sales position the trust for future growth, with key news on lease re-gearing and disposals expected in early 2025.
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EPRA earnings rose 3% to EUR 4.3 million, with a 109% dividend cover and 8% yield. Net LTV stands at 24%, supported by EUR 26 million in cash and a focus on sustainability and lease regearing. Shares trade at a 40% discount to NAV, with strong asset and income resilience.