London · Delayed Price · Currency is GBP · Price in GBX Schroder European Real Estate Investment Trust Earnings Call Transcripts
Fiscal Year 2026
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A strategic wind down and capital return is planned over up to three years due to persistent NAV discount and liquidity challenges. Dividend payments will continue, but cover may fall as major tenants vacate. Asset sales will be phased, focusing on maximizing value and liquidity.
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.