3rd Feb 2023 11:52
(Alliance News) - Schroder Real Estate Investment Trust Ltd on Friday reported a decline in net asset value, noting an anticipated correction in real estate valuations.
Net asset value at Dec 31 fell to 62.0 pence from 74.8p at September 30.
The NAV total return stood at negative 16% in the quarter. The company emphasised that its like-for-like underlying portfolio outperformed its benchmark, decreasing by 12% over the quarter compared to the MSCI UK Monthly Property Index falling by 16%.
Schroder Real declared a 0.803 pence per share quarterly dividend, unchanged from a quarter ago.
Looking ahead, Schroder Real's Fund Manager Nick Montgomery said he expects the company to be resilient through a recessionary period, noting the "strength" of Schroder Real's underlying portfolio, which "should enable us too continue delivering an attractive and growing income return."
Schroder Real shares were 0.3% higher at 47.81 pence each in London on Friday morning.
By Tom Budszus, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.