22nd Jan 2014 08:58
LONDON (Alliance News) - Schroder Real Estate Investment Trust Ltd Wednesday reported a net asset value of GBP168.5 million, or 47.3 pence a share, on December 31, 2013, up from GBP161.6 million at the end of September.
It said it will pay an interim dividend of 0.62 pence a share for the period on February 21.
The breadown of the NAV change is as follows:
| £m | pps | Comments |
NAV as at 30 September 2013 | 161.6 | 45.4 | Announced 22 October 2013 |
Unrealised change in valuation of direct property portfolio | 9.0 | 2.5 | Like for like increase before capital expenditure of 3.4%. |
Capital expenditure during period | (0.6) | (0.2) | Principally relating to the refurbishment of 95 The Promenade in Cheltenham and 24/25 High Street, Chelmsford, together with planning fees at Wembley and Hinckley. |
Unrealised change in valuation of joint ventures | (0.4) | (0.1) | No change in Merchant Property Trust and a reduction in the Directors valuation of Crendon Industrial Partnership Limited to reflect the risk connected with the loan maturity. |
Post-tax net revenue | 1.6 | 0.4 | Reflects quarterly dividend cover of 74%. |
Dividends paid | (2.2) | (0.6) | Dividends paid during the quarter. |
Others | (0.5) | (0.1) | Portsmouth acquisition fees of £400,000 and a rent free adjustment of £100,000. |
NAV as at 31 December 2013 | 168.5 | 47.3 |
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Schroder Real Estate Investment Trust shares were up 2.9% at 53.5 pence early Wednesday.
By Steve McGrath; [email protected]; @SteveMcGrath1
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