Annual Financial Report

Schroder Real Estate Inv Trst Ld

10 July 2026

Schroder Real Estate Investment Trust Limited

('SREIT' / the 'Company' / 'Group')

RESULTS FOR THE YEAR ENDED 31 MARCH 2026

Asset management initiatives and exposure to higher growth sectors reduces void rate to four-year low with attractive portfolio reversion to drive earnings growth

Schroder Real Estate Investment Trust Limited, the actively managed REIT focused on improving the sustainability performance of buildings to generate higher income and capital growth, announces its results for the year ended 31 March 2026. These are also available on the Company's website, www.srei.co.uk and available as a PDF at: http://www.rns-pdf.londonstockexchange.com/rns/8091L_1-2026-7-10.pdf

Sector leading, low-cost, long-term debt profile underpins earnings and 4% increase in dividends compared with prior year

-     Net asset value ("NAV") of £297.9 million or 60.9 pence per share ("pps") (31 March 2025: £301.4 million, or 61.6 pps), with the marginal decline driven by a -0.1% change in underlying portfolio value to £474.6 million at the year-end, after adjusting for capital expenditure, as heightened geopolitical volatility in the second half of the period impacted investor sentiment and valuation assumptions

-     4% increase in dividends paid during the financial year to £17.6 million, or 3.6 pps (31 March 2025: £17.0 million, or 3.5 pps)

-     NAV total return of 4.8% (31 March 2025: 11.0%)

-     EPRA earnings per share 3.4p (31 March 2025: 3.5p)

-     IFRS profit of £14.1 million (31 March 2025: £31.1 million), reflecting lower revaluation gains

-     Peer-group leading debt profile, with long debt maturity profile of 7.4 years and a low average interest cost of 3.4%, with 86% either fixed or hedged against movements in interest rates

-     Loan to value, net of all cash, of 36.8% (31 March 2025: 36.9%), with strategy to reduce to within 25-35% target range

-     Tight cost control, with ongoing charges ratio of 1.31%, driven by amendment to Investment Managers Agreement, with 50% of Manager's fee linked to market capitalisation

-     Post year-end, the portfolio valuation increased from £474.6 million as at 31 March 2026 to an unaudited £476.6 million as at 30 June 2026. This reflects a marginal -0.3% decline on a like-for-like quarterly basis, after adjusting for capital expenditure and costs relating to an adjoining ownership acquisition, which is expected to compare favourably with the MSCI Benchmark and broader market

Sustainability-led active asset management initiatives delivered lowest portfolio void since 2022, supporting continued long-term outperformance against the MSCI Benchmark

-     Attractive underlying yield profile, with net initial yield of 6.1% (MSCI Benchmark: 5.1%) and reversionary yield of 8.3% (MSCI Benchmark: 6.2%):

-     71 new lettings, rent reviews and renewals across 596,000 sq ft completed since 1 April 2025, reducing portfolio void to 9.8% as a percentage of the independent valuer estimated rental value, the lowest level since 2022, and generating £6.3 million of additional annualised rent:

o  31 new lettings of vacant units, 2% ahead of 31 March 2025 ERV

o  25 lease renewals 24% ahead of the previous passing level

o  15 rent reviews 23% ahead of the previous passing level

-     Portfolio total return for three years to 31 March 2026 of 5.9% per annum (MSCI Benchmark 3.4% per annum), with SREIT winning awards for long term performance in the most recent MSCI UK and European Property Investment Awards for the second consecutive year

-     19% reduction in operational whole building greenhouse gas emissions intensity in calendar year 2024, compared to the 2023 baseline

-     Improved the Company's 2025 Global Real Estate Sustainability Benchmark ('GRESB') score to 80 out of 100, placing first amongst a GRESB defined peer group comprising six Northern European diversified listed real estate companies

Further Update on Proposed Offer for Picton Property Income Limited

-     On 12 May 2026, the Boards of SREIT and LondonMetric Property Plc (together, the "Consortium") and Picton Property Income Limited ("Picton") announced that they had reached agreement in principle on the key financial terms of a non-binding, indicative all-share offer for the entire issued and to be issued share capital of Picton

-     As announced separately today, the Consortium and Picton have provided an update to the financial terms of the non-binding, indicative all-share offer for the entire issued and to be issued share capital of Picton. The Picton Board reaffirmed its support for the Proposed Offer and is minded to unanimously recommend the Revised Proposed Offer to Picton shareholders, should a firm intention to make an offer pursuant to Rule 2.7 of the Code be announced on the financial terms of the Revised Proposed Consideration, subject only to the completion of remaining confirmatory due diligence and the finalisation of definitive transaction documentation to implement the Revised Proposed Offer

Alastair Hughes, Chair of the Board, commented:

"Despite current market uncertainty, the significant efforts by the Board and Manager over recent years mean the Company is well positioned, with attractive earnings growth prospects underpinned by a sector leading balance sheet. There is additional value embedded in the Company's portfolio, which the Schroders team will extract through active asset management and a disciplined approach to capital expenditure deployment, supported by a protracted market recovery.

"At the same time, executing on opportunities for growth remains a priority, and we continue to progress our proposed consortium offer for Picton, alongside LondonMetric, a transaction that would be earnings accretive, strengthen the balance sheet and deliver increased scale."

Nick Montgomery, Fund Manager, added:

"The Company has successfully executed asset management initiatives focused on improving the sustainability performance of assets to generate higher income and capital growth over the long term. This has driven the portfolio void to the lowest level since 2022, which should support future earnings and dividend growth. We have maintained our long-term track record of outperformance against the MSCI Benchmark, with 2.3% of annual relative outperformance on a rolling three-year basis, and the favourable portfolio allocation to the higher growth sectors of multi-let industrial and retail warehousing means we are well positioned to continue delivering strong shareholder total returns."

A webcast presentation for analysts and investors will be hosted today at 9.00 am BST. To register, please visit:

https://www.schroders.events/SREI26

The Company's Annual Report and Consolidated Financial Statements for the year ended 31 March 2026 is also available in unedited full text on the National Storage Mechanism.

For further information:

Schroder Real Estate Investment Management Limited Nick Montgomery / Bradley Biggins	020 7658 6000
Schroder Investment Management Limited (Company Secretary) Katherine Fyfe / Sunny Chou	020 7658 6000
FTI Consulting Richard Gotla / Oliver Parsons	020 3727 1000

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