NAV update for the quarter to 30 June 2026

Schroder Real Estate Inv Trst Ld

05 August 2026

For release 5 August 2026

Schroder Real Estate Investment Trust Limited

NAV UPDATE FOR THE QUARTER TO 30 JUNE 2026

0.8% QUARTERLY NAV TOTAL RETURN WITH ACTIVE MANAGEMENT SUPPORTING FUTURE EARNINGS

Schroder Real Estate Investment Trust Limited ('SREIT' or the 'Company'), the actively managed REIT focused on improving the sustainability performance of buildings to generate higher income and capital growth, announces its 30 June 2026 net asset value ('NAV').

Delivering income to shareholders

·    Annualised dividend yield of 8.3% on 4 August closing share price of 43.2p

·    NAV total return for the quarter of 0.8%

·    Quarterly EPRA earnings of £4.1 million, or 0.8 pps (31 March 2026: £4.0 million)

·    Quarterly dividend cover improved to 93% (31 March 2026: 91%)

·    Current annual rent of £31.3 million

·    27% rent reversion to the portfolio's estimated rental value ('ERV') of £39.6 million

Underpinned by attractive debt profile

·    Interest cost of 3.4% on drawn debt

·    Weighted average maturity of 7.0 years

·    69% of drawn debt with Canada Life at a fixed average interest cost of 2.5% with blended maturity of 9.8 years

·    Fair value of the Canada Life loan is £19.2 million, which is not reflected in the Company's NAV

Long-term portfolio investment outperformance

·    Portfolio allocated to higher growth sectors, 66% industrial and retail warehouse

·    Outperforming MSCI Benchmark over three and five years, and in the quarter

·    1.2% portfolio total return in the quarter (MSCI Benchmark: 1.0%)

·    Supported by an above average income return of 1.5% (MSCI Benchmark: 1.2%)

Active management supporting future earnings growth

·    Since the start of the financial year, 14 deals completed totalling £1.5 million across 113,000 sq ft:

o  Four lettings of vacant units totalling £328,000 of annualised rent, in line with 31 March 2026 ERV

o  Four lease renewals generating total annualised rent of £562,000, 9% ahead of the previous passing level

o  Six rent reviews with a total annualised rent of £562,000, 20% ahead of the previous passing level

·    Seven exchanged agreements for lease for new lettings totalling £1.0 million per annum of new rent, completion mainly subject to planning approval which is expected imminently

·    Void rate 10.0% as at 4 August 2026 including the impact of exchanged agreements for lease, of which 0.9% is under offer and 1.3% is undergoing refurbishment (31 March 2026: 9.8%)

Dividends

·    Quarterly dividend paid in June of £4.4 million, or 0.897 pps (31 March 2026: 0.897 pps)

·    Interim dividend of 0.897 pps for the period 1 April 2026 to 30 June 2026 to be paid in September 2026

Recommended all-share offer for Picton

·    The Boards of SREIT, LondonMetric Property Plc ('LondonMetric') and Picton Property Income Limited ('Picton') on 31 July 2026 announced that they have reached agreement on the terms of a recommended all-share offer pursuant to which SREIT and LondonMetric (together, the 'Consortium') will acquire the entire issued and to be issued share capital of Picton (the 'Acquisition')

·    Under the terms of the Acquisition, Picton Shareholders will be entitled to receive 0.894 SREIT Shares and 0.190 LondonMetric Shares per Picton Share

·    Further details are available in the Rule 2.7 Announcement which was published on 31 July 2026 and is made available here

Alastair Hughes, Chair of the Board, commented: "The portfolio has continued to generate resilient income and a positive NAV total return, notwithstanding a more uncertain macroeconomic and real estate market backdrop. The Investment Manager remains focused on completing contracted leasing activity, reducing the void, progressing selective disposals and maintaining the Company's attractive debt profile to support future earnings growth and dividends for shareholders."

NAV

A breakdown of the quarterly movement in the NAV is set out below:

	£m	pps	Comments
NAV as at 31 March 2026	297.9	60.9	Calculation based on 489,110,576 shares
Unrealised increase in the valuations of the direct real estate portfolio and Joint Ventures	2.0	0.4	Portfolio capital growth of -0.3%. Capex relating to various projects across the portfolio that are expected to drive earnings growth
Capital expenditure (direct portfolio and share of Joint Ventures)	(3.5)	(0.7)
EPRA earnings	4.1	0.8	Resulting in dividend cover of 93%
Dividend paid	(4.4)	(0.9)	Dividend for the quarter ended 31 March 2026 was paid on 26 June 2026 at 0.897 pps
Unrealised fair value movement on the interest rate collar	(0.1)	(0.0)	There was an immaterial movement on the interest rate collar in the quarter
Others	(0.1)	(0.0)	All other items including lease incentives and rounding
NAV as at 30 June 2026	295.9	60.5	Calculation based on 489,110,576 shares

Property portfolio

Portfolio metric	SREIT (MSCI Benchmark) 30 June 2026
Portfolio value (£m)	476.6
Number of properties	32
Number of tenants	297
Average lot size (£m)	14.9
Net initial yield (%)	6.1 (5.1)
Reversionary yield (%)	8.3 (6.2)
Annual rent (£m)	31.3
Estimated rental value (£m)	39.6
WAULT (years to earliest of break or expiry)	5.3[1] (11.4)
Void rate[2] (%)	10.0 (8.1)

Sector weightings

	Sector as a % of total value
	SREIT[3]	MSCI Benchmark3
Industrial	53.1	32.3
Office	22.0	21.8
Retail warehouse	13.4	10.1
Standard retail	6.1	10.0
Other	5.5	20.4
Shopping centres	-	2.0
Unattributable	-	3.3

Balance sheet and debt

The weighted average interest rate for total debt drawn at the quarter end was 3.4%, with an average maturity of 7.0 years. The Company has significant headroom on all covenants. A summary of the key terms as at 30 June 2026 is in the table below:

Lender	Drawn loan (£m)	Maturity	Total interest rate
Canada Life	129.6	50%: 15/10/32 50%: 15/10/39	2.5%	Fixed rate loan
RBSI	59.5	06/06/27	5.4%	£75 million revolving credit facility ('RCF'), of which £59.5 million is drawn. £30.5 million benefits from an interest rate collar to maturity, with a cap at 4.25% and a floor at 3.25%. The balance of the drawn RCF is floating. The RCF is a Green Loan.
Total	189.1	Weighted average 7.0 years	3.4%

As at 30 June 2026, the Company had cash, including cash held in joint ventures, of £10.3 million and a net loan to value ratio of 37.5%, above the long-term strategic target range of 25% to 35%. The Company is taking steps to reduce the net loan to value ratio back in line with the target range, with disposals in progress or under review.

-ENDS-

For further information:

Schroder Real Estate Investment Management Limited: Nick Montgomery / Bradley Biggins / Katherine Fyfe	020 7658 6000
FTI Consulting: Richard Gotla / Oliver Parsons	020 3727 1000

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