Results analysis from Kepler Trust Intelligence
Schroder Real Estate Inv Trst Ld
06 August 2026
Schroder Real Estate
06/08/2026
Results analysis from Kepler Trust Intelligence
Schroder Real Estate Investment Trust's (SREI) final results to 31/03/2026 show a NAV total return of 4.8% (2025: 11.0%), comprising a 1% decrease in NAV per share to 60.9p (2025: 61.6p) and a 3.6p dividend (2025: 3.5p, +4%). The dividend was 94% covered (2025: 100%) by earnings and at the current share price SREI's dividend yield is 8.3%. Whilst the property portfolio valuation declined to £474.6m (2025: £480.0m, -1.1%), post year-end the valuation increased to £476.6m as at 30/06/2026 (unaudited). The portfolio total return for three years to 31/03/2026 of 5.9% annualised is ahead of the MSCI UK All-Property 3.4%.
On 31/07/2026 the boards of SREI and LondonMetric Property Plc ("LondonMetric"), (together the "Consortium") and Picton Property Income Limited ("Picton") announced that they had reached agreement on the terms of a recommended all-share offer pursuant to which SREI and LondonMetric will acquire the entire issued and to be issued ordinary share capital of Picton (the "Acquisition").
Kepler View
The trend for REITs, and investment trusts more generally, to scale up is firmly established and should the transaction outlined above complete, it will be a significant boost to Schroder Real Estate (SREI), both in net asset and market cap terms, as well as being earnings accretive for SREI shareholders through cost efficiencies and further strengthening the sector leading balance sheet. SREI's current market cap, approximately £225m, is arguably one of the factors in its discount to net asset value, although the 29% discount translates to a dividend yield of 8.3%, which is significantly higher than, for example, UK 10-year government bond yields, currently at around 4.9%.
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