(Alliance News) - Schroder Real Estate Investment Trust Ltd on Monday said its net asset value dipped quarter-on-quarter, after it incurred GBP27.2 million in refinancing costs.
The refinancing generated GBP2.5 million in annual cost savings however, which Schroder Real Estate said will go towards a boosted shareholder payout. The company declared a 0.7715 pence per share third quarter payout, up by 19% from the 0.65p declared in November for its second quarter.
The company's net asset value at December 31 was 1.7% lower quarter-on-quarter at GBP321.4 million from GBP327.1 million.
NAV per share was 7.6% lower at 63.1p from 68.3p in September.
The stock was trading 0.9% lower at 53.00p each in London on Monday afternoon.
The company said that during the period, its underlying portfolio generated a total return of 0.1%, in line with its benchmark MSCI Index.
"It has been an active quarter for the Company as we have executed our strategy with the refinancing enabling the delivery of a 19% increase in dividend," Schroder Real Estate Global Head Duncan Owen said.
By Eric Cunha; ericcunha@alliancenews.com
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Schroder Real (SREI)