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Schroder European REIT halves dividend

Schroder European REIT (SERE) halves quarterly dividend due to uncertainty caused by covid-19.

The group declared a quarterly dividend of 0.925 euro cents for the period 1 January to 31 March 2020, which equates to 50% of its target dividend level.

It brings total dividends declared for the six months to 31 March 2020 to 2.775 cents per share (31 March 2019: 3.7 cents).

The dividend announcement came with half-year results, with SERE reporting an uplift in the value of its property portfolio despite the impact of covid-19.

The group, which owns 13 assets across Europe including in Paris and Berlin, saw its portfolio valuation rise 1.9% to €247.3m in the six months to March 2020.

Net asset value (NAV) was flat at €182.1m or 136.2 cents per share.

Rent collection during April, May and June has been above 80% of contracted rent, it said.

The group’s loan to value (LTV) stood at 30% (27% net of cash) and it has significant headroom in its debt covenants.

Sir Julian Berney, chairman, said: “We believe the diversification of the portfolio across different countries, sectors and tenants positions it well to withstand a period of market volatility. By reducing the dividend and retaining earnings, we have sought to strengthen the ability of the Company to mitigate the impact of covid-19 and improve our flexibility to be able to capitalise on asset management opportunities going forward.”

SERE : Schroder European REIT halves dividend

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