QuotedData’s morning briefing 19 June 2024 – SERE, RMMC

In QuotedData’s morning briefing 19 June 2024:

• Schroder European REIT (SERE) posted a 3.6% fall in NAV to 123.6 euro cents per share in the six months to 31 March 2024. The group’s property portfolio valuation declined 3.1% to €208.1m. Underlying EPRA earnings increased 3% to €4.3m on the prior six month’s EPRA earnings of €4.2m (31 March 2023: €3.8m), primarily due to rental growth offsetting the impact of higher interest costs. Two quarterly dividends of 1.48 euro cents per share were declared in the period (2.96 euro cents in total), which was 109% covered by EPRA earnings. The company maintained a low LTV of 24%, and strengthened its balance sheet with the completion of all near-term refinancings. The company’s debt has a low average interest cost of 3.2%, and there are no further debt expiries until June 2026.
• River and Mercantile UK Micro Cap (RMMC) is now River UK Micro Cap after shareholders approved its change of name.

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