Schroder Real Estate
Investment Trust Limited
Annual Report and Consolidated
Financial Statements
For the year ended 31 March 2024

– Strategic evolution, with a sustainability improvement
and decarbonisation strategy, focused on adapting
existing buildings into those that are both modern and
fit‑for‑purpose
– The new strategy should enable the Company to
proactively respond to the UK’s Net Zero Carbon
objectives, whilst optimising portfolio performance to
seek enhanced total returns for shareholders
– Further improvement in the 2023 GRESB score to 79 out
of 100 (2022: 77), achieving a maximum score for
management aspects, placing SREIT first amongst its
GRESB peer group
– Range of projects ongoing to deliver improved
sustainability performance in order to capture the ‘Green
Premium’, most notably at Stanley Green Trading Estate in
Manchester that made a significant contribution to
portfolio outperformance
– Attractive underlying portfolio yield profile, with a net
initial yield of 6.1% (MSCI Benchmark: 5.1%) and a
reversionary yield of 8.4% (MSCI Benchmark: 6.1%)
– Portfolio total return for the financial year of 3.2% (MSCI
Benchmark: ‑1.3%), supported by a high income return of
6.2% (MSCI Benchmark: 4.7%) and rental growth of
4.6% (MSCI Benchmark: 3.3%)
– Continued long‑term outperformance of the underlying
portfolio with a total return of 5.5% per annum on a
rolling three‑year basis (MSCI Benchmark Index: 0.8%
per annum), with all main sectors outperforming over one
and three years
– Increased allocation to higher growth sectors, with
industrial, predominately multi‑let estates, and value retail
warehousing now comprising 61.5% by value (31 March
2023: 58.6%)
– 108 leasing transactions across 1.0 million sq ft completed
since the start of the financial year, delivering strong rental
growth, an increased average unexpired lease term, and
lower void rate
Overview
Positive NAV total return and continued dividend growth driven
by portfolio resilience and sector-leading debt profile
Strategic evolution to place sustainability at the centre of the
investment proposition
High income return, beneficial sector allocations, and portfolio
activity leading to long-term outperformance against the MSCI
Benchmark and an improvement in defensive qualities
2 Schroder Rel Estte Investment Trust Limited Annul Report nd Consolidted Finncil Sttements
– Audited net asset value (‘NAV’) decreased to £287.4
million, or 58.8 pence per share (‘pps’) (31 March 2023:
£300.7 million, or 61.5 pps)
– NAV movement driven by an underlying portfolio decline
of 2.8% (MSCI Benchmark: ‑5.7%), with the underlying
portfolio value unchanged over the most recent quarter
to 31 March 2024 (MSCI Benchmark: ‑0.6%)
– 4% increase in dividends paid during the financial year to
£16.4 million, or 3.34 pps (31 March 2023: £15.8 million,
or 3.22 pps), fully covered by EPRA earnings
– Positive NAV total return of 1.1% (31 March 2023: ‑15.1%)
– Long average debt maturity profile of 9.7 years and a low
current average interest cost of 3.5%, with 91% fixed or
hedged against movements in interest rates
– Loan to value, net of all cash, of 37.1% (31 March 2023:
36.0%)
– Further 2% increase in the quarterly dividend to 0.853 pps
for the quarter ended 31 March 2024, to be paid in June,
reflecting a yield of 7.9% based on the share price of
43.4pps at the close on 5 June 2024

Contents
08 Chair’s Statement
10 Investment Manager’s Report
40 Sustainability Report
50 Business Model
53 Our Stakeholders
55 Risks and Uncertainties
04 Performance Summary
Strategic Report
Overview
06
04
62 Board of Directors
64 Report of the Directors
66 Corporate Governance
70 Audit Committee Report
74 Management Engagement Committee
Report
76 Nomination Committee Report
78 Directors’ Remuneration Report
80 Statement of Directors’ Responsibilities
82 Independent Auditor’s report to
the members of Schroder Real
Estate Investment Trust Limited
Governance Report
60
92 Consolidated Statement of
Comprehensive Income
93 Consolidated Statement of Financial Position
94 Consolidated Statement of Changes in Equity
95 Consolidated Statement of Cash Flows
96 Notes to the Financial Statements
Financial Statements
90
118 EPRA Performance Measures (unaudited)
121 Alternative Performance Measures
(unaudited)
122 AIFMD Disclosures (unaudited)
123 Sustainability Performance Measures
(Environmental) (unaudited)
135 Sustainability Performance Measures (Social)
137 Streamlined Energy and Carbon Reporting
140 Asset list
141 Report of the Depositary to the Shareholders
142 Glossary
143 Resolutions at 2024 Annual General Meeting
145 Notice of Annual General Meeting
147 Corporate Information
Other information (unaudited)
116
3
Overview Strategic Report Governance Report Financial Statements Other information (unaudited)

31 March 2024 31 March 2023
EPRA earnings
5
(pps) 3.3 3.3
Dividends paid (pps) 3.34 3.22
Annualised dividend yield on the
31 March share price
8.0% 7.4%
31 March 2024 31 March 2023
On-balance sheet borrowings
8
£176.59m £177.90m
Loan to Value ratio (‘LTV’), net of
all cash
9
37.1% 36.0%
31 March 2024 31 March 2023
Ongoing charges (including fund
and property expenses)
10
2.53% 2.28%
Ongoing charges (including fund
only expenses)
11
1.19% 1.32%
Earnings and dividends
Bank borrowings
Ongoing charges
31 March 2024 31 March 2023
Value of Property Assets and
Joint Venture Assets
1
£459.3m £470.4m
Annualised rental income
2
£29.8m £29.3m
Estimated open market
rental value
3
£38.8m £37.8m
Underlying portfolio total return 3.2% (7.9%)
MSCI Benchmark total return
4
(1.3%) (13.5%)
Underlying portfolio income
return
6.2% 6.0%
MSCI Benchmark income return 4.7% 4.1%
Property performance
31 March 2024 31 March 2023
Net Asset Value (‘NAV’) £287.4m £300.7m
NAV per Ordinary Share 58.8p 61.5p
EPRA Net Tangible Assets
5
£287.1m £300.7m
EPRA Net Reinstatement Value
5
£318.4m £332.2m
EPRA Net Disposal Value
5
£305.8m £317.4m
IFRS profit/(loss) for the year £3.0m (£54.7m)
EPRA earnings
5
£16.3m £16.0m
Dividend cover
6
100% 101%
Financial summary
Capital values
4 Schroder Rel Estte Investment Trust Limited Annul Report nd Consolidted Finncil Sttements
Performance Summary
31 March 2024 31 March 2023
Share price 41.9p 43.6p
Share price discount to NAV (28.7%) (29.1%)
NAV total return
7
1.1% (15.1%)
1
Reconciles to the valuation reports from CBRE for both the direct portfolio and the
two Joint Ventures. Does not include any IFRS adjustments for lease incentives,
nor the fair value of the leasehold adjustment for The Galaxy, Luton.
2
Represents the annualised rental income of the portfolio as at 31 March 2024,
including the share of rents from joint venture assets.
3
Represents the ERV of the portfolio as estimated by the valuers, including the
share of rents for the joint venture assets.
4
Source: MSCI Quarterly Version of Balanced Monthly Index Funds including
the share of rents for the joint venture assets on a like-for-like basis as at
31 March 2024.
5
This is an Alternative Performance Measure (‘APM’). EPRA calculations are
included in the EPRA Performance measures section on page 118.
6
This is an APM with further details on page 121.
7
This is an APM with further details on page 121.
8
On-balance sheet borrowings reflect the loan facilities with Canada Life and RBSI
without the deduction of unamortised finance costs of £0.7m.
9
This is an APM. Details are included in the APM section on page 121.
10
This is an APM and calculated in accordance with the AIC recommended
methodology. Details are included in the APM section on page 121.
11
This is an APM and calculated in accordance with the AIC methodology. Details
are included in the APM section on page 121.

5
Overview Strategic Report Governance Report Financial Statements Other information (unaudited)

Contents
08 Chair’s Statement
10 Investment Manager’s Report
40 Sustainability Report
50 Business Model
53 Our Stakeholders
55 Risks and Uncertainties
Strategic
Report

Image: London
Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
7

Chair’s Statement
The uncertain macroenvironment contributed to a decline in
the valuation of our underlying portfolio of 2.8% during the
year. This was, however, better than our peer group MSCI
Benchmark (the ‘Benchmark’) which showed a decline of
5.7%. The negative valuation movement resulted in a net
asset value (‘NAV’) of £287.4 million, or 58.8 pence per share
(‘pps’), a decline of 2.7 pps or 4.4% over the year.
This resulted in a small increase in the Company’s net
loan-to-value (‘LTV’) from 36.0% to 37.1%, and further
disposals are planned to bring the net LTV in line with our
long-term target range of 25% to 35%.
We were pleased that a combination of a diverse tenant base
and strong asset management enabled us to collect 99% of
rents due during the year and this, together with a reduced
void rate and 4.6% rental growth, drove an income return
from the underlying portfolio of 6.2% compared to our
Benchmark of 4.7%. This resulted in a positive total return of
3.2% compared with the Benchmark at -1.3%.
Higher income, tight management of costs and a sector-
leading debt profile also enabled the Company to pay
dividends of £16.4 million, or 3.34 pps, an increase of 4%
over the prior year. Dividends were fully covered by earnings
over the year and 105% covered by earnings over the most
recent quarter. Combined with the movement in the NAV, this
resulted in a positive NAV total return for the year of 1.1%.
This momentum continues and, because of more positive
leasing activity since the year end, the Company has
announced a further 2% increase in the quarterly dividend to
0.853 pps, to be paid in June 2024. This is 31% above the
2019 quarterly run-rate and reflects an annualised yield of
7.9% based on the share price of 43.4 pps at the close 5June
2024.
Despite the attractive level of dividend, and the potential for a
real estate market recovery in 2025, the Company’s shares, in
common with other listed real estate funds, continue to trade
at a discount to NAV. Over recent years the Company has
taken proactive steps to address this discount, including a
major refinancing in 2019, increased exposure to higher
growth sectors, share buybacks, and continued best-in-class
governance.
This activity has contributed to sustained outperformance
compared with our peer group, with a three-year underlying
portfolio total return of 5.5% per annum (Benchmark 0.8%
per annum), a three-year net NAV total return of 4% per
annum, and a three-year share price total return of 8.5% per
annum. This has been accompanied by a high level of
shareholder engagement and wider marketing of the
Company.
The Company is focused on demonstrating best-in-class
governance, for example rotating its independent valuer
ahead of mandatory new rules from the Royal Institution of
Chartered Surveyors (the “RICS”), and the Manager
advocating for changes to regulatory cost disclosure that
creates a more level playing field which could attract new
shareholders to the Company.
Looking forward, we should continue to benefit from a good
quality portfolio overweight to sectors expected to deliver
higher growth, a diverse and strong tenant mix, strong asset
management skills and a market-leading debt profile.
However, for the Company to remain compelling, the strategy
needs to evolve in these changing times.
Last year we therefore decided to place sustainability at the
centre of our investment decision-making. This was done to
fully benefit from the Manager’s commitments and
capabilities in this area, with the aim of enhancing long-term
returns for shareholders, further differentiating the Company
and its strategy from peers, and to attract a wider shareholder
base. We received strong support to this strategic evolution
at the Extraordinary General Meeting in December, and the
Manager makes more detailed comment on progress towards
execution of this strategy below.
Finally, I would like to welcome Sanjay Patel as a new
Non-executive Director and intended Chair of the Audit
Committee, replacing Stephen Bligh. On behalf of my fellow
Directors and the Manager, I would like to thank Stephen for
his commitment and service over the past nine years.
We are today announcing our audited financial results for the year ended 31 March 2024.
It has again been a challenging environment in the UK real estate market with weak economic growth,
elevated interest rates and geopolitical uncertainty. More encouragingly, the UK economy appears to
have avoided a more prolonged downturn, and occupational markets remain relatively resilient, with
sustained levels of tenant demand and low levels of new development driving positive rental growth.
8 Schroder Rel Estte Investment Trust Limited Annul Report nd Consolidted Finncil Sttements

Alastair Hughes
Chair
Schroder Real Estate Investment Trust Limited
5 June 2024
9
Overview Strategic Report Governance Report Financial Statements Other information (unaudited)

Investment Manager’s Report
Financial results
Schroder Real Estate Investment Trust Limited’s (‘SREIT’, or
‘the Company’) net asset value (‘NAV’) as at 31 March 2024
was £287.4 million or 58.8 pence per share (‘pps’), compared
with £300.7 million, or 61.5 pps, as at 31 March 2023. This
reflected a decrease over the financial year of 2.7 pps or
4.4%. Dividends totalling £16.4 million were paid during the
year, which resulted in a NAV total return of 1.1%. A detailed
analysis of the NAV movement is set out in the table below:
£m PPS
NAV as at 31 March 2023
1
300.7 61.5
Unrealised net decrease in the
valuations of the direct real estate
portfolio and joint ventures
2
(3.6) (0.7)
Capital expenditure
3
(9.1) (1.8)
Realised gain on disposals, net
of disposal costs
0.2 0.0
EPRA earnings
4
16.3 3.3
Dividends paid (16.4) (3.3)
Interest rate derivatives (0.3) (0.1)
Others (0.4) (0.1)
NAV as at 31 March 2024
5
287.4 58.8
1
The calculation of pence per share is based on shares in issue
as at 31 March 2023 of 489,110,576.
2
Prior to all capital expenditure, and movement in IFRS 16 lease incentives.
3
Comprises capital expenditure of £8.3 million on the directly held portfolio and
£0.8 million invested across the two joint ventures.
4
EPRA earnings as per the reconciliation on page 118.
5
The calculation of pence per share is based on shares in issue
as at 31 March 2024 of 489,110,576.
The underlying portfolio, including joint ventures and net of
capital expenditure, decreased in value by 2.8% on a
like-for-like basis over the financial year ended 31 March
2024.
£9.1 million of capital expenditure was invested in asset
management and redevelopment projects, including joint
ventures, that should drive capital growth and future rental
increases over the medium to longer term.
Whilst two disposals completed during the financial year, one
was recognised in the prior period as unconditional contracts
had been exchanged. The disposal of Coverdale House in
Leeds completed on 8 December 2023 for £3.8 million and
reflected a 7.0% increase on the 31 March 2023 independent
valuation of £3.6 million. After transaction costs of £52,000,
the realised gain on disposal was £200,000.
EPRA earnings for the financial year totalled £16.3 million, or
3.3 pps, an increase of £300,000 or 1.9%, on the prior
financial year of £16.0 million. Active asset management led
to an increase in rent and other income compared to the prior
financial year, partly offset by higher finance costs on the
Company’s revolving credit facility.
There was a 3.8% increase in the dividend paid in the
financial year to £16.4 million from £15.8 million in the
previous year.
Image: City Tower, Manchester
1010 Schroder Rel Estte Investment Trust Limited Annul Report nd Consolidted Finncil Sttements

UK Market Context
Since the recent UK real estate market cycle high of June
2022, average UK real estate values have fallen 25%, with the
Company’s underlying portfolio value falling by 18% over the
same period. This is a significant correction and compares
with a 44% average market decline during the 2007 to 2009
global financial crisis (‘GFC’), and a 27% decline during the
recession of the early 1990s.
Falling values and weak sentiment translated into a dearth of
investment activity, with transactions in the final quarter of
calendar year 2023 the lowest since the GFC. Furthermore,
although debt levels in the real estate sector are low
compared with the GFC period, lending for new acquisitions
is the lowest since 2007 (Source: Bayes Business School).
Low lending volumes also reflect the high cost of debt, with
elevated interest rate swaps (five-year Sonia swap rate 4.1%
as at 5 June) plus margin resulting in a total cost of
approximately 6% for a good quality asset at a 40% loan to
value ratio.
Given lower debt levels compared with past cycles,
institutional investors are arguably more focused on the
spread real estate offers over the risk-free rate, or the
ten-year gilt. The MSCI Benchmark average net initial yield is
now 5.2%, which compares with the net initial yield on the
Company’s underlying portfolio of 6.1%. This is the highest
MSCI Benchmark net initial yield since 2014 and represents a
premium of 1.0% over the prevailing 10-year gilt rate of 4.2%.
This is below the long-term premium of approximately 1.5% to
2%, indicating a further increase in real estate yields, or a fall
in gilt yields, might be required for the sector to represent ‘fair
value’. However, this ignores the positive impact of rental
growth on total returns, and in this respect the market is
better placed now than in recent cyclical recoveries. For
example, average nominal rents are now 6.6% higher than in
June 2022, which compares with 3.4% lower over the
equivalent 21-month period post-GFC. More materially,
average industrial rents are now 12.9% higher than in June
2022, which compares with 0.1% post GFC. This
performance illustrates both the structural factors that are
driving demand for real estate in a market with relatively low
levels of new supply, as well as the inflation-hedging quality
of rental income.
Against this backdrop, market expectations that interest rates
are peaking will be key to a recovery in sentiment towards
real estate, together with increased availability of bank debt
and reduced selling out of open-ended property funds.
The most significant and positive feature of the market is the
above-average level of nominal rental growth, particularly for
more structurally supported sectors such as industrial, retail
warehousing, prime offices, and operational assets such as
residential, self-storage and hotels. This rental growth,
together with the potential for a future yield rerating, should
going forward deliver total returns above the long run
average, and lead to capital flows back to the sector. Our
portfolio allocation and ongoing activity means we should be
better placed to benefit from a recovery in sentiment.
11
Overview Strategic Report Governance Report Financial Statements Other information (unaudited)

Our strategy
Strategic evolution and changes to the
investment objective and policy
The real estate industry accounts for approximately 40% of
global energy related carbon emissions, and owners therefore
have a responsibility to take a lead on tackling contributions
to climate change. As most of today’s stock will likely still be
required and in use in 2050, it is only by transforming less
sustainable buildings into modern, fit for purpose assets that
the sector will reach Net Zero Carbon, and asset
obsolescence resulting from enhanced regulations can be
mitigated.
This strategic imperative, the Company’s active approach,
and Schroders specialist resources relating to sustainability
and positive impact investing more generally, created an
opportunity to formally place sustainability at the centre of
the Company’s investment proposition. This should enable
the Company to proactively respond to the UK’s Net Zero
Carbon objectives and enhance long term total returns by
focusing on decarbonisation strategies that adapt existing
buildings to achieve the ‘Green Premium’, which generally has
two components:
− Evolving regulations and obligations mean tenants are
demanding buildings that benefit from sustainable
attributes including being more energy efficient, having
enhanced natural resource management, promoting the
health and well-being of occupants, offer access to
high-quality green space and community facilities, as well
as being capable of withstanding extreme weather events.
As we are witnessing across the Company’s portfolio,
commercial occupiers will pay a higher rent for these more
sustainable buildings because it helps them to meet their
own sustainability targets, attract and retain staff, and cut
their energy bills.
− Investors are prepared to pay higher prices for buildings
that demonstrate some or all of these sustainable
attributes because they tend to let more quickly at higher
rents, suffer lower vacancy rates, require less capital
expenditure in the long term and are less at risk of
obsolesce due to more stringent future environmental
regulation.
12 Schroder Rel Estte Investment Trust Limited Annul Report nd Consolidted Finncil Sttements

Following a shareholder consultation, the Company issued a
Circular containing details of the strategic evolution, the
rationale, and benefits of the new investment objective and
policy, with this Circular available in the following link: https://
schro.link/sreitb2gcircular. At the subsequent Extraordinary
General Meeting held on 15 December 2023, the Company
received strong support to the strategic evolution and the
following revised investment objective:
‘The investment objective of the Company is to provide
shareholders with an attractive level of income and the
potential for income and capital growth from owning and
actively managing a diversified portfolio of UK commercial
real estate, while achieving meaningful and measurable
improvements in the sustainability profile of the majority of the
portfolio’s assets (considered against a range of objective
environmental, social and governance metrics).’
The new investment policy includes specific sustainability key
performance indicators linked to the proportion of the
portfolio where relevant activity is ongoing, asset level
improvement targets based on Schroders proprietary
scorecard based approach, as well as progress delivering the
Company’s existing ‘pathway to net zero’ commitments.
Further details on these are included within the Sustainability
section of this Strategic Report.
Progress delivering the investment strategy
The strategy to deliver the new investment objective and policy, and progress made during the year and since year end, is set
out below:
1
Apply a research-led approach
to determine attractive sectors
and locations in which to invest in
commercial real estate
Increased allocation to higher growth
sectors, with industrial, predominately
multi-let estates, and retail warehousing
now comprising 61.5% by value
(2023:58.6%) because of capital
expenditure in these assets and the
disposal of two small offices.
2
Increase exposure to larger, higher
value, assets with strong fundamentals
and inherent opportunities for active
management and development
£9.1 million of capital expenditure invested
during the year including £2.7million
relating to the development of 19 Hollin
Lane, a single 18,203 sq ft operationally
net zero carbon industrial unit at Stacey
Bushes Industrial Estate in Milton Keynes,
£1.5 million refurbishing the multi-let
industrial estate Stirling Court in Swindon,
and £1.0 million at Stanley Green Trading
Estate in Manchester. Our top 15 assets
now represent 80.5% of total portfolio
value (2023: 78.5%).
3
Sell smaller, secondary assets with
higher sustainability performance risk
Completed the sale of two small
office assets at a 3.3% premium to the
aggregate value at the start of the year,
with further disposals planned.
4
Drive income and value growth
through a hospitality approach in
tenant management (optimising
tenant services and lease terms) and
operational excellence in all sectors
(optimising operations in the assets,
minimising the use of scarce resources
and waste)
Asset management delivered rental
growth through the year ahead of the
MSCI Benchmark and there are ongoing
regear negotiations with major tenants
in return for sustainability related asset
improvements.
Increase in the average unexpired lease
term from 5.0 to 5.3 years, with ongoing
activity likely to make a further positive
contribution.
5
Apply our integrated sustainability
and ESG approach at all stages of
the investment process and asset life
cycle, targeting improvement in the
sustainability performance of assets
to manufacture the green premium for
shareholders
Further improvement in the 2023 Global
Real Estate Sustainability Benchmark
(‘GRESB’) score to 79 out of 100 (2022:
77), achieving the maximum possible
result for the management aspects
of the assessment and placing SREIT
first amongst a GRESB defined peer
group comprising six diversified REITs
(2022:first of seven).
15 assets now have an ESG scorecard
completed by an external consultant
along with a sustainability audit or net
zero carbon audit, these scores provide
a baseline against which the relevant
sustainability KPI in the investment
policy can be measured and will inform
future works to improve sustainability
performance with the aim to increase the
score for each asset.
6
Control costs
Ongoing charges (including fund only
expenses) of 1.19% are lower than 1.32%
for the prior financial year.
Maintain a strong balance sheet with a
long-term strategic target loan to value,
net of cash, within the range of 25% to
35%.
The Company has a peer group leading
debt profile, with a clear strategy to
reduce the net LTV back to within the
strategic range from 37.1% at the year
end.
13
Overview Strategic Report Governance Report Financial Statements Other information (unaudited)

Portfolio performance
The underlying portfolio continues to deliver strong relative outperformance, with a positive total return for the financial year of
3.2% compared to -1.3% for the MSCI Benchmark (the ‘Benchmark’). This relative outperformance was partly due to a stronger
income return from the portfolio of 6.2% compared to 4.7% for the Benchmark.
Favourable sector weightings compared to the Benchmark contributed positively to relative performance. In particular, the
Company’s overweight position to the industrial sector, which is almost entirely multi-let industrial estates, was a key driver of
outperformance. In contrast, the office sector continued to face headwinds and underperformed the overall Benchmark,
therefore this allocation detracted from performance.
Active asset management generated most of the outperformance relative to Benchmark and was positive for all sectors. Capital
expenditure in the previous and current financial year to develop the operationally net zero carbon development at Stanley
Green Trading Estate in Cheadle, Greater Manchester, which completed in May 2023, contributed strongly as the new space
was let. A regear that completed in December 2023 with the Company’s largest tenant, the University of Law, who operate a
campus in Bloomsbury, London, was also a key contributor.
The table below shows performance to 31 March 2024.
SREIT Total Return MSCI Benchmark* Total Return Relative
Period to
31 March 2024
One year
(%)
Three years
(% p.a.)
Five years
(% p.a.)
One year
(%)
Three years
(% p.a.)
Five years
(% p.a.)
One year
(%)
Three years
(% p.a.)
5 years
(% p.a.)
Retail 4.2 4.6 0.1 -0.1 2.0 -1.8 4.3 2.5 1.9
Office -3.3 -0.9 0.9 -10.2 -5.7 -3.0 7.7 5.1 4.0
Industrial 7.0 10.7 11.2 4.3 5.0 6.9 2.5 5.5 4.0
Other 3.6 11.8 3.2 -0.2 1.1 1.2 3.8 10.6 2.0
All sectors 3.2 5.5 4.6 -1.3 0.8 0.9 4.5 4.7 3.6
*MSCI Benchmark is formally ‘MSCI UK Balanced Portfolios Quarterly Property Index (unfrozen)
14 Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements

Real estate portfolio
As at 31 March 2024, the portfolio comprised 39 properties
valued at £459.3 million. This includes the share of joint
venture properties City Tower in Manchester (25% interest)
and the University of Law in Bloomsbury, London (50%
interest). The portfolio generated rental income of £29.8
12
million per annum, reflecting a net initial yield of 6.1%, which
compared with the Benchmark’s 5.2%. The portfolio benefits
from fixed contractual annualised rental income uplifts of
£2.9 million per annum over the next 24 months. The
independent valuer’s estimated rental value (‘ERV’) of the
portfolio is £38.8 million per annum, reflecting a reversionary
income yield of 8.4%, which compares favourably with the
Benchmark at 6.1%.
The portfolio is overweight multi-let industrial estates where
we consider supply and demand dynamics to be favourable
given there has been relatively limited development. This is
evidenced by the rent reviews and lease renewals completed
since the beginning of the financial year, where rents were
agreed 29% higher than the previous level, and we expect
continued rental growth from our industrial portfolio. In
addition, there is an overweight position in retail warehouses,
where we have sustainable levels of rent and limited exposure
to fashion. This is the only part of the retail sector which has
seen a meaningful fall in vacancy since the pandemic and is
also a sector in which we expect continued rental growth.
At the year end the portfolio void rate was 10.9%, calculated
to the earlier of lease expiry or tenant break as a percentage
of estimated rental value, which is within the ten-year range
of 5% to 13% and compares with the Benchmark void rate of
8.1%. The portfolio weighted average lease length, calculated
to the earlier of lease expiry or break, is 5.3 years, an increase
from 5.0 years at the start of the financial year.
Approximately 11% of the portfolio by contracted rent is
inflation linked, typically structured as five yearly reviews to
either the Retail Price Index (‘RPI’) or the Consumer Price
Index (‘CPI’). In some cases, these inflation-linked leases can
also be reviewed to open market value, if higher, or include
fixed guaranteed increases. A further 14% of rent benefits
from fixed uplifts without an inflation link. The proportion of
the portfolio with inflation-linked leases should increase with
ongoing asset management activity.
The tables below summarise the portfolio information as at
31 March 2024. The property values and weightings
represent the year end valuations as determined by the
independent valuers as at 31 March 2024:
Portfolio metric
SREIT 31 March 2024
(MSCI Benchmark
31 March 2024)
SREIT 31 March 2023
(MSCI Benchmark
31 March 2023)
Portfolio value (£m) 459.3 470.4
Number of properties 39 41
Number of tenants 314 312
Average lot size (£m) 11.8 11.5
Net initial yield (%) 6.1 (5.2) 5.8 (4.8)
Reversionary yield (%) 8.4 (6.1) 8.0 (5.7)
Annual rent (£m) 29.8 29.3
Estimated rental value (£m) 38.8 37.8
Annual rent with inflation linked uplifts (%) 11 11
Annual rent with fixed uplifts (%) 14 12
WAULT (years to earliest of break or expiry) 5.3 (11.1) 5.0 (11.2)
Void rate (%) 10.9 (8.1) 11.1 (8.0)
12
Represents the annualised rental income as at 31 March 2024 of the portfolio, including share of rents for the joint venture assets.
15
Overview Strategic Report Governance Report Financial Statements Other information (unaudited)

Top 15 properties by value
1
Milton Keynes, Stacey Bushes Industrial Estate
Sector
Industrial
Value (£m)
13
51.0
% of portfolio value
11.1
2
Leeds, Millshaw Park Industrial Estate
Sector
Industrial
Value (£m)
13
45.1
% of portfolio value
9.8
3
Cheadle, Stanley Green Trading Estate
Sector
Industrial
Value (£m)
13
40.0
% of portfolio value
8.7
4
London, Store Street, The University of Law Campus (50% share)
Sector
Office/university
Value (£m)
13
38.4
% of portfolio value
18.4
5
Bedford, St. John’s Retail Park
Sector
Retail warehouse
Value (£m)
13
29.5
% of portfolio value
6.4
6
Manchester, City Tower (25% share)
Sector
Office/hotel/retail
Value (£m)
13
29.4
% of portfolio value
6.4
7
Chippenham, Langley Park Industrial Estate
Sector
Industrial
Value (£m)
13
25.2
% of portfolio value
5.5
8
Norwich, Union Park Industrial Estate
Sector
Industrial
Value (£m)
13
22.6
% of portfolio value
4.9
9
Leeds, Headingley Central
Sector
Hotel/retail
Value (£m)
13
20.9
% of portfolio value
4.6
10
Birkenhead, Valley Park Industrial Estate
Sector
Industrial
Value (£m)
13
12.7
% of portfolio value
2.8
11
Telford, Horton Park Industrial Park
Sector
Industrial
Value (£m)
13
12.6
% of portfolio value
2.7
12
Manchester, St Ann’s House
Sector
Office/retail
Value (£m)
13
11.8
% of portfolio value
2.6
13
Edinburgh, The Tun
Sector
Office
Value (£m)
13
10.7
% of portfolio value
2.3
14
Uxbridge, 106 Oxford Road
Sector
Office/university
Value (£m)
13
10.7
% of portfolio value
2.3
15
Milton Keynes, Watling Street
Sector
Retail warehouse
Value (£m)
13
9.1
% of portfolio value
2.0
Total as at 31 March 2024
Value (£m)
13
369.7
% of portfolio value
80.5
13
As per third party valuation reports unadjusted for IFRS lease incentive amounts. Column does not sum due to rounding.
16 Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements

Sector weighting by value as at 31 March 2024
Like-for-like net of capex capital growth for the
12-month period ended 31 March 2024
SREIT MSCI Benchmark SREIT MSCI Benchmark
South East 11.1% 20.4%
Rest of UK 38.9% 12.4%
Industrial 50.0% 32.8% 1.7% 0.0%
City 0.0% 3.2%
Mid-town and West End 8.4% 6.7%
Rest of South East 4.0% 6.1%
Rest of UK 12.6% 6.5%
Offices 25.0% 22.5% -9.7% -13.8%
Retail warehouse 11.4% 9.3% -5.5% -4.2%
South East 0.0% 6.9%
Rest of UK 7.7% 2.9%
Standard retail 7.7% 9.8% 1.3% -7.3%
Standard retail by ancillary/single use
- Retail ancillary to main use 4.9% -
- Retail single use 2.8% -
Other 5.9% 19.7% -5.6% -4.9%
Shopping centres - 1.9%
Unattributed indirects - 4.1%
Note: column does not sum due to rounding.
Regional weighting by value as at 31 March 2024
SREIT
MSCI
Benchmark
1
Central London 8.4% 16.7%
South East excluding Central London 17.1% 34.4%
Rest of South 10.8% 6.6%
Midlands and Wales 21.3% 23.4%
North 40.1% 14.4%
Scotland 2.3% 4.4%
Northern Ireland 0.0% 0.2%
1
Note: column does not sum due to rounding.
17
Overview Strategic Report Governance Report Financial Statements Other information (unaudited)

Rental income is diverse and comprised 314 tenants as at
31March 2024, including the tenants of properties held by
joint ventures. The largest and top 15 tenants represent 6.78%
and 35.40% of the portfolio respectively, calculated as a
percentage of annual rent, and there are only three tenants
that represent more than 3% of annual rent.
Top 15 tenants by annual rent Annual rent (£ million) % of total annual rent
The University of Law Limited 2.02 6.78
Buckinghamshire New University 1.30 4.36
Siemens Mobility Limited 1.23 4.13
Public Sector 0.66 2.21
Express Bi Folding Doors Limited 0.65 2.18
Jupiter Hotels Limited 0.65 2.18
Matalan Retail Limited 0.57 1.91
TJX UK T/A Homesense 0.51 1.71
Premier Inn Hotels Limited 0.47 1.58
IXYS UK Westcode Limited 0.47 1.58
Lidl Great Britain Limited 0.42 1.41
Ingeus UK Limited 0.41 1.38
Wickes Building Supplies Limited 0.40 1.34
Sports Direct 0.40 1.34
Balfour Beatty Group Limited 0.39 1.31
Total as at 31 March 2024 10.55 35.40
Rent collection
The diversification and granularity of the underlying rental
income, and a high level of occupier engagement, has
supported rent collection rates with 99% of the contracted
rents collected for the year ended 31 March 2024. The
breakdown between sectors is 100% of office rent collected,
100% of other rent collected, 99% of retail and leisure rent
collected and 98% of industrial rent collected.
Rent receivable totalled £2.3 million, net of VAT, at the year
end, of which £360,000 is provided against as a bad debt.
This reflects further progress collecting historical arrears
during the financial year and compares to £3.3 million and
£360,000 respectively as at 31 March 2023.
18 Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements

The diversification and granularity of the
underlying rental income, and a high level of
occupier engagement, has supported rent
collection rates with 99% of the contracted rents
collected for the year ended 31 March 2024
Transactions
Rugby, Morgan Sindall House (Office)
In March 2023, contracts were unconditionally exchanged to
sell Morgan Sindall House, a 34,334 sq ft single let office
asset in Rugby, for £4.0 million with the asset therefore
treated as sold at the 31March 2023 financial year end in line
with the Group’s accounting policy. The disposal completed
on 22June 2023 and the price was in line with the 31 March
2023 year-end independent valuation.
Leeds, Coverdale House (Office)
Coverdale House, a 32,355 sq ft multi-let office asset in
Leeds, was sold on 8 December 2023 for £3.8 million
reflecting a 7% premium to the 31 March 2023 independent
valuation. At the time of sale, the asset generated a net rent of
£157,860 per annum with a weighted average unexpired
lease term of two years.
Further small disposals are being progressed on completion
of asset management initiatives.
19
Overview Strategic Report Governance Report Financial Statements Other information (unaudited)

Active asset
management
108 new lettings, rent reviews
and renewals, across
1.0 million sq ft, have
completed since 1 April 2023
totalling £10.4 million in
annualised rental income, 7%
ahead of 31 March 2023 ERV.
Set out overleaf are examples of ongoing
active asset management initiatives that
should support continued outperformance
of the underlying portfolio from both
a financial and sustainability perspective.
20 Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements

Image: Manchester
Overview Strategic Report Governance Report Financial Statements Other information (unaudited)

Valuation
£40.0 million
Square footage
241,366 sq ft
22 Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements

Strategy looking forward
The objective is for the new development to be fully
let during 2024, which would increase the net
income from Stanley Green Trading Estate by
approximately £600,000 per annum compared with
31 March 2024. One unit is under offer and in legals
at £150,000 per annum, with encouraging interest
in the remainder.
The strategy for the pre-existing 150,000 sq ft of
trade counter, self-storage and warehouse
accommodation is to begin phased refurbishments
to enhance the aesthetic and sustainability
credentials of the units, with the aim of enabling us
to attract and retain high quality tenants and
increase the rental tone to more closely align with
the rents achieved on the new estate.
Asset overview and performance
Stanley Green Trading Estate in Cheadle, Manchester was
acquired in December 2020 for £17.3 million. At acquisition
the asset comprised 150,000 sq ft of trade counter, self-
storage and warehouse accommodation across 14 units on a
nine-acre site, together with an adjoining 3.4-acre
development site. SREIT subsequently completed a new,
11-unit, warehouse scheme on the development site at a cost
of £9.0 million. The asset now comprises 241,366 sq ft of
trade counter, self-storage and warehouse accommodation
across 25 units.
As at 31 March 2024 the valuation was £40.0 million,
reflecting a reversionary yield, assuming the new
development is fully let, of 6.4%. The asset has been a strong
performer since acquisition, generating a total return of 18.6%
per annum to 31 March 2024 compared to the MSCI All
Industrial over the same period of 6.7%. Over the 12-month
period to 31 March 2024, the asset delivered a total return of
12.1% which compared with the MSCI All Industrial over the
same period of 4.7%.
Key activity
− The speculative development of 11 warehouse and trade
units completed in May 2023. The new units achieved an
‘A+’ EPC rating and BREEAM New Construction Excellent
accreditation. The specification includes a photovoltaic
system that we expect to generate more than 250 MWh of
energy per annum, 24 electric vehicle charging points and
an 800kVA substation to support the on-site renewables in
powering the fully electric site.
− Seven units, or 56% of the development by estimated
rental value, are now let at an aggregate 23% above the
underwritten assumptions. A 4,000 sq ft unit on the
existing estate with EPC ‘C’ was recently let at £14.00 per
sq ft, whereas the comparable operationally Net Zero
Carbon units with EPC ‘A+’ and have been let at around
£19.50 per sq ft, reflecting a 39% premium. In addition, the
Company’s independent valuer has applied a 5.35% yield
to the occupied operationally Net Zero Carbon units
compared to 6.5% to 7.0% for the pre-existing asset. We
believe these outcomes are largely driven by the superior
sustainability credentials of the new units which serve as a
proof of concept of the enhanced strategy adopted by the
Company.
Stanley Green Trading Estate
Cheadle, Manchester
Industrial
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Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
23

Valuation
£7.9 million
Reversionary yield
8.7%
24 Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements

Asset overview and performance
Stirling Court is comprised of three industrial units on an
established industrial estate in Swindon. One of the units is let
at £7.26 per sq ft until March 2033, with a break in March
2028, and the other two units have recently been refurbished
at a total cost of £1.5 million.
As at 31 March 2024, the asset was valued at £7.9 million,
reflecting a reversionary yield, assuming the two refurbished
units are let, of 8.7%. Over the 12-month period to 31 March
2024, the asset delivered a total return of 0.8% which compared
with the MSCI All Industrial over the same period of 4.7%.
Key activity
The comprehensive, sustainability improvement-led
refurbishment of two units reached practical completion on
8 December 2023. The units now benefit from LED lighting
throughout, rooftop photovoltaic panels and EV charging
points. The EPC rating for both units improved to a ‘B’ from a
‘D’ and a ‘C’ respectively.
Strategy looking forward
Let the refurbished units targeting a rent of £8.00 per sq ft or total rent of £480,000 per annum, reflecting the
enhanced specification. This would reflect a 28% increase on the previous average passing rent for the two units of
£6.26 per sq ft.
Stirling Court
Swindon
Industrial
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Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
25

Valuation
£10.7 million
Reversionary yield
8.9%
26 Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements

Asset overview and performance
The Tun is a multi-let office building in Edinburgh city centre,
located close to the Royal Mile and Scottish Parliament.
As at 31 March 2024, the asset was valued at £10.7 million,
reflecting a net initial yield of 5.0% and a reversionary yield of
8.9%. Over the 12-month period to 31 March 2024, the asset
delivered a total return of 3.4% which compared with the
MSCI All Offices over the same period of -9.3%.
Key activity
− Completed an extensive refurbishment program of common
areas, the roof and three vacant units at a cost of £2.1 million
as at the year end. The works include end of journey
facilities which will improve the sustainability credentials of
the asset and help to attract high quality tenants. This led to
the completion of three smaller lettings over the year.
− Works included a full Cat A refurbishment of the 7,343 sq ft
part third floor including new, more efficient, M&E, new
LED lighting, and improvements to natural light and fresh
air. The unit achieved an EPC rating of ‘A’ having previously
been a ‘D’.
− An agreement for lease has exchanged with SLR Consulting
Limited for the refurbished part third floor and 2,876 sq ft
part fourth floor, which was surrendered by the European
Parliament in return for a premium paid to the Company of
£240,000. SLR Consulting Limited will pay a base rent of
£290,293 per annum on a 10-year term. The tenant will
benefit from four months of rent free and has a break option
in year five. The Company will now carry out a Cat A
refurbishment of the part fourth floor and a Cat B fit out on
all space at a total cost of £1.0 million, with lease
completion expected in October 2024. In addition to the
base rent, the tenant will pay an additional £135,095 per
annum for the first five years of the term to reflect the
Company carrying out the Cat B fit-out.
− Existing tenant, Vattenfall Wind Power Limited, completed a
new five-year lease extension on 2,783 sq ft of space in
return for sustainability improvements costing £150,000.
The lease renewal commenced in May 2024 and the rent
increases by 21% to £88,137 per annum or £31.67 per sq ft,
17% ahead of the estimated rental value as at 30 September
2023. The tenant will receive three months of rent free.
Strategy looking forward
We are discussing regears with further tenants,
where we will look to implement measures to
improve the sustainability credentials of the asset
whilst increasing rent to and beyond the new
headline rents of £32 to £34 per sq ft.
The Tun
Edinburgh
Office
Find out more on our website
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− Following the works and activity outlined above, the total
contracted rent at The Tun will be £1.1 million per annum,
compared with £616,190 per annum at the start of the
financial year.
Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
27

Valuation
£38.4 million
(50% shares)
Reversionary yield
5.8%
28 Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements

Asset overview and performance (unless
specified 100% ownership statistics shown
below)
Freehold office and university campus located less than 500
metres from Tottenham Court Road in an area benefiting from
infrastructure improvements such as the Elizabeth Live and
Camden local authority ‘West End Project’, and a diverse
range of ‘knowledge-based’ occupational demand including
media, technology, life science, consumer brands and
finance. The asset is let to the University of Law (‘UoL’) and
currently has a low site density with 85,814 of lettable space
on a site of 0.8 acres.
As at 31 March 2024, the Company’s 50% interest in the
asset was valued at £38.375 million, reflecting a net initial
yield of 4.5%, a reversionary yield of 5.8%, and capital value
equating to £894 per sq ft. Over the 12-month period to 31
March 2024, the asset delivered a positive total return of
6.5% which compared with the MSCI All Offices over the
same period of -9.3%.
Key activity
− In December, the Company completed a new 85,814 sq ft
lease with UoL that extended the lease from December
2026 to December 2029. As part of the lease extension
the rent review dated December 2024 was pre-agreed at
£2.36 million per annum, equating to £55.00 per sq ft, 28%
above the prior rent. The new lease also benefits from a
fixed rental increase in December 2026 to £2.43 million per
annum equating to £56.65 per sq ft, and annual fixed uplifts
of 3% per annum from December 2026, leading to rent of
£2.58 million per annum or £60.10 per sq ft from December
2028, 39% above the rent prior to the new lease.
Strategy looking forward
The next phase at Store Street is to progress plans
for the longer-term potential re-development post
2029, with the objective to align with Camden’s
local plan, promoting sustainable characteristics
and contributing positively to Bloomsbury’s
character and amenity. Consideration will also be
given to the specific demands of occupiers in the
life sciences, technology, and higher education
sectors.
University of Law Campus
London
Find out more on our website
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Office / University, 50% share
29
Overview Strategic Report Governance Report Financial Statements Other information (unaudited)

Valuation
£29.5 million
Square footage
120,000 sq ft
30 Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements

Strategy looking forward
With large roof space and a large car park there is
an opportunity to install further photovoltaic panels
and electric vehicle charging points at the site to
improve the sustainability credentials of the asset,
and feasibility assessments are underway.
There are several rent reviews due over the next
18-months including with Costa dating from
October 2023, who are currently paying £40.52 per
sq ft. The recently achieved Starbucks rent of £86.11
per sq ft, being 113% higher, provides strong
evidence for a material increase to the rent payable
by Costa.
Asset overview and performance
St. John’s Retail Park comprises a 120,000 sq ft retail
warehouse scheme underpinned by income from tenants
including Lidl, Home Bargains, Bensons for Beds, TK Maxx,
Costa and now Starbucks, with an average lease term, to the
earlier of lease expiry or break, of 7.0 years. The asset benefits
from an affluent catchment and has good parking.
As at 31 March 2024, the asset was valued at £29.5 million
reflecting a net initial yield of 6.7% and a reversionary yield of
6.5%. Over the 12-month period to 31 March 2024, the asset
delivered a total return of 1.7%, in line with the MSCI All Retail
Warehousing over the same period.
Key activity
− A 15-year lease without breaks completed with Starbucks
Coffee Company UK Limited (‘Starbucks’) for a new 1,800
sq ft drive-thru unit, that they constructed on the site to
extract economies of scale. The rent is £155,000 per
annum which equates to £86.11 per sq ft, and the lease
benefits from inflation-linked increases with a collar of 1%
per annum and a cap of 3% per annum. Starbucks will
receive a contribution towards construction costs of
£850,000 and 12-months of rent free, which are assumed
in the valuation at the year end. Starbucks are required to
deliver the restaurant to a minimum BREEAM rating of
‘Very Good’ and install rooftop photovoltaic panels and
electric vehicle charging points for customer usage. The
drive-thru café has now opened for trade.
− Tenant break options were removed from several leases,
Hobbycraft, Halfords and Bensons for Beds had break
options removed in February 2025, May 2025 and
October 2026 respectively in return for five months of rent
free. In addition, a new 10-year lease without breaks was
completed with Tapi Carpets. This activity has secured
longer term income from the asset.
St John’s Retail Park
Bedford
Retail Warehouse
Find out more on our website
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Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
31

Valuation
£8.4 million
Reversionary yield
8.3%
3232 Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements

Asset overview and performance
50,000 sq ft, three-unit, retail warehouse terrace in a
prominent location on Salisbury’s northern ring road. The
property adjoins a strongly performing Waitrose food and
home store. The property is currently let to Smyths Toys
(unit1), Homesense (unit 2), and Sports Direct (unit 3) on a
short-term basis paying £697,000 per annum, or an average
rent of £13.90 per sq ft.
As at 31 March 2024, the asset was valued at £8.4 million,
reflecting a net initial yield of 7.8% and a reversionary yield of
8.3%. Over the 12-month period to 31 March 2024, the asset
delivered a total return of 1.9% which compared with the
MSCI All Retail Warehousing over the same period of 1.7%.
Key activity
− Agreement exchanged with international discount retailer to
occupy unit 1 and part of unit 2, totalling 22,206 sq ft, on a
new 25-year lease (break at year 20) at £440,000 per
annum or £19.81 per sq ft. The tenant will receive nine
months’ rent free and the lease will be subject to five yearly,
inflation linked reviews with a collar of 1% per annum and a
cap of 3% per annum. Lease completion is subject to
planning and the Company delivering a unit split and
refurbishment at a cost of £1.2 million. The tenant is
required to install photovoltaic panels to the roof in order
that the overall project can achieve an EPC ‘A’.
− A planning application for the unit split is being prepared
and will be submitted shortly, with a view to works
commencing in February 2025, when Smyths Toys and
Homesense vacate.
Strategy looking forward
Terms have been agreed for a new five lease to
Sports Direct at £290,000 per annum or £14.50 per
sq ft in return for the tenant receiving 12 months’
rent free. This is in the process of being
documented.
The remaining vacant unit comprising the balance of
unit 2, totalling 7,500 sq ft, will be marketed at a
rent of £135,000 per annum or £18 per sq ft.
Assuming the activity proceeds as planned, the
combined new rent at Salisbury will be £865,000
per annum or £17.30 per sq ft, a 24% increase on the
current level.
Churchill Way West
Salisbury
Find out more on our website
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Retail Warehouse
Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
33

Valuation
£20.9 million
Reversionary yield
7.8%
34 Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements

Asset overview and performance
Mixed-use 90,000 sq ft prominently located town centre scheme
anchored by core convenience retail and leisure operators
including Premier Inn Hotels, Sainsbury’s and The Gym Group.
As at 31 March 2024, the asset was valued at £20.9 million,
reflecting a net initial yield of 6.7% and a reversionary yield of
7.8%. Over the 12-month period to 31 March 2024, the asset
delivered a total return of 6.4% which compared with the
MSCI All Retail over the same period of 0.0%.
Strategy looking forward
Following the success in previous years of converting
office space at the scheme to a Premier Inn and space
for The Gym, there is an opportunity to relet the final
12,524 sq ft of former office space for alternative,
complementary use to the overall scheme.
Implement sustainability initiatives including
installing photovoltaic panels, adding further
electric vehicle charging points, enhancement of
green space, and water recycling to improve the
sustainability performance of the asset.
Headingley Central
Leeds
Hotel, retail office
Key activity
− Following success in the previous year bringing Rudy’s
Pizza and Burger King to the scheme, we have continued
to drive rental growth by combining small units to create
suitable space for national covenants. A 10-year lease
without breaks completed with Greggs plc who expanded
into the adjoining unit to create a 1,094 sq ft restaurant.
The rent is £70,000 per annum, or £63.99 per sq ft which
is 14% above their previous rent level. There is an upwards
only rent review on the fifth anniversary and the tenant
benefits from 12-months of free rent.
− A five-year lease without breaks completed with
Superdrug Stores plc on their 7,345 sq ft store. The rent is
£75,000 per annum, or £10.21 per sq ft and the tenant will
benefit from three-months of rent free.
Find out more on our website
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35
Overview Strategic Report Governance Report Financial Statements Other information (unaudited)

− Net LTV on the secured assets against this loan is 48.9%.
On this basis the properties charged to Canada Life could
fall in value by 25% prior to the 65% LTV covenant being
breached;
− The interest cover ratio is 497% based on actual net rents
for the quarter to 31 March 2024. A 63% fall in net income
could be sustained prior to the loan covenant of 185%
being breached;
Balance sheet
As at 31 March 2024, the average interest rate for drawn
debt was 3.5%, with an average loan term of 9.7 years, and
91% of total drawn debt was either fixed or hedged against
movements in interest rates. As at 31 March 2024, the
Company had cash, including cash held in joint ventures, of
Average interest rate
3.5%
Average loan term
9.7 years
Lender
Loan
(£m)
Maturity
Total
interest
rate (%)
Asset
value
(£m)
Cash
(£m)
LTV
ratio
(%)2
LTV ratio
covenant
(%)2
ICR
(%)3
ICR
covenant
(%)3
Projected
ICR
(%)4
Projected ICR
covenant
(%)4
Facility A 64.8 15/10/2032 2.4
262.2 1.3 48.9 65 497 185 482 185
Facility B 64.8 15/10/2039 2.6
Canada
Life Term
Loan
129.6
Average loan
maturity of
12.0 years
2.5
Canada Life term loan
The debt refinancing with Canada Life in 2019 provides a significant benefit in a higher interest rate environment. This long-term
loan, which represented £129.6 million of the £176.6 million total borrowings at the year end, has an average loan maturity of
12.0 years, with a fixed average interest rate of 2.5%. At the year end, the incremental positive fair value benefit of this fixed rate
loan was £18.5 million, which is not reflected in the Company’s NAV.
£6.2 million and a net loan to value (‘LTV’) ratio of 37.1%,
which is slightly above the long-term strategic target range of
25% to 35%. Details of the loans are set out below, together
with cover against covenants.
− The projected interest cover ratio is 482% based on
projected net rents for the year ending 31 March 2025. A
62% fall in net income could be sustained prior to the loan
covenant of 185% being breached; and
− After utilising available cash and uncharged properties, the
valuation and actual net rents could fall by 37% and 65%
respectively prior to either the LTV or interest cover ratio
covenants being breached.
91% of total drawn debt was either fixed or
hedged against movements in interest rates
36 Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements

− The RCF benefits from an interest rate ‘collar’ which
applies to £30.5 million of the £47.0 million now drawn.
The collar runs to the end of the RCF term and allows the
Company to benefit from future falls in interest rates down
to a 3.25% floor, whilst at the same time protecting the
Company from rate increases above 4.25%.
− Net LTV on the secured assets against this loan is 29.8%. On
this basis the properties charged to RBSI could fall in value by
54% prior to the 65% LTV covenant being breached;
RBSI revolving credit facility (‘RCF’)
The balance of borrowings at the year-end totalling £47.0 million comprised a revolving credit facility (‘RCF’) from RBSI. This
facility totals £75 million and can be drawn and repaid at any time up to maturity in June 2027.
Lender
Loan/ amount
drawn (£m)
Maturity
Total interest
rate (%)
Asset value
(£m)
LTV ratio
(%)2
LTV ratio
covenant (%)2
Projected ICR
(%)4
Projected ICR
covenant (%)4
RBSI RCF 75.0/47.0 06/06/2027 4.1 157.6 29.8 65 231 200
− The projected interest cover ratio is 231% based on
projected net rents for the year ending 31 March 2025. A
13% fall in net income could be sustained prior to the loan
covenant of 200% being breached;
− After utilising available cash and uncharged properties, the
valuation and actual net rents could fall by 68% and 26%
respectively prior to either the LTV or projected interest
cover ratio covenants being breached;
1. Fixed total interest rate for the loan term.
2. Loan balance less the amounts standing to the credit of the Sales Proceed Account and Remedy Account divided by the property values as at 31 March 2024.
3. This covenant is calculated by dividing the rental income received for the quarter preceding the Interest Payment Date (‘IPD’), less void rates, void service charge
and void insurance, by the interest paid in the same quarter.
4. This covenant is calculated by dividing the forecast contracted rent for the four quarters following the period end, less forecast void rates, void service charge and
void insurance, by forecast interest paid.
5. Facility drawn as at 31 March 2024 from a total available facility of £75.0 million.
6. Total interest rate as at 31 March 2024 comprising applicable SONIA rate of 5.19% and the margin of 1.65% at a LTV below 60%. Should the LTV be above 60%, the
margin increases to 1.95%.
7. LTV ratio covenant of 65% for years one to three, from post commencement on 6 June 2022, then 60% for years four and five.
37
Overview Strategic Report Governance Report Financial Statements Other information (unaudited)

During the financial year, the RCF was converted into a
‘Sustainability Linked Loan’, with performance measured
against KPIs, with each KPI having the potential to either
reduce the margin by 1.65 basis points, increase it by 1.65
basis points or have no impact. The KPIs are:
− Change in landlord energy consumption (year on year)
− A reduction by 5% or more: reduce the margin
− No change or a reduction below 5%: no change
− An increase: increase the margin
− GRESB rating
− 4 stars or above: reduce the margin
− 3 stars: no change
− 2 stars or below: increase the margin
Outlook
Having experienced a significant correction in values, and whilst uncertainty persists regarding the inflation outlook
and the timing of interest rate cuts, the real estate sector should benefit from looser monetary policy going into 2025.
A nascent recovery is arguably reflected in the portfolio value remaining unchanged over the quarter to March 2024.
More positively, much of the real estate sector is now delivering an income return and nominal rental growth above the
long run average due to the inflationary environment, a resilient occupational market and limited development.
Alongside recovering industrial values, well located, fit-for-purpose offices and retail assets are benefiting from a
gradual shift back to the office and more consumers switching back to in-store shopping. At the same time, there is
increased demand for operational real estate assets such as hotels, self-storage, and data centres.
The Company is well placed to benefit in this environment due to our exposure to higher growth sectors, low-cost
long-term debt, and significant potential to drive earnings growth from active management and a higher reversionary
income profile compared with peers.
Finally, alongside these nearer-term factors, our strategy continues to reflect the impact of longer-term structural
trends such as urbanisation, technological change, demographics and, arguably most critical for the real estate sector,
sustainability. We therefore have conviction that our strategic evolution to place sustainability at the centre of our
investment proposition should enhance our long-term total returns.
− Development or refurbishment projects that
improve EPC or BREEAM rating to a minimum
of EPC B or BREEAM Very Good
− If all new developments or major renovations of the
properties meet the requirement: reduce the margin
− If no property has been refurbished or developed:
no change
− If one or more new developments or major renovations
of the properties carried out during the term of the
facility does not meet the requirement: increase
the margin
38
Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements

Nick Montgomery
Fund Manager
5 June 2024
39
Overview Strategic Report Governance Report Financial Statements Other information (unaudited)

Progress towards
Net Zero Carbon by
2040
Gold Award
Increasing no.
of Sustainability
Certifications
completed in reporting year
Increasing no. assets
with on-site renewables
Improved GRESB score
No. of sustainability
audits
17
Improved EPC
rating and coverage
performance
(% by floor area)
Investment strategy formally amended with focus
on sustainability improvement
Key achievements over the financial year
Sustainability Report
Alongside the work developing and implementing the strategic evolution, good progress has been made delivering
on the pre-existing sustainability ambitions, with key achievements during the financial year summarised below:
Note: All data is reported at 31 March 2024 unless otherwise stated.
14
“The Carbon Risk Real Estate Monitor (CRREM) is the leading global initiative for establishing targets for
operational ‘in use’ carbon emissions for standing real estate investments consistent with the ambitions of the Paris agreement. The developed software (so called CRREM-Tool” or
Carbon Risk Assessment Tool) derives carbon emission intensities as well as energy consumption intensities and demonstrates the 1.5-degree-readiness of each analysed property.
Further information available here: Risk Assessment Tool – CRREM Project.
15
GRESB 2023 Standing Investments Benchmark Report for the Company 1st out of 6 Peer Comparison
for United Kingdom of Great Britain and Northern Ireland - Diversified - Listed -Tenant Controlled.
16
The EPRA Sustainability Best Practices Recommendations (sBPR) are intended
to raise the standards and consistency of sustainability reporting for listed real estate companies across Europe. As with the EPRA financial BPR Awards, each year EPRA recognises
companies which have issued the best-in-class annual sustainability performance report. Based on adherence to the EPRA sBPR in their public disclosure, companies are identified
for Gold, Silver or Bronze Awards.
17
Sustainability audits in line with Schroders Capital’s scope, inclusive of third-party validated proprietary ESG Scorecard.
100%
5
+2
EPRA sBPR Awards for
Sustainability Reporting. Gold
Award for the sixth year running
16
of Company assets included
new analysis undertaken to
re-baseline portfolio against
CRREM
14
v2
Detailed asset-level Net Zero
Carbon audits commissioned
BREEAM New Construction
‘Excellent’ ratings (10 assets total)
100%
99%
60%
12
MEES compliance
(2022: 100%)
EPC coverage
(2022: 97%)
EPCs above C rating
(2022: 58%)
Industrial units developed
to EPC ‘A+’ standard
(At 31 December 2023)
6
Assets with solar PV
(2022: 3 assets)
14
effective from 1 April 2024
3 Star rating
1st in peer group
15
79 score
(up from 77 in 2022);
Maintained ‘A’ rating in GRESB
Public Disclosure
40 Schroder Rel Estte Investment Trust Limited Annul Report nd Consolidted Finncil Sttements

Strategic evolution and changes to the
investment objective and policy:
At the EGM on 15 December 2023, Shareholders voted to
formally include sustainability at the centre of the Company’s
investment proposition, with a sustainability improvement and
decarbonisation strategy focused on adapting existing
buildings into those that are both modern and fit for purpose,
thereby taking a proactive position in response to the UK’s
Net Zero Carbon objectives whilst optimising portfolio
performance to seek enhanced total returns for Shareholders.
The Investment Manager has developed a proprietary ‘ESG
Scorecard’ which will be used to manage, measure, and
monitor the ESG performance and progress of assets in the
portfolio against the Company’s sustainability investment
objectives. In addition, the Company has made Net Zero
Carbon commitments which apply to the whole portfolio and
complement the asset level monitoring. The Investment
Manager has also invested in new software to increase the
efficiency of collecting sustainability data which will support
the ESG Scorecard and enhance the Investment Manager’s
ability to analyse and report on assets and their ESG
performance, as well as achieve the Net Zero Carbon
commitments.
Progress against the new objective will be demonstrated
annually by utilising the ESG Scorecard and Net Zero Carbon
performance KPIs.
Sustainability KPI 1
ESG Scorecard (asset level)
The Company’s assets will be managed with a view to
ensuring that at any given time during the Company’s
ownership, at least 75% of the portfolio assets by value
are being managed with a realistic and achievable plan
to reach a score of at least 3 (out of a possible total
score of 5), as measured on the ESG scorecard.
For those 75% of the Company’s assets (by value), in
each case where leases permit prompt commencement
of works to improve their sustainability profile, the aim
will be to take the asset to an improved score of at least
3 (out of a possible total score of 5) within five years
from: (i) 1 April 2024 or, if later: (ii) the date it was
acquired by the Company.
Sustainability KPI 2
Net Zero Carbon commitments (portfolio level)
Further, the Company’s assets will also continue to
be managed in line with the Company’s existing
‘pathway to net zero’ commitments, which in
summary include seeking to attain the following:
− operational whole buildings emissions to be aligned
to a 1.5°C global warming pathway by 2030;
− embodied emissions for all new developments and
major renovations to be net zero by 2030;
− operational scope 1 and 2 (landlord) emissions
(as defined in the Greenhouse Gas Protocol) to be
net zero by 2030; and
− operational and embodied whole building (scope
1, 2 and 3 (landlord and tenant)) emissions to be
net zero by 2040
ESG Scorecard
Over 75% (79%) of assets by value in the portfolio have been assessed using the ESG Scorecard which measures sustainability
performance against a broad range of pre-defined real estate sustainability metrics. These fall within the following four pillar
1
Environmental
2
Social
3
Certification and Ratings
4
Tenant Profile
41
Overview Strategic Report Governance Report Financial Statements Other information (unaudited)

Within each of these pillars, there are a number of sub-topics
against which each asset will be assessed. For each of these
sub-topics, the Investment Manager assigns a rating from 1
(low – significant improvements needed) to 5 (high – best in
class or best industry practice). Many of the sub-topics are
assessed on a quantitative basis, with some assessed on a
qualitative basis. The justification provided against each
rating will also indicate the timeline for expected
improvements, and the determination of a target score. Each
ESG Scorecard
Asset
ESG scorecard score
at 1 April 2024
Target ESG scorecard score
Stacey Bushes Industrial Estate 2.2 4.0
Millshaw Park Industrial Estate 2.6 4.1
Stanley Green Trading Estate 2.5 4.1
The University of Law (50%) 2.8 4.5
St John's Retail Park 2.7 4.2
City Tower (25%) 2.9 4.0
Langley Park Way 2.8 4.2
Union Park Industrial Estate 2.6 4.1
Headingley Central 2.6 4.3
Horton Park Industrial Park 2.3 3.9
St Ann's House 2.3 3.2
The Tun 2.8 4.2
The Galaxy 2.5 4.2
Churchill Way West, Salisbury 2.4 3.6
Royscot House 2.9 4.1
Clifton Park 2.5 3.9
Total portfolio 79% of portfolio assessed by Gross Property Value
sub-topic is weighted to enable a weighted average asset
level current and target score – between 1 and 5 – to be
calculated.
The 15 assets scored to date all present the potential for their
scores to be improved beyond the minimum 3 out of 5 set in
the investment objective. Improvement plans will be set in the
context of each asset’s business plans, common themes and
actions were identified as follows:
The Investment Manager believes that measuring assets against its own proprietary scorecard in this manner will support
consistent standardised portfolio-wide monitoring and enable it to define ambitious yet achievable asset-specific targets, ultimately
helping to demonstrate the Company’s ability to deliver the targeted positive change over time.
1
Improving metering of utility supplies: Roll out automated
smart/metering and sub-metering of landlord and tenant
supplies across the portfolio
2
Phasing out fossil fuels: Replace inefficient and energy
intensive heating systems fuelled by fossil fuels with
modern, efficient electric based systems
3
Improving building fabric: Improve building fabric through
the provision of better insulation and/or roof and cladding
repairs to reduce the need for space heating whilst
addressing overheating and overcooling concerns
4
Installing on-site renewable: Utilise roof space where
solar PV panels can be installed to generate electricity
on site, reduce emissions and energy bills.
42 Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements

Pathway to Net Zero Carbon
According to the World Green Building Council (‘WGBC’)
buildings are responsible for 39% of global energy related
carbon emissions
18
. In April 2022 the Intergovernmental
Panel on Climate Change (‘IPCC’) identified that global
carbon emissions must peak by 2025 at the very latest to
effectively limit global temperature rise to 1.5C, in line with
the Paris Agreement
19
.
The Board and Manager recognise that the Company has a
responsibility to embark on a journey to Net Zero Carbon
(‘NZC’)
20
and that an active approach to understanding and
managing climate risks and opportunities is fundamental to
delivering resilient investment returns and supporting the
transition to a low carbon society.
In 2019 the Manager signed the Better Building Partnership’s
(‘BBP’) Climate Commitment
21
and has a net zero ambition
aligned to the Paris Agreement aim to limit warming to 1.5°C.
The Manager’s commitment was further underlined by the
Company who in 2022 announced its ‘Pathway to Net Zero
Carbon’ committing to:
− Operational whole buildings emissions to be aligned to a
1.5°C pathway by 2030;
− Embodied emissions for all new developments and major
renovations to be net zero by 2030;
− Operational Scope 1 and 2 (landlord) emissions to be net
zero by 2030; and
− Operational and embodied whole building (scope 1, 2 and
3 – landlord and tenant) emissions to be net zero by 2040.
Other commitments associated with the manager’s overall
NZC commitments are:
− Procure 100% renewable electricity for landlord-controlled
supplies by 2025; and
− Minimise amount of operational waste sent to landfill.
Performance against objectives from the
start of the financial year
In H1 2024, forward-looking NZC pathways were developed,
using the industry adopted Carbon Risk Real Estate Monitor
(‘CRREM’), to present the operational energy associated
decarbonisation requirements aligned with a ‘Paris Proof’
decarbonisation trajectory to pursue efforts to limit global
warming to 1.5°C. During the reporting year, the Manager has
been reviewing its NZC methodology to align with most
recent developments in the CRREM tool, including the
release of CRREM version 2 in 2023, and best practice
accounting at the whole building level. This has led to the
creation of a new baseline for SREIT’s assets utilising calendar
year 2023 data (replacing the original baseline of 2019 data).
Decarbonisation pathways have been developed for all of
assets in the fund, which have been aggregated to Fund level
to create the portfolio’s targets.
Important note: Previous NZC analysis included only the
portfolio’s landlord-controlled assets. This year’s reported
analysis includes all assets within the portfolio. This means full
repairing and insuring (‘FRI’) leased assets, including industrial
assets
22
, have been accounted for and which have had an
impact on the overall performance and associated energy and
GHG intensity targets of the portfolio.
18
World Green Building Council: Bringing Embodied Carbon Upfront. https://worldgbc.org/article/bringing-embodied-carbon-upfront/
19
Intergovernmental Panel on Climate Change (IPCC): Sixth Assessment Report. https://www.ipcc.ch/assessment-report/ar6/
20
‘Net Zero Carbon’ is when the carbon emissions emitted as a result of all activities associated with the development, ownership and servicing
of a building are zero or negative.
21
Better Buildings Partnership Climate Commitment available here: https://www.betterbuildingspartnership.co.uk/member-climate-commitment
22
Industrial assets are often characterised by large floor area but with relatively low sector specific CRREM targets, and so their inclusion in portfolio targets for the first
time has brought about lower overall portfolio energy and carbon targets comparted to the previous analysis.
43
Overview Strategic Report Governance Report Financial Statements Other information (unaudited)

Table 2: The Company’s baseline performance and reduction requirements to 2030 for GHG and Energy Use Intensity.
Baseline (2023)
reflecting whole
building level
performance for whole
year at full operation
2030 Target*
% Change required
to reach 2030 target
2040 target
% Change required
to reach 2040 target
Energy Intensity
(kWh/m)
161 90 -44% 63 -61%
GHG Intensity**
(kgCO2e/m)
29 14 -52% 3 -90%
* The NZC interim targets are dynamic and depend on the year-on-year assets’ performance and updates of CRREM pathways. The NZC analysis
process is continual with annual reassessment of progress against targets, with audits providing more informed inputs to support target setting,
and the actual effect of interventions being captured.
**GHG intensity includes both fugitive emissions (i.e. emissions associated with refrigerant gases used across assets) and carbon emissions oc-
curring from energy consumption within the asset (covering both landlord and tenant areas).
The 2024 NZC analysis indicates the Company will need to
implement continued improvement initiatives to progress
towards its energy and greenhouse gas (‘GHG’) intensity
targets, requiring reductions of 44% and 52% to be achieved
respectively by 2030 (interim target) over the 2023 baseline
year. Table 2 below presents details of the Company’s
operational energy and carbon intensity.
The Company is working through modelling of energy
conservation measures to identify the most relevant
improvement actions required to meet the Company’s 2040
net zero commitment. These measures have been determined
through sustainability and NZC audits procured from external
consultants. Dedicated NZC audits are necessary to build
robust pathways and a database of energy conservation
measures to inform more accurate decarbonisation pathways
in terms of energy and carbon performance, and cost. The
audits scope includes assessment of fugitive, operational and
embodied carbon
23
, water and waste emissions and
suggestions of how these can be managed for the audited
assets.
23
Operational Carbon is the term used to describe the emissions of carbon dioxide and other greenhouse gases during the in-use operation of a building, most
materially from energy use and refrigerants. Embodied Carbon refers to the carbon emissions emitted producing a building’s materials, their transport and installation on
site as well as their disposal at end of life.
44 Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements

Active management of sustainability performance is a key
component of responsible asset and building management.
Reducing consumption, improving operational efficiency, and
delivering higher quality, more sustainable spaces, will benefit
tenants’ occupational costs and may support tenant retention
and attraction, in addition to mitigating environmental
impacts and helping to future-proof the portfolio against
future legislation.
This report seeks to present our approach to managing ESG
considerations and performance against our sustainability
objectives. Case studies highlighting ESG in practice are used
throughout and detailed ESG performance data are presented
with the EPRA sBPR aligned Sustainability Performance
Measures sections from page 123.
The Company’s wider approach
to sustainability
The Board and Manager believe that focusing on
sustainability, and Environmental, Social and Governance
(‘ESG’) considerations more generally, throughout the real
estate life cycle, will deliver enhanced long-term returns for
shareholders as well as have a positive impact on the
environment and the communities where the Company is
investing. A key part of our sustainability strategy is delivering
operational excellence for occupiers as well as demonstrating
continued improvements in sustainability performance.
The Manager’s real estate investment strategy, which aims to
proactively take action to improve social and environment
outcomes, focuses on the pillars of ‘People, Planet and Place’
which are referenced to three core UN Sustainable
Development Goals (‘SDGs’): (8) Decent Work and Economic
Growth; (13) Climate Action and (11) Sustainable Cities
and Communities.
Further information on the Manager’s Sustainable
Investment approach, and sustainable investment
policy can be found here.
https://www.schroders.com/en/uk/realestate/
products--services/sustainability/
45
Overview Strategic Report Governance Report Financial Statements Other information (unaudited)

Protecting our planet
(environmental)
The Board and Manager considers the relationship between
its real estate investments and the environment to be of
strategic importance to the Company. By addressing risks
related to the transition to a low-carbon economy such as
compliance with current and future legislation and meeting
market demands, and by embracing sustainable practices,
such as energy-efficient building design, renewable energy
integration, and climate resilience measures, we believe there
is an opportunity to enhance property value, attract tenants,
and reduce operational expenses.
As part of our commitment to achieving Net Zero Carbon
(NZC) by 2040, over the reporting year we have implemented
improvements such as replacing and upgrading Heating,
Ventilation, and Air-Conditioning (HVAC) systems, upgrading
lighting systems with low energy fittings and enhanced
controls, and completed thermally efficient industrial units,
and which generate clean energy through on-site roof
mounted solar photovoltaic (PV) systems. These measures
Performance against objectives from the start of the financial year
Goal FY24 outcome
Environmental
Net Zero Carbon (Scopes 1, 2 and 3) by 2040
New analysis undertaken to re-baseline portfolio against CRREM v2
and now including 100% of Company assets.
5 detailed asset-level Net Zero Carbon audits commissioned.
Annual reduction in landlord energy consumption and associated scope
1 and 2 greenhouse gas (GHG) emissions on a like-for-like basis
– Energy = 1.5% increase
*
– GHG emissions = 8% increase
– (Calendar Year 23 vs. Calendar Year 22)
Increase use of on-site renewable energy and source 100% of landlord
electricity through renewable tariffs by 2025
– 6 assets with solar PV (2022: 3 assets)
– 80% of the Company’s landlord procured electricity was on
a renewable tariff (2022: 74%)
Annual reduction in landlord like-for-like water consumption 19% increase (Calendar Year 23 vs. Calendar Year 22)
Send zero landlord waste to landfill and prioritise waste recycling
– Zero waste directly to landfill.
– 56% of waste was recycled and 44% was incinerated with energy
recovery.
Maintain 100% MEES
24
compliance and improve proportion of assets
with EPC ratings ‘B’ or above (floor area)
– EPC coverage = 99% (2022: 97%)
– EPCs above C rating = 58% (2022: 58%)
– EPCs above B rating = 21% (2022: 18%)
* Remaining footprint without EPCs relates to assets where
improvement works have been scheduled and EPCs will be procured
on completion of these works. Please note that the Company remains
compliant with MEES regulations (At 31 December 2023).
Assess physical climate risk profiles for all assets and develop resilience
strategies where material risks identified
Physical climate risk profile maintained for all assets using third-party
database. The Manager will begin to develop climate resilience strate-
gies for higher risk assets during the course of the next reporting year.
Improve biodiversity opportunities across the portfolio
16 assets where biodiversity opportunities have been completed
(including installation of bird boxes, bee hives or bug hotels)
Ecological Survey completed for one asset by qualified ecologist.
Note: All data is reported at 31 March 2024 unless otherwise stated.
24
The Energy Efficiency (Private Rented Property) (England and Wales) Regulations 2015 establish a minimum level of energy efficiency for rented property in England and
Wales.
have not only led to improvements in our Energy Performance
Certificates (EPCs), contributing to the delivery of EPC A+
schemes at Stanley Green and 19 Hollin Lane, Stacey Bushes,
but also the resilience of our strategy in the face of climate-
related risks.
Risks and opportunities are also present in the interface
between the built environment and nature. Nature provides
essential ecosystem services, such as clean air, water, and
climate regulation, which are fundamental to the well-being
of communities and the functionality of built environments.
Activity during the reporting year includes the commissioning
of specialist ecological surveys, such as at Clifton Park, York,
allowing the Manager to build out its understanding of the
Company’s relationship with nature, identifying how it may
support local nature at an asset level including through the
protection and provision of habitats which support nature
such as wildflower planting for pollinators, and log piles for
insects.
46
Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements

Supporting people and places
(Social)
The importance of understanding real estate investment’s
positive and negative social impacts has increased over the
last decade. There is a growing expectation from investors,
building occupiers, governments, regulators, and the general
public that built assets should not only mitigate disruption and
negative externalities but also proactively maximise their
positive impacts on people and places alike. Particularly in the
UK, there is a variety of regulatory drivers, such as Social
Value Assessments which are now required by many local
authorities thus making social value a formal consideration in
planning applications.
We now spend up to 90% of our time indoors
25
, so the spaces
we create and manage significantly influence our physical
and mental well-being. Additionally, our immediate locale and
the interactions within it affect the jobs we can access, the
goods and services we make use of, our health and well-
being, and our social capital and connections.
26
Goal FY24 outcome
Social
Ensure the health, safety and wellbeing of building occupiers and users
100% of managed assets where Health and safety assessments were
completed (At 31 December 2023)
Improve proportion of assets where occupier engagement activities are
implemented
100% of Company assets. Initiatives including an occupier sustainability
newsletter. (At 31 December 2023)
Improve proportion of assets where community engagement activities
are implemented
43% of Company assets. Initiatives including support for local charity
groups and a “makers market” for local craftspeople. (At 31 December
2023)
Improve availability of low carbon transport (active transport facilities;
EV charging etc.) facilities
Active transport infrastructure in place for 21 assets.
Support provision of electric vehicle charging for 14 assets.
Note: All data is reported at 31 March 2024 unless otherwise stated.
We recognise that most buildings are not isolated but stands
as part of their local communities. Improving opportunities for
interacting with local communities helps create successful
places that foster community relationships, contribute to local
prosperity, and attract building users
27
Understanding and
responding to the needs of building occupiers and local
communities where possible aids us in creating vibrant and
inclusive places which ultimately helps deliver making better,
more resilient investments in the long run.
All site teams are encouraged to engage with local
communities where this is appropriate to the asset. Examples
of community initiatives undertaken in the reporting period
include permitting the local model railway society to use part
vacant space and supporting local and national charities such
as ‘KidsOut’ children’s Christmas appeal, and ‘Let’s Can
Hunger’ foodbank appeal. At Headingley Central, a monthly
makers market is held, providing a platform for local
craftspeople and businesses.
25
Indoor Air Quality POST September 2023; Translating research into practice International WELL Building Institute, 2024.
26
Act Local: Empowering London’s neighbourhoods Joe Wills, Centre for London, September 2019.
27
Act Local: Empowering London’s neighbourhoods Joe Wills, Centre for London, September 2019
Performance against objectives from the start of the financial year
47
Overview Strategic Report Governance Report Financial Statements Other information (unaudited)

Goal FY24 outcome
Governance
Improve Global Real Estate Sustainability Benchmark (‘GRESB’) rating
– 1st in peer group
– 3-star status
– Improved score to 79 (2022: 77)
– Maintained ‘A’ rating in GRESB Public Disclosure
Increase coverage of sustainability audits across portfolio
ESG Scorecards completed for 79% of the portfolio by Gross Property
Value
15 asset level ESG Scorecards completed (14 third-party audits;
1internally completed) (2022: 10 audits)
Improve coverage and quality of sustainability certifications (e.g.
BREEAM) across portfolio
10 assets with sustainability certifications*
(+2 BREEAM New Construction certificates for new industrial units
at Stanley Green and Stacey Bushes (both rated ‘Excellent’))
(At 31 December 2023)
Maintain EPRA Gold Award for Sustainability Reporting Gold Award for the sixth year running
Sustainability Linked Loan tied to RCF agreed with RBS Agreed in 2023
Note: All data is reported at 31 March 2024 unless otherwise stated.
Responsible business
(Governance)
The Manager operates an Environmental Management
System (‘EMS’), aligned to ISO 14001, for the asset
management of direct real estate investments in the UK and
across Europe. This provides the framework for how
sustainability principles are managed throughout all stages of
its investment process and the Manager has developed a
collection of proprietary tools to support the delivery at both
asset and portfolio level including an ESG Scorecard for
consistent assessment of asset sustainability performance,
Impact and Sustainability Action Plans for continually
improving standing investments, a Sustainable Development
Brief for projects, and Property Manager Sustainability
Requirements for use in contractual Property Manager
Agreements.
The Manager continues to work towards enhancing its
understanding of portfolio and asset sustainability credentials,
having completed ESG Scorecards for 79% of the portfolio by
Gross Property Value. Performance against the ESG
Scorecard is a formal commitment of the Company’s
investment objective with effect from 1 April 2024 alongside
its commitment to Net Zero Carbon.
Performance against objectives from the start of the financial year
48 Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements

Sustainability linked loan performance
Underlying its commitment to the sustainability performance
of the Company, the Manager and Board have established a
Sustainability linked Loan (‘SLL’) tied to its revolving credit
facility (‘RCF’). A key element to the updated agreement with
RBS is the selection of three key performance indicators
which will be used to assess the Company’s performance and
determine the margin rate applied to the loan. The KPIs are:
− KPI 1 refers to the like-for-like annual energy performance
under landlord control;
− KPI 2 refers to the EPC and green building certificate
standards at which new construction and major
renovations are completed; and
− KPI 3 refers to the annual GRESB rating for the Company.
Task Force on Climate-Related Financial
Disclosures
The Manager has previously provided a statement of
alignment with the principles of the Task Force on Climate-
Related Financial disclosures (‘TCFD’) in annual reports.
However, in compliance with the requirements set out in
chapter 2 of the Environmental, Social and Governance
sourcebook (‘ESG Sourcebook’) of the FCA Handbook, this
year the Manager will publish a mandatory product-level
disclosure consistent with the Task Force on Climate-Related
Financial Disclosures (“TCFD”) by 30th June 2024. This
disclosure will be available on the Schroders Plc website. This
will be in addition to the Schroders Real Estate Investment
Management (‘SREIM’) entity-level TCFD disclosure
published by 30th June 2024, and the Schroders plc Climate
report 2023
29
. These reports provide details on the approach
to the consideration of climate-related risks and opportunities
across Governance, Strategy, Risk management and Targets
across Schroders Group and Schroders Capital real estate.
Industry engagement
Schroders supports, and collaborates with, several industry
groups, organisations and initiatives including the United
Nations Global Compact, United Nations Principles of
Responsible Investment (‘UN PRI’) and Net Zero Asset
Managers Initiative (of which it is a founding member).
Further details of Schroders’ industry involvement
is available here:
https://www.schroders.com/en/global/individual/about-us/what-we-do/
sustainable-investing/our-sustainable-investment-policies-disclosures-
voting-reports/industry-involvement/
and compliance with UN PRI available here:
https://www.schroders.com/en-gb/uk/institutional/what-we-do/
sustainable-investing/our-sustainable-investment-policies-disclosures-
voting-reports/disclosures-and-statements/the-un-principles-for-
responsible-investment/.
The Manager is a member of several industry bodies including
the European Public Real Estate Association (‘EPRA’), INREV
(‘European Association for Investors in Non-Listed Real Estate
Vehicles’), Urban Land Institute, British Council for Offices
and the British Property Federation. It has been a member of
the Better Buildings Partnership since 2017. It is a member of
the Global Real Estate Sustainability Benchmark (‘GRESB’) of
which the Company has participated in the annual real estate
survey for the past eight years.
Slavery and Human Trafficking Statement
The Company is not required to produce a statement on
slavery and human trafficking pursuant to the Modern Slavery
Act 2015 as it does not satisfy all the relevant triggers under
that Act that required such a statement.
The Manager to the Company, is part of Schroders plc and
whose statement on Slavery and Human Trafficking has
been published in accordance with the Modern Slavery Act
2015. Schroders’ Slavery and Human Trafficking Statement
can be found here:
https://www.schroders.com/en/sustainability/corporate-responsibility/
slavery-and-human-trafficking-statement/.
29
Schroders Climate (TCFD) Report 2023.
49
Overview Strategic Report Governance Report Financial Statements Other information (unaudited)

Company’s business
Schroder Real Estate Investment Trust Limited is a real
estate investment company with a premium listing on the
Official List of the Financial Conduct Authority and whose
shares are traded on the premium segment of the Main
Market of the London Stock Exchange (ticker: SREI).
The Company is a Real Estate Investment Trust (‘REIT’) and
benefits from the various tax advantages offered by the UK
REIT regime. The Company continues to be declared
as an authorised closed-ended investment scheme by the
Guernsey Financial Services Commission under section
8 of the Protection of Investors (Bailiwick of Guernsey)
Law 2020, as amended and the Authorised Closed-Ended
Investment Schemes Rules and Guidance, 2021.
Investment objective
The investment objective of the Company is to provide
shareholders with an attractive level of income and the
potential for income and capital growth from owning and
actively managing a diversified portfolio of UK commercial
real estate, while achieving meaningful and measurable
improvements in the sustainability profile of the majority of the
portfolio’s assets (considered against a range of objective
environmental, social and governance metric).
Investment policy
Investment policy
The investment policy of the Company is to own a diversified
portfolio of UK commercial real estate assets which are
underpinned by good fundamental characteristics, and whose
sustainability profiles can be improved while they are owned
by the Company. The Company may invest across the full
range of commercial real estate sectors.
In order to spread investment risk, the Company will seek
to invest in a portfolio that is diversified by location, sector,
asset size, tenant exposure and lease expiry, and will focus
on assets where making sustainability improvements will
enhance total return.
The value of any individual asset at the date of its acquisition
may not exceed 15% of gross assets and the proportion of
rental income deriving from a single tenant may not exceed
10%.
More specifically in relation to sustainability-related activity:
− The Company will focus on sustainability improvement in
the selection and active management of real estate assets.
Real estate assets will be selected and actively managed
with a view to achieving a meaningful improvement in their
sustainability profile, as measured against the Investment
Manager’s scorecard of environmental, social, and
governance (‘ESG’) metrics.
− Across the portfolio, the Company will focus on
opportunities to improve the sustainability performance of
buildings which may include improving their fabric, phasing
out fossil fuel-based heating systems, improving
operational energy efficiency, and installing means of
on-site renewable energy generation such as photovoltaic
panels.
− In addition to these energy and carbon efficiency-related
opportunities, wider ESG considerations will also be taken
into account when looking for ways to achieve meaningful
improvement in the sustainability profile of real estate
assets, and when demonstrating that such improvement is
being achieved, including exposure to physical climate
risks, access to green space and community facilities,
building certifications, and tenant profile.
− The ESG scorecard used by the Company will therefore use
objective metrics to capture the performance of assets
(and the improvements in performance during ownership
by the Company) in respect of a broad range of ESG
factors.
Sustainability KPIs
− The Company’s assets will be managed with a view to
ensuring that at any given time during the Company’s
ownership, at least 75% of the portfolio assets by value are
being managed with a realistic and achievable plan to
reach a score of at least 3 (out of a possible total score of
5), as measured on the ESG scorecard.
− For those 75% of the Company’s assets (by value), in each
case where leases permit prompt commencement of works
to improve their sustainability profile, the aim will be to take
the asset to an improved score of at least 3 (out of a
possible total score of 5) within five years from: (i) 1 April
2024, or, if later: (ii) the date it was acquired by the
Company.
Business Model
50 Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements

− Further, the Company’s assets will also continue to be
managed in line with the Company’s existing ‘pathway to
net zero’ commitments, which in summary include seeking
to attain the following:
− operational whole buildings emissions to be aligned
to a 1.5°C global warming pathway by 2030;
− embodied emissions for all new developments
and major renovations to be net zero by 2030;
− operational scope 1 and 2 (landlord) emissions
(as defined in the Greenhouse Gas Protocol)
to be net zero by 2030; and
− operational and embodied whole building
(scope 1, 2, and 3 (landlord and tenant)) emissions
to be net zero by 2040.
Investment strategy
The Company’s strategy is focused on delivering sustainable
dividend growth by improving the quality of its underlying
portfolio through a disciplined, research-led approach to
transactions and active asset management, focused on
delivering sustainability improvements and operational
excellence. This activity is complemented by maintaining a
robust balance sheet and efficient management of costs.
The Company aims to own a diversified portfolio of properties
delivering an above average income return and benefitting
from structural changes driving income and capital growth
such as urbanisation, innovation in technology and changing
demographics. These properties may benefit from favourable
supply and demand characteristics and by improving their
environmental performance, the Company can capture the
rental and valuation premium that buildings with genuine
green credentials can command, sometimes called the ‘Green
Premium’.
The Board
The Board of Directors is responsible for the overall
stewardship of the Company, including investment and
dividend policies, corporate strategy, gearing, corporate
governance and risk management.
The Company has no executive directors or employees.
Operations
The Board has delegated investment management and
accounting services to the Investment Manager with the aim
of delivering the Company’s investment objective and
strategy. Details of the Investment Manager’s investment
approach, along with other factors that have affected
performance during the year, are set out in the Investment
Manager’s Report.
Diversification and asset allocation
The Board believes that in order to maximise the stability of
the Group’s income, the optimal strategy for the Group is to
invest in a portfolio of assets diversified by location, sector,
asset size and tenant exposure with low vacancy rates and
creditworthy tenants. The value of any individual asset at the
date of its acquisition may not exceed 15% of gross assets
and the proportion of rental income deriving from a single
tenant may not exceed 10%.
The Company’s portfolio will be invested and managed in
accordance with the Listing Rules of the Financial Conduct
Authority (‘Listing Rules’ and ‘FCA’ respectively), taking into
account the Company’s investment objectives, policies and
restrictions.
Borrowings
The Company’s Articles limit borrowings to 65% of the
Group’s gross assets, calculated as at the time of borrowing.
The Board has established a gearing guideline for the
Investment Manager, which seeks to limit Group on-balance-
sheet debt, net of cash, of between 25% and 35% of Group
portfolio value while recognising that this gearing may be
exceeded in the short term from time to time. For these
purposes, “Group” refers to the Company along with its
subsidiaries at any given time. The term “Group portfolio
value” signifies the fair market value of the Group’s property
portfolio as appraised by the Company’s independent valuer.
It’s important to note that this valuation excludes the worth of
other on-balance-sheet assets owned by the Group.
The Board actively monitors this guideline and possesses the
authority to instruct the Investment Manager to adjust the
management of the Group’s assets. The objective here is to
ensure that borrowings are maintained within a defined
acceptable range. However, this directive takes into
consideration the best interests of the shareholders. As a
result, immediate action to correct deviations from this
guideline may not be mandatory if such actions could
negatively impact shareholder interests.
51
Overview Strategic Report Governance Report Financial Statements Other information (unaudited)

The analysis above has been prepared by MSCI and takes
account of all direct property-related transaction costs.
Share price performance
The Board monitors the level of the share price compared to
the NAV. As at 31 March 2024, the share price of 41.9p was
at a 28.7% discount to the NAV of 58.8 pps. Where
appropriate on investment grounds, the Company may from
time to time repurchase its own shares, but the Board
recognises that movements in the share price premium or
discount are driven by numerous factors, including
investment performance, gearing and market sentiment.
Accordingly, we focus our efforts principally on addressing
the sources of risk and return as the most effective way of
producing long-term value for shareholders.
Underlying property portfolio performance
Total return for 12 months to 31 March 2024
SREIT (%) MSCI Benchmark (%)
3.2% -1.3%
Total return for 12 months to 31 March 2023
SREIT (%) MSCI Benchmark (%)
-7.9% -13.5%
Interest rate exposure
It is the Board’s policy to minimise interest rate risk, to the
extent commercially appropriate, either by ensuring that
borrowings are on a fixed-rate basis, or through the use of
interest rate swaps/derivatives used solely for hedging
purposes.
Investment restrictions
As the Company is a closed-ended investment fund for the
purposes of the Listing Rules, the Group will adhere to the
Listing Rules applicable to closed-ended investment funds.
The Company and, where relevant, its subsidiaries will
observe the following restrictions applicable to closed-ended
investment funds in compliance with the current Listing
Rules:
− neither the Company nor any subsidiary will conduct a
trading activity which is significant in the context of the
Group as a whole;
− the Group will not invest in other listed investment
companies; and
− where amendments are made to the Listing Rules, the
restrictions applying to the Company will be amended so
as to reflect the new Listing Rules
In addition, the Board will ensure compliance with the UK
REIT regime requirements.
Performance
The Board uses principal financial Key Performance
Indicators (‘KPIs’) to monitor and assess the performance of
the Company. These are the net asset value (‘NAV’) total
return, the performance of the Company’s underlying
property portfolio relative to its MSCI Benchmark Index and
the share price:
1. NAV total return
For the year to 31 March 2024 the Company
delivered a NAV total return of 1.1% (-15.1% for the year
to 31 March 2023).
2. Underlying property portfolio performance relative to
peer group Benchmark
The performance of the Company’s property portfolio
is measured against a specific Benchmark defined as the
MSCI (formerly Investment Property Databank) UK
Balanced Portfolios Quarterly Property Index (the
‘Benchmark’). As at 31 March 2024 the Benchmark
comprised 152 member funds.
52
Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements

Our Stakeholders
Section 172 statement
Although the Company is registered in Guernsey, in
accordance with the guidance set out in the AIC code a
Section 172 statement is required. Section 172 of the UK
Companies Act 2006 requires a director of a company to act
in the way he or she considers, in good faith, would be most
likely to promote the success of the company for the benefit
of its members as a whole. In doing this, section 172 requires
a director to have regard, among other matters, to: the likely
consequences of any decision in the long term; the interests
of the company’s employees; the need to foster the
company’s business relationships with suppliers, customers
and others; the impact of the company’s operations on the
community and the environment; the desirability of the
company maintaining a reputation for high standards of
business conduct; and the need to act fairly with members of
the company. The Directors give careful consideration to the
factors set out above in discharging their duties under section
172.
The Board is focused on ensuring that the Company delivers
on its strategic objectives, while taking into account the
impact on its stakeholders as a whole. It is our firm belief that
prioritising positive stakeholder relationships is central to
delivering long-term, sustainable returns. The Board is
focused on ensuring that it understands its stakeholders’
needs.
Shareholders
The Board is committed to maintaining high standards of
corporate governance in order to protect shareholder
interests. The Investment Manager undertakes an active
investor relations schedule in London and the regions
throughout the year, which includes one-on-one and group
meetings with shareholders as well as regular presentations
to the sell-side analyst community. Shareholder feedback is
encouraged either through the broker or directly to the
Investment Manager or Board.
Occupiers
The Company has a diverse range of tenants occupying
space across the portfolio. This includes a wide range of
businesses who operate out of our office or industrial space
and the retailers and shoppers who work at or visit our retail
and leisure properties. Active and constant engagement with
these groups, either directly through site visits or through
property managers or agents, is required to gather
intelligence as to what is important to them. Understanding
changing needs, both at an individual company level, as well
as on a sectoral and broader economic level, is a key tenet
informing both our individual asset management investment
decisions as well as the longer-term strategic direction of the
Company.
Communities
Our assets are located across the UK in a range of urban
environments. The buildings and their occupiers are part of
the fabric of local communities. The Company works hard to
ensure that it is engaging with local communities, councils
and individuals and that our asset strategies are sensitive to
the unique heritage of each location.
Environment
The real estate industry accounts for approximately 40% of
global energy related carbon emissions, which places great
responsibility on those companies that are direct or indirect
contributors, to act in a way which would seek to reduce
carbon emissions. The Board is sensitive to the Company’s
role and is committed to continually improving and protecting
the environment by using resources such as energy, water
and materials in a sustainable manner for the prevention of
greenhouse gas emissions and climate change mitigation.
Environmental, Social and Governance (‘ESG’) considerations
are integrated into the Company’s investment processes and
each individual asset benefits from specific ESG-related
objectives. The Board reviews its approach to managing ESG
considerations and believes that this is integral in delivering
better long-term returns for our investors and for
safeguarding the future of the environment that we live and
work in.
Service providers
As an externally managed real estate investment trust, the
Board is reliant on a range of service providers who have a
direct working or contractual relationship or share a mutual
53
Overview Strategic Report Governance Report Financial Statements Other information (unaudited)

interest with the Company. This includes, but is not limited to,
Schroders as Investment Manager and Company Secretary,
Property Managers, the Administrator, Depositary, Auditor,
Tax advisors, Solicitors, Property Valuers and Banks. The
Board has appointed the Management Engagement
Committee to regularly review these relationships as part of
its commitment to transparency and corporate best practice.
Lenders
Borrowing allows the Company’s shareholders to increase
exposure to assets consistent with the strategy and generate
enhanced returns at a low cost. These lenders have a financial
interest in the success of the Company.
Decision-making
The Board makes decisions on, among other things, the
principal matters set out under the paragraph above headed
‘Role of the Board’ on page 66.
54
Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements

Risk and Uncertainties
The Board is responsible for the Company’s system of risk
management and internal control and for reviewing its
effectiveness. The Board has carried out a robust assessment
of the principal risks and emerging risks facing the Company
including those that would threaten its business model, future
performance, solvency or liquidity. A framework of internal
controls has been designed and established to monitor and
manage those risks. This internal control framework provides
a system to enable the Directors to mitigate these risks as far
as possible, which assists in determining the nature and
extent of the significant risks the Board is willing to take in
achieving its strategic objectives.
The Board has carried out a robust assessment
of the principal risks and emerging risks facing
the Company including those that would
threaten its business model, future performance,
solvency or liquidity.
Investment and strategy
Key risks
An inappropriate investment strategy, or failure to
implement the strategy, could lead to
underperformance in the property portfolio
compared to the property market generally by
incorrect sector or geographic weightings or a loss of
income through tenant failure, both of which could
lead to a fall in the value of the underlying portfolio.
Investment and strategy
Mitigation of risk
The Board seeks to mitigate these risks by:
− Diversification of its property portfolio through
its investment restrictions and guidelines which
are monitored and reported on by the Investment
Manager.
− Receiving from the Investment Manager timely and
accurate management information including
performance data, attribution analysis, property-
level business plans and financial projections.
− Monitoring the implementation and results of the
investment process with the Investment Manager
with a separate meeting devoted to strategy
eachyear.
− Determining a borrowing policy and the
Investment Manager operates within borrowing
restrictions and guidelines.
Emerging risks are monitored as part of this assessment. The
Board notes that it has a robust framework of internal controls
in place this can provide only reasonable, and not absolute,
assurance against material financial misstatement or loss and
is designed to manage, not eliminate, risk.
During the year, there were no changes to the principal risks
identified by the Board, or the likelihood or impact of such
risks occurring.
A summary of the principal risks and uncertainties faced by
the Company, and actions taken by the Board to manage and
mitigate these risks and uncertainties, are set out below:
5555 Schroder Rel Estte Investment Trust Limited Annul Report nd Consolidted Finncil Sttements55
Overview Strategic Report Governance Report Financial Statements Other information (unaudited)

Economic and property market
Key risks
The performance of the Company could be affected
by economic and property market risk. In the wider
economy this could include inflation, stagflation or
deflation, economic recessions, movements in
interest rates, political changes, the war in Ukraine
and the Middle East, or other external shocks, such
as a wider conflagration or pandemic. The
performance of the underlying property portfolio
could also be affected by structural or cyclical factors
impacting particular sectors or regions of the
property market.
Economic and property market
Mitigation of risk
The Board considers economic conditions and the
uncertainty around political (including geopolitical)
events when making investment decisions. The Board
mitigates property market risk through the review of the
Group’s strategy on a regular basis and discussions are
held to ensure the strategy is still appropriate or if it
needs updating. The Board and Investment Manager
review the progress of implementing the strategy on a
regular basis and provides the market with clear
communications.
Sustainability
Key risks
Sustainability considerations, including transition
risks and physical risks (as defined by the Task Force
on Climate-related Financial Disclosures (‘TCFD’)),
are not fully considered or properly understood in the
acquisition and asset-planning processes leading to
future issues (negative effect on price, valuation or
saleability of assets, future costs to remediate,
meeting the requirements of initiatives such as
Net Zero Carbon/Climate Risk/ BREEAM /EPC
profile/GRESB).
Sustainability
Mitigation of risk
The Manager’s Investment Committee has a continued
focus on sustainability to help ensure appropriate
approvals are made.
Impact and Sustainability Action Plans identify
asset improvement requirements in context of the
investment strategy.
The Board regularly reviews the objectives and progress
of the Sustainability programme.
The Investment Manager to the Company works
alongside third-party Property Managers, and
commercial real estate ESG data intelligence platform
providers, Deepki, to provide, collate and report key
sustainability data which is then reported to the
Manager, Board and investors. Furthermore, the Board is
provided with an assurance letter on an annual basis
from S&P Global with regard to the underlying work that
it has conducted on behalf of the Company.
56 Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements

Gearing/leverage
Key risks
The Company utilises credit facilities to increase the
funds available for investment. While this has the
potential to enhance investment returns in rising
markets, in falling markets the impact may be
detrimental to performance, and may also result in
potential non-compliance with loan covenants.
Gearing/leverage
Mitigation of risk
Gearing and compliance with covenants is monitored;
at each Board meeting against restrictions set internally
and by lenders and is regularly announced
to the market.
Service provider
Key risks
The Company has no employees and has delegated
its operations to third party service providers. Failure
of controls and/or the poor performance of any
service provider could lead to disruption, reputational
damage, or loss.
Service provider
Mitigation of risk
Service providers are subject to regular reviews by both
the Investment Manager and the Management
Engagement Committee against clearly documented
contractual arrangements detailing service expectations,
including confirmation of business continuity and cyber
security arrangements.
Valuation/liquidity
Key risks
Property valuations are inherently subjective and
uncertain. This uncertainty is heightened by geo-
political and macroeconomic factors such as high
inflation and increasing interest rates.
Valuation/liquidity
Mitigation of risk
An external reputable valuer provides an independent
quarterly valuation of all the property assets, including
those held in joint ventures, which are reviewed at the
quarterly Board meetings.
The valuation process is reviewed by the Audit
Committee every year and members of the Audit
Committee directly meet with the valuers on at least an
annual basis.
The Company’s external valuer is provided with copies
of all transactions and lease events by the Company’s
lawyers and quarterly updates by Asset Managers to
ensure that information used to value the portfolio is
complete, accurate and up-to-date. The Company
follows RICS best practice regarding valuer rotation.
57
Overview Strategic Report Governance Report Financial Statements Other information (unaudited)

Regulatory compliance
Key risks
The Company must comply with a wide range of
legislation and regulations, covering planning, health
and safety, environmental regulations, company law,
accounting, reporting, tax and listing rules.
Regulatory compliance
Mitigation of risk
The Board has appointed the Investment Manager as its
Alternative Investment Fund Manager (‘AIFM’) in
accordance with the Alternative Investment Fund
Managers Directive (‘AIFMD’).
The Company Secretary monitors legal and other
regulatory requirements to ensure that adequate
procedures and reminders are in place to meet the
Company’s legal requirements and obligations. The
Investment Manager undertakes full legal due diligence
with advisors when transacting and managing the
Company’s assets. All contracts entered into by the
Company are reviewed by the Company’s legal and
other advisors.
The Board is satisfied that the Investment Manager and
local Administrator have adequate procedures in place
to ensure continued compliance with the regulatory
requirements of the Financial Conduct Authority and the
Guernsey Financial Services Commission, the Listing
Rules of the London Stock Exchange, and the UK REIT
regulations to maintain the Company’s REIT status for
tax purposes.
Risk assessment and internal controls
Risk assessment includes consideration of the scope and
quality of the systems of internal control operating within key
service providers, and ensures regular communication of the
results of monitoring by such providers to the Audit
Committee, including the incidence of significant control
failings or weaknesses that have been identified at any time
and the extent to which they have resulted in unforeseen
outcomes or contingencies that may have a material impact
on the Company’s performance or condition.
No significant control failings or weaknesses were identified
from the Audit Committee’s ongoing risk assessment which
has been in place throughout the financial year and up to the
date of this report. The Board is satisfied that it has
undertaken a detailed review of the risks facing the Company.
A full analysis of the financial risks facing the Company and its
subsidiaries is set out in note 18 on pages 110 to 113.
Viability statement
The Board is required to give a statement on the Company’s
viability which considers the Company’s current position and
principal risks and uncertainties together with an assessment
of future prospects.
The Board conducted this review over a five-year time horizon
commencing from the date of this report which is selected to
match the period over which the Board monitors and reviews
its financial performance and forecasting. The Investment
Manager prepares five-year total return forecasts for the
commercial real estate market. The Investment Manager uses
these forecasts as part of analysing acquisition opportunities
as well as for its annual asset level business planning process.
The Board receives an overview of the asset level business
plans which the Investment Manager uses to assess the
performance of the underlying portfolio and therefore make
investment decisions such as disposals and investing capital
expenditure.
58
Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements

Furthermore, the properties charged to RBSI could fall in
value by 54%, prior to the 65% LTV covenant being breached,
and based on projected net rents for the quarter to March
2024, a 13% fall in net income could be sustained prior to the
RBSI projected interest loan cover covenant of 200% being
breached.
As at the financial year end, the undrawn capacity of the
£75.0 million RBSI facility was £28.0 million. This facility is an
efficient and flexible source of funding due to its ability to be
repaid and redrawn as often as required and matures in June
2027.
Regarding the Canada Life loan of £129.6 million, fifty per
cent matures in 2032 and fifty per cent matures in 2039
respectively.
The Board and Investment Manager also continue to closely
monitor the ongoing changing macroeconomic and
geopolitical environments on the Group.
The Board and Investment Manager have considered the
impact of sustainability risk as a principal risk as set out on
page 56. In line with IFRS, investment properties are valued
at fair value based on open market valuations as described in
Note 10. The assessment of the open market valuation
includes consideration of environmental matters and the
condition of each property. The investment properties
continue to be monitored by the Investment Manager and key
considerations include EPC ratings and their impact on the
properties’ forecast compliance with the Minimum Energy
Efficiency Standards regulation. Having assessed the impact
of climate change on the Group, the directors concluded that
it is not expected to have a significant impact on the Group’s
going concern or viability assessment as described on
pages58 to 59.
The Directors have not identified any matters which would
cast significant doubt on the Group’s ability to continue as a
going concern for the period to 30 June 2025 and have
satisfied themselves that the Group has adequate resources
to continue in operational existence for the period to 30 June
2025.
After due consideration, the Board believes it is appropriate
to adopt the going concern basis in preparing the financial
statements.
By order of the Board
Alastair Hughes
Chair
Schroder Real Estate Investment Trust Limited
5 June 2024
The Company’s principal borrowings with Canada Life are for
a weighted duration of 12.0 years and the average unexpired
lease term, assuming all tenants vacate at the earliest
opportunity, is 4.9 years. The Company’s revolving credit
facility with RBSI expires in June 2027.
The Board’s assessment of viability considers the principal
risks and uncertainties faced by the Company, as detailed in
the Strategic Review on pages 55 to 58, which could
negatively impact its ability to deliver the investment
objective, strategy, liquidity and solvency. This includes
consideration of scenario stress testing and a cash flow
model prepared by the Investment Manager that analyses the
sustainability of the Company’s cash flows, dividend cover,
compliance with bank covenants, general liquidity
requirements and potential legal and regulatory changes for a
five-year period.
These metrics are subject to a sensitivity analysis which
involves flexing a number of the main assumptions including
macroeconomic scenarios, delivery of specific asset
management initiatives, rental growth and void/reletting
assumptions. The Board also reviews assumptions regarding
capital recycling and the Company’s ability to refinance or
extend financing facilities.
Steps which are taken to mitigate these risks as set out in the
Strategic Review on pages 55 to 58 are also taken into
account. Based on the assessment, the directors have
concluded that there is a reasonable expectation that the
Company will be able to continue in operation and meet its
liabilities as they fall due over the five-year period of their
assessment.
Going concern
The Directors have examined significant areas of possible
financial risk including liquidity (with a view to both cash held
and undrawn debt facilities); the rates of both rent and
service charge collections from tenants; have considered
potential falls in property valuations; have reviewed cash flow
forecasts; have analysed forward-looking compliance with
third party debt covenants and in particular the Loan to Value
covenant and interest cover ratios; and have considered the
Group’s ongoing tax compliance with the REIT regime.
Overall, after utilising available cash, excluding the cash
undrawn against the RBSI facility and uncharged properties
and units in Joint Ventures, and based on the reporting period
to 31 March 2024, property valuations would have to fall by
25% before the relevant Canada Life Loan to Value covenants
were breached, and actual net rental income would need to
fall by 63% before the interest cover covenants were
breached.
59
Overview Strategic Report Governance Report Financial Statements Other information (unaudited)

Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements
Governance
Report
Contents
62 Board of Directors
64 Report of the Directors
66 Corporate Governance
70 Audit Committee Report
74 Management Engagement
Committee Report
76 Nomination Committee Report
78 Directors’ Remuneration Report
80 Statement of Directors’
Responsibilities
82 Independent Auditor’s Report to
the members of Schroder Real
Estate Investment Trust Limited
Schroder Rel Estte Investment Trust Limited Annul Report nd Consolidted Finncil Sttements60

Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
61
Image: Millshaw Park, Leeds, Industrial Estate
6161

Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements
Alastair Hughes
(Chair)
Status: Independent non-executive
chair and chair of the Nomination
Committee
Date of appointment: 26 April 2017
Alastair has over 30 years of
experience in real estate markets and
currently holds directorships with
British Land PLC, Tritax Big Box, and
Quad Real Property Group. He was
previously the Managing Director of
Jones Lang LaSalle (JLL) in the UK
before becoming the CEO for Europe,
Middle East and Africa, and then
latterly becoming the CEO for Asia
Pacific. Alastair is a Chartered Surveyor
and sat on the Global Executive Board
of JLL.
Current remuneration:
£58,500 per annum
Material interests in any contract
which is significant to the Company’s
business: None
Key skills and contributions
to the Board: Alastair has extensive
experience in real estate management,
strategic leadership, and governance
from his previous senior executive
roles. His experience as a chartered
surveyor assists with scrutiny of asset
purchases and oversight of the
Company’s independent valuer.
Stephen Bligh
(Chair of the Audit
Committee)
Status: Independent non-executive
director
Date of appointment: 28 April 2015
Stephen was previously with KPMG for
34 years, specialising in the audit of
FTSE 350 companies in property and
construction. He is a fellow of the
Institute of Chartered Accountants in
England & Wales and was previously a
non-executive Board Member of the
Department of Business, Innovation &
Skills. After nine years in his role as the
Audit Committee chair, Stephen will
retire from the Board of directors,
effective on 30 June 2024.
Current remuneration:
£42,500 per annum
Material interests in any contract
which is significant to the Company’s
business: None
Key skills and contributions
to the Board: Stephen’s experience as
a property and construction audit
partner enables him to effectively
oversee the performance of the
Investment Manager’s fund accounting
function, and the Company’s Auditor.
The Board considers Stephen to have
recent and relevant financial expertise
to chair the Audit Committee.
62
Board of Directors

Priscilla Davies
(Senior Independent
Director)
Date of appointment: 7 June 2022
Priscilla has over 25 years of financial
services experience across a range of
sectors including asset management
and alternative investments covering
real estate, private equity,
infrastructure, and renewables. She is
currently a non-executive director and
chair at UBS Asset Management UK
Ltd, non-executive director and chair of
Audit and Risk Committee at Cubico
Sustainable Investments, and non-
executive director at Bank of New York
Mellon (International) Limited. Priscilla
previously held various senior positions
at Janus Henderson, most latterly as
Managing Director of the Private Equity
business and was a non-executive
director at Embark Group Limited and
its regulated subsidiaries. She is also a
Chartered Accountant and a member
of the Chartered Accountants Australia
and New Zealand.
Current remuneration:
£42,500 per annum
Material interests in any contract
which is significant to the Company’s
business: None
Key skills and contributions
to the Board: Priscilla brings extensive
experience as a senior executive
working for asset management
businesses. She also has relevant and
recent financial experience.
Alexandra Innes
(Chair of the Management
Engagement Committee)
Date of appointment: 16 November
2022
Alexandra’s executive career spanned
investment banking, global capital
markets, and investment management,
most latterly as Managing Director,
Barclays plc, and prior to that as Director
of Global Capital Markets at Bank of
America Merrill Lynch.
Alexandra holds non-executive roles
across finance, real estate and sport,
including as a non-executive committee
member at the Bank of England, and a
non-executive director at Waverton
Investment Management Group Ltd and
STS Global Income and Growth Trust
plc. Prior board roles include Knight
Frank LLP, Dowlais Group plc, and All
England Lawn Tennis Club
(Championships).
Alexandra holds an M.A. Hons
Economics from Cambridge University,
and is a Fellow of Chapter Zero. She is a
Green and Sustainable Finance
Professional, Chartered Banking
Institute (CCBI GSFP), a Chartered
member of the CISI (MCSI), and holds
the CFA Institute Certificate in ESG
investing.
Current remuneration:
£42,500 per annum
Key skills and contributions
to the Board: Alexandra brings
experience as an economist, and in
capital markets to the Board,
alongsidesustainability expertise.
Sanjay Patel
Date of appointment: 1 January 2024
Sanjay is a Chartered Accountant and is
currently Chief Financial Officer and a
Board member of Cadogan Group
Limited, a large private real estate
investment company. Prior to this role,
Sanjay served as Group Finance
Director on the Board of Strutt & Parker
LLP. Sanjay is also a Member of the
Audit and Risk Committee at London &
Quadrant Housing Association.
Current remuneration:
£37,000 per annum
Material interests in any contract
which is significant to the Company’s
business: None
Key skills and contributions
to the Board: Sanjay brings substantial
experience in finance, accounting, and
real estate, which enabled him to
oversee and scrutinise the Manager’s
fund accounting function and the
performance of the Company’s Auditor.
Sanjay also has recent and relevant
financial expertise to succeed Stephen
as Chair of the Audit Committee.
No Director has any entitlement to
pensions and the Company has not
awarded any share options or long-
term performance incentives to any of
them. No element of Directors’
remuneration is performance- related.
There were no payments to Directors
for loss of office.
No Director has a service contract with
the Company. However, each of the
Directors has a letter of appointment
with the Company. The Directors’
letters of appointment, which set out
the terms of their appointments, are
available for inspection at the
Company’s registered office address
during normal business hours and will
be available for inspection at the AGM.
Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
63

Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements64
Report of the Directors
The Directors of the Company and its subsidiaries,
together the ‘Group’, present the annual report and audited
consolidated financial statements of the Group for the year
ended 31 March 2024 (the ‘Annual Report and
Consolidated Financial Statements’).
Results and dividends
The results for the year under review are set out in the
attached financial statements.
During the year the Company has declared and or paid the
following interim dividends to its shareholders in accordance
with the solvency test (contained in the Companies Law):
Dividend for
quarter ended Date Paid Rate
31 March 2023
30 June 2023 0.836 pence per share
30 June 2023
25 August 2023 0.836 pence per share
30 September 2023
22 December 2023 0.836 pence per share
31 December 2023
28 March 2024 0.836 pence per share
The Directors recommend a dividend for the year ended
31March 2024 of 0.853 pence per share to be paid on
28June 2024. The dividend of 0.853 pps will be wholly des-
ignated as an interim property income distribution (‘PID’).
All dividends paid during the year were allocated and paid as
full Property Income Distributions (PIDs).
Share capital
As at 31 March 2024 the Company had 565,664,749 (2023:
565,664,749) ordinary shares in issue of which 76,554,173
ordinary shares (representing 13.2% of the Company’s total
issued share capital) were held in treasury (2023: 76,554,173).
The total number of voting rights of the Company was
489,110,576 at the year end (2023: 489,110,576) and this
figure may be used by shareholders as the denominator for
the calculations by which they will determine if they were
required to notify their interest in, or a change in their interest
of, the Company, under the Disclosure Guidance and
Transparency Rules as at the year end.
Key services providers
The Board has adopted an outsourced business model and
has appointed the following key service providers:
Investment Manager
Schroder Real Estate Investment Management Limited is the
Investment Manager of the Company. The Board reviews the
Investment Manager’s performance at its quarterly Board
meetings. In addition, the Board conducted its annual
strategic review with the Investment Manager in February
2024 to consider the portfolio strategy and the Investment
Manager’s capabilities in more depth. Subsequently, the
Directors formally discussed the performance and ongoing
suitability of the Investment Manager at an annual meeting of
the Management Engagement Committee.
On the basis of this review, the Board remains satisfied that
the Investment Manager has the appropriate capabilities
required to support the Company and believes that the
continuing appointment of the Investment Manager under the
terms of the current investment management agreement, the
details of which are set out below, is in the interest of
shareholders.
The Investment Manager received a fee of 0.9% of the
Company’s NAV up to but not including £500 million; 0.8%
on the Company’s NAV between £500 million up to and
including £1 billion; and 0.7% on the Company’s NAV over
£1billion. The fee is payable monthly in arrears. Whilst there is
no performance fee, with effect from the financial year ending
31 March 2025, there is a potential increase/decrease of
management fees payable to the Investment Manager equal
to five basis points of Net Asset Value per annum dependent
on both (i) delivering the sustainability KPI targets in the
revised investment policy to the Board’s satisfaction, and (ii)
the delivery of an income return ahead of the MSCI
Benchmark, because the new strategy is designed to deliver
more sustainable long-term income.
In recognition of the work undertaken by the Investment
manager in the design and implementation of the
formalisation of the sustainability objectives within the
amended investment objective, policy, and strategy, the
Company or the Investment manager may terminate the
agreement on not less than twelve months’ notice, such
notice not to expire prior to the second anniversary of the
passing of the resolution to adopt the new investment
objective and policy of the Company at the Extraordinary
General Meeting on 15 December 2023.
The Company has appointed the Investment Manager as its
AIFM under the AIFM Directive. There is no additional fee
paid to the Investment Manager for this service.
Administration
Schroder Investment Management Limited, an affiliate of the
AIFM, is Company Secretary to the Company for which it is

Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
65
paid a fee of £50,000 per annum. Langham Hall (Guernsey)
Limited was appointed as the Company Secretary to the
Group’s subsidiaries, and as Designated Manager, for a fee of
£64,000 per annum and Langham Hall UK Depositary LLP is
the Company’s depositary for a fee of £52,000 per annum.
Anti-bribery policy
The Company continues to be committed to carrying out its
business fairly, honestly and openly. Appropriate policies are
considered to be in place to ensure compliance with the UK
Bribery Act 2010.
Directors
The Directors of the Company, together with their
beneficial interests in the Company’s ordinary share
capital as at the date of this report, are given below:
Director
Number of
ordinary shares Percentage (%)
Alastair Hughes
190,579 Less than 0.1
Stephen Bligh
165,000 Less than 0.1
Priscilla Davies
Nil Nil
Alexandra Innes
Nil Nil
Sanjay Patel
Nil Nil
Substantial shareholdings
The Company has received notifications in accordance with
the Financial Conduct Authority’s (‘FCA’) Disclosure Guidance
and Transparency Rule 5.1.2R of the below interests in 5% or
more of the voting rights attaching to the Company’s issued
share capital as at 31 March 2024. The Company is reliant on
investors to comply with these regulations, and certain
investors may be exempted from providing these. As such, this
should not be relied on as an exhaustive list of shareholders
holding above 5% of the Company’s voting rights.
Notifier
Number of
ordinary shares Percentage (%)
Rathbones Investment
Management Ltd
78,184,021 16.0
Schroders PLC
67,842,383 13.8
Premier Fund Managers
Limited
41,680,575 8.0
Embark Investment Ser-
vices (UK)
34,207,624 7.0
Witan Investment Trust plc
32,250,000 6.2
Independent Auditors
Resolutions to reappoint Ernst & Young LLP, and to give the
Directors authority to determine the Auditors’ remuneration
for the coming year, will be put to shareholders at the Annual
General Meeting (‘AGM’) of the Company.
The Audit Committee’s evaluation of the Auditors is described
in the Audit Committee Report on page 70.
Disclosure of information to Auditors
The directors who held office at the date of approval of this
directors’ Report confirm that, as far as they are each aware,
there is no relevant audit information of which the Company’s
Auditors are unaware and each Director has taken all the steps
that they ought to have taken as a Director to make
themselves aware of any relevant audit information and to
establish that the Company’s Auditors are aware of that
information.
Status for taxation
The Director of the Revenue Service in Guernsey has granted
the Company exemption from Guernsey income tax under the
Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989 and
the income of the Company may be distributed or
accumulated without deduction of Guernsey Income Tax.
Exemption under the above-mentioned Ordinance entails the
payment by the Company of an annual fee of £1,600.
The Group continues to pay no corporation or income tax
because it has tax exempt status in the UK as a UK Real Estate
Investment Trust (‘REIT’). The Group has been a UK REIT since
2015 and the Group’s property income and gains are exempt
from UK corporate taxes provided a number of conditions in
relation to the Group’s activities are met including, but not
limited to, distributing at least 90% of the Group’s UK tax
exempt profit as property income distributions (‘PIDs’). As far
as the directors are aware, the Group remains in full
compliance with the REIT requirements.
Shareholders who are in any doubt concerning the taxation
implications of a REIT should consult their own tax advisors.
Key information document
A Key Information Document (‘KID’) for the Company is
published on at least an annual basis, in accordance with the
Packaged Retail and Insurance-Based Investment Products
Regulation (‘PRIIPs’), and made available on the Company’s
website. The calculation of figures and performance scenarios
contained in the KID are prescribed by PRIIPS and have neither
been set nor endorsed by the Board. In fact, the Board is of the
opinion that PRIIPS has been inconsistently applied by market
participants and hence creates confusion amongst investors.
AIFMD remuneration disclosures for Schroder
Real Estate Investment Management Limited
(‘SREIM’) for the year to 31 December 2023
Quantitative remuneration disclosures to be made in this
Annual Report in accordance with FCA Handbook rule FUND
3.3.5 are published on the following website:
https://www.schroders.com/en/global/individual/
corporate-transparency/disclosures/

Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements66
Corporate Governance
The Directors are committed to maintaining high standards
of corporate governance. Insofar as the Directors believe it to
be appropriate and relevant to the Company, it is their
intention that the Company should comply with best practice
standards for the business carried on by the Company
The Guernsey Financial Services Commission (‘GFSC’) states
in the Finance Sector Code of Corporate Governance (the
‘Code’) that companies which report against the UK
Corporate Governance Code or the Association of Investment
Companies Code of Corporate Governance are deemed to
meet the Code, and need take no further action.
The Board has considered the principles and recommendations
of the Association of Investment Companies Code of
Corporate Governance published in February 2019 (‘AIC
Code‘), which applies to accounting periods beginning on or
after 1 January 2019. The AIC Code addresses all the principles
set out in the UK Corporate Governance Code, as well as
setting out additional principles and recommendations on
issues that are of specific relevance. A copy of the AIC Code
can be found at www.theaic.co.uk.
It is the Board’s intention to continue to comply with the AIC
Code and we will continue to report the Company’s
compliance with the principles and recommendations of the
AIC Code, which has been endorsed by the Financial
Reporting Council (‘FRC’).
Statement of compliance
The Company has complied with the recommendations of the
AIC Code and the relevant provisions of the UK Corporate
Governance Code, except as set out below.
The UK Corporate Governance Code includes provisions
relating to:
− The role of the chief executive;
− Executive directors’ remuneration;
− Internal audit function; and
− the Chair’s membership of the Audit and Risk Committee.
The Board considers that these provisions are not relevant to
the Company, being an externally managed investment
company. In particular, all of the Company’s day-to-day
management and administrative functions are outsourced to
third parties. As a result, the Company has no executive
directors, employees or internal operations. The provision in
relation to the internal audit function is referred to in the Audit
Committee report.
In line with common practice for investment companies, and
considering the composition of the Audit Committee in terms
its combination of skills, experience, and knowledge, it is
considered appropriate for the Chair to be a member of the
Audit Committee.
Role of the Board
The Board has determined that its role is to consider and
determine the following principal matters which it considers
are of strategic importance to the Company:
− The overall objectives of the Company, as described under
the paragraph above headed ‘Investment Policy and
Strategy’ and the strategy for fulfilling those objectives
within an appropriate risk framework, in light of market
conditions prevailing from time to time;
− The capital structure of the Company, including
consideration of an appropriate policy for the use of
borrowings both for the Company and in any joint ventures
in which the Company may invest from time to time;
− The appointment of the Investment Manager,
Administrator and other appropriately skilled service
providers and to monitor their effectiveness through
regular reports and meetings; and
− The key elements of the Company’s performance including
NAV growth and the payment of dividends.
Board decisions
The Board makes decisions on, among other things, the
principal matters set out under the paragraph above headed
‘Role of the Board’. Issues associated with implementing the
Company’s strategy are generally considered by the Board to
be non-strategic in nature and are delegated either to the
Investment Manager or the Administrator, unless the Board
considers there will be implementation matters significant
enough to be of strategic importance to the Company and
should be reserved to the Board. Generally these are defined as:
− Large property decisions affecting 10% or more of the
Company’s assets;
− Large property decisions affecting 5% or more of the
Company’s rental income; and
− Decisions affecting the Company’s financial borrowings.
Board evaluation
Within the financial year ended 31 March 2024, the Board
carried out an internal evaluation of the Board and its Chair,
which involved questionnaires being completed by non-
executive directors. It was concluded that the Board performs
well and has the relevant knowledge and experience as a whole.

Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
67
The Chair is noted for his strong leadership,
effective communication, and good
stakeholder management.
Non-executive directors,
rotation of directors and directors’ tenure
The UK Corporate Governance Code recommends that
directors should be appointed for a specified period. The
Board has resolved in this instance that directors’
appointments need not comply with this requirement as all
directors are non-executive and their respective
appointments can be terminated at any time without penalty.
The Board has approved a policy that all directors will stand
for re-election annually and it is the intention that no Director
will serve for more than nine years. As noted previously,
Stephen Bligh, who was appointed in 2015, will retire from the
Board of directors, effective on 30 June 2024.
The appointment and replacement of Directors is governed
by the Company’s Articles, the Companies Law, related
legislations and the Listing Rules. The Articles may only be
amended by a special resolution of the shareholders. When a
vacancy arises the Board selects the best candidate taking
into account the skills and experience required, while taking
into consideration board diversity as part of a good corporate
governance culture.
Board composition and diversity
The Board currently consists of five non-executive directors.
The biography of each of these Directors is set out on
pages62 to 63 of the report. The Board considers each of the
directors to be independent. As at 31 March 2024, 40% of
the individuals on the Board of Directors were women, at
least one individual on the Board of directors was from a
minority ethnic background, and at least one of the senior
positions on the Board of directors was held by a woman.
The Company has therefore met all of the relevant targets
in relation to Board diversity as set out in the Listing Rules.
The Company believes in the benefits of diversity and places
importance on broad diversity of the Board as part of its
succession planning. The Company’s diversity and inclusion
policy, outlined below, was applied throughout the
recruitment process for the two recent Board appointments.
The below tables set out the gender and ethnic diversity composition of the Board as at 31 March 2024 and at the date of this report.
Number of
Board members
Percentage
of the Board (%)
Number of senior positions
on the Board (Chair)
White British or other White (including minority-white groups) 4 80% 2
Mixed/Multiple Ethnic Groups – – –
Asian/Asian British 1 20% 0
Black/African/Caribbean/Black British – – –
Other ethnic group, including Arab – – –
Not specified/prefer not to say – – –
Number of
Board members
Percentage
of the Board (%)
Number of senior positions
on the Board (Chair)
Men 3 60 1
Women 2 40 1
Not specified/prefer not to say – – –
Given that the Company is a real estate investment trust with
no executive board members, the columns and references
regarding executive management have not been included.
The approach to collecting this data was consistent for the
purposes of reporting under Listing Rule LR 9.8.6(9) and (10),
and was consistent across all five individuals in relation to
whom data is being reported, which was that all directors
confirmed that the above disclosures were correct.
The Board has adopted a diversity and inclusion policy, which
applies to both the Board and its committees. Appointments
and succession plans will always be based on merit and
objective criteria and, within this context, the Board seeks to
promote diversity (including of gender, social, ethnic,
professional and educational backgrounds, sexual orientation,
cognitive and personal strengths), inclusion and equal
opportunity. The Board will encourage any independent
recruitment agencies it engages to find a range of candidates
that meet the objective criteria agreed for each appointment.
Candidates for Board vacancies are selected based on their
skills and experience, which are matched against the balance
of skills and experience of the overall Board taking into account
the criteria for the role being offered.

Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements68
The independence of each director is considered on a
continuing basis. The Board has determined that all the
directors are independent of the Investment Manager. The
Board is satisfied that it is of sufficient size with an
appropriate balance of skills and experience, independence
and knowledge of both the Company and the wider
investment company sector, to enable it to discharge its
respective duties and responsibilities effectively and that no
individual or group of individuals is, or has been, in a position
to dominate decision making. Accordingly the Board
approves the nomination for re-election of each of the
directors at the forthcoming Annual General Meeting.
The Board also considers the diversity
and inclusion policies of its key
service providers.
Board committees
The Board has delegated certain of its responsibilities to its
Audit, Nomination, and Management Engagement
committees. Each of these committees has formal terms of
reference established by the Board which are available on the
Company’s website. The Board believes that its committees
have an appropriate composition and blend of backgrounds,
skills and experience to discharge their duties effectively.
Details of the work of these committees are available in their
respective reports.
As all the directors are non-executive, the Board
has resolved that it is not necessary to have a
Remuneration Committee.
Board meetings and attendance
The Board meets at least four times each year. Additional
meetings are also arranged as required and regular contact
between directors, the Investment Manager and the
Administrator is maintained throughout the year.
Representatives of the Investment Manager and Company
Secretary attend each Board meeting and other advisors also
attend when requested to do so by the Board.
The Board has adopted a diversity
and inclusion policy, which applies to
both the Board and its committees.
Attendance records for the four quarterly Board meetings and committee meetings during the year under review are set out in
the table below.
Director Board Audit Committee
Nomination
Committee
Management
Engagement Committee
Alastair Hughes 4/4 3/3 2/2 1/1
Stephen Bligh 4/4 3/3 2/2 1/1
Priscilla Davies 4/4 3/3 2/2 1/1
Alexandra Innes 4/4 3/3 2/2 1/1
Sanjay Patel
20
1/1 1/1 0/0 0/0
Number of meetings during the year 4 3 1 1
Number of meetings during the year
4
Board
3
Audit Committee
1
Nomination Committee
1
Management Engagement Committee
Information flows
All directors receive, in a timely manner, relevant
management, regulatory and financial information and are
provided, on a regular basis, with key information on the
Company’s policies, regulatory requirements and internal
controls. The Board receives and considers reports regularly
from the Investment Manager and other key advisors and
adhoc reports and information are supplied to the Board as
required.
Data protection and security
The Board has reviewed its systems and controls in light of
the implementation of the General Data Protection Regulation
(EU Regulation 2016/679) and the Data Protection (Bailiwick

Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
69
of Guernsey) Law, 2017 (the ‘GDPR’) in 2018 to ensure that
the Company is compliant with the requirements of the
GDPR. As part of that process the Board took steps to update
its contracts and policies accordingly and is comfortable that
it meets its obligations as a controller of personal data. The
Board also requires its Investment Manager to have a robust
information security and data protection environment in
place. This is reviewed with the Investment Manager at the
annual Manager‘s visit day. All Board communication of a
confidential nature is managed via a secure application. The
Company’s privacy notice is available on its webpage.
Directors’ and officers’ liability insurance
During the year, the Company has maintained insurance cover
for its directors under a liability insurance policy.
Relations with shareholders
The Board believes that the maintenance of good relations
with both institutional and retail shareholders is important for
the long-term prospects of the Company. The Board receives
feedback on the views of shareholders from its corporate
broker, the Investment Manager and from the Chair. Through
this process the Board seeks to monitor the views of
shareholders and to ensure an effective communication
programme.
The Board believes that the Annual General Meeting, due to
be held at 10.30 am. On 16 September 2024, provides an
appropriate forum for investors to communicate with the
Board and it encourages participation. The Notice of the next
Annual General Meeting can be found on page 145 of this
document.

Image: City Tower, Manchester
70 Schroder Rel Estte Investment Trust Limited Annul Report nd Consolidted Finncil Sttements
Audit Committee Report
Composition
The Audit Committee is chaired by Stephen Bligh with
Alastair Hughes, Priscilla Davies, Alexandra Innes and Sanjay
Patel as members. The Board considers that Stephen Bligh’s
professional experience makes him suitably qualified to chair
the Audit Committee, and his continuing professional
commitments provide him with recent relevant financial
experience. The Audit Committee’s terms of reference are
available on the Company’s webpages.
Responsibilities
The Audit Committee ensures that the Company maintains
the highest standards of integrity in financial reporting and
internal control. This includes responsibility for reviewing the
half-year and annual financial statements before their
submission to the Board. In addition, the Audit Committee is
specifically charged under its terms of reference to advise the
Board, inter alia, on the terms and scope of the appointment
of the Auditors, including their remuneration, independence,
objectivity and reviewing with the Auditors the results and
effectiveness of the audit.
Work of the Audit Committee
The Audit Committee meets no less than twice a year. If
required, meetings are also attended by the Investment
Manager and the Auditor. During the year under review, the
Audit Committee met on three occasions to consider:
− The contents of the interim and annual financial
statements and to consider whether, taken as a whole,
they were fair, balanced and understandable and
provided the information necessary for shareholders to
assess the Company’s performance, business model
and strategy;
− The effectiveness of the Company’s system of internal
control;
− The management representation letters to the Auditors;
− The external Auditor’s terms of engagement, audit plan,
and year end report;
− The independence, effectiveness and objectivity of the
external Auditor;
− The independence of the Company’s Valuers;
− The risk assessment of the Company; and
− Compliance with the UK REIT regime.

Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
71
Significant matters considered by the Audit Committee in relation to the financial statements
Property valuation
Matter
Property valuation is central to the business and is a
significant area of judgement which is inherently
subjective, although the valuations are performed by
an independent firm of valuers, CBRE.
Errors in valuation could have a material impact on
the Company’s net asset value.
Market volatility
Matter
The performance of the Company could be affected
by economic and property market risk. In the wider
economy this could include inflation, stagflation or
deflation, economic recessions, movements in
interest rates, the war in Ukraine, or other external
shocks. The performance of the underlying property
portfolio could also be affected by structural or
cyclical factors impacting particular sectors or
regions of the property market.
Property valuation
Action
The Audit Committee reviewed the outcomes of the
valuation process throughout the year and discussed
the detail of each quarterly valuation with the
Investment Manager at the Board meetings.
The Audit Committee met with CBRE to discuss the
process, assumptions, independence and
communication with the Investment Manager. The
Committee was satisfied that the firm had taken a
considered approach.
Market volatility
Action
As disclosed in the Going Concern and Viability
Statements on pages 58 to 59, the Audit Committee
has considered various stress tests and sensitivities to
the normal cash flow forecasts, and is confident that
the Company will be able to continue in operation
and meet its liabilities as they fall due over the five
year period of its assessment, The Audit Committee
considers that the Company is a going concern.
In the coming financial year the Audit Committee’s work will also include a review of the reporting methodology being
developed by the Investment Manager on progress with the brown-to-green strategy and a consideration of the level of audit
review to verify the numbers to be reported.
As noted in the Corporate Governance report, an evaluation of the committees was completed by the Directors in March 2024
in which it was concluded that the Audit Committee continued to function effectively and to discharge the matters for which it is
responsible under its terms of reference.
Internal control
The UK Corporate Governance Code requires the Board to conduct, at least annually, a review of the effectiveness of the
Company’s systems of internal control and to report to shareholders that it has done so. The Audit Committee, on behalf of the
Board, also regularly reviews a detailed ‘Risk Matrix’ identifying significant strategic, investment-related, operational and service
provider-related risks and ensures that risk management and all aspects of internal control are reviewed at least annually.
The Company’s system of internal controls is substantially reliant on the Investment Manager’s and the Administrator’s own
internal controls and internal audit processes due to the relationships in place.
Although the Board believes that it has a robust framework of internal controls in place, this can provide only reasonable and not
absolute assurance against material financial misstatement or loss and is designed to manage, not eliminate, risk. No significant
issues were identified from the internal controls review.

Schroder Rel Estte Investment Trust Limited Annul Report nd Consolidted Finncil Sttements72
Property Accounting outsourcing to CBRE.
The Investment Manager is responsible for maintaining the
Company’s accounting records. Effective 11 March 2024, the
Investment Manager entered an outsourcing agreement with
CBRE Global Investment Administration (UK) Limited, a
subsidiary of CBRE, whereby CBRE Global Investment
Administration (UK) Limited will maintain the Company’s
accounting records and produce both the Company’s
management accounts and statutory financial statements,
although the responsibility for these will remain with the
Investment Manager, who is also responsible for monitoring
the services provided by CBRE Global Investment
Administration (UK) Limited. Many of the accounting staff
who maintained the Company’s accounting records and
prepared its financial statements transferred CBRE Global
Investment Administration (UK) Limited on that date and
continued in similar roles. The Audit Committee is satisfied
that the transition has been well managed.
CBRE Limited, a separate subsidiary of CBRE, is the
Company’s independent valuer. The fees which will be paid to
CBRE Global Investment Administration (UK) Limited for the
provision of these accounting services will be considerably
higher than the fees paid to CBRE Limited for valuing the
Group’s properties. The Audit Committee has considered
whether the independent valuer’s independence has been
threatened by the appointment of another CBRE subsidiary to
provide accounting services to the Company. The Audit
Committee has discussed these arrangements with the
Investment Manager, CBRE, the Company’s Auditors and has
taken independent advice. The Audit Committee has
accepted that such arrangements are not uncommon,
appropriate information barriers will be maintained between
the two relevant CBRE subsidiaries, and that CBRE’s
independence as valuer has not been compromised.
Internal audit
The Audit Committee considered the need for an internal audit
function and concluded that this function is not required, as the
Company has no direct employees, and it outsources all
day-to-day management and administrative functions. The
Investment Manager has its own internal auditors. In the
absence of an internal audit function, assurance was achieved
by a review by the Committee of the Investment Manager’s
group ISAE 3402/AAF 01/06 Internal Controls Report, which
had been reviewed by Ernst and Young LLP (‘EY’), This report
covered the activities of, the Investment Manager, Schroder
Real Estate Investment Management Limited, and included the
Company, within its scope. The Audit Committee has also
considered similar Internal Controls Report received from the
Company’s main property agent, MAPP, and the Company’s
Depositary, Langham Hall LLP.
External Auditors’ remuneration,
independence and effectiveness
Annually, the Audit Committee considers the remuneration
and independence of the external auditor. The Audit
Committee recommends the remuneration of the external
auditor to the Board and keeps under review the ratio of audit
to non-audit fees to ensure that the independence and
objectivity of the external auditor are safeguarded.
This is the fifth and final year for EY’s current audit
engagement partner before he has to rotate off the
engagement under the FRC’s audit partner rotation rules. The
Audit Committee has considered the succession plan
proposed by EY and is satisfied that the audit partner whom
EY has proposed will be responsible for the 2025 audit has
appropriate sector knowledge and experience.
Effectiveness of the independent audit process
The Audit Committee evaluated the effectiveness of EY prior
to making a recommendation on its reappointment at the
forthcoming Annual General Meeting. As part of the
evaluation, the Audit Committee considered feedback from
the Investment Manager on the audit process and year end
report from the Auditor, which details the auditor’s
compliance with regulatory requirements, on safeguards that
have been established and their own internal quality control
procedures. The Audit Committee had discussions with the
audit partner on audit planning, accounting policies and audit
findings, and met the audit partner both with and without
representatives of the Investment Manager present. The Chair
of the Audit Committee also had informal discussions with
the audit partner during the course of the year. The Audit
Committee is satisfied with the effectiveness of the auditors.
During the past year, the Financial Reporting Council’s Audit
Quality Review (AQR) team reviewed EY’s audit of the
Company’s Financial Statements for the year ended 31 March
2023. The AQR report did not identify any Key or Other
Findings and assessed the EY audit as ‘Good’, being the
highest of four possible grades.
Non-audit services
In order to help safeguard the independence and objectivity
of the auditor, the Audit Committee maintains a policy on the
engagement of the external auditor to provide non-audit
services. The Audit Committee’s policy for the use of the
external auditor for non-audit services recognises that there
are certain circumstances where, due to EY’s expertise and
knowledge of the Company, it will often be in the best
position to perform non-audit services. Under the policy, the
use of the external auditor for non-audit services is subject to
pre-clearance by the Audit Committee. Clearance will not be
granted if it is believed it would impair the external auditor’s

Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
73
independence or where provision of such services by the
Company’s auditor is prohibited. Prior to undertaking any non-audit
service, EY also completes its own independence confirmation
processes which are approved by the audit partner.
During the year, there were no non-audit services fees paid to EY.
Succession
I will be retiring as a Non-Executive Director and Chair of the Audit
Committee at the end of June 2024, as I have now served on the
Board for nine years. Sanjay Patel is expected to replace me as
Audit Committee chair; the Board considers that Sanjay has the
necessary current and relevant financial expertise to become Chair
of the Audit Committee. I wish Sanjay well in his new role.
Stephen Bligh
Chair of the Audit Committee
5 June 2024

Management Engagement
Committee Report
The Management Engagement Committee is responsible for: (1) the monitoring and
oversight of the Investment Manager’s performance and fees, and confirming the
Investment Manager’s ongoing suitability; and (2) reviewing and assessing the Company’s
other service providers, including reviewing their fees. All directors are members of the
committee. Alexandra Innes is the chair of the committee. Its terms of reference are
available on the Company’s webpages.
Schroder Rel Estte Investment Trust Limited Annual Report and Consolidated Financial Statements74
Image: The Tun, Edinburgh

Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
75
Oversight of the Investment Manager
Approach
The Management Engagement Committee:
− Reviews the Investment Manager’s performance
(including in relation to sustainability KPIs) and
suitability;
− Considers the reporting it has received from the
Investment Manager throughout the year, and the
reporting from the Investment Manager to
shareholders;
− Assesses management fees on an absolute and
relative basis, receiving input from the Company’s
corporate broker, including peer group and
industry figures, as well as the structure of the
fees;
− Reviews the appropriateness of the Investment
Manager’s contract, including terms such as
notice period; and
− Assesses whether the Company receives
appropriate administrative, accounting, company
secretarial and marketing support from the
Investment Manager.
Oversight of other service providers
Approach
The Management Engagement Committee reviews
the performance and competitiveness of the
Company’s service providers on at least an annual
basis including the Property Managers, the
Depositary, the Administrator, the Tax Advisor, the
Corporate Broker, the Valuer, the Solicitors and the
Registrar.
The Management Engagement Committee receives
feedback from the Audit Committee on its review of
the Auditors.
Oversight of the Investment Manager
Application during the year
The Management Engagement Committee
undertook a detailed review of the Investment
Manager’s performance and agreed that it has the
appropriate capabilities required to allow the
Company to meet its investment objective. The
Management Engagement Committee also reviewed
the terms of the Investment Management Agreement
and agreed they remained fit for purpose. The
Management Engagement Committee reviewed the
other services provided by the Investment Manager
and agreed they were satisfactory.
Oversight of other service providers
Application during the year
The annual review of service providers was
satisfactory. The Management Engagement
Committee noted that the Audit Committee had
undertaken a detailed evaluation of the Investment
Manager, Depositary and Registrar’s internal
controls.
Recommendations made to, and approved by, the Board:
− That the ongoing appointment of the Investment Manager on the terms of the Investment Management Agreement,
including the fee, was in the best interests of shareholders as a whole; and
− That the Company’s service providers’ performance remained satisfactory.

Image: City Tower, Manchester
Nomination Committee
Report
The Nomination Committee is responsible for: (1) the recruitment, selection and induction
of Directors; (2) their assessment during their tenure; and (3) the Board’s succession.
All directors are members of the committee. Alastair Hughes is the chair of the committee.
Its terms of reference are available on the Company’s webpages.
Recommendations made to, and approved by, the Board:
− That Sanjay Patel be appointed as a non-executive director with effect from 1 January 2024.
− That all directors continue to demonstrate commitment to their roles, provide a valuable contribution to the
deliberations of the Board, and remain free from conflicts with the Company and its directors, so should all be
recommended for re-election by shareholders at the AGM, apart from Stephen Bligh who will retire prior to the
AGM, having served on the Board for nine years.
Schroder Rel Estte Investment Trust Limited Annual Report and Consolidated Financial Statements76

Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
77
Selection and induction
− The Nomination Committee prepares a job specification for each role, and an independent recruitment firm is
appointed. For the Chair and the chairs of committees, the Committee considers current Board members too.
− Job specification outlines the knowledge, professional skills, personal qualities and experience requirements.
− Potential candidates assessed against the Company’s diversity policy.
− The Nomination Committee discusses the long list, invites a number of candidates for interview and makes a
recommendation to the Board.
Board evaluation
− The Nomination Committee prepares a job specification for each role, and an independent recruitment firm is
appointed. For the Chair and the chairs of committees, the Committee considers current Board members too.
− Job specification outlines the knowledge, professional skills, personal qualities and experience requirements.
− Potential candidates assessed against the Company’s diversity policy.
− The Nomination Committee discusses the long list, invites a number of candidates for interview and makes a
recommendation to the Board.
− The Nomination Committee reviews the induct
Succession
− The Board’s succession policy is that directors’ tenure will be for no longer than nine years, except in exceptional
circumstances, and that each director will be subject to annual re-election at the AGM.
− The Nomination Committee reviews the Board’s current and future needs at least annually. Should any need be
identified the Nomination Committee will initiate the selection process.
− The Nomination Committee will oversee the handover process for retiring directors.
− The Nomination Committee reviews the induction and training of new directors.
Selection and induction
− Having served as a director on the Board for nine years, Stephen Bligh is expected to retire in 2024. The Board
considered a number of candidates for the role of Audit Committee chair to succeed Stephen Bligh upon his
retirement, with input from Russell Reynolds, an independent executive search firm. Other than for advice on Board
positions, Russell Reynolds does not have any other relationship with the Company or individual directors.
− Sanjay Patel was identified by the Nomination Committee as the most suitable candidate for the role. This
appointment was approved by the Board and he was appointed on 1 January 2024. Following his appointment, a full
induction was arranged.
Board evaluation
− The annual Board evaluation was undertaken in March 2024.
− The Nomination Committee reviewed each Director’s time commitment and independence by reviewing a complete
list of appointments, including pro bono not-for-profit roles, to ensure that each Director remained free from conflict
and had sufficient time available to discharge each of their duties effectively. All Directors were considered to be
independent in character and judgement.
− The Nomination Committee considered each Director’s contributions, and noted that in addition to extensive
experience as professionals and Non-executive Directors, each Director had valuable skills and experience, as
detailed in their biographies on pages 62 and 63.
− Based on its assessment, the Nomination Committee provided individual recommendations for each Director’s
re-election.
Succession
− During the year, the Nomination Committee considered the need for orderly succession planning and a suitable plan
was agreed.
Approach
Application

Image: Stanley Green Trading Estate, Cheadle
Directors’ Remuneration
Report
Introduction
The below remuneration policy is in force and is subject to
an advisory vote every three years. At the AGM held on 27
September 2023, the remuneration policy was approved
by shareholders, with 99.69% of votes for, 0.31% of votes
against, and 405,315 withheld. This policy, as amended,
will be put to a vote at the forthcoming AGM.
The below Directors’ Annual Report on Remuneration is
subject to an annual advisory vote. An ordinary resolution to
approve this report will be put to shareholders at the
forthcoming AGM.
At the AGM held on 27 September 2023, 99.79% of the
votes cast (including votes cast at the Chair’s discretion) in
respect of approval of the Annual Report on Remuneration for
the year ended 31 March 2023 were in favour, while 0.21%
were against. 417,315 votes were withheld.
The Board believes that the principles of Section D of the UK
Corporate Governance Code relating to remuneration do not
apply to the Company, except as outlined above, as the
Company has no executive directors.
Directors’ Remuneration Policy
The Company’s Articles currently limit the aggregate fees
payable to the Board of directors to a total of £250,000 per
annum. Subject to this overall limit, it is the Board’s policy to
determine the level of directors’ fees having regard to the fees
payable to non-executive directors in the industry generally,
the impact of inflation, the role that individual Directors fulfil
in respect of Board and Committee responsibilities, and time
committed to the Company’s affairs. Generally, the Board
seeks to increase fees in line with the rate of inflation
measured by the UK consumer price index (‘CPI’), with the
level of directors’ remuneration reviewed annually to ensure
competitiveness within the peer group and attractiveness to
potential candidates for director appointments.
Schroder Rel Estte Investment Trust Limited Annual Report and Consolidated Financial Statements78

For the financial year ended 31 March 2024, directors receive
a base fee of £35,000 per annum, and the Chair receives
£55,000 per annum. The Chair of the Audit Committee, the
Chair of the Management Engagement Committee and the
Senior Independent Director each receive an additional fee of
£5,000 respectively.
No Director past or present has any entitlement to pensions
and the Company has not awarded any share options or
long-term performance incentives to any of them. No element
of Directors’ remuneration is performance related.
The Board did not seek the views of shareholders in setting
this remuneration policy. Any comments on the policy
received from shareholders would be considered on a
case-by-case basis.
Directors’ fees are reviewed periodically and take into
account research from third parties on the fee levels of
directors of peer group companies, as well as industry norms
and factors affecting the time commitment expected of the
directors. New directors are subject to the provisions set out
in this remuneration policy.
No director has a service contract with the Company.
However, each of the directors has a letter of appointment with
the Company. The directors’ letters of appointment, which set
out the terms of their appointment, are available for inspection
at the Company’s registered office address during normal
business hours and will be available for inspection at the AGM.
All directors are appointed for an initial term covering the
period from the date of their appointment until the first AGM
thereafter, at which they are required to stand for re-election
in accordance with the Articles. When recommending
whether an individual director should seek re-election, the
Board will take into account the provisions of the UK
Corporate Governance Code, including the merits of
refreshing the Board and its Committees.
The Board has approved a policy that all directors will stand
for re-election annually.
Directors’ Remuneration Report
This Report sets out how the directors’ remuneration policy
was implemented during the year ended 31 March 2024.
Fees paid to Directors
The following amounts were paid by the Company for
services as non-executive directors:
The Board carried out a review of directors’ annual fees
following the year end, taking into account the fees payable
to non-executive directors in the industry and peer group, the
rate of inflation, and the commitment required of directors of
the Company to adequately discharge their roles and
responsibilities. The review supported an increase of 5.8%
across fees payable to directors, in line with the CPI rate of
inflation between December 2022 and March 2024, this
increase is effective 1 April 2024.
Director 31 March 2024 (£) 31 March 2023 (£)
Alastair Hughes (Chair)
55,000 47,300
Stephen Bligh
29
40,000 37,100
Priscilla Davies
30
40,000 30,100
Alexandra Innes
31
40,000 14,400
Sanjay Patel
32
8,750 –
Lorraine Baldry
(retired 26 July 2022)
– 16,700
Graham Basham (retired
15 November 2022)
– 26,300
Total 183,750 171,900
Following this review, directors receive a base fee of £37,000
per annum, and the Chair receives £58,500 per annum. The
Chair of the Audit Committee, the Chair of the Management
Engagement Committee and the Senior Independent Director
each receive an additional fee of £5,500 respectively. The
fees payable to directors from 1 April 2024 are set out below:
Director
From 1 April 2024
(£)
Alastair Hughes (Chair)
58,500
Stephen Bligh
29
42,500
Priscilla Davies
30
42,500
Alexandra Innes
31
42,500
Sanjay Patel
32
37,000
Total 223,000
Performance
The performance of the Company is described on page 50
under ‘Business Model’ in the Strategic Report.
Alastair Hughes
Chair
5 June 2024
Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
79
29
Chair of the Audit Committee, retiring on 30 June 2024.
30
Senior Independent Director.
31
Chair of the Management Engagement Committee.
32
Sanjay Patel was appointed as a director effective on 1 January 2024.

Image: Stanley Green Trading Estate, Cheadle
Statement of Directors’
Responsibilities
The directors are responsible for preparing the Annual
Report and Consolidated Financial Statements in
accordance with applicable law and regulations.
The Companies Law requires the directors to prepare the
Annual Report and Consolidated Financial Statements for
each financial year. Under the Companies Law the directors
have elected to prepare the Annual Report and Consolidated
Financial Statements in accordance with International
Financial Reporting Standards and applicable law.
The Annual Report and Consolidated Financial Statements
are required by law to give a true and fair view of the state of
affairs of the Group and of the profit or loss of the Group for
the relevant period.
− Select suitable accounting policies and then apply them
consistently;
− Make judgements and estimates that are reasonable and
prudent;
− State whether applicable accounting standards have been
followed, subject to any material departures disclosed and
explained in the financial statements;
− Assess the Company’s ability to continue as a going
concern, disclosing as applicable matters relating to going
concern; and
− Use the going concern basis of preparation unless they
intend to either liquidate the Company or cease operations
or have no realistic alternative to do so.
In preparing the Annual Report and Consolidated Financial
Statements, the directors are required to:
Schroder Rel Estte Investment Trust Limited Annual Report and Consolidated Financial Statements80

The directors are responsible for keeping proper accounting
records which disclose with reasonable accuracy at any time
the financial position of the Group and enable them to ensure
that the Annual Report and Consolidated Financial
Statements comply with the Companies Law. They also have
general responsibility for taking such steps as are reasonably
open to them to safeguard the assets of the Company and to
prevent and detect fraud, error and non-compliance with law
and regulations.
As part of the preparation of the Annual Report and
Consolidated Financial Statements, the directors have
received reports and information from the Company’s
Administrator and Investment Manager. The directors have
considered, reviewed and commented upon the Annual
Report and Consolidated Financial Statements throughout the
drafting process in order to satisfy themselves in respect of
the content.
The directors are responsible for the maintenance and
integrity of the corporate and financial information included
on the Company’s website and for the preparation and
dissemination of the Annual Report and Consolidated
Financial Statements.
Legislation in Guernsey governing the preparation and
dissemination of the Consolidated Financial Statements may
differ from legislation in other jurisdictions.
Responsibility Statement of the Directors in respect
of the Annual Report
We confirm to the best of our knowledge:
− The Consolidated Financial Statements, prepared in
accordance with International Financial Reporting
Standards, give a true and fair view of the assets, liabilities,
financial position and profit of the Group and the
undertakings included in the consolidation taken as a
whole and comply with the Companies Law; and
− The Strategic Report on pages 8 to 59 and Governance
Report on pages 62 to 81 include a fair review of the
development and performance of the business and the
position of the Group and the undertakings included in the
consolidation taken as a whole, together with a description
of the principal risks and uncertainties it faces. The
directors consider that the Annual Report and
Consolidated Financial Statements, taken as a whole, are
fair, balanced and understandable and provides the
information necessary for shareholders to assess the
Company’s position and performance, business model
and strategy.
Alastair Hughes
Chair
5 June 2024
Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
81

Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements
Independent Auditor’s Report to the
members of Schroder Real Estate
Investment Trust Limited
82
Opinion
We have audited the consolidated financial statements
(the Financial Statements’) of Schroder Real Estate
Investment Trust Limited (the “Company”) and its
subsidiaries (together the “Group”) for the year ended
31March 2024 which comprise the Consolidated
Statement of Comprehensive Income, the Consolidated
Statement of Financial Position, the Consolidated
Statement of Changes in Equity, the Consolidated
Statement of Cash Flows and the related notes 1 to 24,
including a summary of material accounting policy
information. The financial reporting framework that has
been applied in their preparation is applicable law and
International Financial Reporting Standards.
In our opinion, the financial statements:
− give a true and fair view of the state of the Company’s
affairs as at 31 March 2024 and of its profit for the year
then ended;
− have been properly prepared in accordance with
International Financial Reporting Standards; and
− have been properly prepared in accordance with the
requirements of The Companies (Guernsey) Law, 2008.
Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing (UK) (ISAs (UK)) and applicable law.
Our responsibilities under those standards are further
described in the Auditor’s responsibilities for the audit of the
financial statements section of our report. We believe that the
audit evidence we have obtained is sufficient and appropriate
to provide a basis for our opinion.
Independence
We are independent of the company in accordance with the
ethical requirements that are relevant to our audit of the
financial statements, including the UK FRC’s Ethical Standard
as applied to listed public interest entities, and we have
fulfilled our other ethical responsibilities in accordance with
these requirements.
The non-audit services prohibited by the FRC’s Ethical
Standard were not provided to the company and we
remain independent of the company in conducting the
audit.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that
the directors’ use of the going concern basis of accounting in
the preparation of the financial statements is appropriate. Our
evaluation of the directors’ assessment of the company’s
ability to continue to adopt the going concern basis of
accounting included:
− obtaining an understanding of the Director’s going
concern assessment process including engaging with the
Investment Manager to understand the process they
followed in supporting the going concern assessment
prepared by the Directors;
− reviewing the factors and assumptions, including the cost
of delivering the Group’s sustainability strategy and the
impact of external market factors, as applied to the
revenue and expenses forecast which support the
Directors’ assessment of going concern. We have
challenged the sensitivities and assumptions used in the
forecasts and determined, through testing, that the
methods, inputs and assumptions utilised were appropriate
to be able to make an assessment for the Group;
− challenging the stress testing performed and validating the
static data assumptions used by the Investment Manager
by agreement to supporting documentation;
− in relation to the Group’s borrowing arrangements,
inspecting the Directors’ assessment of the risk of
breaching the debt covenants. We recalculated the debt
covenants based on the stress scenarios assessed by the
Directors and reperformed reverse stress testing in order
to identify what factors would lead to the Group breaching
the financial covenants;
− holding discussions with the Audit Committee and the
Investment Manager to determine whether, in their
opinion, there is any material uncertainty regarding the
Group’s ability to pay liabilities and commitments as they
fall due and challenging this assessment through our audit
procedures in relation to the liquidity assessment;
− confirmed whether any subsequent events identified are
adjusting or non-adjusting post balance sheet events and
ensured the requisite disclosures are included in the
Annual Report and Accounts; and
− assessing the disclosures in the Annual Report and
Financial Statements relating to going concern to ensure
they were fair, balanced and understandable and in
compliance with IFRS.
Based on the work we have performed, we have not identified
any material uncertainties relating to events or conditions

Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
83
that, individually or collectively, may cast significant doubt on
the company’s ability to continue as a going concern for a
period to 30 June 2025 from when the financial statements
are authorised for issue.
In relation to the company’s reporting on how they have
applied the UK Corporate Governance Code, we have
nothing material to add or draw attention to in relation to the
directors’ statement in the financial statements about whether
the directors considered it appropriate to adopt the going
concern basis of accounting.
Our responsibilities and the responsibilities of the directors
with respect to going concern are described in the relevant
sections of this report. However, because not all future events
or conditions can be predicted, this statement is not a
guarantee as to the company’s ability to continue as a going
concern.
Overview of our audit approach
Key audit matters
– Risk of misstatement in the fair value of directly
or indirectly held investment property portfolio
– Risk of incomplete or inaccurate rental revenue
recognition and related year-end receivables
Materiality
– Overall materiality of £2.9m which represents
1% of equity.
An overview of the scope of our audit
Tailoring the scope
Our assessment of audit risk, our evaluation of materiality and
our allocation of performance materiality determine our audit
scope for the company. This enables us to form an opinion on
the financial statements. We take into account size, risk
profile, the organisation of the company and effectiveness of
controls, changes in the business environment and the
potential impact of climate change when assessing the level
of work to be performed. All audit work was performed
directly by the audit engagement team which includes
our real estate valuation specialists.
Changes from the prior year
There have been no significant changes in scope from the
prior year audit.
Climate change
Stakeholders are increasingly interested in how climate
change will impact the Group. The Group has determined that
the most significant future impacts from climate change on
their operations are explained on page 56 for climate change
impact on operations in the principal risks and uncertainties.
They have also explained their climate commitments on
page43. All of these disclosures form part of the “Other
information,” rather than the audited financial statements. Our
procedures on these unaudited disclosures therefore
consisted solely of considering whether they are materially
inconsistent with the financial statements, or our knowledge
obtained in the course of the audit, or otherwise appear to be
materially misstated, in line with our responsibilities on “Other
information”.
In planning and performing our audit we assessed the
potential impacts of climate change on the Group’s business
and any consequential material impact on its financial
statements.
The Group has explained in note 1 and 10 how they have
reflected their impact of climate change in the financial
statements. Our audit effort in considering the impact of
climate change on the financial statements was focused on
the adequacy of the disclosures in the Financial Statements
and the conclusion that there was no further impact of
climate change to be taken into account as the investment
properties are valued at fair value based on open market
valuations as described in Note 10.
The open market valuation assessment includes consideration
of environmental matters and the condition of each property
with detail on the fair value of properties provided within the
notes to the financial statement. As part of this evaluation, we
performed our own risk assessment to determine the risks of
material misstatement in the financial statements from
climate change which needed to be considered in our audit.
We also challenged the Directors’ considerations of climate
change risks in their assessment of going concern and
viability and associated disclosures. Where considerations of
climate change were relevant to our assessment of going
concern, these are described above.
Based on our work we have considered the impact of climate
change on the financial statements to be a key audit matter or
to impact certain key audit matters. Details of our procedures
and findings are included in our explanation of key audit
matters below.
Key audit matters
Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the
financial statements of the current period and include the
most significant assessed risks of material misstatement
(whether or not due to fraud) that we identified. These
matters included those which had the greatest effect on: the
overall audit strategy, the allocation of resources in the audit;
and directing the efforts of the engagement team. These
matters were addressed in the context of our audit of the
financial statements as a whole, and in our opinion thereon,
and we do not provide a separate opinion on these matters.

Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements84
Risk
Risk of misstatement in the fair value of directly or
indirectly held investment property portfolio
Refer to the Report of the Audit Committee (page 70);
Significant accounting policies (page 96); and Note 10 of
the Financial Statements (pages 103 to 106)
The Group’s investment property portfolio consists of UK
properties held directly and through joint ventures, with a
combined fair value of £459.3m (2023: £466.4m).
The Group’s accounting policy is for the fair value of the
investment properties to be determined by independent
real estate valuation experts using recognised valuation
techniques. The fair values are based on recent real
estate transactions with similar characteristics and
locations to those of the Group’s assets. The Group’s
accounting policy is for the valuation of investment
properties to be reduced by the total of the unamortised
lease incentive balances.
There is a risk of incorrect valuation of the property
portfolio which could result in the Consolidated
Statement of Financial Position and the Consolidated
Statement of Comprehensive Income to be materially
misstated.
Our response to the risk
We have performed the following procedures:
− Obtained an understanding of the process and
controls surrounding property valuation by performing
our walkthrough procedures and evaluating the
implementation and design effectiveness of controls
− Assessed the independence and competence of the
Group’s independent valuers as required by auditing
standards
− Read the valuation reports provided by the Group’s
independent valuers to agree the appropriateness and
suitability of the reported values and the changes in
value from the previous accounting period
− Performed enquiries of the Group’s independent
valuers to obtain an understanding of their valuation
process methods and assumptions used in their
analysis, including challenging them as to the extent
to which market transactions and expected rental
values take into account the impact of climate change
− Engaged our EY property valuation specialists to
perform a review of a sample of property valuations
(58% of the total value, 16 properties (2023: 81% of
the total value, 20 properties)) to assess whether the
reported value falls within a range of reasonable
outcomes, which included:
− Validating the assumptions used by the
independent valuers and assessment of the
valuation methodologies adopted
− Challenging the key inputs and assumptions
relating to equivalent yield and rental rates with
reference to published market data and
comparable transaction evidence through market
activity; and
− Assessing the appropriateness of market related
inputs and reasonableness of valuation methods,
by comparing against our own market data and
understanding of the property market
− Performed analytical review procedures across the
portfolio of investments, focusing on correlations with
market data and any significant movements
− On a sample basis, with respect to key objective
inputs to the valuation, comprising rental income and
length of lease, agreed the inputs to lease agreements
or rent review schedules
− Verified that the fair values derived by the Group’s
independent valuers for the entire portfolio were
correctly included in the consolidated financial
statements.
− Assessed the adequacy of the additional disclosures
of estimates and valuation assumptions disclosed in
the notes were made in accordance with IFRS 13 –
Fair Value Measurement

Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
85
Risk
Risk of incomplete or inaccurate rental revenue
recognition and related year-end receivables
Revenue is earned in the form of rental income from the
investment properties and is recognised on an accrual
basis. During the year, the Group recognised £25.6m of
rental income (2023: £25.2m) and rent receivable of
£3.2m (2023: £3. 9m.)
There is a risk of incomplete or inaccurate rental revenue
recognition and related year-end receivables through
failure to recognise proper income entitlements or to
apply the appropriate accounting treatment. The
recoverability of year-end receivable is based on a
number of judgments and estimates.
Our response to the risk
We have performed the following procedures
− Obtained an understanding of the process and
controls for each revenue stream by performing our
walkthrough procedures and evaluating the
implementation and design effectiveness of controls
− Performed substantive analytical review procedures
over rental revenue for each property. We formed an
expectation of the rental income for each property,
and compared this expectation to the actual revenue
recognised during the year
− Agreed a sample of rental rates to tenancy
agreements and recalculated rental revenue earned
by the property for the period
− Recalculated a sample of lease incentives based on
the terms within the lease agreement to assess the
appropriateness of the amount recorded; including,
on a sample basis, verifying lease modifications
through agreement of the updated terms to amended
and restated lease agreements and performing an
independent assessment as to whether they have
been appropriately treated in accordance with IFRS 16
— Leases (‘IFRS 16’)
− Reviewed the report prepared by the Schroder Real
Estate Investment Management Limited (the “Asset
Manager”) assessing the recoverability of the overdue
rent receivables, and challenged the judgments
involved including expected credit loss on the rent
receivable balance as a whole. For a sample of
tenants, we have inspected the cash receipt
subsequent to the year-end date; and
− Tested a sample of rental revenue journals to identify
unauthorised or inappropriate journals to address the
risk of management override. We enquired as to the
nature of each transaction sampled and reviewed
corroborating evidence to conclude on whether the
journals were reasonable and in line with our
expectations. We selected journals by applying
criteria and thresholds based on our professional
judgment.

Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements
We determined materiality for the company
to be £2.9 million (2023: £3.0 million),
which is 1% (2023: 1%) of equity. We
believe that equity provides us with a
materiality aligned to the key measurement
of the Group’s performance.
Schroder Rel Estte Investment Trust Limited Annual Report and Consolidated Financial Statements86
Our application of materiality
We apply the concept of materiality in planning and
performing the audit, in evaluating the effect of identified
misstatements on the audit and in forming our audit opinion.
Materiality
The magnitude of an omission or misstatement that,
individually or in the aggregate, could reasonably be expected
to influence the economic decisions of the users of the
financial statements. Materiality provides a basis for
determining the nature and extent of our audit procedures.
During the course of our audit, we reassessed initial
materiality and adjusted our audit procedures accordingly.
Performance materiality
The application of materiality at the individual account or
balance level. It is set at an amount to reduce to an
appropriately low level the probability that the aggregate of
uncorrected and undetected misstatements exceeds
materiality.
On the basis of our risk assessments, together with our
assessment of the company’s overall control environment, our
judgement was that performance materiality was 75%
(2023:75%) of our planning materiality, namely £2.2m
(2023:£2.3m). We have set performance materiality at this
percentage due to this being a recurring audit with a low
incidence of historical errors.
Reporting threshold
An amount below which identified misstatements are
considered as being clearly trivial.
We agreed with the Audit Committee that we would report to
them all uncorrected audit differences in excess of £0.14m
(2023: £0.15m), which is set at 5% of planning materiality, as
well as differences below that threshold that, in our view,
warranted reporting on qualitative grounds.
We evaluate any uncorrected misstatements against both the
quantitative measures of materiality discussed above and in
light of other relevant qualitative considerations in forming
our opinion.
Other information
The other information comprises the information included in
the annual report set out on pages 2 to 85 and pages 90 to
147 other than the financial statements and our auditor’s
report thereon. The directors are responsible for the other
information contained within the annual report.
Our opinion on the financial statements does not cover the
other information and, except to the extent otherwise
explicitly stated in this report, we do not express any form of
assurance conclusion thereon.
Our responsibility is to read the other information and, in
doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge
obtained in the course of the audit or otherwise appears to be
materially misstated. If we identify such material
inconsistencies or apparent material misstatements, we are
required to determine whether this gives rise to a material
misstatement in the financial statements themselves. If, based
on the work we have performed, we conclude that there is a
material misstatement of the other information, we are
required to report that fact.
We have nothing to report in this regard.
Matters on which we are required
to report by exception
We have nothing to report in respect of the following matters
in relation to which the Companies (Guernsey) Law, 2008
requires us to report to you if, in our opinion:
− proper accounting records have not been kept by the
company; or proper returns adequate for our audit have
not been received from branches not visited by us; or
− the financial statements are not in agreement with the
company’s accounting records and returns; or
− we have not received all the information and explanations
we require for our audit.
Corporate Governance Statement
We have reviewed the directors’ statement in relation to
going concern, longer-term viability and that part of the
Corporate Governance Statement relating to the company’s
compliance with the provisions of the UK Corporate
Governance Code specified for our review by the Listing
Rules.
Based on the work undertaken as part of our audit, we have
concluded that each of the following elements of the
Corporate Governance Statement is materially consistent
with the financial statements or our knowledge obtained
during the audit:

Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
87
Explanation as to what extent the audit
was considered capable of detecting
irregularities, including fraud
Irregularities, including fraud, are instances of non-
compliance with laws and regulations. We design procedures
in line with our responsibilities, outlined above, to detect
irregularities, including fraud. The risk of not detecting a
material misstatement due to fraud is higher than the risk of
not detecting one resulting from error, as fraud may involve
deliberate concealment by, for example, forgery or intentional
misrepresentations, or through collusion. The extent to which
our procedures are capable of detecting irregularities,
including fraud is detailed below. However, the primary
responsibility for the prevention and detection of fraud rests
with both those charged with governance of the company
and management.
− We obtained an understanding of the legal and regulatory
frameworks that are applicable to the company and
determined that the most significant are the Companies
(Guernsey) Law, 2008, the UK Corporate Governance
Code, The 2019 AIC Code of Corporate Governance, REIT
requirements set out in part 12 of the Corporation Tax Act
(CTA) 2010 (‘REIT rules’) and the Listing Rules of the UK
Listing Authority;
− We understood how the Group is complying with those
frameworks by making enquiries of the Investment
Manager, the Administrator and those charged with
governance regarding:
− their knowledge of any non-compliance or potential
non-compliance with laws and regulations that could
affect the financial statements;
− the Group’s methods of enforcing and monitoring
non-compliance with such policies
− the Investment Manager’s process for identifying and
responding to fraud risks, including programs and
controls the Group has established to address risks
identified by the Group, or that otherwise prevent, deter
and detect fraud; and
− how the Group monitors those programs and controls.
− We assessed the susceptibility of the Group’s financial
statements to material misstatement, including how fraud
might occur by:
− obtaining an understanding of entity-level controls and
considering the influence of the control environment;
− obtaining the Group’s assessment of fraud risks
including an understanding of the nature, extent and
frequency of such assessment documented in the
Group’s Risk Matrix;
− Directors’ statement with regards to the appropriateness
of adopting the going concern basis of accounting and any
material uncertainties identified set out on page59;
− Directors’ explanation as to its assessment of the
company’s prospects, the period this assessment covers
and why the period is appropriate set out on
pages58to59;
− Director’s statement on whether it has a reasonable
expectation that the company will be able to continue in
operation and meets its liabilities set out on page 59;
− Directors’ statement on fair, balanced and understandable
set out on page 81;
− Board’s confirmation that it has carried out a robust
assessment of the emerging and principal risks set out on
pages 58 to 59;
− The section of the annual report that describes the review
of effectiveness of risk management and internal control
systems set out on pages 58 to 59; and
− The section describing the work of the audit committee
set out on page 70.
Responsibilities of Directors
As explained more fully in the Statement of Directors’
Responsibilities set out on page 80, the directors are
responsible for the preparation of the financial statements
and for being satisfied that they give a true and fair view, and
for such internal control as the directors determine is
necessary to enable the preparation of financial statements
that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, the directors are
responsible for assessing the company’s ability to continue as
a going concern, disclosing, as applicable, matters related to
going concern and using the going concern basis of
accounting unless the directors either intend to liquidate the
company or to cease operations, or have no realistic
alternative but to do so.
Auditor’s responsibilities for the audit
of the financial statements
Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with ISAs (UK) will
always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial
statements.

Schroder Rel Estte Investment Trust Limited Annual Report and Consolidated Financial Statements88
− making inquiries with those charged with governance,
the Investment Manager, the Company Secretary and
Administrator as to how they exercise oversight of
identifying and responding to fraud risks and the
controls established to mitigate specifically those risks
the entity has identified, or that otherwise help to
prevent, deter and detect fraud;
− making inquiries of the Investment Manager and those
charged with governance regarding how they identify
related parties including circumstances related to the
existence of a related party with dominant influence;
and
− making inquiries of the Investment Manager, the
Company Secretary, Administrator and those charged
with governance regarding their knowledge of any
actual or suspected fraud or allegations of fraudulent
financial reporting affecting the Group.
− Based on this understanding we designed our audit
procedures to identify non-compliance with such laws and
regulations. Our procedures involved:
− Through discussion, gaining an understanding of how
the Board, the Company Secretary and Administrator
and the Investment Manager identify instances of
non-compliance by the Group with relevant laws and
regulations;
− Inspecting the relevant policies, processes and
procedures to further our understanding;
− Reviewing Board minutes and internal compliance
reporting;
− Inspected management’s specialist’s assessment of the
Group’s compliance with the REIT rules. We have
tested through recalculating and corroborating, to
supporting information, the Group’s compliance with
each of the REIT rules, including the proportion of
dividend distributed in the form of property income
distributions;
− Inspecting correspondence with regulators;
− Obtaining relevant written representations from the
Board; and
− We obtained data from the general ledger and
performed journal entry testing.
A further description of our responsibilities for the audit of the
financial statements is located on the Financial Reporting
Council’s website at https://www.frc.org.uk/
auditorsresponsibilities. This description forms part of our
auditor’s report.
Other matters we are required to address
− Following the recommendation from the audit committee,
we were appointed by the company on 5 November 2019
to audit the financial statements for the year ending
31March 2020 and subsequent financial periods.
− The period of total uninterrupted engagement including
previous renewals and reappointments is 4 years and 6
months, covering the period years ending 31 March 2020
to 31 March 2024.
− The audit opinion is consistent with the additional report to
the audit committee.
Use of our report
This report is made solely to the company’s members, as a
body, in accordance with Section 262 of the Companies
(Guernsey) Law, 2008. Our audit work has been undertaken
so that we might state to the company’s members those
matters we are required to state to them in an auditor’s report
and for no other purpose. To the fullest extent permitted by
law, we do not accept or assume responsibility to anyone
other than the company and the company’s members as a
body, for our audit work, for this report, or for the opinions we
have formed.
Richard Geoffrey Le Tissier
for and on behalf of Ernst & Young LLP
Guernsey, Channel Islands
5 June 2024

89

Contents
92 Consolidated Statement
of Comprehensive Income
93 Consolidated Statement
of Financial Position
94 Consolidated Statement
of Changes in Equity
95 Consolidated Statement
of Cash Flows
96 Notes to the Financial Statements
Financial
Statements
90 Schroder Rel Estte Investment Trust Limited Annul Report nd Consolidted Finncil Sttements

91
Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
Image: City Tower, Manchester

92 Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements
Consolidated Statement
of Comprehensive Income
Notes
31/03/2024
31/03/2023
£000
£000
25,638
25, 171
3
1,504
58
4
(2, 154)
(2,258)
24,988
22,971
3,057
3,515
28,045
26, 486
10
199
1, 184
10
(8,044)
(60, 107)
20
189
-
20
(547)
-
2
(2,350)
(2,7 55)
(2,347)
(1,875)
2
(64)
(71)
5
(197)
(185)
6
(184)
(172)
6
(276)
(346)
(5,4 18)
(5,404)
11,367
(41,356)
15
–
(247)
(6,349)
(5, 114)
(6,349)
(5,361)
11
3,057
3,515
11
(5,058)
(11,513)
3,017
(54, 715)
7
–
–
3,017
(54, 715)
BASIC AND DILUTED EARNINGS/LOSS
PER SHARE
8
0.6p
(11.2p)
All items in the above statement are derived from continuing operations. The accompanying notes 1 to 24 form an integral part of the financial statements.

93
Overview
Strategic Report
Governance Report
Financial Statements
Other information (unaudited)
Consolidated Statement
of Financial Position
Notes
31/03/2024
31/03/2023
£000
£000
10
384,606
388,030
11
67 ,366
72,187
20
219
-
452, 191
460,217
12
1 9,837
21,626
13
6,005
8,419
25,842
30,045
478,033
490,262
14
324,451
337 , 790
14
(37 ,101)
(37 , 101)
287 ,350
300 ,689
15
175,866
176,933
10
1,562
1,668
177 ,428
178,601
16
13,255
10,972
13,255
10 ,972
190,683
189,573
478,033
490,262
17
58.8p
61.5p
The financial statements on pages 92 to 115 were approved at a meeting of the Board of Directors held on 5 June 2024 and signed on its behalf by:
Alastair Hughes, Chair Stephen Bligh, Director
The accompanying notes 1 to 24 form an integral part of the financial statements.

94 Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements
Consolidated Statement of
Changes in Equity
Notes
Share premium
Treasury share reserve
Revenue reserve
Total
£000
£000
£000
£000
BALANCE AS AT 31 MARCH 2022
219, 090
(36, 103)
189, 196
372, 183
Share buyback
-
(998)
-
(998)
Loss for the year
-
-
(54, 715)
(54,715)
Dividends paid
9
-
-
(15, 781)
(15, 781)
BALANCE AS AT 31 MARCH 2023
219,090
(37 , 101)
118, 700
300,689
Profit for the year
-
-
3,017
3,017
Dividends paid
9
-
-
(16,356)
(16, 356)
BALANCE AS AT 31 MARCH 2024
219,090
(37 , 101)
105,361
287 ,350
The accompanying notes 1 to 24 form an integral part of the financial statements.

Overview
Strategic Report
Governance Report
Financial Statements
Other information (unaudited)
95
Consolidated Statement
of Cash Flows
Notes
31/03/2024
31/03/2023
£000
£000
Profit/(loss) for the year
3,017
(54, 715)
Profit on the disposal of investment property
(199)
(1, 184)
Net valuation loss on investment property
8,044
60, 107
Profit on disposal of financial instruments
20
(189)
-
Net change in fair value of financial instrument at fair value
20
547
-
Share of loss on joint ventures
2,001
7 ,998
Net finance cost
6,349
5,361
OPERATING CASH GENERATED BEFORE CHANGES IN WORKING CAPITAL
19,570
17 ,567
Decrease/(increase) in trade and other receivables
2,022
(1, 861)
Increase in trade and other payables
2,283
1,978
CASH GENERATED FROM OPERATIONS
23,875
17 ,684
Proceeds from the sale of investment property
3,7 63
8,303
Acquisition of investment property
-
(16, 058)
Additions to investment property
10
(8,290)
(10 , 133)
Additions to joint ventures
11
(237)
-
Net income distributed from joint ventures
2,7 61
3,638
CASH FLOWS USED IN INVESTING ACTIVITIES
(2,003)
(14,250)
Repayment of debt
15
(2,300)
-
Additions to debt
15
1,000
15,600
Disposal of financial instrument
20
189
-
Purchase of financial instrument
20
(766)
-
Finance costs paid
(6,053)
(4,479)
Refinancing costs paid
-
(958)
Dividends paid
9
(16,356)
(15, 781)
Share buyback
-
(998)
CASH FLOWS USED IN FINANCING ACTIVITIES
(24,286)
(6, 616)
Net decrease in cash and cash equivalents for the year
(2,4 14)
(3, 182)
OPENING CASH AND CASH EQUIVALENTS
8,419
11,601
CLOSING CASH AND CASH EQUIVALENTS
13
6,005
8,419
The accompanying notes 1 to 24 form an integral part of the financial statements..

96 Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements
Notes to the
Financial Statements
1. Material accounting policy information
Schroder Real Estate Investment Trust Limited (the
‘Company’) is a closed-ended investment company
registered in Guernsey. The consolidated financial statements
of the Company for the year ended 31 March 2024 comprise
the Company and its subsidiaries (together referred to as
the ‘Group’).
New standard and interpretations
The Company is satisfied that there are no standards that are
published, and not yet effective, that will have a material
effect on the accounts.
Statement of compliance
The financial statements have been prepared in accordance
with International Financial Reporting Standards (‘IFRS’)
issued by the International Accounting Standards Board
(the ‘IASB’), and interpretations issued by the International
Financial Reporting Interpretations Committee.
The financial statements give a true and fair view and are in
compliance with The Companies (Guernsey) Law, 2008,
applicable legal and regulatory requirements and the Listing
Rules of the UK Listing Authority.
Basis of preparation
The financial statements are presented in pound sterling,
which is the Company’s functional currency, rounded to the
nearest thousand. They are prepared on the historical cost
basis except that investment properties and derivative
financial instruments are stated at their fair value.
The accounting policies have been consistently applied to
the results, assets, liabilities and cash flows of the entities
included in the consolidated financial statements and are
consistent with those of the previous year.
Going concern
The Directors have examined significant areas of possible
financial risk including liquidity (with a view to both cash held
and undrawn debt facilities); the rates of both rent and
service charge collections from tenants; have considered
potential falls in property valuations; have reviewed cash flow
forecasts; have analysed forward-looking compliance with
third party debt covenants and in particular the Loan to Value
covenant and interest cover ratios; and have considered the
Group’s ongoing tax compliance with the REIT regime.
Overall, after utilising available cash, excluding the cash
undrawn against the RBSI facility and uncharged properties
and units in Joint Ventures, and based on the reporting period
to 31 March 2024, property valuations would have to fall
by 25% before the relevant Canada Life Loan to Value
covenants were breached, and actual net rental income
would need to fall by 63% before the interest cover
covenants were breached.
Furthermore, the properties charged to RBSI could fall in
value by 54%, prior to the 65% LTV covenant being breached,
and based on projected net rents for the quarter to March
2024, a 13% fall in net income could be sustained prior to the
RBS projected interest loan cover covenant of 200% being
breached.
As at the financial year end, the undrawn capacity of the
£75.0m RBSI facility was £28.0 million. This facility is an
efficient and flexible source of funding due to its ability to be
repaid and redrawn as often as required and matures in
June 2027.
Regarding the Canada Life loan of £129.6m, fifty per cent
matures in 2032 and fifty per cent matures in 2039
respectively.
The Board and Investment Manager also continue to closely
monitor ongoing changing macroeconomic and geopolitical
environments on the Group.
The Board and Investment Manager have considered the
impact of sustainability risk as a principal risk as set out on
page 56. In line with IFRS, investment properties are valued
at fair value based on open market valuations as described in
Note 10. The assessment of the open market valuation
includes consideration of environmental matters and the
condition of each property. The investment properties
continue to be monitored by the Investment Manager and key
considerations include EPC ratings and their impact on the
properties’ forecast compliance with minimum energy
efficiency standard regulation. Having assessed the impact of
climate change on the Group, the Directors concluded that it
is not expected to have a significant impact on the Group’s
going concern or viability assessment as described on pages
58 and 59.

Overview
Strategic Report
Governance Report
Financial Statements
Other information (unaudited)
97
The Directors have not identified any matters which would cast
significant doubt on the Group’s ability to continue as a going
concern for the period to 30 June 2025 and have satisfied
themselves that the Group has adequate resources to continue
in operational existence for this period to 30 June 2025.
After due consideration, the Board believes that it is
appropriate to adopt the going concern basis in preparing the
financial statements.
Use of estimates and judgements
The preparation of financial statements in conformity with
IFRS requires management to make judgements, estimates
and assumptions that affect the application of policies and
the reported amounts of assets and liabilities, income and
expenses. These estimates, and associated assumptions, are
based on historical experience and various other factors that
are believed to be reasonable under the circumstances, the
results of which form the basis of making judgements about
the carrying values of assets and liabilities that are not readily
apparent from other sources. Actual results may differ from
these estimates. The estimates and underlying assumptions
are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimates
are revised and in any future periods affected.
The most significant estimates made in preparing these
financial statements relate to the carrying value of investment
properties, including those within joint ventures, which are
stated at fair value. The Group uses external professional
valuers to determine the relevant amounts. Judgements made
by management in the application of IFRS that have a
significant effect on the financial statements and estimates
with a significant risk of material adjustment in the next year
are disclosed in note 18.
Another significant estimate is the amount of expected credit
losses as per IFRS 9 from rent demanded during the period
which has not yet been collected. On initial recognition the
Group calculates the expected credit loss for debtors based
on the lifetime expected credit losses under the IFRS 9
simplified approach. Management considers aged debtors’
analyses, the strength of tenant covenants, macroeconomic
factors and any rental deposits held. Management has
considered rental debtors on a quarterly basis and made
provisions and write offs where it has been deemed that
these amounts are potentially irrecoverable.
Basis of consolidation
Subsidiaries
The consolidated financial statements comprise the financial
statements of the Company and all of its subsidiaries drawn
up to 31 March each year. Subsidiaries are those entities
controlled by the Company. Control exists where the investor
has the following;
− power over the investee;
− exposure, or rights, to variable returns from its
involvement with the investee; and
− the ability to use its power over the entity to affect the
amount of the investor’s returns.
The financial statements of subsidiaries are included in the
consolidated financial statements from the date that control
commences until the date that control ceases. Where
properties are acquired by the Group through corporate
acquisitions, but the acquisition does not meet the definition
of a business combination, the acquisition has been treated
as an asset acquisition.
Joint ventures
Joint ventures are those entities over whose activities
the Group has joint control, established by contractual
agreement. The consolidated financial statements include
the Group’s share of profit or loss of jointly controlled entities
on an equity accounted basis. When the Group’s share of
losses exceeds its interest in an entity, the Group’s carrying
amount is reduced to nil and recognition of further losses is
discontinued except to the extent that the Group has incurred
legal or constructive obligations or is making payments on
behalf of an entity.
Transactions eliminated on consolidation
Intra-group balances, and any gains and losses arising from
intra-group transactions, are eliminated in preparing the
consolidated financial statements. Gains arising from
transactions with joint ventures are eliminated to the extent
of the Group’s interest in the entity. Losses are eliminated in
the same way as gains but only to the extent that there is no
evidence of impairment.

98 Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements
Investment property
Investment property is land and buildings held to earn rental
income together with the potential for capital growth.
Acquisitions and disposals are recognised on the
unconditional exchange of contracts. Acquisitions are initially
recognised at cost, being the fair value of the consideration
given, including transaction costs associated with the
investment property.
After initial recognition, investment properties are measured
at fair value, with unrealised gains and losses recognised in
the Statement of Comprehensive Income. Realised gains and
losses on the disposal of properties are recognised in the
Statement of Comprehensive Income in relation to their sale
price, sale costs and the carrying value brought forward from
the prior financial year. Fair value is based on the market
valuations of the properties as provided by a firm of
independent chartered surveyors at the reporting date.
Market valuations are carried out on a quarterly basis.
As disclosed in note 19, the Group leases out all owned
properties on operating leases. A property held under an
operating lease is classified and accounted for as an
investment property where the Group holds it to earn rentals,
capital appreciation, or both. Any such property leased under
an operating lease is classified as an investment property and
carried at fair value.
Leases
For any material leases for which the Group is a lessee, the
leasehold interest is measured at fair value and included in
investment properties with the corresponding liability being
shown as a non-current liability. The fair value is calculated
as the present value of the future lease payments.
Financial instruments
Derivative financial instruments
This comprises the interest rate collar which is recognised
at a fair value assessed by an independent third party.
Non-derivative financial instruments
Financial assets
Non-derivative financial instruments comprise trade and
other receivables and cash and cash equivalents. These are
recognised initially at fair value plus any directly attributable
transaction costs. Subsequent to initial recognition they are
measured at amortised cost using the effective interest rate
method less any impairment losses.
Cash and cash equivalents
Cash at bank, and short-term deposits that are held to
maturity, are carried at cost. Cash and cash equivalents are
defined as cash in hand, demand deposits and short-term,
highly liquid investments readily convertible to known
amounts of cash and subject to insignificant risk of changes
in value. For the purposes of the Consolidated Statement of
Cash Flows, cash and cash equivalents consist of cash in
hand and short-term deposits at banks with an initial term
of no more than three months.
Financial liabilities
Non-derivative financial liabilities comprise loans
and borrowings and trade and other payables.
Loans and borrowings
Borrowings are recognised initially at fair value of the
consideration received, less attributable transaction costs.
Subsequent to initial recognition, interest-bearing borrowings
are stated at amortised cost with any difference between cost
and redemption value being recognised in the Statement of
Comprehensive Income over the period of the borrowings on
an effective interest basis.
Trade and other payables
Trade and other payables are stated at amortised cost.
Share capital
Ordinary shares, including treasury shares, are classified
as equity.
Share buyback
Shares purchased are recognised on the trade date and
debited to the existing treasury reserve in the Statement of
Changes in Equity. Any broker’s fees relating to the share
buyback are debited to other expenses.
Dividends
Dividends are recognised in the period in which they are paid.
A final dividend will be paid following the period end.
Rental income
Rental income from investment properties is recognised on
a straight-line basis over the term of ongoing leases and is
shown gross of any UK income tax. Lease incentives are
spread evenly over the lease term.
Surrender premiums and dilapidations are recognised in line
with individual lease agreements when cash inflows are
certain.

Overview
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Other information (unaudited)
99
Impairment
Financial assets
Financial assets at amortised cost are subject to impairment.
The Group’s significant financial assets that are subject to
IFRS 9’s expected credit loss model are trade receivables
from the leasing of investment properties. The credit risk
associated with unpaid rent has increased in recent years due
to macroeconomic factors and the Company has undertaken
a detailed analysis over the recoverability of expected rents.
Deferred income has been closely monitored and any rents
deemed irrecoverable discussed by management.
Non-financial assets
The carrying amounts of the Group’s non-financial assets,
being the investment in joint ventures, are reviewed at each
reporting date to determine whether there is any indication of
impairment. If any such indication exists, then the asset’s
recoverable amount is estimated.
The recoverable amount of an asset or cash-generating unit is
the greater of its value in use and its fair value less costs to
sell. In assessing value in use, the estimated future cash flows
are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time
value of money and the risks specific to that asset.
For the purpose of impairment testing, assets are grouped
together into the smallest group of assets that generates
cash inflows from continuing use that are largely independent
of the cash inflows of other assets or groups of assets
(the ‘cash-generating unit’).
An impairment loss is recognised if the carrying amount of an
asset or its cash-generating unit exceeds its estimated
recoverable amount. Impairment losses are recognised in the
statement of comprehensive income.
Provisions
A provision is recognised in the Consolidated Statement of
Financial Position when the Group has a legal or constructive
obligation as a result of a past event and it is probable that
an outflow of economic benefits will be required to settle
the obligation.
Finance costs
Finance costs comprise interest expenses on borrowings that
are recognised in the Statement of Comprehensive Income.
Attributable transaction costs incurred in establishing the
Group’s credit facilities are deducted from the fair value of
borrowings on initial recognition and are amortised over
the lifetime of the facilities through the Statement of
Comprehensive Income. Finance costs are accounted for
on an effective interest basis.
Expenses
All expenses are accounted for on an accruals basis and
the Company does not capitalise overheads and operating
expenses. The costs recharged to occupiers of the properties
are presented net of the service charge income as
management consider that the property agent acts as
principal in this respect.
Taxation
SREIT elected to be treated as a UK real estate investment
trust (‘REIT’). The UK REIT rules exempt the profits of SREIT
and its subsidiaries’ (the ‘Group’) UK property rental business
from corporation tax. Gains on UK properties are also exempt
from tax, provided they are not held for trading or sold in the
three years after completion of development. The Group is
otherwise subject to corporation tax.
As a REIT, SREIT is required to pay Property Income
Distributions equal to at least 90% of the Group’s exempted
net income. To retain UK REIT status there are a number of
conditions to be met in respect of the principal company
of the Group, the Group’s qualifying activity and its balance
of business. The Group continues to meet these conditions.
Segmental reporting
The Directors are of the opinion that the Group is engaged in
a single segment of business, being property investment, and
in one geographical area, the United Kingdom. There is no
one tenant that represents more than 10% of group revenues.
SREIM acts as advisor to the Board, who then may make
management decisions following their recommendations. As
such the Board of Directors are considered to be the chief
operating decision maker. A set of consolidated IFRS financial
information is provided to the Board on a quarterly basis.

100 Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements
2. Material agreements
SREIM is the Investment Manager to the Company.
The Investment Manager is entitled to a fee, together with
reasonable expenses incurred in the performance of its
duties. The current fee is payable monthly in arrears at one
twelfth of the aggregate of 0.9% of the NAV of the
Company (where NAV is less than £500 million).
The Investment Management Agreement can be terminated
by either party on not less than twelve months written notice
(such notice not to expire prior to the second anniversary of
the effective date per the most recent agreement being
21 November 2023) or on immediate notice in the event of
certain breaches of its terms or the insolvency of either party.
The tiered fee structure is as follows:
Tiered fee structure
<£500 million
0.9%
£500 million - £1 billion
0.8%
£1 billion+
0.7%
The fee covers all of the appointed services of the
Investment Manager and there are standard provisions for
the reimbursement of expenses. Additional fees can be
agreed for out-of-scope services on an ad hoc basis.
With effect from the financial year ending 31 March 2025, the
Company shall pay to the Investment Manager an additional
management fee equal to 0.05 per cent of Net Asset Value
per annum if:
a) the Manager has delivered the sustainability-related key
performance indicators contained within the
Investment Policy, as may amended from time to time,
to the satisfaction of the Board (acting reasonably); and
b) the 12-month income return from the underlying
Property Portfolio, to be calculated by MSCI, is ahead
of the MSCI Benchmark.
The total charge to the Consolidated Statement of
Comprehensive Income during the year was £2,350,000
(2023: £2,755,000). At the year end £500,000 (2023: £nil)
was outstanding.
Langham Hall (Guernsey) Limited and Langham Hall UK
Depositary LLP provide Administration, Designated Manager
and Depositary services to the Group respectively.
Administration fees during the year were £116,000 (2023:
£96,000).
Schroder Investment Management Limited provides company
secretarial services to the Company with an annual fee equal
to £50,000. Company secretarial fees for the period 1 April
2023 to 31 March 2024 were £50,000 (2023: £50,000).
3. Other income
Notes:
31/03/2024
31/03/2023
£000
£000
Dilapidations, surrender premiums and all other miscellaneous income
1,504
58
1,504
58
4. Property operating expenses
Notes:
31/03/2024
31/03/2023
£000
£000
Agents’ fees
147
133
Repairs and maintenance
67
51
Advertising
38
70
Rates
290
369
Service charge, insurance and utilities on vacant units
1,492
1,657
Ground rent
113
68
Bad debt write offs, provisions and write backs
7
(90)
2,154
2,258

Overview
Strategic Report
Governance Report
Financial Statements
Other information (unaudited)
7. Taxation
Notes:
31/03/2024
31/03/2023
£000
£000
Tax expense in the year
-
-
Profit/(loss) before tax
3,017
(54,715)
Tax using the UK corporation tax rate of 25% (2023: 19%)
754
(10,396)
Revaluation loss on investment property not deductible
2,011
11,420
Revaluation loss on financial instrument not deductible
137
-
Share of capital loss of associates and joint ventures not deductible
1,265
2,187
Profit on the disposal of investment property not deductible
( 5 0 )
(225)
Profit on disposal of financial instrument not deductible
( 4 7 )
-
Loss on refinancing costs
-
47
UK REIT exemption
(4,070)
(3,033)
CURRENT TAX EXPENSE IN THE YEAR
-
-
101
5. Auditor’s remuneration
The total expected audit fees are £197,000 for the financial year ended 31 March 2024 (2023: £185,000).
6. Other expenses
Notes:
31/03/2024
31/03/2023
£000
£000
Professional fees
204
285
Other expenses
72
61
276
346
Directors’ fees
Directors are the only officers of the Company and there are no other key personnel. The Directors’ annual remuneration for
services to the Group was £183,750 (2023: £171,900), as set out in the Directors’ Remuneration Report on pages 78 and 79.

SREIT elected to be treated as a UK real estate investment
trust (‘REIT’). The UK REIT rules exempt the profits of SREIT
and its subsidiaries’ (the ‘Group’) UK property rental business
from corporation tax. Gains on UK properties are also exempt
from tax, provided they are not held for trading or sold in the
three years after completion of development. The Group is
otherwise subject to corporation tax.
As a REIT, SREIT is required to pay Property Income
Distributions equal to at least 90% of the Group’s exempted
net income. To retain UK REIT status there are a number of
conditions to be met in respect of the principal company of
the Group, the Group’s qualifying activity and its balance of
business. The Group continues to meet these conditions.
8. Basic and diluted earnings per share
The basic and diluted earnings per share for the Group are
based on the profit for the year of £3,017,000 (2023: loss of
£54,715,000) and the weighted average number of ordinary
shares in issue during the year of 489,110,576 shares (2023:
489,951,223).
9. Dividends paid
In respect of:
Ordinary
Rate
31/03/2024
shares
(pence)
£000
Q/e 31 March 2023 (dividend paid 30 June 2023)
489.11 million
0.836
4,089
Q/e 30 June 2023 (dividend paid 25 August 2023)
489.11 million
0.836
4,089
Q/e 30 Sept 2023 (dividend paid 22 December 2023)
489.11 million
0.836
4,089
Q/e 31 Dec 2023 (dividend paid 28 March 2024)
489.11 million
0.836
4,089
3.344
16,356
Q/e 31 March 2022 (dividend paid 30 June 2022)
491.08 million
0.795
3,904
Q/e 30 June 2022 (dividend paid 19 August 2022)
491.02 million
0.803
3,943
Q/e 30 Sept 2022 (dividend paid 9 December 2022)
489.11 million
0.803
3,928
Q/e 31 Dec 2022 (dividend paid 7 March 2023)
489.11 million
0.819
4,006
3.220
15,781
A dividend for the quarter ended 31 March 2024 of 0.853 pence per
share was approved and will be paid on the 28 June 2024.
102
Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements

Overview
Strategic Report
Governance Report
Financial Statements
Other information (unaudited)
10. Investment property
Leasehold
Freehold
Total
£000
£000
£000
FAIR VALUE AS AT 31 MARCH 2022
39,793
393,693
433,486
Additions
32
10,101
10,133
Acquisitions
-
16,058
16,058
Disposal of assets held at fair value
-
(12,405)
(12,405)
Gain on the sale of assets
-
1,184
1,184
Fair value leasehold movement
(319)
-
(319)
Net unrealised valuation loss on investment property
(4,093)
(56,014)
(60,107)
FAIR VALUE AS AT 31 MARCH 2023
35,413
352,617
388,030
Additions
720
7,570
8,290
Acquisitions
-
-
-
Disposal of assets held at fair value
-
(3,763)
(3,763)
Gain on the sale of assets
-
199
199
Fair value leasehold movement
(106)
-
(106)
(2,949)
(5,095)
(8,044)
FAIR VALUE AS AT 31 MARCH 2024
33,078
351,528
384,606
The balance above includes
Leasehold
Freehold
Total
£000
£000
£000
Investment property
33,745
352,617
386,362
Fair value leasehold adjustment
1,668
-
1,668
FAIR VALUE AS AT 31 MARCH 2023
35,413
352,617
388,030
Investment property
31,516
351,528
383,044
Fair value leasehold adjustment
1,562
-
1,562
FAIR VALUE AS AT 31 MARCH 2024
33,078
351,528
384,606
103

The fair value of investment properties, as determined by the
valuer as at 31 March 2024, totals £391,475,000 (March
2023: £398,560,000), of which a sum of £8,431,000 (2023:
£8,198,000) relating to lease incentives is included within
trade and other receivables.
The fair value of investment property has been determined by
CBRE, a firm of independent chartered surveyors, who are
registered independent appraisers (note 18). The valuation has
been undertaken in accordance with the current RICS
Valuation – Global Standards, which incorporates the
International Valuation Standards, issued by the Royal
Institution of Chartered Surveyors (the ‘Red Book’).
The properties have been valued on the basis of “Fair Value”
in accordance with the RICS Valuation – Professional
Standards VPS4(7.1) Fair Value and VPGA1 Valuations for
Inclusion in Financial Statements which adopt the
definition of Fair Value used by the International
Accounting Standards Board.
The valuation has been undertaken using appropriate
valuation methodology and the Valuer’s professional
judgement. The Valuer’s opinion of Fair Value was primarily
derived using recent comparable market transactions on
arm’s length terms, where available, and appropriate
valuation techniques (The Investment Method).
The properties have been valued individually and not as part
of a portfolio.
As highlighted within the Group’s investment strategy on
page 51, developments and refurbishments form
a key element of the Group’s commitment to sustainability.
During the year the Group has spent £8.3m on capital
expenditure. This sum included both capital works which, in
some cases, enhanced the environmental performance of the
assets amongst other key strategies. The primary focus has
been on optimising earnings across the existing portfolio
through an extensive asset management and targeted capital
expenditure programme, targeting growth areas and
sustainability improvements.
All investment properties are categorised as Level 3 fair
values as they use significant unobservable inputs.
There have not been any transfers between Levels during
the year. Investment properties have been classed according
to their real estate sector. Information on these significant
unobservable inputs per class of investment property is
disclosed below:
Quantitative information about fair value measurement
using unobservable inputs (Level 3) as at 31 March 2024
31 March 2024
Industrial
Office
Other
Total
Fair value (£’000)
229,750
83,775
59,225
18,725
391,475
Area (‘000 sq ft)
2,400
446
358
198
3,402
Range
£2.36 – £19.46
£2.99 – £76.75
£6.99 –
£32.93
£1.05
– £26.70
£1.05 – £76.75
Weighted average
£5.22
£13.86
£15.37
£7.95
£7.58
Range
£2.50 – £19.25
£4.00 – £80.50
£8.47 – £34.00
£2.00
– £25.00
£2.00 – £80.50
Weighted average
£7.25
£15.66
£20.58
£8.51
£9.83
Range
0.00%
– 8.18%
0.00%
– 11.87%
0.00% – 13.19%
6.55% – 9.45%
0.00% – 13.19%
Weighted average
4.99%
6.73%
7.71%
7.68%
5.93%
Range
5.98% – 9.35%
6.43% – 12.24%
8.03% – 14.00%
6.80% – 9.94%
5.95% – 14.00%
Weighted average
6.93%
7.73%
10.19%
8.78%
7.75%
1
1
Notes:
1. Yields based on rents receivable after deduction of head rents but gross of non-recoverables.
104 Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements

Overview
Strategic Report
Governance Report
Financial Statements
Other information (unaudited)
Quantitative information about fair value measurement
using unobservable inputs (Level 3) as at 31 March 2023
31 March 2023
Industrial
Office
Other
Total
Fair value (£’000)
220,110
85,850
72,950
19,650
398,560
Area (‘000 sq ft)
2,396
448
424
198
3,466
Range
£2.36 – £14.00
£2.99 – £70.39
£10.50 –
£26.14
£1.05
– £26.70
£0 – £32.85
Weighted average
£4.84
£14.06
£12.87
£8.96
£7.22
Range
£2.50 – £17.50
£4.00 – £80.56
£8.47 – £27.00
£2.10
– £13.00
£3.50 – £32.85
Weighted average
£6.88
£15.35
£18.57
£7.98
£9.51
Range
3.00%
– 13.12%
3.68%
– 21.60%
4.90% – 13.35%
6.00% – 10.82%
3.00% – 21.6%
Weighted average
4.87%
6.71%
6.6%
8.06%
5.70%
Range
5.35% – 10%
5.50% – 14.00%
7.25% – 13.00%
6.04% – 11.35%
5.35% – 14.00%
Weighted average
6.53%
7.33%
9.38%
8.82%
7.51%
1
1
Notes:
1. Yields based on rents receivable after deduction of head rents but gross of non-recoverables.
Sensitivity of measurement to variations
in the significant unobservable inputs
The significant unobservable inputs used in the fair value measurement categorised within Level 3 of the fair value hierarchy of
the Group’s property portfolio, together with the impact of significant movements in these inputs on the fair value measurement,
are shown below:
Passing rent
Increase
Decrease
Gross ERV
Increase
Decrease
Net initial yield
Decrease
Increase
Equivalent yield
Decrease
Increase
There are interrelationships between the yields and rental values as they are partially determined by market rate conditions.
105

The sensitivity of the valuation to changes in the most significant inputs per class of investment property are shown below:
Estimated movement in fair value of
investment properties at 31 March 2024
Industrial
Retail
Office
Other
All sectors
£000
£000
£000
£000
£000
Increase in ERV by 5%
10,122
2,788
2,726
183
15,819
Decrease in ERV by 5%
(10,101)
(2,603)
(2,720)
(189)
(15,613)
Increase in net initial yield by 0.25%
(8,886)
(2,950)
(1,828)
(604)
(14,268)
Decrease in net initial yield by 0.25%
9,773
3,209
2,367
645
15,994
Estimated movement in fair value of
investment properties at 31 March 2023
Industrial
Retail
Office
Other
All sectors
£000
£000
£000
£000
£000
Increase in ERV by 5%
9,852
3,280
3,039
161
16,332
Decrease in ERV by 5%
(9,764)
(3,018)
(5,195)
(161)
(18,138)
Increase in net initial yield by 0.25%
(8,774)
(3,119)
(2,263)
(627)
(14,783)
Decrease in net initial yield by 0.25%
9,678
3,374
2,717
673
16,442
11. Investment in joint ventures
CLOSING BALANCE AS AT 31 MARCH 2022
83,700
Valuation loss on joint venture
(11,513)
CLOSING BALANCE AS AT 31 MARCH 2023
72,187
Purchase of further units in City Tower Unit Trust
187
Purchase of further units in Store Unit Trust
50
Valuation loss on joint venture
(5,058)
CLOSING BALANCE AS AT 31 MARCH 2024
67,366
Summarised joint venture financial information not
adjusted for the Group’s share – City Tower Unit Trust
Notes:
31/03/2024
31/03/2023
£000
£000
Investment property
117,600
136,100
Other assets
1,069
3,779
(2,524)
(2,070)
Revenues for the year
10,182
9,025
Total comprehensive rental income
5,814
7,570
Net asset value attributable to the Group
29,036
34,452
Total comprehensive income attributable to the Group
1,454
1,893
1
106 Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements

Overview
Strategic Report
Governance Report
Financial Statements
Other information (unaudited)
Summarised joint venture financial information not
adjusted for the Group’s share – Store Street Unit Trust
Notes:
31/03/2024
31/03/2023
£000
£000
Investment properties
76,750
75,550
Other assets
404
446
(494)
(527)
Revenues for the year
3,870
3,700
Total comprehensive rental income
3,206
3,242
Net asset value attributable to the Group
38,330
37,735
Total comprehensive income attributable to the Group
1,603
1,621
1
1. Liabilities are non-recourse to the Group.
The Company owns 25% of City Tower Unit Trust and 50% of Store Unit Trust. The remaining units in the City Tower
and Store Unit Trusts are owned by other Schroders’ funds.
The fair value of investment property owned by the two Joint Ventures has been determined by CBRE, who are registered
independent appraisers. The two valuations were undertaken on the same basis as that described under Note 10:
Investment Property.
12. Trade and other receivables
31/03/2024
31/03/2023
£000
£000
Rent receivable
3,172
3,578
Other debtors and prepayments
16,665
14,048
Other capital debtors
-
4,000
19,837
21,626
Other debtors and prepayments include £8,431,000 (2023: £8,198,000) in respect of lease incentives.
As at 31 March 2024 total bad debt provisions of £0.4m (2023: £0.4m) had been recognised against rental debtors
of £2.3m (2023: £3.3m) net of VAT.
107

13. Cash and cash equivalents
As at 31 March 2024 the Group held £6.0 million (2023: £8.4 million) in cash.
14. Issued capital and reserves
Stated capital
The share capital of the Company is represented by an
unlimited number of ordinary shares of no par value.
As at the date of this Report, the Company has 565,664,749
ordinary shares in issue (2023: 565,664,749) of which
76,554,173 Ordinary shares are held in treasury
(2023: 76,554,173). The total number of voting rights of
the Company was 489,110,576 (2023: 489,110,576) as at
the financial year end.
Treasury capital
76,554,173 (2023: 76,554,173) ordinary shares, which
represent 13.5% (2023: 13.5%) of the Company’s total
issued share capital, were held in treasury as at the
financial year end.
Revenue reserve
This reserve represents an accumulated amount of the
Group’s prior earnings net of dividends.
15. Interest-bearing loans and borrowings
This note provides information about the contractual terms of the Group’s interest-bearing loans and borrowings. For more
information about the Group’s exposure to interest rate risk, see note 18.
31/03/2024
31/03/2023
£000
£000
Loan facilities
176,585
177,885
Unamortised arrangement fees
(719)
(952)
175,866
176,933
The Group has in place a £129.6 million loan facility with
Canada Life. This has been in place since 16 April 2013 and has
been refinanced several times, most recently in October 2019.
The loan is split into two equal tranches of £64.8 million as
follows:
− Facility A matures in October 2032 and attracts an
interest rate of 2.36%; and
− Facility B matures in October 2039 and attracts an
interest rate of 2.62%.
As at the April 2024 Interest Payment Date, the Canada
Life interest cover ratio was 497% (2023: 480%) against
a covenant of 185%; the forecast interest cover ratio was
482% (2023: 449%) against a covenant of 185%; and
the Loan to Value ratio was 49.4% (2023: 46.9%) against
a covenant of 65%.
The Canada Life facility has a first charge of security over all
the property assets in the ring-fenced security pool which at
31 March 2024 contained properties valued at £262.24
million (2023: £271.80 million). Various restraints apply
during the term of the loan although the facility has been
designed to provide significant operational flexibility.
The Group also has a revolving credit facility with RBSI most
recently refinanced in June 2022, with a five-year term
which runs to June 2027, and the maximum amount able to is
£75.0m. The facility carries an interest rate of a 1.65% margin,
plus three-month SONIA rate, with a 0.64% non-utilisation
fee. As at 31 March 2024, a sum of £47.0m was drawn down.
In June 2023 the Group also completed on the acquisition of
an interest rate collar from RBSI, which has a floor of 3.25%
and a cap of 4.25%; which will expire on 6 June 2027; and
which is attributable to £30.5 million of the loan drawn sum
of the RBSI revolving credit facility. Further details are
disclosed in note 20.
108
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Financial Statements
Other information (unaudited)
As at the April 2024 Interest Payment Date, the RBSI
projected interest cover ratio was 231% (2023: 411%)
against a covenant of 200% and the Loan to Value ratio
was 29.8% (2023: 30.0%) against a covenant of 65%.
The RBSI facility has a first charge security over certain
property assets which at 31 March 2024 contained
properties valued at £157.6 million (2023: £160.8 million).
A reconciliation of financing movements for the year is
presented below split into cash and non-cash items:
LOAN BALANCE BROUGHT FORWARD
176,933
Drawdown on RBSI RCF (cash)
1,000
Repayment of RBSI RCF (cash)
(2,300)
Non-cash amortisation of arrangement fees
233
LOAN BALANCE CARRIED FORWARD
175,866
LOAN BALANCE BROUGHT FORWARD
161,791
Drawdown on RBSI RCF (cash)
15,600
Non-cash amortisation of arrangement fees
(458)
LOAN BALANCE CARRIED FORWARD
176,933
16. Trade and other payables
31/03/2024
31/03/2023
£000
£000
Deferred income
4,952
5,131
Rental deposits
2,442
1,850
Interest payable
1,328
1,101
Other trade payables and accruals
4,533
2,890
13,255
10,972
109

17. NAV per Ordinary Share
The number of ordinary shares in issue was 489,110,576 as at 31 March 2024 (2023: 489,110,576). The NAV per Ordinary Share
is based on the net assets of £287,350,000 (2023: £300,689,000) and 489,110,576 (2023: 489,110,576) ordinary shares in
issue as at the reporting date.
18. Financial instruments,
properties and associated risks
Financial risk factors
The Group holds cash and liquid resources as well as having
debtors and creditors that arise directly from its operations.
The Group uses interest rate derivative contracts, the details
of which are in note 20, when required to limit exposure to
interest rate risks, but does not have any other derivative
instruments.
The main risks arising from the Group’s financial instruments
and properties are market price risk, credit risk, liquidity risk
and interest rate risk. The Group has no exposure to foreign
currency exchange risk. The Board regularly reviews and
agrees policies for managing each of these risks and these
are summarised below:
Market price risk
Rental income, and the market value for properties, are
generally affected by overall conditions in the economy, such
as changes in gross domestic product, employment trends,
inflation and changes in interest rates. Changes in gross
domestic product may also impact employment levels, which
in turn may impact the demand for premises. Furthermore,
movements in interest rates may also affect the cost of
financing for real estate companies. Both rental income and
property values may also be affected by other factors specific
to the real estate market such as competition from other
property owners; the perceptions of prospective tenants of
the attractiveness, convenience and safety of properties; the
inability to collect rents because of bankruptcy or the
insolvency of tenants; the periodic need to renovate, repair
and re-lease space and the costs thereof; and the costs of
maintenance and insurance, and increased operating costs.
The Directors monitor the market value of investment
properties by having independent valuations carried out
quarterly by a firm of independent chartered surveyors.
Note 10 sets out the sensitivity analysis on the market price
risk. Concentration risk, based on industry and geography, is
set out in the tables on pages 17 to 18. Included in market
price risk is interest rate risk which is discussed further below.
Credit risk
Credit risk is the risk that an issuer or counterparty will be
unable or unwilling to meet a commitment that it has entered
into with the Group. In the event of default by an occupational
tenant, the Group will suffer a rental income shortfall and
incur additional costs, including legal expenses, in
maintaining, insuring and re-letting the property.
The Investment Manager reviews reports prepared by
Dun & Bradstreet, or other sources, to assess the credit
quality of the Group’s tenants and aims to ensure there is no
excessive concentration of risk and that the impact of any
default by a tenant is minimised.
In respect of credit risk arising from other financial assets,
which comprise cash and cash equivalents, exposure to credit
risk arises from default of the counterparty with a maximum
exposure equal to the carrying amounts of these instruments.
In order to mitigate such risks, cash is maintained with major
international financial institutions with high quality credit
ratings. During the year, and at the reporting date, the Group
maintained a relationship with branches and subsidiaries of
HSBC. HSBC has a credit rating of A- (provided by Standard
and Poor).
110
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Financial Statements
Other information (unaudited)
Management has considered rental debtors on a quarterly
basis and made provisions where it has been deemed that
these amounts may be unrecoverable. As at 31 March 2024
total provisions of £0.36 million (2023: £0.36 million) were
recognised and rental debtors are shown net of this provision
in the Balance Sheet.
On initial recognition the Group calculates the expected
credit loss for debtors based on the lifetime expected credit
losses under the IFRS 9 simplified approach. Management
considers aged debtors’ analyses, the strength of tenant
covenants, macroeconomic factors and any rental deposits
held.
Liquidity risk
Liquidity risk is the risk that the Group will encounter
difficulties in meeting obligations associated with its financial
obligations.
The Group’s investments comprise UK commercial property.
Property and property-related assets are inherently difficult to
value due to the individual nature of each property. As a
result, valuations are subject to substantial uncertainty. There
is no assurance that the estimates resulting from the valuation
process will reflect the actual sale price even where such
sales occur shortly after the valuation date. Investments in
property are relatively illiquid. However, the Group has tried
to mitigate this risk by investing in properties that it considers
to be of good quality.
In certain circumstances, the terms of the Group’s debt
facilities entitle the lender to require early repayment and in
such circumstances the Group’s ability to maintain dividend
levels and the net asset value could be adversely affected.
The Investment Manager prepares cash flows on a rolling
basis to ensure the Group can meet future liabilities as and
when they fall due.
The maximum exposure to credit risk for rent receivables
at the reporting date by type of sector was:
31/03/2024
31/03/2023
Carrying amount £000
Carrying amount £000
Office
279
568
Industrial
2,190
2,496
Retail, leisure and other
779
874
1
1
1. Rental debtors gross of VAT and excluding bad debt provisions.
Rent receivables which are past their due date were:
31/03/2024
31/03/2023
Carrying amount £000
Carrying amount £000
0-30 days
1,916
2,940
31-60 days
143
62
61-90 days
122
4
91 days plus
1,067
932
1
1
1. Rental debtors gross of VAT and excluding bad debt provisions.
111

Interest rate risk
Exposure to market risk for changes in interest rates relates
primarily to the Group’s long-term debt obligations and to
interest earned on cash balances. As interest on the Group’s
long-term debt obligations is payable on a fixed-rate basis,
the Group is not exposed to near-term interest rate risk in
relation to its Canada Life loan facility. As at 31 March 2024
the fair value of the Group’s £129.6 million loan with Canada
Life was £111.1 million (2023: £112.8 million).
The RBSI revolving credit facility is a low-margin and flexible
source of funding with a margin of 1.65%, plus 3-month
SONIA rate and it is considered by management that the
carrying value of the loan is equal to its fair value
(sum of £47.0m (2023: £48.3 million) drawn as at the year
end). In order to assist with mitigating interest rate risk on the
RBSI facility, in June 2023 the Group acquired an interest
rate collar from RBSI, which has a floor of 3.25% and a cap of
4.25%; which will expire on 6 June 2027; and which is
attributable to £30.5 million of the loan drawn sum.
A 1% increase or decrease in short-term interest rates would
increase or decrease the bank interest annual income, and
equity by £60,000 based on the cash balance as at 31 March
2024.
The Canada Life loan is fixed-rate, as above, and thus a 1%
increase or decrease in interest rates would not impact the
loan interest payable by the Fund.
The RBS revolving credit facility had a drawn balance of
£47.0 million as at the year end and an interest rate collar in
place for £30.5 million of the drawn sum. A 1% increase in
interest rates would thereby increase the finance costs
payable by £165,000 (assuming that the loan principal drawn
remained the same).
Fair values
The fair values of financial assets and liabilities are not
materially different from their carrying values, unless
disclosed below, in the financial statements.
The fair value hierarchy levels are as follows:
− Level 1 – quoted prices (unadjusted) in active markets
for identical assets and liabilities;
− Level 2 – inputs other than quoted prices included within
level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from
prices); and
− Level 3 – inputs for the assets or liability that
are not based on observable market data
(unobservable inputs).
The following table indicates the maturity analysis
of the financial liabilities.
£000
£000
£000
£000
£000
£000
175,866
226,102
3,226
9,679
60,713
152,484
Leasehold liability
1,562
11,533
51
154
307
11,021
Trade and other payables
7,729
7,729
5,594
-
-
2,135
TOTAL FINANCIAL LIABILITIES
185,157
245,364
8,871
9,833
61,020
165,640
1
£000
£000
£000
£000
£000
£000
176,933
232,303
3,044
9,131
64,417
155,711
Leasehold liability
1,668
11,961
52
157
313
11,439
Trade and other payables
5,841
5,841
3,990
-
-
1,851
TOTAL FINANCIAL LIABILITIES
184,442
250,105
7,086
9,288
64,730
169,001
1
1. Assumes that the £47.0 million RBS revolving credit facility is repaid in 2027.
112 Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements

Overview
Strategic Report
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Financial Statements
Other information (unaudited)
There have been no transfers between Levels 1, 2 and 3
during the year (2023: none).
The following summarises the main methods and
assumptions used in estimating the fair values of
financial instruments and investment property:
Investment property – level 3
Fair value is based on valuations provided by an independent
firm of chartered surveyors and registered appraisers. These
values were determined after having taken into consideration
recent market transactions for similar properties in similar
locations to the investment properties held by the Group.
The fair value hierarchy of investment property is level 3.
See Note 10 for further details.
Interest-bearing loans and borrowings – level 2
Fair values are based on the present value of future cash flows
discounted at a market rate of interest. Issue costs are
amortised over the period of the borrowings. As at 31 March
2024, the fair value of the Group’s £129.6 million loan with
Canada Life was £111.1 million (2023: £112.8 million).
Financial Instruments
The Group’s interest rate collar is recognised at its fair value
via valuations provided by an independent firm, Chatham
Financial.
Capital management
The Board’s policy is to maintain a strong capital base to
maintain investor, creditor and market confidence and to
sustain future development of the business.
The objective is to ensure that it will continue as a going
concern and to maximise the return to its equity shareholders
through an appropriate level of gearing. The Company’s
capital management process ensures it meets its financial
covenants in its borrowing arrangements. Breaches in
meeting the financial covenants could permit the lenders to
immediately accelerate the repayment of loans and
borrowings. The Company monitors as part of its quarterly
board meetings that it will adhere to specific leverage,
interest cover and rental cover ratios. There have been no
breaches in the financial covenants of any loans and
borrowings during the financial year.
The Company’s debt and capital
structure comprises the following
31/03/2024
31/03/2023
£000
£000
Fixed-rate loan facility
129,585
129,585
Floating rate loan facility
1
47,000
48,300
176,585
177,885
Called-up share capital
181,989
181,989
Reserves
105,361
118,700
287,350
300,689
TOTAL DEBT AND EQUITY
463,935
478,574
There were no changes in the Group’s approach to capital management during the year.
1 (This amount refers to the amount drawn. The total facility as at 31 March 2024 was £75.0 million (2023: £75.0 million))
113

19. Operating leases
The Group leases out its investment property under operating leases. At 31 March 2024 the future minimum lease receipts
under non-cancellable leases are as follows:
31/03/2024
31/03/2023
£000
£000
Less than one year
23,400
22,850
Between one and five years
68,798
66,194
More than five years
54,918
58,829
TOTAL DEBT AND EQUITY
147,116
147,873
The total above comprises the total contracted rent receivable as at 31 March 2024.
The Group has entered into leases on its property portfolio. The commercial property leases typically have lease terms between
5 and 15 years and include clauses to enable periodic upward revision of the rental charge according to prevailing market
conditions. Some leases contain options to break before the end of the lease term.
20. Interest rate derivative contracts
In June 2023 the Group disposed of its interest cap, which had been due to expire in July 2023, and which was attributable to
£30.5 million of the drawn loan sum of the RBSI revolving credit facility, for a sum of £0.19 million. This had previously been
carried at a nil fair value and thus there was a gain on disposal of £0.19 million recognised in
the financial year.
In June 2023 the Group also completed on the acquisition of an interest rate collar from RBSI, which has a floor of 3.25% and a
cap of 4.25%; which will expire on 6 June 2027; and which is attributable to £30.5 million of the drawn loan sum of the RBSI
revolving credit facility. The cost to acquire this financial instrument was £0.77 million, including fees, and as at the 31 March
2024 it had a deemed fair value of £0.22 million with an unrealised loss of £0.55 million being recognised in the financial year.
114
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Overview
Strategic Report
Governance Report
Financial Statements
Other information (unaudited)
21. List of subsidiary and joint
venture undertakings
The companies listed below are those which were part
of the Group as at 31 March 2024:
Undertaking
Category
SREIT No.2 Limited
Subsidiary
Guernsey
Property ownership with external finance
100%
SREIT Holding (No.2) Limited
Subsidiary
Guernsey
Holding Company
100%
SREIT Holding Company Limited
Subsidiary
Guernsey
Holding Company with external finance
100%
SREIT Property Limited
Subsidiary
Guernsey
Property ownership
100%
SREIT (Portergate) Limited
Subsidiary
Guernsey
Property ownership
100%
SREIT (Uxbridge) Limited
Subsidiary
Guernsey
Property ownership
100%
SREIT (City Tower) Limited
Subsidiary
Guernsey
Joint ownership of an underlying property unit trust
100%
SREIT (Store) Limited
Subsidiary
Guernsey
Joint ownership of an underlying property unit trust
100%
SREIT (Bedford) Limited
Subsidiary
Guernsey
Property ownership
100%
City Tower Unit Trust
Joint Venture
Jersey
Property ownership
25%
Store Unit Trust
Joint Venture
Jersey
Property ownership
50%
The registered addresses for all wholly-owned entities are the same as that of the parent company and can be found on
page 147.
The registered address for both Joint Venture entities is 47 Esplanade, St Helier, Jersey, JE1 0BD, Channel Islands
22. Related party transactions
Material agreements and transactions with the Investment Manager are disclosed in note 2. Transactions with regard to joint
ventures are disclosed in note 10. Transactions with the directors are shown in the directors’ remuneration report.
23. Capital commitments
As at 31 March 2024 the Group had capital commitments of £8.4 million (2023: £7.7 million).
24. Post balance sheet events
There are no post balance sheet events to report.
.
115

Contents
118 EPRA Performance Measures
(unaudited)
121 Alternative Performance Measures
(unaudited)
122 AIFMD Disclosures
(unaudited)
123 Sustainability Performance Measures
(Environmental) (unaudited)
135 Sustainability Performance Measures
(Social)
137 Streamlined Energy and Carbon
Reporting
140 Asset list
141 Report of the Depositary to the
Shareholders
142 Glossary
143 Resolutions at 2024 Annual General
Meeting
145 Notice of Annual General Meeting
147 Corporate Information
Other
information
(unaudited)
116 Schroder Rel Estte Investment Trust Limited Annul Report nd Consolidted Finncil Sttements

Image: Liverpool
117
Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
Image: Stacey Bushes Industrial Estate, Milton Keynes
Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
117

Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements118
EPRA Performance Measures (unaudited)
As recommended by the European Public Real Estate
Association, EPRA performance measures are disclosed in the
section below.
EPRA performance measures: summary table
31/03/2024 31/03/2023
EPRA earnings £16,278,000 £15,968,000
EPRA earnings per share 3.3pps 3.3pps
EPRA Net Reinstatement
Value
£318,360,000 £332,178,000
EPRA Net Reinstatement
Value per share
65.1p 67.9p
EPRA Net Tangible Assets £287,131,000 £300,689,000
EPRA Net Tangible Assets
per share
58.7p 61.5p
EPRA Net Disposal Value £305,808,000 £317,448,000
EPRA Net Disposal Value
per share
62.5p 64.9p
EPRA Net Initial Yield 5.6% 5.4%
EPRA “topped-up” Net
Initial Yield
6.1% 5.8%
EPRA vacancy rate 10.9% 11.1%
EPRA cost ratios – including
direct vacancy costs
29.6% 28.0%
EPRA cost ratios – excluding
direct vacancy costs
23.7% 21.1%
EPRA LTV 37.1% 36.0%
a. EPRA earnings and earnings per share
Earnings excluding all capital components not relevant to
the underlying net income performance of the Company,
such as the unrealised fair value gains or losses on investment
properties and any gains or losses from the sales of properties.
31/03/2024 31/03/2023
£000 £000
Profit/(loss) per IFRS
income statement
3,017 (54,715)
Adjustments to calculate
EPRA Earnings:
Profit on the disposal of
investment property
(199)
(1,184)
Net unrealised valuation loss on
investment property
8,044 60,107
Net change in the fair value
of financial instruments
547 -
Gain on the disposal of financial
instruments
(189) -
Share of valuation loss
in associates and joint ventures
5,058 11,513
Refinancing costs - 247
EPRA EARNINGS 16,278 15,968
Weighted average number
of ordinary shares
489,110,576 489,951,224
IFRS EARNINGS PER
SHARE PENCE
0.6 (11.2)
EPRA EARNINGS PER SHARE
PENCE
3.3 3.3
b. EPRA Net Reinstatement Value
IFRS equity attributable to shareholders adjusted to represent
the value required to rebuild the entity and assumes that no
selling of assets takes place.
31/03/2024 31/03/2023
£000 £000
IFRS equity attributable
to shareholders
287,350 300,689
Adjustment in respect of real
estate transfer taxes and costs
31,229 31,489
Adjustment in respect of
the fair value of financial
instruments
(219) -
EPRA NET
REINSTATEMENT VALUE
318,360 332,178
Shares in issue at the end
of the period
489,110,576 489,110,576
EPRA NRV PER SHARE
PENCE PER SHARE
65.1p 67.9p

Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
119
c. EPRA Net Tangible Assets per share
IFRS equity attributable to shareholders adjusted to represent
the value required to rebuild the entity and assumes that no
selling of assets takes place.
31/03/2024 31/03/2023
£000 £000
IFRS equity attributable
to shareholders
287,350 300,689
Fair value of financial instruments (219) -
EPRA Net Tangible Assets 287,131 300,689
Shares in issue at the end
of the year
489,110,576 489,110,576
IFRS NAV PER SHARE PENCE 58.8p 61.5p
EPRA NET TANGIBLE ASSETS
PER SHARE PENCE
58.7p 61.5p
d. EPRA Net Disposal Value per share
The IFRS equity attributable to shareholders adjusted
to reflect the NAV under an orderly sale of business, where
any deferred tax, financial instruments and certain other
adjustments are calculated to the full extent of their liability.
31/03/2024 31/03/2023
£000 £000
IFRS equity attributable
to shareholders
287,350 300,689
Adjustments to calculate
EPRA Net Disposal Value:
The fair value of fixed-interest
rate debt
18,458 16,759
EPRA NET DISPOSAL VALUE 305,808 317,448
Shares in issue at the end
of the year
489,110,576 489,110,576
EPRA NET DISPOSAL VALUE
PER SHARE PENCE
62.5p 64.9p
e. EPRA Net Initial Yield
Annualised rental income based on the cash rents passing at
the Balance Sheet date (but adjusted as set out below), less
non-recoverable property operating expenses, divided by the
gross market value of the property.
The EPRA “topped up” NIY is the EPRA NIY in respect of the
expiration of rent free periods.
31/03/2024 31/03/2023
£000 £000
Investment property –
wholly-owned
391,475 398,560
Investment property –
share of joint ventures and funds
67,775 71,800
COMPLETE PROPERTY
PORTFOLIO
459,250 470,360
Allowance for estimated
purchasers’ costs
31,229 31,489
GROSS UP COMPLETED
PROPERTY PORTFOLIO
VALUATION
490,479 501,849
Annualised cash passing
rental income
29,796 29,292
Property outgoings (2,154) (2,258)
ANNUALISED NET RENTS 27,642 27,034
Notional rent expiration of
rent-free periods
1
2,462 2,177
TOPPEDUP NET
ANNUALISED RENT
30,104 29,211
EPRA NIY 5.6% 5.4%
EPRA “TOPPEDUP” NIY 6.1% 5.8%
1. The period over which rent free periods expire is one year for 2023
(2022: 1 year).

Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements120
f. EPRA cost ratios
Administrative and operating costs (including and excluding
costs of direct vacancy) divided by gross rental income.
31/03/2024 31/03/2023
£000 £000
Administrative/operating
expense line per IFRS income
statement
7,572 7,662
Share of Joint Venture expenses
1,423 591
Less: Ground rent costs (113) (68)
COSTS INCLUDING DIRECT
VACANCY COSTS
8,882 8,185
Direct vacancy costs (1,782) (2,026)
COSTS EXCLUDING DIRECT
VACANCY COSTS
7,100 6,159
Gross rental income less
ground rent costs – per IFRS
25,525 25,103
Add share of Joint Ventures
(Gross Rental Income less
ground rent costs)
4,480 4,106
GROSS RENTAL INCOME 30,005 29,209
EPRA cost ratio (including
direct vacancy costs)
29.6% 28.0%
EPRA cost ratio (excluding
direct vacancy costs)
23.7% 21.1%
There were no directly attributable overhead and operating
costs capitalised during the year (2023: nil). The Company
does not have a policy to capitalise such expenses (as per
note 1).
g. EPRA vacancy rate
Estimated market rental value (ERV) of vacant space divided
by the ERV of the whole portfolio.
31/03/2024 31/03/2023
£000 £000
Estimated rental value
of vacant space
4,242 4,192
Estimated rental value
of the whole portfolio
38,770 37,843
EPRA VACANCY RATE 10.9% 11.1%
There were no significant or distorting factors in the above.
h. EPRA LTV
The gearing of the shareholder equity within the Company.
31/03/2024 31/03/2023
£000 £000
Borrowings from
Financial Institutions
176,585 177,885
Cash and cash equivalents (6,005) (8,419)
Cash and cash equivalents –
share of joint ventures
(229) (302)
NET DEBT 170,351 169,164
Investment properties at fair
value – direct portfolio
391,475 398,560
Investment properties at fair
value – share of joint ventures
67,775 71,800
TOTAL PROPERTY VALUE 459,250 470,360
LTV 37.1% 36.0%
i. EPRA capital expenditure
In accordance with EPRA’s core recommendations, the
Group’s capital expenditure invested in the year can be
broken down as follows:
Group
(excluding Joint
Ventures) £m
Joint Ventures
(proportionate
share) £m
Total
Group
£m
Acquisitions
(including
transaction costs)
- - -
Developments and
accretive works
8.3 0.8 9.1
Investment
properties
Tenant incentives - - -
Other material non
– allocated types
of expenditure
- - -
TOTAL CAPITAL
EXPENDITURE
8.3 0.8 9.1
As per note 10, the Fund made no new acquisitions, and thus
also incurred no additional transaction costs, during the
financial year.
The capital expenditure invested in the year amounted to
£8.3million on the directly held portfolio (also as per note 10).
The three largest capital expenditure investments made in the
financial year were as follows: a) £2.8million at Stacey
Bushes, Milton Keynes b) £1.5million at Stirling Court,
Swindon (see page 25 for further details) and c) £1.4million at
The Tun, Edinburgh (see page 27 for further details).
The £0.8million invested across joint ventures related solely
to the Group’s 25% share of underlying capital expenditure
works undertaken at City Tower.

Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
121
Alternative performance
measures (unaudited)
The Company uses the following Alternative Performance
Measures (‘APMs’) in its Annual Report and Consolidated
Financial Statements. The Board believes that each of the
APMs provides additional useful information to the
shareholders in order to assess the Company’s performance.
Dividend Cover – the ratio of EPRA Earnings (page 118)
to dividends paid (note 9) in the period.
Dividend Yield – the dividends paid, expressed as
a percentage relative to the Company’s share price.
EPRA Earnings – earnings excluding all capital components
not relevant to the underlying net income performance of the
Company, such as the unrealised fair value gains or losses on
investment properties and any gains or losses from the sales
of properties. See page 118 for a reconciliation of this figure.
EPRA Net Tangible Assets – the IFRS equity attributable
to shareholders adjusted to reflect a Company’s tangible
assets and assumes that no selling of assets takes place.
EPRA Net Disposal Value – the IFRS equity attributable
to shareholders adjusted to reflect the NAV under an orderly
sale of business, where any deferred tax, financial instruments
and certain other adjustments are calculated to the full extent
of their liability.
EPRA Net Reinstatement Value – the IFRS equity
attributable to shareholders adjusted to represent the value
required to rebuild the entity and assumes that no selling of
assets takes place.
Gross LTV – the value of the external loans unadjusted for
unamortised arrangement costs (note 15) expressed as a
percentage of the market value of property investments as at
the Balance Sheet date. The market value of property
investments includes joint venture investments and are as per
external valuations and have not been adjusted for IFRS lease
incentive debtors nor the fair value of the head lease at Luton.
LTV net of cash – the value of the external loans unadjusted
for unamortised arrangement costs (note 15) less cash held
(note 13) expressed as a percentage of the market value of the
property investments as at the Balance Sheet date. The
market value of property investments includes joint venture
investments and are as per external valuations and have not
been adjusted for IFRS lease incentive debtors or the fair
value of the head lease at Luton.
Ongoing charges (including Fund expenses) – all operating
costs expected to be regularly incurred and that are payable
by the Company expressed as a percentage of the average
quarterly NAVs of the Company for the financial period. No
capital costs, including capital expenditure or acquisition/
disposal fees, are included as costs.
Ongoing charges (including Fund and property expenses) –
all operating costs expected to be regularly incurred and that
are payable by the Company expressed as a percentage of
the average quarterly NAVs of the Company for the financial
period. Any capital costs, including capital expenditure and
acquisition/disposal fees, are excluded as costs, as well as
interest costs and any other costs considered to be non-
recurring. In the current period the material non-recurring
costs include non-cash bad debt expenses of £7,000.
Share price discount/premium – the share price of an
Investment Trust is derived from buyers and sellers trading
their shares on the stock market. This price is not identical to
the NAV per share of the underlying assets less liabilities of
the Company. If the share price is lower than the NAV per
share, the shares are trading at a discount. Shares trading
above the NAV per share are said to be at a premium. The
discount/premium is calculated as the variance between the
share price as at the Balance Sheet date and the NAV per
share (page 93) expressed as a percentage.
NAV total return – the return to shareholders calculated on a
per share basis by adding dividends paid (note 9) in the period
on a time-weighted basis to the increase or decrease in the
NAV per share (page 93).

Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements122
AIFMD disclosures (unaudited)
The Alternative Investment Fund Managers Directive
(‘AIFMD’) remuneration disclosures for Schroder Real
Estate Investment Management Limited (‘SREIM’) for
the year to 31 December 2023.
Remuneration disclosures
These disclosures form part of the non-audited section of this
annual report and accounts and should be read in conjunction
with the Schroders plc Remuneration Report on pages 74 to
93 of the 2023 Annual Report & Accounts (available on the
Group’s website – www.schroders.com/ir) which provides
more information on the activities of our Remuneration
Committee and our remuneration principles and policies.
The AIF Material Risk Takers (‘AIF MRTs’) of SREIM are
individuals whose roles within the Schroders Group can
materially affect the risk of SREIM or any AIF fund that it
manages. These roles are identified in line with the
requirements of the AIFM Directive and guidance issued by
the European Securities and Markets Authority.
The Remuneration Committee of Schroders plc has
established a remuneration policy to ensure the requirements
of the AIFM Directive are met for all AIF MRTs. The
Remuneration Committee and the Board of Schroders plc
review remuneration strategy at least annually. The directors
of SREIM are responsible for the adoption of the
remuneration policy and periodically reviewing its
implementation in relation to SREIM. During 2023 the
Remuneration Policy was reviewed to ensure compliance
with the UCITS/AIFMD remuneration requirements and
no significant changes were made.
The implementation of the remuneration policy is, at least
annually, subject to independent internal review for
compliance with the policies and procedures for
remuneration adopted by the Board of SREIM and the
Remuneration Committee. The most recent review found no
fundamental issues but resulted in minor recommendations
relating to process documentation.
Our ratio of operating compensation costs to net operating
income guides the total spend on remuneration each year.
This is recommended by the Remuneration Committee to the
Board of Schroders plc. This approach aligns remuneration
with Schroders financial performance. In determining the
remuneration spend each year, the underlying strength and
sustainability of the business is taken into account, along with
reports on risk and compliance, legal and internal audit
matters from the heads of those areas.
The remuneration data that follows reflects amounts paid in
respect of performance during 2023.
– The total amount of remuneration paid by SREIM to its
staff is nil as SREIM has no employees. Employees of
SREIM or other Schroders Group entities who serve as
Directors of SREIM receive no additional fees in respect
of their role on the Board of SREIM; and
– The following disclosures relate to AIF MRTs of SREIM.
Those AIF MRTs were employed by and provided services
to other Schroders group companies and clients. In the
interests of transparency, the aggregate remuneration
figures that follow reflect the full remuneration for each
SREIM AIF MRT. The aggregate total remuneration paid
to the 77 AIF MRTs of SREIM in respect of the financial
year ended 31 December 2023 is £51.85 million, of which
£45.43 million was paid to senior management, £4.35
million was paid to MRTs deemed to be taking risk on
behalf of SREIM or the AIF funds that it manages and
£2.07 million was paid to control function MRTs.
For additional qualitative information on remuneration
policies and practices see www.schroders.com/rem-
disclosures.
Leverage disclosure
In accordance with AIFMD the Company is required to make
available to investors information in relation to leverage.
Under AIFMD, leverage is any method by which the exposure
of the Company is increased through the borrowing of cash or
securities, leverage embedded in derivative positions or by
another means. It is expressed as a ratio between the total
exposure of the Company and its net asset value and is
calculated in accordance with the “Gross method” and the
“Commitment method” as described in the AIFMD. The Gross
method represents the aggregate of all the Company’s
exposures other than cash balances held in the base currency,
while the Commitment method, which is calculated on a
similar basis, may also take into account cash and cash
equivalents, netting and hedging arrangements, as applicable.
The Investment Manager has set the expected maximum
leverage percentages for the Company and calculated the
actual leverages as at 31 December 2023 as shown below
(the Company calculates and externally reports its leverage
one quarter in arrears):
Maximum limit set Actual as at 31.12.2023
Gross leverage 195 163
Commitment leverage 220 161
There have been no changes to the maximum levels of
leverage employed by the Company during the financial year
nor any breaches of the maximum levels during the financial
reporting period.

Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
123
Sustainability Performance Measures
(Environmental) (unaudited)
The Company reports sustainability information in accordance
with EPRA Best Practice Recommendations on Sustainability
Reporting (sBPR) 2017, 3rd Edition for the 12 months 1st January
2023 – 31st December 2023, presented with comparison
against 2022. As permitted by the EPRA Sustainability
Reporting Guidelines, environmental data has been developed
and presented in line with the Global Real Estate Sustainability
Benchmark (GRESB).
The reporting boundary has been scoped to where the
Company has operational control being managed properties
where the Company is responsible for the payment of utility
invoices and/or the arrangement of waste disposal contracts.
‘Operational control’ has been selected as the reporting
boundary (as opposed to ‘financial control’ or ‘equity share’) as
this reflects the portion of the portfolio where the Company can
influence operational procedures and, ultimately, sustainability
performance. The operational control approach is the most
commonly applied within the industry.
In 2023, 42 assets were held by the Company during the
reporting year (including two sales). In total, 23 assets were
within the operational control reporting boundary of the
Company during the reporting year (i.e. ‘managed’), following
the sale of Leeds, Coverdale House. In 2022, there were
24such managed assets within the portfolio.
Where data coverage is less than 100%, a supporting
explanation is provided within the data notes immediately
below the relevant table. Energy and water consumption data
is reported according to automatic meter reads, manual meter
reads or invoice estimates. Where required, missing
consumption data has been estimated by prorating data from
other periods using recognised techniques. The proportion of
data that is estimated is presented in the footnotes to the data
tables. Historic consumption data has been restated where more
complete and/or accurate records have become available.
The Company does not hold any managed assets that
consume energy from district heating or cooling sources.
Therefore, the EPRA sBPR DH&C-Abs and DH&C-LfL
indicators are not applicable and not presented in this report.
Furthermore, the Company does not have any direct
employees; it is served by the employees of the Investment
Manager (Schroder Real Estate Investment Management
Limited).
Accordingly, the EPRA Overarching Recommendation for
companies to report on the environmental impact of their
own offices is not relevant/material and not presented in this
report.
This report has been prepared by the Investment Manager to
the Company, supported by energy and sustainability
consultants, Deepki. The Sustainability Performance
Measures have been assured in accordance with AA1000 to
provide a Type 2 Moderate Assurance unqualified audit of the
sustainability content within the SREIT annual report for the
year ended 31 March 2024. The full Assurance Statement is
available on request.

Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements124
Total energy consumption (Elec-Abs; Fuels-Abs)
The table below sets out total landlord obtained energy consumption from the Company’s managed portfolio by sector.
Total electricity
consumption (kWh)
Total fuel
consumption (kWh)
Absolute energy
intensity (kWh/m²)
Sector 2022 2023 2022 2023 2022 2023 % Change
Office: Corporate: Low-Rise Office 796,667 577,132 690,821 516,211 33 24 -26%
Coverage 88% 82% 85% 72% 87% 82%
Retail: High Street 16,992 12,441 - - 2 1 -27%
Coverage (landlord-procured
consumption)
100% 100% - - 100% 100%
Retail: Retail Centres: Warehouse 34,960 23,492 27,969 - 5 2 -63%
Coverage 100% 100% - - 100% 100%
Mixed-use: Other 1,911,974 1,943,117 - - 23 23 2%
Coverage (landlord-procured
consumption)
100% 100% - - 100% 100%
Mixed-use: Office/Retail 407,973 478,168 131,624 90,622 62 66 5%
Coverage (landlord-procured
consumption)
100% 100% - 100% 100% 100%
Industrial: Distribution Warehouse:
Non-Refrigerated Warehouse
1,380,606 1,519,872 392,249 436,386 16 17 10%
Coverage (landlord-procured
consumption)
100% 100% 100% 100% 100% 100%
Industrial: Distribution Warehouse:
Refrigerated Warehouse
3,914 2,334 - - 7 4 -40%
Coverage (landlord-procured
consumption)
100% 100% 100% 100% 100% 100%
Lodging, Leisure & Recreation: Other 205,193 207,994 - - 59 60 1%
Coverage (landlord-procured
consumption)
100% 100% - - 100% 100%
Office: Corporate: Mid-Rise Office 268,733 277,276 448,859 396,963 149 140 -6%
Coverage (landlord-procured
consumption)
100% 100% 100% 100% 100% 100%
TOTAL 5,027,012 5,041,826 1,691,522 1,440,182
Coverage (landlord-procured
consumption)
98% 97% 92% 88%
TOTAL ELECTRICITY, FUELS AND
DISTRICT HEATING
6,718,533 6,482,008
Coverage (landlord-procured
consumption)
96% 95%
RENEWABLE ELECTRICITY % 83% 80%

Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
125
– Consumption data relates to the managed
portfolio only:
– Industrial: Distribution warehouse: Refrigerated
Warehouse: whole building; outdoor areas; tenant
space, where procured by the landlord;
– Industrial: Distribution warehouse: Non- Refrigerated
Warehouse: whole building; outdoor areas; tenant
space, where procured by the landlord;
– Lodging, leisure and recreation: common parts;
outdoor areas; tenant space, where procured by the
landlord;
– Mixed-use office/retail: shared services, common
parts, tenant space, where procured by the landlord;
– Mixed-use: Other: whole building; common parts;
tenant space, where procured by the landlord;
– Office low-rise: whole building; common parts;
shared services; outdoor areas; tenant space, where
procured by the landlord;
– Office mid-rise: whole building; common parts;
shared services; outdoor areas; tenant space, where
procured by the landlord;
– Retail high street: shared services, common parts,
tenant space, where procured by the landlord;
– Retail warehouse: whole building; outdoor areas;
tenant space, where procured by the landlord; and
– Energy procured directly by tenants is not reported.
– Percentage of data estimated pro-rata across 2022 and
2023: 0.3%;
– Renewable electricity (%) is calculated according to the
attributes of energy supply contracts as at 31 December
2023 and only reflects renewable electricity procured
under a 100% ‘green tariff’ (i.e. where generation is from a
100% renewable source). The renewables percentage of
standard (non ‘green tariff’) energy supplies are not
currently known and therefore has not been included
within this number;
– Intensity: Numerators/denominators are aligned at the
sector level as follows:
– Lodging, Leisure, & Recreation: Other, Retail: High
Street & Retail: Retail Centres: Warehouse – Common
areas energy consumption (kWh) divided by common
parts area (CPA m);
– Industrial: Distribution Warehouse: Refrigerated
Warehouse, Industrial: Distribution Warehouse:
Non- Refrigerated Warehouse – External areas energy
consumption (kWh) divided by the external area (m
2
)
or common parts area (m
2
) where known: and
– All other sectors - Common areas and shared service
or whole building energy consumption (kWh) divided
by gross internal area (GIA m
2
);
– All energy was procured from a third-party supplier. No
‘self-generated’ renewable energy was consumed during
the reporting period and therefore is not presented here:
– Coverage (landlord-procured consumption) relates to the
proportion of assets for which landlord obtained data has
been reported.
– An asset in the ‘Office: Corporate: Low-Rise Office’
sector has been removed due to data quality issues
which are under investigation with the supplier.
– Where appropriate (for relevant assets), consumption data
and asset NLA/GIA has been adjusted to reflect the
Company’s share of ownership.

Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements126
Like-for-like energy consumption (Elec-LfL; Fuels-LfL; Energy-Int)
The table below sets out the like-for-like landlord obtained energy consumption from the Company’s managed portfolio
by sector.
Like-for-like electricity
consumption (kWh)
Like-for-like fuel
consumption (kWh)
Like-for-like energy
intensity (kWh/m²)
Sector 2022 2023 % Change 2022 2023 % Change 2022 2023 % Change
Office: Corporate:
Low-Rise Office
442,582 494,630 12% 370,050 297,325 -20% 26 25 -3%
Coverage (landlord-procured
consumption)
82% 82% 78% 78% 80% 80%
Retail: High Street 16,992 12,441 -27% - - - 2 1 -27%
Coverage (landlord-procured
consumption)
100% 100% - - 100% 100%
Retail: Retail Centres: Warehouse 34,960 23,492 -33% 27,969 - -100% 5 2 -63%
Coverage (landlord-procured
consumption)
100% 100% - - 100% 100%
Mixed-use: Other 1,911,974 1,973,117 2% - - - 23 23 2%
Coverage (landlord-procured
consumption)
100% 100% - - 100% 100%
Mixed-use: Office/Retail 273,793 252,858 -8% 23 - -100% 96 89 -8%
Coverage (landlord-procured
consumption)
100% 100% - - 100% 100%
Industrial: Distribution Warehouse:
Non-Refrigerated Warehouse
1,380,606 1,519,872 10% 392,249 436,386 11% 16 17 10%
Coverage (landlord-procured
consumption)
100% 100% 100% 100% 100% 100%
Industrial: Distribution Warehouse:
Refrigerated Warehouse
3,914 2,334 -40% - - - - -
Coverage (landlord-procured
consumption)
100% 100% 100% 100% 100% 100%
Lodging, Leisure & Recreation:
Other
205,193 207,994 1% - - - 59 60 1%
Coverage (landlord-procured
consumption)
100% 100% 100% 100% 100% 100%
Office: Corporate: Mid-Rise Office 268,733 277,276 3% 448,859 396,963 -12% 149 140 -6%
Coverage (landlord-procured
consumption)
100% 100% 100% 100% 100% 100%
TOTAL 4,333,554 4,556,020 5% 1,239,150 1,130,674 -9%
Coverage (landlord-procured
consumption)
97% 88% 97% 88%
TOTAL ELECTRICITY, FUELS AND
DISTRICT HEATING
5,777,896 5,864,688 1.5%
Coverage (landlord-procured
consumption)
95% 95%
RENEWABLE ELECTRICITY % 81% 79%

Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
127
– Like-for-like excludes assets that were purchased, sold,
under major refurbishment or subject to a significant
change in the scope of reported data during the two years
reported.
– Consumption data relates to the managed portfolio only:
– Industrial: Distribution warehouse: Refrigerated
Warehouse: whole building; outdoor areas; tenant
space, where procured by the landlord;
– Industrial: Distribution warehouse: Non- Refrigerated
Warehouse: whole building; outdoor areas; tenant
space, where procured by the landlord;
– Lodging, leisure & recreation: common parts; outdoor
areas; tenant space, where procured by the landlord;
– Mixed-use office/retail: whole building; shared
services, common parts, tenant space, where
procured by the landlord;
– Mixed-use: Other: whole building; common parts;
tenant space, where procured by the landlord;–
Office low-rise: whole building; common parts; shared
services; outdoor areas; tenant space, where procured
by the landlord;
– Office mid-rise: whole building; common parts;
shared services; outdoor areas; tenant space, where
procured by the landlord;
– Retail high street: shared services, common parts,
tenant space, where procured by the landlord; and
– Retail warehouse: whole building; outdoor areas;
tenant space, where procured by the landlord.
– Percentage of data estimated pro-rata across 2022 and
2023: 0.4%.
– Renewable electricity (%) is calculated according to the
attributes of energy supply contracts as at 31 December
2023 and only reflects renewable electricity procured
under a 100% ‘green tariff’ (i.e. where generation is from a
100% renewable source). The renewables percentage of
standard (non ‘green tariff’) energy supplies are not
currently known and therefore has not been included
within this number:
– Lodging, Leisure and Recreation: Other, Retail: High
Street & Retail: Retail Centres: Warehouse – Common
areas energy consumption (kWh) divided by common
parts area (CPA m²);
– Industrial: Distribution Warehouse: Refrigerated
Warehouse, Industrial: Distribution Warehouse:
Non- Refrigerated Warehouse – External areas energy
consumption (kWh) divided by the external area (m
2
)
or common parts area (m
2
); and
– All other sectors - Common areas and shared service
or whole building energy consumption (kWh) divided
by gross internal area (GIA m
2
).
– All energy was procured from a third-party supplier. No
‘self-generated’ renewable energy was consumed during
the reporting period and therefore is not presented here.
– Coverage (landlord-procured consumption) relates to the
proportion of assets for which landlord obtained data has
been reported:
– An asset in the ‘Office: Corporate: Low-Rise Office’
sector has been removed due to data quality issues
which are under investigation with the supplier.
– Where appropriate (for relevant assets), consumption data
and asset NLA/GIA has been adjusted to reflect the
Company’s share of ownership.
– Variance Commentary:
– The like-for-like reduction in fuel consumption for the
Retail: Retail Centres: Warehouse sector can be
explained by the single asset (St John’s Retail Park)
having lower consumption in 2023 due to the removal
of the landlord gas supply;
– The like-for-like reduction in electricity consumption
for the Retail: High Street sector can be explained by
lighting system upgrades at The Albion Centre,
Ilkeston;
– The like-for-like reduction in electricity consumption
for the Mixed-use: Other sector can be in part
explained by lighting system upgrades at Headingley
Central;
– The like-for-like reduction in fuel consumption for the
Office: Corporate: Mid-Rise Office sector can be
explained by optimisation works at The Tun, Edinburgh
where all temperature settings were reduced via the
BMS throughout the building; and
– The like-for-like reduction in fuel consumption for the
Office: Corporate: Low-Rise Office sector can be in part
explained by occupancy changes at Clifton Park, York.

Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements128
Greenhouse gas emissions (GHG-Dir-Abs; GHG-Indir-Abs; GHG-Int)
The table below sets out the Company’s managed portfolio greenhouse gas emissions by sector.
Absolute
emissions (tCO2e)
Like-for-like
emissions (tCO2e)
Like-for-like
intensity (kg tCO2e/m²)
Absolute intensity
(kg tCO2e/m²)
Sector 2022 2023 2022 2023
%
change
2022 2023
%
change
2022 2023
%
change
Office: Corporate: Low-Rise Office
Scope 1 126.1 94.4 67.5 54.4 -19%
4.85 4.97
2%
6.16 4.70
-24%
Scope 2 154.1 119.5 85.6 102.4 20%
Scopes 1 & 2 280.2 213.9 153.1 156.8 2%
Coverage (landlord-
procured consumption)
88% 82% 80% 80% 88% 82% 80% 80%
Retail: High Street
Scope 1 - - - - -
0.39 0.31
-22%
0.39 0.31
-22%
Scope 2 3.29 2.58 3.3 2.6 -22%
Scopes 1&2 3.3 2.6 3.3 2.6 -22%
Coverage (landlord-
procured consumption)
100% 100% 100% 100% 100% 100% 100% 100%
Retail: Retail Centers: Warehouse
Scope 1 5.1 - 5.1 - -100%
0.9 0.39
-59%
0.94 0.39
-59%
Scope 2 6.8 4.9 6.8 4.9 -28%
Scopes 1&2 11.9 4.9 11.9 4.9 -59%
Coverage (landlord-
procured consumption)
100% 100% 100% 100% 100% 100% 100% 100%
Mixed-use: Other
Scope 1 - - - - -
4.4 4.83
9%
4.44 4.83
9%
Scope 2 369.74 402.37 369.7 402.4 9%
Scopes 1&2 369.7 402.4 369.7 402.4 9%
Coverage (landlord-
procured consumption)
100% 100% 100% 100% 100% 100% 100% 100%
Mixed-use: Office/Retail
Scope 1 24.0 16.6 0.0 - -100%
18.65 18.44
-1%
11.86 13.31
12%
Scope 2 78.89 99.02 52.9 52.4 -1%
Scopes 1&2 102.9 115.6 53.0 52.4 -1%
Coverage (landlord-
procured consumption)
100% 100% 100% 100% 100% 100% 100% 100%
Industrial: Distribution Warehouse: Non-Refrigerated
Scope 1 71.6 79.8 71.6 79.8 11%
2.97 3.46
17%
2.97 3.46
17%
Scope 2 267.0 314.7 267.0 314.7 18%
Scopes 1&2 338.6 394.6 338.6 394.6 17%
Coverage (landlord-
procured consumption)
100% 100% 100% 100% 100% 100% 100% 100%
Industrial: Distribution Warehouse: Refridgerated
Scope 1 - - - - -
1.38 0.88
-36%
1.38 0.88
-36%
Scope 2 0.8 0.5 0.8 0.5 -36%
Scopes 1&2 0.8 0.5 0.8 0.5 -36%
Coverage (landlord-
procured consumption)
100% 100% 100% 100% 100% 100% 100% 100%

Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
129
Absolute
emissions (tCO2e)
Like-for-like
emissions (tCO2e)
Like-for-like
intensity (kg tCO2e/m²)
Absolute intensity
(kg tCO2e/m²)
Sector 2022 2023 2022 2023
%
change
2022 2023
%
change
2022 2023
%
change
Lodging, Leisure & Recreation: Other
Scope 1 - - - - -
11.46 12.44
9%
11.46 12.44
9%
Scope 2 39.7 43.1 39.7 43.1 9%
Scopes 1&2 39.7 43.1 39.7 43.1 9%
Coverage (landlord-
procured consumption)
100% 100% 100% 100% 100% 100% 100% 100%
Office: Corporate: Mid-Rise Office
Scope 1 81.9 72.6 81.9 72.6 -11%
27.75 26.94
-3%
27.75 26.94
-3%
Scope 2 52.0 57.4 52.0 57.4 10%
Scopes 1 & 2 133.9 130.0 133.9 130.0 -3%
Coverage (landlord-
procured consumption)
100% 100% 100% 100% 100% 100% 100% 100%
Total SCOPE 1 308.8 263.5 226.2 206.8 -9%
Total SCOPE 2 972.1 1,044.0 877.7 980.3 12%
Total SCOPES 1 & 2 1280.9 1307.5 1103.9 1187.6 8%
Coverage (landlord-
procured consumption)
98% 97% 97% 97%
– Like-for-like excludes assets that were purchased, sold,
under major refurbishment or subject to a significant
change in the scope of reported data during the two years
reported.
– The Fund’s greenhouse gas (GHG) inventory has been
developed as follows:
– Scope 1 GHG emissions relate to the use of onsite
natural gas; and
– Scope 2 GHG emissions relate to the use of
electricity.
– GHG emissions from electricity (Scope 2) are reported
according to the ‘location-based’ approach.
– GHG emissions are presented as tonnes of carbon dioxide
equivalent (tCOe) and GHG intensity is presented as
kilograms of carbon dioxide equivalent (kgCOe), where
available greenhouse gas emissions conversion factors
allow.
– Fuels/electricity GHG emissions factors have been taken
from the UK government’s Greenhouse Gas Reporting
Factors for Company Reporting (2022 and 2023).
– Emissions data relates to the managed portfolio only:
– Industrial: Distribution warehouse: Refrigerated
Warehouse: whole building; outdoor areas; tenant
space, where procured by the landlord;
– Industrial: Distribution warehouse: Non- Refrigerated
Warehouse: whole building; outdoor areas; tenant
space, where procured by the landlord;
– Lodging, leisure & recreation: common parts; outdoor
areas; tenant space, where procured by the landlord;
– Mixed-use office/retail: whole building; shared
services, common parts, tenant space, where
procured by the landlord;
– Mixed-use: Other: whole building; common parts;
tenant space, where procured by the landlord;
– Office low-rise: whole building; common parts; shared
services; outdoor areas; tenant space, where procured
by the landlord;
– Office mid-rise: whole building; common parts;
shared services; outdoor areas; tenant space, where
procured by the landlord ;
– Retail high street: shared services, common parts,
tenant space, where procured by the landlord;
– Retail warehouse: whole building; outdoor areas;
tenant space, where procured by the landlord; and
– Emissions associated with energy procured directly by
tenants is not reported.
– Percentage of data estimated pro-rata across 2022 and
2023: 0.3% for electricity and gas.

Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements130
– Intensity: Numerators/denominators are aligned at the
sector level as follows:
– Lodging, Leisure, & Recreation: Other, Retail: High
Street & Retail: Retail Centres: Warehouse – Common
areas energy consumption (kWh) divided by common
parts area (CPA m);
– Industrial: Distribution Warehouse: Refrigerated
Warehouse, Industrial: Distribution Warehouse:
Non- Refrigerated Warehouse – External areas energy
consumption (kWh) divided by the external area (m)
or common parts area (m) where known; and
– All other sectors – Common areas and shared service
or whole building energy consumption (kWh) divided
by gross internal area (GIA m
2
).
– Coverage (landlord-procured consumption) relates to the
proportion of assets for which landlord obtained data has
been reported:
– An asset in the ‘Office: Corporate: Low-Rise Office’
sector has been removed due to data quality issues
which are under investigation with the supplier.
– Where appropriate (for relevant assets), consumption data
and asset NLA/GIA has been adjusted to reflect the
Company’s share of ownership.
– Variance Commentary:
– GHG emissions differences between 2022 and 2023
must be discussed in the context of marginally higher
UK emissions factors for both electricity and natural
gas between in 2023 compared to 2022;
– The like-for-like reduction in Scope 1 emissions for the
Retail: Retail Centres: Warehouse sector can be
explained by the single asset (St John’s Retail Park)
having lower consumption in 2023 due to the removal
of the landlord gas supply;
– The like-for-like reduction in Scope 2 emissions for
the Retail: High Street sector can be explained by
lighting system upgrades at The Albion Centre,
Ilkeston;
– The like-for-like reduction in Scope 2 emissions for
the Mixed-use: Other sector can be in part explained
by lighting system upgrades at Headingley Central;
– The like-for-like reduction in Scope 1 emissions for the
Office: Corporate: Mid-Rise Office sector can be
explained by optimisation works at The Tun, Edinburgh
where all temperature settings were reduced via the
BMS throughout the building; and
– The like-for-like reduction in Scope 1 emissions for the
Office: Corporate: Low-Rise Office sector can be in part
explained by occupancy changes at Clifton Park, York.
Water (Water-Abs; Water-LfL; Water-Int)
The table below sets out water consumption from the Company’s managed portfolio by sector.
Absolute water
consumption (m³)
Like-for-like water
consumption (m³)
Like-for-like
intensity (m³/m²)
Sector 2022 2023 2022 2023 % change 2022 2023 % change
Office: Corporate: Low-Rise Office 6,303 6,289 3,888 5,757 48% 0.1 0.2
48%
Coverage (landlord-procured consumption) 100% 100% 100% 100% 100% 100%
Retail: High Street 2,862 2,936 2,862 2,936 3% 0.3 0.4
3%
Coverage (landlord-procured consumption) 100% 100% 100% 100% 100% 100%
Retail: Retail Centers: Warehouse 299 301 299 301 0% 0.02 0.02
0%
Coverage (landlord-procured consumption) 100% 100% 100% 100% 100% 100%
Mixed-use: Other 3,732 2,988 3,732 2,988 -20% 0.0 0.0
-20%
Coverage (landlord-procured consumption) 100% 100% 100% 100% 100% 100%
Mixed-use: Office/Retail 3,003 5,909 440 1,381 214% 0.2 0.5
214%
Coverage (landlord-procured consumption) 100% 100% 100% 100% 100% 100%
Lodging, Leisure & Recreation: Other 149 143 149 143 -4% 0.04 0.04
-4%
Coverage (landlord-procured consumption) 100% 100% 100% 100% - 100% 100%
Office: Corporate: Mid-Rise Office - - - - - - -
-
Coverage (landlord-procured consumption) 0% 0% 0% 0% - 0% 0%
TOTAL 16,349 18,566 11,371 13,506 19%
Coverage (landlord-procured consumption) 97% 96% 96% 96%

Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
131
– Like-for-like excludes assets that were purchased, sold,
under major refurbishment or subject to a significant
change in the scope of reported data during the two years
reported.
– Consumption data relates to the manage portfolio only:
– Lodging, leisure & recreation: common parts;
– Mixed-use: other: whole building; common parts;
– Mixed-use: office/retail: whole building; common
parts;
– Office low-rise: whole building; common parts; tenant
space, where procured by the landlord;
– Office mid-rise: whole building; common parts; tenant
space, where procured by the landlord;
– Retail: high street: common parts; tenant space,
where procured by the landlord;
– Retail warehouse: tenant space, where procured by
the landlord; and
– Water procured directly by tenants is not reported.
– All water was procured from a municipal supply. As far as
we are aware, no surface, ground, rainwater or wastewater
from another organisation was consumed during the
reporting period and therefore is not presented here.
– Percentage of data estimated pro-rata across both 2022
and 2023: 0%
– Intensity: Numerators/denominators are aligned as follows:
– Lodging, Leisure and Recreation: Other, Retail: High
Street & Retail: Retail Centres: Warehouse – Common
areas energy consumption (kWh) divided by common
parts area (CPA m);
– Industrial: Distribution Warehouse: Refrigerated
Warehouse, Industrial: Distribution Warehouse:
Non- Refrigerated Warehouse – External areas energy
consumption (kWh) divided by the external area (m)
or common parts area (m) where known; and
– All other sectors - Common areas and shared service
or whole building energy consumption (kWh) divided
by gross internal area (GIA m).
– Coverage (landlord-procured consumption) relates to the
proportion of assets for which landlord-obtained data has
been reported.
– An asset in the ‘Office: Corporate: Mid-Rise Office’
sector has been removed due to data quality issues
which are under investigation with the supplier.
– Where appropriate (for relevant assets), consumption data
and asset NLA/GIA has been adjusted to reflect the
Company’s share of ownership.
– Variance commentary:
– The notable increase in Like-for-like water
consumption for the Office: Corporate: Low-Rise
Office sector can largely be attributed to the asset
Northampton, Century & Peterbridge. This is due to
increased occupancy in 2023 and several small water
leaks that have since been fixed; and
– The notable increase in like-for-like water intensity for
the Mixed-Use: Office/Retail is because of water leaks
at Liverpool, 88-94 Church Street.

Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements132
Waste (Waste-Abs; Waste-LfL)
The table below sets out waste from the Company’s managed portfolio by disposal route and sector.
Absolute tonnes Like-for-like tonnes
2022 2023 2022 2023
Tonnes % Tonnes % Tonnes % Tonnes %
%
change
Office: Corporate: Low-Rise Office
Recycled 30.4 60.3% 23.0 42.6% 30.4 60.3% 23.0 42.6% -24.3%
Incineration with energy recovery 20.0 39.7% 31.0 57.4% 20.0 39.7% 31.0 57.4% 55.0%
Unknown - - - - - - - - -
Landfill - - - - - - - - -
TOTAL 50.4 54.0 7.1% 50.4 54.0 7.1%
COVERAGE LANDLORD
PROCURED CONSUMPTION
100% 100% 100% 100%
Retail: High Street
Recycled 14.0 40.7% 24.8 55.0% 14.0 40.7% 24.8 55.0% 77.1%
Incineration with energy recovery 20.3 59.0% 20.3 45.0% 20.3 59.0% 20.3 45.0% 0%
Unknown - - - - - - - - -
Landfill - - - - - - - - -
TOTAL 34.4 45.1 31.1 34.4 45.1 31.1%
COVERAGE LANDLORD
PROCURED CONSUMPTION
100% 100% 100% 100%
Retail: Retail Centres: Warehouse
Recycled - - - - - - - - -
Incineration with energy recovery 0.8 100% 2.8 100% 0.8 100% 2.8 100% 250%
Unknown - - - - - - - - -
Landfill - - - - - - - - -
TOTAL 0.8 2.8 250% 0.8 2.8 250%
COVERAGE LANDLORD
PROCURED CONSUMPTION
100% 100% 100% 100%
Mixed-use: Other
Recycled 45.3 52.1% 45.8 48.8% 45.3 52.1% 45.8 48.8% 1.1%
Incineration with energy recovery 41.7 47.9% 48.0 51.2% 41.7 47.9% 48.0 51.2% 15.1%
Unknown - - - - - - - - -
Landfill - - - - - - - - -
TOTAL 87.0 93.8 7.8% 87.0 93.8 7.8%
COVERAGE LANDLORD
PROCURED CONSUMPTION
100% 100% 100% 100%
Mixed-use: Office/Retail
Recycled 10.4 34.2% 3.0 30.6% 10.4 34.2% 3.0 30.6% -71.2%
Incineration with energy recovery 20.0 65.8% 6.8 69.4% 20 65.8% 6.8 69.4% -66.0%
Unknown - - - - - - - - -
Landfill - - - - - - - - -
TOTAL 30.4 9.8 -67.8% 30.4 9.8 -67.8%
COVERAGE LANDLORD
PROCURED CONSUMPTION
100% 100% 100% 100%
Lodging, Leisure & Recreation: Other
Recycled 274.7 58.7% 255.3 60.0% 274.7 58.7% 255.3 60.0% -7.1%
Incineration with energy recovery 193.4 41.3% 170.4 40.0% 193.4 41.3% 170.4 40.0% -11.9%
Unknown - - - - - - - - -

Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
133
Absolute tonnes Like-for-like tonnes
2022 2023 2022 2023
Tonnes % Tonnes % Tonnes % Tonnes %
%
change
Landfill - - - - - - - - -
TOTAL 468.1 425.7 468.1 425.7 -9.1%
COVERAGE LANDLORD
PROCURED CONSUMPTION
100% 100% 100% 100%
Office: Corporate: Mid-Rise Office
Recycled 14.9 72.0% 13.8 76.2% 14.9 72.0% 13.8 76.2% -7.4%
Incineration with energy recovery 5.8 28.0% 4.3 23.8% 5.8 28.0% 4.3 23.8% -25.9%
Unknown - - - - - - - - -
Landfill - - - - - - - - -
TOTAL 20.7 18.1 20.7 18.1 -12.6%
COVERAGE LANDLORD
PROCURED CONSUMPTION
100% 100% 100% 100%
TOTAL
RECYCLED 389.7 - 365.7 - 381.7 - 365.7 - -4.2%
INCINERATION WITH
ENERGY RECOVERY
302.1 - 23.6 - 292.1 - 283.6 - -2.9%
UNKNOWN 0.0 - 0.0 - 0.0 - 0.0 - 0.0%
LANDFILL 0.0 - 0.0 - 0.0 - 0.0 - 0.0%
TOTAL 691.8 649.3 673.8 649.3 -3.6%
100% 100% 100% 100%
– Whilst zero waste is sent directly to landfill, a residual
component of the ‘recycled’ and ‘incineration with energy
recovery’ waste streams may end up in landfill;
– Like-for-like excludes assets that were purchased, sold,
under major refurbishment or subject to a significant
change in the scope of reported data during the two
years reported;
– Waste data relates to the managed portfolio only;
– Waste management procured directly by tenants is not
reported;
– Reported data relates to non-hazardous waste only,
robust tonnage data on the small quantities of hazardous
waste produced is not available;
– Coverage (landlord-procured consumption) relates to the
proportion of assets for which landlord obtained data has
been reported;
– Where appropriate (for relevant assets), consumption data
and asset NLA/GIA has been adjusted to reflect the
Company’s share of ownership; and
– Variance Commentary:
– The increase in Like-for-like tonnage for the Retail:
High Street is attributed to Ilkeston Albion Centre
where two additional waste streams were added in
2023.

Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements134
Sustainability certification: Green building
certificates (Cert-Tot)
The table below sets out the proportion of the Company’s
total portfolio with a Green Building Certificate by floor area:
Rating
Portfolio by
floor area (%)
BREEAM/New Construction | Excellent 2.5%
BREEAM/ REFURBISHMENT AND
FITOUT COVERAGE
2.5%
BREEAM/Refurbishment and Fit-out | Very Good 0.2%
BREEAM/ REFURBISHMENT AND
FITOUT COVERAGE
0.2%
BREEM In Use | Very Good 2.0%
BREEM In Use | Good 3.2%
BREEM In Use | Acceptable 0.8%
BREEAM/ IN USE COVERAGE 6.0%
WiredScore | Gold 2.3
WiredScore | Silver 0.8%
WIREDSCORE/ COVERAGE 3.1%
TOTAL PORTFOLIO COVERAGE EXCLUDING
DUPLICATES
9.7%
– Green building certificate records for the Company are
provided as at 31 December 2023 by portfolio net lettable
floor area;
– Data provided includes managed and non-managed
assets (i.e. the whole portfolio);
– Where appropriate (for relevant assets), asset GIA has
been adjusted to reflect the Company’s share of
ownership;
– To avoid double counting, the Total Portfolio Coverage
excludes the floor area for the BREEAM/Refurbishment
and Fit-out at City Tower as there are additional
certificates already included in the count; and
– In Q1 2024 the WiredScore for City Tower, Manchester
was upgraded from a ‘Gold’ to a ‘Platinum’ rating.
Sustainability certification: Energy Performance
Certificates (Cert-Tot)
The table below sets out the proportion of the Company’s total
portfolio with an Energy Performance Certificate by floor area.
Rating Portfolio by Floor Area
A+ 2.7%
A 2.8%
B 15.1%
C 39.3%
D 27.0%
E 11.9%
F 0.0%
G 0.0%
N/A 0.0%
No EPC 1.1%
COVERAGE 100%
– Energy Performance Certificate (EPC) records for the
Company are provided for the portfolio as at 31 December
2023 by portfolio floor area;
– Data provided includes the whole portfolio i.e. managed
and non-managed assets;
– Where appropriate (for relevant assets) asset GIA has been
adjusted to reflect the Company’s share of ownership;
– EPCs are known for 99% of the portfolio by floor area. In
general terms, since the introduction of the EPC
Regulations in 2008, EPCs are required for the letting of
units or buildings or the sale of buildings. In addition, the
UK Minimum Energy Efficiency Standards regulations
(‘MEES’) came into force for commercial buildings on
1April 2018 and require a minimum EPC rating of E for new
lettings; the rules apply to all leases from 1 April 2023. The
EPCs for the portfolio are managed to ensure compliance
with the MEES regulations.

Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
135
Sustainability Performance Measures (Social)
EPRA’s Sustainability Best Practices Recommendations
Guidelines 2017 (‘EPRA’s Guidelines’) include Social and
Governance reporting measures to be disclosed for the entity
i.e. the Company. The Company is an externally managed real
estate investment trust and has no direct employees. A
number of these Social Performance measures relate to entity
employees and therefore these measures are not relevant for
reporting at the entity level. The Investment Manager to the
Company, Schroder Real Estate Investment Management
Limited, is part of Schroders PLC which has responsibility for
the employees that support the Company. The Company aims
to comply with EPRA’s Guidelines and therefore has included
Social and Governance Performance Measure disclosures in
this report. However, these are presented as appropriate for
the activities and responsibilities of the Schroder Real Estate
Investment Trust Limited (the ‘Company’), Schroders plc or
the Investment Manager, Schroder Real Estate Investment
Management Limited.
The Schroders PLC Annual Report and Accounts for the
12months to 31 December 2023 supports the performance
measures in relation to the Investment Manager as set out
below. Schroders PLC’s principles in relation to people
including diversity, gender pay gap, values, employee
satisfaction survey, wellbeing and retention can be found at:
– Schroders 2023 Annual Report and Accounts; and
– Inclusion at Schroders Report 2023
Employee gender diversity (Diversity-Emp)
As at 31 March 2024 the Company’s Board comprised five
members: 2 (40%) female; 3 (60%) male.
For further information on Schroders plc’s employee gender
and diversity, covering more employee categories, please
refer to Inclusion at Schroders Report 2023:
– Inclusion at Schroders Report 2023
Gender pay ratio (Diversity-Pay)
The remuneration of the Company’s Board is set out on
page79 of this Report and Accounts document.
Schroders PLC female representation and gender pay report
can be found in the Schroders 2023 Annual Report and
Accounts (page 18) and Inclusion at Schroders Report 2023:
– Schroders 2023 Annual Report and Accounts
– Inclusion at Schroders Report 2023
Information on Diversity and Inclusion at Schroders can be
found at
– Inclusion at Schroders Report 2023
The following are reported for Schroders in relation to the
Investment Management of the Company:
Training and development (Emp-Training)
Schroders requires employees to complete mandatory
internal training. Schroders encourages all staff with
professional qualifications to maintain the training
requirements of their respective professional body.
Employee performance appraisals (Emp-Dev)
Schroders performance management process requires annual
performance objective setting and annual performance
reviews for all staff. The Investment Manager confirms that
performance appraisals were completed for 100% of
investment staff relevant to the Company in 2023.
The following are reported for Schroders PLC:
For commentary on Schroders PLC’s turnover and retention
rates please refer to the Schroders Annual Report and
Accounts (page 18)
– Schroders 2023 Annual Report and Accounts

Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements136
Employee health and safety (H&S-Emp)
Schroders PLC does not include employee health and safety
performance measures in its Annual Report and Accounts.
The following are reported in relation to the assets held in the
Company’s portfolio over the reporting period to 31 Dec 2023:
Asset health and safety assessments (H&S-Asset)
The table below sets out the proportion of the Company’s
portfolio, where operational control is retained, and where
health and safety impacts were assessed or reviewed for
compliance or improvement:
Portfolio by floor area (%)
2022 2023
All sectors 100% 100%
Asset health and safety compliance (H&S-Comp)
The table below sets out the number of incidents of non-
compliance with regulations/and or voluntary codes
identified:
Number of incidents
2022 2023
All sectors 1 0
In 2022, there was an issue with a fire panel at one asset
within the portfolio. The issue was rectified by replacing the
panel.
Community engagement, impact assessments
and development programmes (Comty-Eng)
The table below sets out the proportion of the Company’s
total portfolio which completed local community
engagement, impact assessments and/or development
programs:
Portfolio by number assets (%)
2022 2023
TOTAL 29% 43%
Community engagement initiatives are carried out where
deemed relevant to individual assets, in collaboration with the
relevant site team.
All site teams are encouraged to engage with local
communities where this is appropriate to the asset. Examples
of community initiatives undertaken in the year ended
31December 2023 include permitting the local model railway
society to use part vacant space and supporting local and
national charities such as ‘KidsOut’ children’s Christmas
appeal, and ‘Let’s Can Hunger’s’ foodbank appeal. At
Headingley Central, a monthly makers market is held,
providing a platform for local craftspeople and businesses.
Sustainability Performance Measures
(Governance)
Composition of the highest governance body
(Gov-Board)
The Board of the Company comprised 5 non-executive
independent directors (0 executive board members) as at 31
March 2024 and:
– The average tenure of the five directors to 31 March 2024
is 3 years and 10 months; and
– The number of directors with competencies relating to
environmental and social topics is two, Alexandra Innes
and Priscilla Davies, and their experience can be seen in
their biographies.
Nominating and selecting the highest governance body
(Gov-Select)
The role of the Nomination Committee, chaired by Alistair
Hughes is to consider and make recommendations to the
Board on its composition so as to maintain an appropriate
balance of skills, experience and diversity, including gender,
and to ensure a progressive refreshing of the Board. On
individual appointments, the Nomination Committee leads
the process and makes recommendations to the Board.
Before the appointment of a new director, the Nomination
Committee prepares a description of the role and capabilities
required for a particular appointment. While the Nomination
Committee is dedicated to selecting the best person for the
role, it aims to promote diversification and the Board
recognises the importance of diversity. The Board agrees that
its members should possess a range of experience,
knowledge, professional skills and personal qualities as well
as the independence necessary to provide effective oversight
of the affairs of the Company.
Process for managing conflicts of interest (Gov-Col)
The Company’s Conflicts of Interest Policy sets out the policy
and procedures of the Board and the Company Secretary for
the management of conflicts of interest.

Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
137
Streamlined Energy and Carbon Reporting
Schroder Real Estate Investment Trust Limited (the
‘Company’) is a real estate investment company with a
premium listing on the Official List of the UK Listing Authority
and whose shares are traded on the Main Market of the
London Stock Exchange (ticker: SREI).
The Company is a real estate investment trust (‘REIT’) and
benefits from the various tax advantages offered by the UK
REIT regime. The Company continues to be declared as an
authorised closed-ended investment scheme by the Guernsey
Financial Services Commission under section 8 of the
Protection of Investors (Bailiwick of Guernsey) Law, 2020 and
Authorised Closed-Ended Collective Investment Schemes
Rules and Guidance, 2021.
The Board and Investment Manager in recognition of the
importance it places on sustainability has included a report
for the Company aligned with the UK Companies (Directors’
Report) and Limited Liability Partnerships (Energy and Carbon
Report) Regulations 2018, (the Regulations) on its UK energy
use, associated Scope 1 and 2 greenhouse gas (‘GHG’)
emissions, an intensity metric and, where applicable, global
energy use. This reporting is also referred to as Streamlined
Energy and Carbon Reporting (‘SECR’).
This Energy and Carbon Report applies for the Company’s
annual report for the 12 months to 31 March 2024. The
statement has however been prepared for the calendar year,
the 12 months to 31 December 2023, to report annual figures
for emissions and energy use the available period for which
such information is available. In addition, the Regulations
advise providing a narrative on energy efficiency actions
taken in the previous financial year.
As a property company, energy consumption and emissions
result from the operation of buildings. The reporting boundary
has been scoped to those held properties where the
Company retained operational control: where the Company is
responsible for operating the entire building, shared services
(e.g. common parts lighting, heating, and air conditioning),
external lighting and/or void spaces. ‘Operational control’ has
been selected as the reporting boundary (as opposed to
‘financial control’ or ‘equity share’) as this reflects the portion
of the portfolio where the Company can influence operational
procedures and, ultimately, sustainability performance. This
incorporates consumption in tenant areas, where the landlord
procures energy for the whole building and where recharges
are not made directly (i.e. based on sub-metered kWh
consumption). In 2023, within the portfolio, there were 23
properties within the operational control reporting boundary
and in 2022 there were 24 such properties. All Company
assets are located in the UK.
The Company is not directly responsible for any GHG
emissions/energy usage at single let/FRI assets nor at
multi-let assets where the tenant is responsible for procuring
their own energy. These emissions form part of the wider
value chain (i.e. ‘Scope 3’) emissions, which are not
monitored at present. As a real estate company with no direct
employees or company owned vehicles as at 31 December
2023, there is no energy consumption or emissions
associated with travel or occupation of corporate offices to
report. Fugitive emissions associated with refrigerant losses
from air conditioning equipment are widely understood by the
industry to be less material than other sources of emissions
and data is often not collected. The Company received
fugitive emissions data in previous reporting years, and this
confirmed that they were de minimis and consequently have
not been captured in current reporting.
In addition to reporting absolute energy consumption and
GHG emissions, the Company has reported separately on
performance within the ‘like-for-like’ portfolio, as well as
providing intensity ratios, where appropriate. The like-for-like
portfolio includes buildings where each of the following
conditions is met:
– Owned for the full 24-month period (sales / acquisitions
are excluded)
– No major renovation or refurbishment has taken place
– At least 24 months data is available
For the intensity ratios, the denominator determined to be
relevant to the business is square metres of net lettable area
for most sectors, including Industrial Distribution Warehouses
(Refrigerated and Non- Refrigerated), Leisure, Mixed-use,
Offices and Retail Warehouses. For Retail: High Street, the
most relevant denominator is common parts area. The
intensity ratio is expressed as:
– Energy: kilowatt hours per metre square (net lettable area
or common parts area) per year, or, kWh/m/yr
.
– GHG: kilograms carbon dioxide equivalent per metre
square (net lettable area or common parts area) per year,
or, kgCOe/m/yr.

Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements138
Absolute Energy (kWh) Like-for-Like Energy (kWh)
2022 2023 2022 2023 % Change
Gas 1,691,522 1,440,182 1,239,150 1,130,675 -9%
Electricity 5,027,011 5,041,826 4,538,747 4,734,014 4%
TOTAL 6,718,533 6,482,008 5,777,897 5,864,689 1.5%
The table below sets out the Company’s greenhouse
gas emissions.
Absolute Emissions (tCO2e) Like-for-like Emissions (tCO2e)
2022 2023 2022 2023 % Change
Scope 1 (Direct emissions from gas consumption) 308.8 263.5 226.2 206.8 -9%
Scope 2 (Indirect emissions from electricity) 972.1 1,044 877.7 980.3 12%
TOTAL 1,280.9 1,307.5 1,103.9 1,187.1 8%
The like-for-like energy consumption for the 2023 calendar year for the managed assets held within the Company has slightly
increased by 1.5% primarily due to occupancy changes. The greenhouse gas emissions have increased by 8% partly due to
changes to the DEFRA GHG emissions factors for both natural gas and electricity between 2022 and 2023. Energy performance
improvement opportunities continued to be considered across the portfolio. Initiatives undertaken during the reporting year
include Heating, Ventilation, and Air-Conditioning (HVAC) replacements/upgrades, roof insulation upgrades, window
replacements, LED lighting upgrades and installation of lighting and ventilation occupancy sensors. Automatic Meter Reading
(AMR) devices continue to be rolled out across all landlord electricity supplies for improved energy monitoring.
The table below sets out the Company’s energy and greenhouse gas emissions intensities by sector on a like
for like basis.
Energy Intensities (kWh per m
2
) GHG Emission Intensities (kgCO2e per m
2
)
2022 2023 2022 2023
Industrial Distribution Warehouses (Refrigerated) 7 4 1.4 0.9
Industrial Distribution Warehouses (Non-Refrigerated) 16 17 3.0 3.5
Leisure 59 60 11.5 12.4
Mixed-use, Office/Retail 96 89 18.7 18.4
Mixed-use, Other 23 23 4.4 4.8
Office, Low Rise 26 25 4.9 5.0
Office, Mid Rise 149 140 27.7 26.9
Retail High Street 2 1 0.4 0.3
Retail Warehouse 5 2 0.9 0.4
Methodology
– All energy consumption and GHG emissions reported occurred at the Company assets all of which are located in the UK.
– Energy consumption data is reported according to automatic meter reads, manual meter reads or invoice estimates. Historic
energy and consumption data have been restated where more complete and or accurate records have become available.
Where required, missing consumption data has been estimated through pro-rata extrapolation. Data has been adjusted to
reflect the Company’s share of asset ownership, where relevant.
– The sustainability content located on pages 123 to 136 of the SREIT annual report for the year ending 31 March 2024 has
been assured in accordance with AA1000. The same data set has been used to compile this data report. The full Assurance
Statement is available upon request.

Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
139
– The Company’s GHG emissions are calculated according to the principles of the Greenhouse Gas (GHG) Protocol Corporate
Standard.
– The Company’s Greenhouse Gas Emissions are reported as tonnes of carbon dioxide equivalent (tCOe), which includes
the following emissions covered by the GHG Protocol (where relevant and available greenhouse gas emissions factors
allow): carbon dioxide (CO), methane (CH), hydrofluorocarbons (HFCs), nitrous oxide (N0), perfluorocarbons (PFCs),
sulphur hexafluoride (SF6) and nitrogen triflouride (NF3).
– GHG emissions from electricity (Scope 2) are reported according to the ‘location-based’ approach.
– The following greenhouse gas emissions conversion factors and sources have been applied:
Country Emissions Source GHG Emissions Factor Emissions Factor Data Source
United Kingdom
Electricity 2022 0.1934 kgCOe
UK Government’s GHG Conversion Factors for Company Reporting (2022)
Gas 2022 0.1825kgCOe
Electricity 2023 0.2071 kgCOe
UK Government’s GHG Conversion Factors for Company Reporting (2023)
Gas 2023 0.1829kgCOe
Energy Efficiency Actions
Environmental data management system
and quarterly reporting
Environmental data for the Company is collated by third-party Property Managers and sustainability consultants Deepki,
supported by their proprietary commercial real estate ESG intelligence platform, Deepki Ready. Energy, water, waste, and
greenhouse gas emission data are collected and validated for all assets where the portfolio has operational control on at least a
quarterly basis.
Energy target, improvement programme
and net zero carbon
In 2019 the Manager signed the Better Building Partnership’s (‘BBP’) Climate Commitment which includes a net zero ambition
aligned to the Paris Agreement aim to limit warming to 1.5°C. The Manager’s commitment was further underlined by the
Company who in 2022 announced its ‘Pathway to Net Zero Carbon’ committing to:
– Operational whole buildings emissions to be aligned to a 1.5°C pathway by 2030
– Embodied emissions for all new developments and major renovations to be net zero by 2030
– Operational Scope 1 and 2 (landlord) emissions to be net zero by 2030
– Operational and embodied whole building (scope 1, 2 and 3 – landlord and tenant) emissions to be net zero by 2040
The Investment Manager together with third-party property managers look to identify and deliver energy and greenhouse gas
emissions reductions on a cost-effective basis. The programme involves reviewing all managed assets within the Company and
identifying and implementing improvement initiatives, where viable. The process is of continual review and improvement.
Energy performance improvement initiatives undertaken at several assets during the reporting period include HVAC upgrades,
roof insulation and glazing upgrades, upgrades to AMR devices for improved energy monitoring, and lighting upgrades.
Renewable electricity tariffs and carbon offsets
The Investment Manager has an objective to procure 100% renewable electricity for all landlord-controlled supplies for which it
has responsibility, which includes the assets of the Company, by 2025. As at 31 December 2023, 80% of the Company’s
landlord-controlled electricity was on renewable tariffs. No carbon offsets were purchased during the reporting period.

Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements140
Asset list
The table below summarises the portfolio information as at 31 March 2024, excluding post year end activity. The property values
presented represent the year end valuations as determined by the independent valuers as at 31 March 2024:
Property Sector Region Value range (£m)
28
Stacey Bushes Industrial Estate, MILTON KEYNES Industrial South East 50-60
Millshaw Park Industrial Estate, LEEDS Industrial Yorkshire & Humberside 40-50
Stanley Green Trading Estate, STOCKPORT Industrial North West 40-50
St John's Retail Park, BEDFORD Retail Warehouse Eastern 20-30
Langley Park Way, CHIPPENHAM Industrial South West 20-30
Union Park Industrial Estate, NORWICH Industrial Eastern 20-30
Headingley Central, HEADINGLEY Mixed-use Yorkshire & Humberside 20-30
Valley Park Industrial Estate, BIRKENHEAD Industrial North West 10-20
Horton Park Industrial Park, TELFORD Industrial West Midlands 10-20
St Ann's House, MANCHESTER Mixed-use North West 10-20
The Tun, EDINBURGH Offices Scotland 10-20
106 Oxford Road, UXBRIDGE Offices South East 10-20
Matalan, BLETCHLEY Retail Warehouse South East 0-10
The Galaxy Centre, LUTON Leisure Eastern 0-10
Churchill Way West, Salisbury, SALISBURY Retail Warehouse South West 0-10
21/27 Stirling Court, SWINDON Industrial South West 0-10
Royscot House, CHELTENHAM Offices South West 0-10
Wickes, CHESTER Retail Warehouse North West 0-10
Delme Place, FAREHAM Offices South East 0-10
Heathcote Industrial Estate, WARWICK Industrial West Midlands 0-10
88/94 Church Street, LIVERPOOL Retail North West 0-10
Haydock Industrial Estate, HAYDOCK Industrial North West 0-10
Haywood House, CARDIFF Offices Wales 0-10
The Lakes, NORTHAMPTON Offices East Midlands 0-10
Imperial House, SHEFFIELD Retail Yorkshire & Humberside 0-10
Hall Lane, SANDBACH Industrial North West 0-10
Clifton Park, YORK Offices Yorkshire & Humberside 0-10
The Albion Centre, ILKESTON Other East Midlands 0-10
Seton House, WARWICK Offices West Midlands 0-10
24/25 High Street, CHELMSFORD Retail South East 0-10
67/68 High Street, CHELMSFORD Retail South East 0-10
Pacific House, MARLOW Offices South East 0-10
The Orangery, Old & New Stables, FAREHAM Offices South East 0-10
12/14 East Gates, LEICESTER Retail East Midlands 0-10
Howard House, BEDFORD Offices Eastern 0-10
15/16 King Street, TRURO Retail South West 0-10
Moston Road, SANDBACH Industrial North West 0-10
28
As per third party valuation reports unadjusted for IFRS lease incentive amounts.

Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
141
Report of the Depositary to the Shareholders
Established in 2013, Langham Hall UK Depositary LLP is an
FCA regulated firm that works in conjunction with the
Manager and the Company to act as depositary. Consisting
exclusively of qualified and trainee accountants and
alternative specialists, the entity represents net assets of
US$140 billion and we deploy our services to over 120+
alternative investment funds across various jurisdictions
worldwide. Our role as depositary primarily involves oversight
of the control environment of the Company, in line with the
requirements of the Alternative Investment Fund Managers
Directive (AIFMD).
Our cash monitoring activity provides oversight of all the
Company held bank accounts with specific testing of bank
transactions triggered by share issues, property income
distributions via dividend payments, acquisitions, and
third-party financing. We review whether cash transactions
are appropriately authorised and timely. The objective of our
asset verification process is to perform a review of the legal
title of all properties held by the Company, and shareholding
of special purpose vehicles beneath the Company.
We test whether on an ongoing basis the Company is being
operated by the Manager in line with the Company’s
prospectus, and the internal control environment of the
Manager. This includes a review of the Company’s and its
subsidiaries’ decision papers and minutes.
We work with the Manager in discharging our duties, holding
formal meetings with senior staff on a quarterly basis and
submit quarterly reports to the Manager and the Company,
which are then presented to the Board of Directors, setting
out our work performed and the corresponding findings for
the period.
For the financial year ended 31 March 2024, our work
included the review of two investment property disposals and
four interim dividends. Based on the work performed during
this period, we confirm that no issues came to our attention
to indicate that controls are not operating appropriately.
Joe Hime
Head of Depositary
For and on behalf of:
Langham Hall UK Depositary LLP, London, UK
Langham Hall UK Depositary LLP is a limited liability
partnership registered in England and Wales
(with registered number OC388007).

Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements142
Glossary
Alternative performance
measure (‘APM’)
please see page 121 for full details of the key APMs used by the Company.
Annualised dividend yield being the dividend paid during the period annualised and expressed as a percentage of the period end share price.
Articles means the Company's articles of incorporation, as amended from time to time.
Companies Law means The Companies (Guernsey) Law, 2008.
Company is Schroder Real Estate Investment Trust Limited.
Directors
means the directors of the Company as at the date of this document whose names are set out on pages 62 and 63 of
this document and “Director” means any one of them.
Disclosure Guidance and
Transparency Rules
means the disclosure guidance and transparency rules contained within the FCA's Handbook of Rules and Guidance.
Earnings per share (‘EPS’)
is the profit after taxation divided by the weighted average number of shares in issue during the period. Diluted and
adjusted EPS per share are derived as set out under NAV.
Estimated rental value
(‘ERV’)
Is the Group’s external valuers’ reasonable opinion as to the open market rent which, on the date of the valuation, could
reasonably be expected to be obtained on a new letting or rent review of a property.
EPRA is the European Public Real Estate Association.
EPRA Net Tangible Assets
is the IFRS equity attributable to shareholders adjusted for items including deferred tax, the fair value of financial
instruments and intangible assets.
EPRA Net Disposal Value
is the IFRS equity attributable to shareholders adjusted for items including goodwill as a result of deferred tax and the
fair value of interest rate debt
FCA is the UK Financial Conduct Authority.
Gearing is the Group’s net debt as a percentage of adjusted net assets.
Group is the Company and its subsidiaries.
GFSC is the Guernsey Financial Services Commission.
Initial yield is the annualised net rents generated by the portfolio expressed as a percentage of the portfolio valuation.
Interest cover is the number of times Group net interest payable is covered by Group net rental income.
Listing Rules means the listing rules made by the FCA under Part VII of the UK Financial Services and Markets Act 2000, as amended.
Market Abuse Regulation means regulation (EU) No.596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse.
MSCI
(formerly Investment Property Databank or ‘IPD’) is a Company that produces an independent benchmark of property
returns.
Manager/Investment
Manager
means Schroder Real Estate Investment Management Limited
Net asset value and NAV
per share
is shareholders’ funds divided by the number of shares in issue at the financial year end.
NAV total return is calculated taking into account both capital returns and income returns in the form of dividends paid to shareholders.
Net rental income is the rental income receivable in the period after payment of ground rents and net property outgoings.
REIT is a Real Estate Investment Trust.
Reversionary yield is the anticipated yield which the initial yield will rise to once the rent reaches the estimated rental value.
SONIA
Sterling Overnight Indexed Average - an overnight rate, set in arrears, and based on actual transactions in overnight
indexed swaps for unsecured transactions in the Sterling market.
Weighted average unexpired
lease term (‘WAULT’)
Weighted average unexpired lease term assuming earlier of lease break or lease expiry.

Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
143
Resolutions at 2024 Annual General Meeting
THIS SECTION IS IMPORTANT AND REQUIRES YOUR
IMMEDIATE ATTENTION.
If you are in any doubt about the contents of this section of
the document or the action you should take, you are
recommended to seek immediately your own personal
financial advice from an appropriately qualified
independent advisor authorised pursuant to the Financial
Services and Markets Act 2000 (as amended).
If you have sold or otherwise transferred all your shares in the
Company, please send this document (including the Notice of
AGM) and the accompanying documents at once to the
purchaser, transferee, or to the stockbroker, bank or other
person through whom the sale or transfer was effected for
onward transmission to the purchaser or transferee. However,
such documents should not be distributed, forwarded or
transmitted in or into the United States, Canada, Australia or
Japan or into any other jurisdiction as to do so would
constitute a violation of applicable laws and regulations in
such other jurisdiction.
The Notice of the Annual General Meeting of Shareholders is
set out on pages 145 to 146. The following paragraphs explain
the resolutions to be put to the AGM.
Resolutions 1–9 (ordinary resolutions)
Resolutions 1-9 are being proposed to approve the ordinary
business of the Company to: (i) consider and approve the
consolidated Annual Report of the Company for the year
ended 31 March 2024; (ii) consider and approve the
Directors’ remuneration policy and the remuneration report,
(iii) elect or re-elect the Directors; and (iv) appoint the
Auditors and authorise the Directors to determine the
Auditor’s remuneration.
Resolution 10: Approval of the Company’s dividend policy
(ordinary resolution)
The Company’s dividend policy is to pay a sustainable level of
quarterly dividends to shareholders (in arrears). It is intended
that successful execution of the Company’s strategy will
enable a progressive dividend policy.
The Company’s objective and strategy, outlined in the Chair’s
Statement and Investment Manager’s Report, is to deliver
sustainable net income growth in due course through active
management of the underlying portfolio. Any future decision
to increase the dividend will be determined by factors
including whether it is sustainable over the long term, current
and anticipated future market conditions, rental values and
the potential impact of any future debt refinancing.
As the Company is a REIT, the Board must also ensure that
dividends are paid in accordance with the requirements of the
UK REIT regime (pursuant to part 12 of the UK Corporation
Tax Act 2010) in order to maintain the Company’s REIT status.
Shareholders should note that the dividend policy is not a
profit forecast and dividends will only be paid to the extent
permitted in accordance with the Companies Law and the UK
REIT regime.
The Board acknowledges that the dividend policy is
fundamental to shareholders’ income requirements as well as
the Company’s investment and financial planning. Therefore,
in accordance with the principles of good corporate
governance and best practice relating to the payment of
interim dividends without the approval of a final dividend by a
company’s shareholders, a resolution to approve the
Company’s dividend policy will be proposed annually for
approval.
Resolution 11: Authority to disapply pre-emption rights
(special resolution)
The Directors require specific authority from shareholders
before allotting new ordinary shares for cash (or selling shares
out of treasury for cash) without first offering them to existing
shareholders in proportion to their holdings. Resolution 11
empowers the Directors to allot new ordinary shares for cash
or to sell ordinary shares held by the Company in treasury for
cash, otherwise than to existing shareholders on a pro rata
basis, up to such number of ordinary shares as is equal to 10%
of the ordinary shares in issue (including treasury shares) on
the date the resolution is passed. No ordinary shares will be
issued without pre-emption rights for cash (or sold out of
treasury for cash) at a price less than the prevailing net asset
value per ordinary share at the time of issue or sale from
treasury.
The Directors do not intend to allot or sell ordinary shares
other than to take advantage of opportunities in the market as
they arise and will only do so if they believe it to be
advantageous to the Company’s existing shareholders and
when it would not result in any dilution of the net asset value
per ordinary share (owing to the fact that no ordinary shares
will be issued or sold out of treasury for a price less than the
prevailing net asset value per ordinary share).
This authority will expire on the earlier of the conclusion of
the annual general meeting of the Company to be held in
2025 or on the expiry of 15 months from the passing of this
Resolution 11.

Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements144
Resolution 12: Authority to repurchase shares
(special resolution)
The Board recognises that movements in the ordinary share
price, premium or discount, are driven by numerous factors,
including investment performance, gearing and market
sentiment. Accordingly, it focuses its efforts principally on
addressing sources of risk and return as the most effective
way of producing long-term value for Shareholders.
However, the Directors may consider repurchasing ordinary
shares if they believe it to be in Shareholders’ interests as a
whole and as a means of correcting any imbalance between
supply and demand for the ordinary shares. The making and
timing of any repurchase of ordinary shares will be at the
absolute discretion of the Board, although the Board will have
regard to the effects of any such repurchase on long-term
shareholders in exercising its discretion. Any repurchase of
ordinary shares will be subject to compliance with the
Companies Law and within any guidelines established from
time to time by the Board.
Annually the Company passes a resolution granting the
Directors general authority to purchase in the market up to
14.99% of the number of shares in issue. The Directors intend
to seek a renewal of this authority from the Shareholders at
the AGM. No shares were repurchased under this authority.
In the event that the Board decides to repurchase ordinary
shares, purchases will only be made through the market for
cash at prices not exceeding the prevailing NAV of the
ordinary shares (as last calculated) where the Directors
believe such purchases will enhance shareholder value. Such
purchases will also only be made in accordance with the
Listing Rules and the Disclosure Guidance and Transparency
Rules which provide that the maximum price to be paid for
each ordinary share must not be more than the higher of:
(i) 5 per cent above the average mid-market value of the
ordinary shares for the five business days before the purchase
is made; and (ii) an amount equal to the higher of (a) the price
of the last independent trade; and (b) the highest current
independent bid for an ordinary share on the trading venues
where the market purchases by the Company pursuant to the
authority conferred by that resolution will be carried out. The
Companies Law also provides, among other things, that any
such purchase is subject to the Company passing the
solvency test contained in the Companies Law at the relevant
time. Any ordinary shares purchased under this authority may
be cancelled or held in treasury.
This authority will expire at the conclusion of the annual
general meeting of the Company to be held in 2025 unless
varied, revoked or renewed prior to such date by ordinary
resolution of the Company.
The Board considers that the resolutions to be proposed at
the AGM are in the best interests of the Company’s
shareholders as a whole. The Board therefore recommends
unanimously to shareholders that they vote in favour of each
of the resolutions, as they intend to do in respect of their own
beneficial holdings.
Alastair Hughes, Chair
5 June 2024

Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
145
Notice of Annual General Meeting
Notice is hereby given that the Annual General Meeting of the Company will be held at 1 London Wall Place, EC2Y 5AU
on 16September 2024 at 10.30 a.m.
Resolution To consider and, if thought fit, pass the following Ordinary Resolutions:
Resolution 1 (Ordinary Resolution)
To receive, consider and approve the Consolidated Annual Report and Financial Statements of the Company
for the year ended 31 March 2024.
Resolution 2 (Ordinary Resolution) To approve the Directors’ Remuneration Policy.
Resolution 3 (Ordinary Resolution) To approve the Remuneration Report for the year ended 31 March 2024.
Resolution 4 (Ordinary Resolution) To re-elect Priscilla Davies as a director of the Company.
Resolution 5 (Ordinary Resolution) To re-elect Alastair Hughes as a director of the Company.
Resolution 6 (Ordinary Resolution) To re-elect Alexandra Innes as a director of the Company.
Resolution 7 (Ordinary Resolution) To elect Sanjay Patel as a director of the Company.
Resolution 8 (Ordinary Resolution)
To appoint Ernst and Young LLP as Auditor of the Company until the conclusion of the next
Annual General Meeting.
Resolution 9 (Ordinary Resolution) To authorise the Board of directors to determine the Auditor's remuneration.
Resolution 10 (Ordinary Resolution) To receive and approve the Company's Dividend Policy which appears on page 143 of the Annual Report.
To consider and, if thought fit, pass the following Special Resolutions:
Resolution 11 (Special Resolution)
That the directors of the Company be and are hereby empowered to allot ordinary shares of the Company for
cash as if the pre-emption provisions contained under Article 13 of the Articles of Incorporation did not apply
to any such allotments and to sell ordinary shares which are held by the Company in treasury for cash on a non-
pre-emptive basis provided that this power shall be limited to the allotment and sales of ordinary shares:
a. up to such number of ordinary shares as is equal to 10% of the ordinary shares in issue (including treasury
shares) on the date on which this resolution is passed;
b. at a price of not less than the net asset value per share as close as practicable to the allotment or sale;
provided that such power shall expire on the earlier of the conclusion of the annual general meeting of the
Company to be held in 2025 or on the expiry of 15 months from the passing of this Special Resolution, except
that the Company may before such expiry make offers or agreements which would or might require ordinary
shares to be allotted or sold after such expiry and notwithstanding such expiry the Directors may allot or sell
ordinary shares in pursuance of such offers or agreements as if the power conferred hereby had not expired.
Resolution 12 (Special Resolution)
That the Company be authorised, in accordance with section 315 of The Companies (Guernsey) Law, 2008,
as amended (the ‘Companies Law’), to make market acquisitions (within the meaning of section 316 of the
Companies Law) of ordinary shares in the capital of the Company either for retention as treasury shares, insofar
as permitted by the Companies Law or cancellation, provided that:
a. the maximum number of ordinary shares hereby authorised to be purchased shall be 14.99% of the issued
ordinary shares on the date on which this resolution is passed;
b. the minimum price which may be paid for an ordinary share shall be £0.01;
c. the maximum price (exclusive of expenses) which may be paid for an ordinary share shall be an amount equal
to the higher of (i) 5% above the average of the mid-market value of the ordinary shares (as derived from the
regulated market on which the repurchase is carried out) for the five business days immediately preceding
the date of the purchase; and (ii) the higher of (a) the price of the last independent trade; and (b) the highest
current independent bid at the time of purchase, in each case on the regulated market where the purchase is
carried out;
d. such authority shall expire at the conclusion of the annual general meeting of the Company to be held in
2025 unless such authority is varied, revoked or renewed prior to such date of the general meeting; and
e. the Company may make a contract to purchase ordinary shares under such authority prior to its expiry
which will or may be executed wholly or partly after its expiration and the Company may make a purchase of
ordinary shares pursuant to any such contract.
By Order of the Board
For and on behalf of
Schroder Investment Management Limited
Company Secretary
5 June 2024

Schroder Real Estate Investment Trust Limited Annual Report and Consolidated Financial Statements146
Notes
1. To be passed, an ordinary resolution requires a simple
majority of the votes cast by those shareholders voting in
person or by proxy at the AGM (excluding any votes which
are withheld) to be voted in favour of the resolution.
2. To be passed, a special resolution requires a majority of at
least 75% of the votes cast by those shareholders voting in
person or by proxy at the AGM (excluding any votes which
are withheld) to be voted in favour of the resolution.
3. A member who is entitled to attend and vote at the meeting
is entitled to appoint one or more proxies to exercise all or
any of their rights to attend, speak and vote instead of him or
her. A proxy need not be a member of the Company. More
than one proxy may be appointed provided that each proxy is
appointed to exercise the rights attached to different shares
held by the member.
4. If returned without an indication as to how the proxy shall
vote on any particular matter, the proxy will exercise
discretion as to whether, and if so how, to vote.
5. A form of proxy is enclosed for use at the meeting and any
adjournment thereof. The form of proxy should be completed
and sent, together with the power of attorney or other
authority (if any) under which it is signed, or a notarial
certified copy of such power or authority, so as to reach the
Company’s Registrars, Computershare Investor Services
(Guernsey) Limited, c/o The Pavilions, Bridgwater Road,
Bristol, BS99 6ZY at least 48 hours before the time of the
AGM (excluding any part of a day that is not a working day).
6. Completing and returning a form of proxy will not prevent a
member from attending in person at the meeting and voting
should he or she so wish.
7. To have the right to attend and vote at the meeting or any
adjournment thereof (and also for the purpose of calculating
how many votes a member may cast on a poll) a member
must have his or her name entered on the register of members
not later than at close of business of 13 September 2024.
8. Pursuant to Regulation 41 of the Uncertificated Securities
(Guernsey) Regulations 2009, entitlement to attend and vote
at the meeting and the number of votes which may be cast
thereat will be determined by reference to the register of
members of the Company at close of business on 13
September 2024. Changes to entries in the register of
members of the Company after that time shall be disregarded
in determining the rights of any member to attend and vote at
such meeting.
9. If all the shares have been sold or transferred by the
addressee, the Notice of Annual General Meeting and any
other relevant documents should be passed to the person
through whom the sale or transfer was effected for
transmission to the purchaser or transferee.

Overview Strategic Report Governance Report Financial Statements Other information (unaudited)
147
Corporate Information
Registered Address
Town Mills
North Suite 2
Rue Du Pré
St Peter Port
Guernsey
GY1 1LT
Independent Auditor
Ernst & Young LLP
PO Box 9
Royal Chambers
St. Julian’s Avenue
St. Peter Port
Guernsey GY1 4AF
Directors (all non-executive)
Alastair Hughes (Chair)
Stephen Bligh
Priscilla Davies
Alexandra Innes
Sanjay Patel (appointed 1 January 2024)
Property Valuer
CBRE Limited
Henrietta House
Henrietta Place
London
W1G 0NB
Investment Manager and Accounting Agent
Schroder Real Estate Investment Management Limited
1 London Wall Place
London
EC2Y 5AU
Sponsor and Brokers
J.P. Morgan Securities plc
25 Bank Street
Canary Wharf
London E14 5JP
Company Secretary
Schroder Investment Management Limited
1 London Wall Place
London
EC2Y 5AU
Tax Advisors
Deloitte LLP
2 New Street Square
London EC4A 3BZ
Depositary
Langham Hall UK Depositary LLP
8th Floor
1 Fleet Place
London
EC4M 7RA
Receiving Agent and UK Transfer/Paying Agent
Computershare Investor Services (Guernsey) Limited
13 Castle Street
St Helier
Jersey
JE1 1ES
Solicitors to the Company
as to English Law:
Stephenson Harwood LLP
1 Finsbury Circus
London EC2M 7SH
Solicitors to the Company as to Guernsey Law:
Mourant Ozannes (Guernsey) LLP
Royal Chambers
St Julian’s Avenue
St. Peter Port
Guernsey GY1 4HP
The Company’s privacy notice is available on its webpage
FATCA GIIN
5BM7YG.99999.SL.826

Schroder Real Estate Investment Management Limited
1 London Wall Place, London EC2Y 5AU, United Kingdom
T +44 (0) 20 7658 6000
@schroders
schroders.com