RNS Number : 2052J

Schroder Real Estate Inv Trst Ld

27 November 2025

Schroder Real Estate Investment Trust Limited

('SREIT' / the 'Company' / 'Group')

RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025

 SECTOR LEADING DEBT PROFILE, EXPOSURE TO HIGHER GROWTH SECTORS AND ACTIVE ASSET MANAGEMENT TO DRIVE ACCELERATED EARNINGS GROWTH

Schroder Real Estate Investment Trust Limited, the actively managed REIT focused on improving the sustainability performance of buildings to generate higher income and capital growth, today announces its unaudited interim results for the six months ended 30 September 2025. The statement will also shortly be uploaded to the National Storage Mechanism, and will be available on the Company's website, www.srei.co.uk, and can be viewed as a PDF at the following link: http://www.rns-pdf.londonstockexchange.com/rns/2052J_1-2025-11-27.pdf

Low cost, long term debt and active management underpins NAV uplift and 3.5% NAV total return

• Net asset value ('NAV') increased by 0.5% to £302.9 million, or 61.9 pence per share ('pps') (31 March 2025: £301.4 million, or 61.6 pps)
• 5% increase in dividends paid during the period totalling £8.8 million, or 1.79 pps (30 September 2024: £8.3 million, or 1.71 pps), 96% covered by EPRA earnings with full cover expected for the full financial year
• EPRA earnings per share 1.7p (30 September 2024: 1.7p)
• NAV total return of 3.5% (30 September 2024: 4.0%)
• IFRS profit of £10.3 million (30 September 2024: £11.7 million)
• Long debt maturity profile of 7.9 years and a low average interest cost of 3.4%, with 87% either fixed or hedged against movements in interest rates
• Loan to value, net of all cash reduced to 35.9% reflecting impact of post period end sales (31 March 2025: 36.9%), with ongoing non-core disposal programme to reduce to within 25-35% target range

Active asset management, deep operational expertise and allocation to higher growth sectors delivers like-for-like rental growth and portfolio valuation outperformance

• Portfolio valuation increased to £481.8 million (31 March 2025: £480.0 million); like-for-like and net of capex the valuation increased by 0.7% (MSCI Benchmark: 0.5%)
• 64% of the portfolio value comprising multi-let industrial estates and retail warehousing (31 March 2025: 63%), with more than 300 tenants providing a granular and diversified occupier base
• Attractive underlying portfolio yield profile, with a reversionary yield of 8.3% (MSCI Benchmark: 6.2%), or £12.1 million of additional rent, provides significant potential for future earnings and dividend growth

o  Fixed income uplifts expected over the 12 months from the period end and agreement for leases exchanged at period end, totalling £5.9 million

• 45 new lettings, rent reviews and renewals across 434,000 sq ft completed since 1 April 2025, generating £4.0 million of annualised rent:

o  In aggregate, letting transactions in line with 30 September 2025 ERV

o  Rent reviews 29% ahead of previous levels

o  Renewals 24% ahead of previous levels

• Six-month total return from the underlying portfolio of 3.5% (MSCI Benchmark: 2.8%), supported by a higher income return of 2.7% (MSCI Benchmark: 2.3%)
• Including post-period activity, sold five non-core assets for £10.5 million, 6% ahead of opening book value, with further non-core disposals in progress and planned

Integrated sustainability strategy extracting green premium to generate higher total return

• 14% reduction in operational whole building greenhouse gas emissions intensity in calendar year 2024, compared to the 2023 baseline
• Improved the Company's 2025 Global Real Estate Sustainability Benchmark ('GRESB') score to 80 out of 100, placing first amongst a GRESB defined peer group comprising six Northern European diversified listed real estate companies

Alastair Hughes, Chair of the Board, commented:

"While the UK currently faces economic and political headwinds which continue to weigh on investor sentiment, following yesterday's Budget and with an expected market recovery underway, we are positive on the outlook for a sector rerating in 2026. Real estate fundamentals remain strong: there continues to be steady demand from an occupier perspective and new supply remains broadly constrained, owing to a scarcity of modern good quality space, persistently high construction costs and capacity constraints in the construction sector. This will create opportunities for our strategy to actively reposition assets and drive higher rental growth."

Nick Montgomery, Fund Manager, added:

"During the period, we have focused on executing a targeted programme of asset management initiatives which will improve the sustainability performance of assets and generate higher income and capital growth, whilst at the same time reducing costs and continuing our non-core asset disposal programme. That programme will continue as we seek to capture the portfolio's attractive £12.1 million of reversion, accelerate earnings growth and maintain our fully covered, progressive dividend policy."

A webcast presentation for analysts and investors will be hosted today at 9.00 am GMT. To register, please visit:

https://www.schroders.events/SREIHY25

For further information:

Schroder Real Estate Investment Management Limited Nick Montgomery / Bradley Biggins	020 7658 6000
Schroder Investment Management Limited (Company Secretary) Katherine Fyfe	020 7658 6000
FTI Consulting Richard Gotla / Oliver Parsons	020 3727 1000

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