Schroder Real Estate Investment Trust Ltd

As of 30 June 2025, Schroder Real Estate Investment Trust Limited's portfolio comprised 37 properties valued at £481.6 million. It generated annual rent of £29.0 million, reflecting a net initial yield of 5.6% (MSCI Benchmark: 5.1%). The University of Law, the tenant at Store Street in Bloomsbury, is in a 10-month rent-free period ending on 16 October 2025. Adding back the Company's share of its annual rent of £2,359,885 would result in a net initial yield of 6.1%. The portfolio's ERV is £40.2 million, reflecting a reversionary yield of 8.3% (MSCI Benchmark: 6.2%). Including the impact of the exchange of unconditional contracts to sell Pacific House in Marlow with vacant possession, the portfolio void rate has improved to 12.2% as at today (31 March 2025: 12.3%), calculated as a percentage of ERV. In addition, a further 2.3% of this void is currently under offer and in advanced legal negotiations; a further 2.9% is undergoing refurbishment including major sustainability improvement works at Millshaw Park Industrial Estate in Leeds (representing 1.7%) and St Ann's House in Manchester (representing 0.6%), both visited by shareholders and analysts on the Asset Tour in June and expected to generate material increases in rent compared to the previous passing level on completion. The weighted average unexpired lease term, assuming all tenants vacate at the earliest opportunity, is 5.2 years. Schroder Real Estate Investment Trust Limited was incorporated in the United Kingdom.