Schroder Real Estate Investment Trust (REIT) Limited has announced an unaudited net asset value (NAV) of GBP167 million or 46.9 pence per share ('pps') as at 31 March 2012.  This reflects a decrease of 1.1% compared with the NAV as at 31 December 2011 of GBP168.9 million.

 
On a like for like basis and allowing for capital expenditure, the directly held property portfolio fell in value by 0.8% or GBP2.5 million. This excludes the BT Building in West Bromwich which was sold on 30 March for GBP19.5 million, which compared with a valuation of GBP18.9 million as at 31 December 2011. 
 
Over the quarter to 31 March 2012 the negative mark-to-market of the Group's interest rate swaps reduced by GBP1.8 million, or 6%, to -£28.0 million.  This represents 7.9 pps or 16.7% of the Company’s NAV.  Pre-tax dividend cover over the quarter was 62%.
 
The Company is also today announcing an interim dividend of 0.88 pps for the period 1 January 2012 to 31 March 2012.  The dividend payment will be made on 18 May 2012 to shareholders on the register on 4 May 2012.  The ex-dividend date will be 2 May 2012.