olivLaw · European equity research
Schroder Real Estate Investment Trust Limited SREI.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Schroder Real Estate Investment Trust Limited is a UK real estate investment trust focused on multi-let industrial and retail warehousing assets, aiming to improve building sustainability to generate income and capital growth. Amid uncertainty in UK property markets, the company reported a net asset value of £297.9 million at 31 March 2026, and if interest rates stay high, its yield advantage and fixed-rate debt could matter more.
At the close of 05 Nov 2026, Schroder Real Estate Investment Trust Limited (SREI.L) stock was 0.43 GBP (−0.57% on the day), with market capitalisation 210.3 m GBP, P/E 15.0 on diluted EPS of 0.03 GBP over the last 12 months, dividend yield 8.27%, beta 0.62, 52-week range 0.40–0.58 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 60.6
- strong (55–70)
- Bollinger (20, 2)
- 0.40 – 0.44
- in the upper half of the band · %B 0.78 · band width 10.1%
- SMA 50 / 200
- 0.42 / 0.47
- mixed trend
- MACD (12, 26, 9)
- 0.01 / 0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +8.4% | −0.6% | +9.0 pp | — |
| 3 months | −3.2% | −4.2% | +0.9 pp | — |
| 6 months | −9.6% | +4.3% | −13.9 pp | — |
| Year to date | −20.1% | +7.5% | −27.6 pp | — |
| 1 year | −19.3% | +9.9% | −29.3 pp | +6.7% |
| 3 years | −0.6% | +49.8% | −50.4 pp | +24.8% |
| 5 years | −12.9% | +42.8% | −55.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 3-quarter history (min 7.9, median 16.4, max 69.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 3.0 m | 31.1 m | 14.1 m |
| Net income YoY | unavailable | +929.4% | −54.8% |
| Diluted EPS | 0.01 | 0.06 | 0.03 |
| Diluted EPS YoY | unavailable | +950.0% | −54.0% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 11.0 m GBP
- Financial debt
- 185.9 m GBP
- Net debt
- 174.9 m GBP
- Equity
- 297.9 m GBP
- Total assets
- 497.9 m GBP
- Debt / equity
- 0.62x
- Current ratio
- unavailable
- ROE
- 4.7%
- ROA
- 2.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 11.4 m | 36.2 m | 24.1 m | esef· 21 Jul 2026verified |
| Interest expense | 6.3 m | 6.6 m | 6.7 m | esef· 21 Jul 2026verified |
| Pre-tax income | 3.0 m | 31.1 m | 14.1 m | esef· 21 Jul 2026verified |
| Income tax | 0 | 0 | 0 | esef· 21 Jul 2026verified |
| Net income | 3.0 m | 31.1 m | 14.1 m | esef· 21 Jul 2026verified |
| Diluted EPS | 0.01 | 0.06 | 0.03 | esef· 21 Jul 2026verified |
| Dividend per share | — | 0.03 | 0.04 | esef· 21 Jul 2026verified |
Balance sheet · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 6.0 m | 3.7 m | 11.0 m | esef· 21 Jul 2026verified |
| Receivables | 19.8 m | 21.5 m | 20.5 m | esef· 21 Jul 2026verified |
| Current assets | 25.8 m | 25.2 m | — | esef· 17 Jun 2025verified |
| Total assets | 478.0 m | 496.9 m | 497.9 m | esef· 21 Jul 2026verified |
| Accounts payable | 13.3 m | 13.4 m | 12.8 m | esef· 21 Jul 2026verified |
| Long-term debt | 175.9 m | 180.6 m | 185.9 m | esef· 21 Jul 2026verified |
| Current liabilities | 13.3 m | 13.4 m | 12.8 m | esef· 21 Jul 2026verified |
| Total liabilities | 190.7 m | 195.5 m | 200.0 m | esef· 21 Jul 2026verified |
| Equity | 287.4 m | 301.4 m | 297.9 m | esef· 21 Jul 2026verified |
| Shares outstanding at year end | — | 493.0 m | 484.6 m | esef· 21 Jul 2026derived |
Cash flow · GBP
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 210.3 m GBP
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.1% | 24 (vs peers) | 31% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.6x | 32 (on a fixed band) | 19% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 15.0x | 53 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 8.3% | 100 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial32/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial24/100 · 1/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial53/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Schroder Real Estate Investment Trust Limited (SREI.L). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: ROE 4.7%.
The estimated value range is 0.35–0.53 GBP per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 0.42 GBP, the price of 0.43 GBP leaves a potential of -3.9% (value / price − 1) and a margin of safety of -4.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 8.3%
What contradicts it
- ROIC: 5.1%
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for SREI.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Schroder Real Estate Investment Trust Limited is a UK real estate investment trust focused on multi-let industrial and retail warehousing assets, aiming to improve building sustainability to generate income and capital growth. Amid uncertainty in UK property markets, the company reported a net asset value of £297.9 million at 31 March 2026 1, and if interest rates stay high, its yield advantage and fixed-rate debt could matter more.
SWOT
Strengths
- Long-term fixed or capped rate debt provides dividend stability, and the portfolio yield is described as above the market 1.
- Focus on multi-let industrial and retail warehousing, with long leases and inflation-linked reviews, supports income.
- Operating costs are closely controlled and the GRESB sustainability score has improved, which may support long-term asset attractiveness 1.
Weaknesses
Opportunities
- Reducing vacancy and capturing the reversionary yield could lift income if active management projects succeed.
- Investor interest in sustainable buildings could allow a green premium on refurbished assets.
- If property transactions recover, disposals of smaller assets could free capital for better investments.
Threats
- High interest rates and government bond yields could keep pressing property values lower.
- Persistent inflation and energy costs could squeeze tenants and delay leasing decisions.
- Political uncertainty and rules on rent reviews could affect the market over the medium term.
Risks
- Discount to net asset valuehigh
A persistent discount to NAV could prevent new equity raising and growth, with a risk of activist pressure, according to the report 1.
- Property valuationhigh
Property valuations are subjective, and market uncertainty could lead to significant errors in the portfolio value 1.
- Gearingmedium
Borrowings can amplify results in rising markets, but in a downturn they could hurt performance and covenant compliance 1.
- Strategy and sector concentrationmedium
A wrong sector or regional allocation, or loss of tenants, could lead to underperformance against the market 1.
- Reliance on external providerslow
The company has no employees and relies on outside providers; a control failure could cause disruption or losses 1.
Investment thesis
What would need to be true (bull case)
- If the reversionary yield is realised through active management, income could rise considerably from current levels.
- Long-term fixed-rate debt could protect dividends even if interest rates stay high 1.
- If the discount to asset value narrows, total shareholder returns could become more attractive.
What would break the thesis
- If interest rates stay high, property values could keep falling and erode gains from rents.
- EPRA earnings fell in the latest year, and a failure to reduce vacancy could extend that trend 1.
- A persistent discount to asset value could limit growth and draw pressure from activist investors.
What to watch
- Vacancy and EPRA earnings trendnext 10-K
- Completion of the proposed Nuveen acquisition and effects on management2026
- Renewal of the RBSI revolving credit facility, which expires in June 20272027
- Evolution of the GRESB score and sustainability indicators2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company invests in UK commercial property concentrated in multi-let industrial, retail warehousing and urban convenience retail assets. Its strategy is to adapt existing buildings to modern, energy-efficient standards, which according to the annual report could support income and value growth 1. As a REIT it is externally managed by Schroders Capital, with the Board overseeing strategy and risk.
A governance point is that by year end an all-cash offer from Nuveen had been approved by Schroders shareholders, with completion scheduled later pending regulatory approvals 1. The current management team remains responsible for the portfolio in the meantime.
Segments
Multi-let industrial
About half of the portfolio by value is eight multi-let industrial estates occupied by more than 180 tenants, which delivered capital and income growth in the year to 31 March 2026 1. The strategy includes new development and phased refurbishments to attract quality tenants.
Retail warehousing and convenience
Retail warehousing and convenience retail assets make up almost a fifth of the portfolio and sit in densely populated urban areas. Long leases with inflation-linked rent reviews support income, and the average lease term to earliest break is 5.3 years 1.
Offices
Office exposure, including a regional portfolio and a 50% interest in a Central London asset, weighed on performance in the year 1. The company is pursuing refurbishment and disposal of some of these assets, and management has said the Manchester asset is targeted for sale within 24 months.
Market context
The UK property market went through a period of volatility in 2026, with transaction volumes paused, yields moving higher and REIT share prices trading below net asset value 1. The company noted that if rates stay high, as a 10-year gilt near 5% suggests, pressure on values could continue, although rental growth has so far largely offset the yield impact 1.
Supply of good-quality space remains constrained by construction costs, slow planning and political uncertainty, which could support rents in structurally supported sectors such as multi-let industrial and retail warehousing 1. In the short term, uncertainty may cause occupiers to delay decisions.
Trends
- Energy shock and inflationmixed
Higher energy prices and second-order effects from the Middle East conflict could keep inflation elevated through 2026 and 2027, squeezing occupiers but also raising construction costs and new rents 1.
- Higher-for-longer ratesmixed
If Government deficit spending keeps rates elevated, property yields could stay high and weigh on asset values, while the company's fixed-rate debt would be a benefit 1.
- Constrained new supplytailwind
Limited new quality development and slow planning could keep rents for modern buildings firm, which the company expects could support rental growth over the medium term 1.
- Demand for sustainable buildingstailwind
Energy efficiency rules and net zero goals could make green refurbishment an income advantage, and the company reports progress on its GRESB score and energy certificates 1.
Competitive position
The company competes with other UK REITs and property funds investing in the same sectors, such as industrial, retail and offices. The annual report benchmarks its portfolio against an MSCI index rather than named competitors 1.
The company's stated advantage is long-term fixed-rate debt, low operating costs and a reversionary yield above its benchmark, which could attract investors while rates are high 1.
- Other UK listed property REITs
London-listed funds with comparable portfolios, referred to in the report only as a peer group, without individual naming.
- Diversified European property funds
Funds in the same GRESB peer group, used as a reference for sustainability performance.
- Industrial developers and investors
Players competing for industrial occupiers and new space, especially in the multi-let segment.
- Retail warehousing investors
Institutional investors holding retail warehousing and convenience assets in urban locations.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202621 Jul 2026
- Annual report 202517 Jun 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / Schroder Real Estate Investment Trust Limited · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.