Business
Custodian Property Income REIT plc: First qua...
Custodian Property Income REIT plc: First qua....
About this update from Custodian Property Income Reit Plc
[{"type":"text","content":"\n \n \n \n\n\t\n\t\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCustodian Property Income REIT plc (CREI)\n\n\n\n\n\n\nCustodian Property Income REIT plc: First quarter trading update shows rental growth supporting fully covered dividends and stable values 09-Aug-2023 / 07:00 GMT/BST\n\n\n \n\n \n\n9 August 2023\n\n \n\nCustodian Property Income REIT plc\n\n \n\n(“Custodian Property Income REIT” or “the Company”)\n\n \n\nFirst quarter trading update shows rental growth supporting fully covered dividends and stable values\n\n \n\nCustodian Property Income REIT (LSE: CREI), which seeks to deliver an enhanced income return by investing in a diversified portfolio of smaller, regional properties with strong income characteristics across the UK, today provides a trading update for the first quarter ended 30 June 2023 (“Q1” or the “Quarter”).\n\n \n\nStrong leasing activity continues to support rental growth and underpin fully covered dividends\n\n \n\n1.375p dividend per share approved for the Quarter fully covered by unaudited EPRA earnings\n Target dividends per share of no less than 5.5p for the year ending 31 March 2024, representing a 6.4% yield based on the prevailing 86p share price[1]\n EPRA earnings per share[2] of 1.5p for the Quarter (FY23 Q4: 1.4p, Q3: 1.5p)\n £2.2m of annual rental income secured, in aggregate in line with ERV, which added £2.0m in property capital value during the Quarter through leasing, renewals and rental uplifts, comprising:\n14 new leases signed across a range of property sectors at an average 5% ahead of ERV, adding £1.1m of annual rent for a weighted average of 4.9 years to first break; and\n 15% (£0.1m) aggregate annual rental increase across six rent reviews settled during the Quarter\nLike-for-like[3] ERV has increased by 1.2% since 31 March 2023, driven primarily by capital expenditure in refurbishing industrial assets successfully. Portfolio ERV (£49.0m) now exceeds passing rent (£42.1m) by 17% (31 March 2023: 16%) demonstrating the portfolio’s significant reversionary potential \n EPRA occupancy[4] maintained at 90% (31 March 2023: 90%). 3.7% of vacant ERV is subject to refurbishment or redevelopment with 3.9% under offer to let or sell.\nStable valuations\n\n \n\nThe valuation of the Company’s diversified portfolio of 159 assets remained broadl...