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Custodian Property Income REIT plc: Fourth qu...
Custodian Property Income REIT plc: Fourth qu....
About this update from Custodian Property Income Reit Plc
[{"type":"text","content":"\n \n \n \n\n\nCustodian Property Income REIT plc (CREI)\n\n\n\n\n\n\nCustodian Property Income REIT plc: Fourth quarter trading update shows strong leasing momentum driving income and supporting fully covered dividend as well as value stabilisation 10-May-2023 / 07:00 GMT/BST\n\n\n \n\n \n\n10 May 2023\n\n \n\nCustodian Property Income REIT plc\n\n \n\n(“Custodian Property Income REIT” or “the Company”)\n\n \n\nFourth quarter trading update shows strong leasing momentum driving income and supporting fully covered dividend as well as value stabilisation\n\n \n\nCustodian Property Income REIT (LSE: CREI), which seeks to deliver a strong income return by investing in a diversified portfolio of smaller regional properties across the UK, today provides a trading update for the fourth quarter ended 31 March 2023 (“Q4” or the “Quarter”) and the year ended 31 March 2023 (“FY23”). \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 achieving aggregate FY23 dividends per share of 5.5p, in line with target, 102% covered by unaudited EPRA earnings\n Target dividends per share of no less than 5.5p for the year ending 31 March 2024\n EPRA earnings per share[1] of 1.4p for Q4 (Q3: 1.5p) and 5.6p for FY23 (FY22: 5.9p) with the impact of positive asset management outcomes offset by increases in interest rates and Q3 disposals\n £2.5m of new rental income secured during the Quarter through leasing, renewals and rental uplifts reflecting a 5% aggregate premium to ERV and comprising:\nSix new leases and two agreements for lease signed across a range of property sectors at an aggregate 5% ahead of ERV, adding £2.4m of annual rent for a weighted average of 9.5 years to first break (Q3: 10 new leases adding £1.2m of annual rent for 7.3 years) \n 24% (£0.1m) aggregate rental increase across three open market rent reviews settled during the Quarter, at an aggregate 5% ahead of ERV\n1.4% increase in like-for-like[2] ERV since 31 December 2022. ERV now exceeds passing rent by 16%\n EPRA occupancy[3] improved to 90.3% (31 December 2022: 89.9%) primarily due to letting a vacant leisure unit in Milton Keynes on a 25 year lease at an annual rent of £320k during the Quarter, which had been vacant since 2...