Business
Interim Results
Interim Results.
About this update from Custodian Property Income Reit Plc
[{"type":"text","content":"\n \n\n\nCustodian Property Income REIT plc (CREI)\n\n\n\nCustodian Property Income REIT plc: Interim Results14-Dec-2022 / 07:00 GMT/BSTDissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group.The issuer is solely responsible for the content of this announcement.\n\n\n\n \n\n\n14 December 2022\n\n \n\n \n\nCustodian Property Income REIT plc\n\n \n\n(“Custodian Property Income REIT” or “the Company”)\n\n \n\nInterim Results\n\n \n\nDISPOSALS AHEAD OF VALUATION AND ACTIVE MANAGEMENT OF DIVERSIFIED PORTFOLIO UNDERPIN STRONG PERFORMANCE\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 reports its interim results for the six months ended 30 September 2022 (“the Period”).\n\n \n\nCommenting on the results, David Hunter, Chairman of Custodian Property Income REIT, said: “The Company’s well-diversified investment portfolio has shown its resilience during the Period and this diversification has mitigated the risks posed by volatility in real estate investment markets. In addition, the Company’s conservative balance sheet and its longer-term fixed rate debt profile have provided insulation against the challenge of rising interest rates in the short to medium term. \n\n \n\n“Our dividend remains fully covered and, in line with our objectives, I was very pleased to announce 2.75p of aggregate dividends (2021: 2.5p) for the Period. The Board expects to continue to pay quarterly dividends per share of 1.375p to achieve a target dividend per share for the year ending 31 March 2023 of no less than 5.5p.\n\n \n\n“Over the last five years, shareholders have received an income return of 29.7p per share, or an annual average of 5.93p per share, always fully covered by earnings, supported by both a diverse, smaller regional property strategy and a conservative gearing policy. There is depth in occupational demand and latent rental growth in the portfolio which offers the prospect of growth for existing shareholders, despite the current difficult economic circumstances.”\n\n \n\nProperty highlights\n\n \n\nPortfolio valuation increased to £685.4m (31 ...