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Leasing momentum continues to drive income retu...
Leasing momentum continues to drive income retu....
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: Leasing momentum continues to drive income returns and support fully covered dividends 08-Feb-2023 / 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\n8 February 2023\n\n \n\nCustodian Property Income REIT plc\n\n \n\n(“Custodian Property Income REIT” or “the Company”)\n\n \n\nLeasing momentum continues to drive income returns and support fully covered dividends \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 quarter ended 31 December 2022 (“Q3” 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, in line with a target dividend of no less than 5.5p for the current financial year, fully covered by EPRA earnings (102% year to date)\n 7% increase in EPRA earnings per share[1] to 1.5p for Q3 (Q2: 1.4p) due to £18m of net investment into acquisitions during the previous quarter and recent positive asset management outcomes \n 10 new lease agreements signed across a range of property sectors during the Quarter at an aggregate 7% ahead of ERV, adding £1.2m of annual rent for a weighted average of 7.3 years to first break (Q2: five new leases adding £0.4m of annual rent for 6.3 years) \n EPRA occupancy[2] improved to 89.9% (30 September 2022: 89.3%) due to letting five vacant properties during the Quarter\n 18% aggregate rental increase across two rent reviews settled during the Quarter, a total additional £0.4m of annual rent\n 48% of current vacancy is subject to refurbishment or redevelopment, 8% was let post Quarter end and a further 8% has been put under offer for sale or lease\n 1.4% increase in the like-for-like[3] rent roll since 30 September 2022 and like-for-like ERV growing by 0.6% \n Lettings momentum has continued into the final quarter of the financial year with a further four new le...