Business
NAV and Intention to Issue Equity
NAV and Intention to Issue Equity.
About this update from Custodian Property Income Reit Plc
[{"type":"text","content":"\n \nRNS Number : 5679V Custodian REIT PLC 19 April 2016 \n\n\n\n\n\n\n \n\n\n\n\n\n \nTHE INFORMATION IN THIS ANNOUNCEMENT IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION DIRECTLY OR INDIRECTLY IN OR INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, ANY EEA STATE (OTHER THAN THE UK) OR ANY OTHER EXCLUDED TERRITORY.\n \n19 April 2016\nCustodian REIT plc\n \n(\"Custodian REIT\" or \"the Company\")\n \nUnaudited Net Asset Value as at 31 March 2016 and Intention to Issue Equity\n \nCustodian REIT (LSE: CREI), the UK commercial real estate investment company, today reports its unaudited net asset value (\"NAV\") as at 31 March 2016, highlights for the period from 1 January 2016 to 31 March 2016 (\"the Period\") and its intention to issue equity. \n \nFinancial highlights\n \n· NAV per share of 101.5p (31 December 2015: 103.0p)\n· NAV total return1 for the year ended 31 March 2016 (\"FY16\") of 6.2% (period ended 31 March 2015 (\"FY15\"): 7.0%)\n· FY16 ongoing charges ratio2 of 1.3% (FY15: 1.4%)\n· FY16 Q3 dividend paid on 31 March 2016 of 1.5875p per share (FY15 Q3: 1.25p per share)\n· Proposed FY16 Q4 dividend of 1.6625p per share (FY15 Q4: 1.5p per share)\n· Target FY16 dividend3 of 6.25p per share (FY15: 5.25p per share)\n· Heads of terms agreed for a £45.0m, 12 year, fixed rate loan \n· Net gearing4 of 19.2% loan-to-value (31 December 2015: 5.1% loan-to-value), rising to 20.6% on completion of committed pipeline of new acquisition opportunities\n· £13.7m of new equity raised during the Period at an average premium of 5.0% to adjusted5 NAV\n· Intention to issue equity at 104.9p per share implying a target yield6 on new shares of 6.05% for the year ending 31 March 2017\n \nPortfolio highlights \n \n· Portfolio value of £318.2m (31 December 2015: £254.0m) \n· £66.7m invested in 11 acquisitions and on-going developments \n· £1.3m portfolio valuation uplift from successful asset management initiatives\n·&nb...