Business
Unaudited net asset value as at 31 March 2022
Unaudited net asset value as at 31 March 2022.
About this update from Custodian Property Income Reit Plc
[{"type":"text","content":"\n \n\n\nCustodian REIT plc (CREI)\n\n\n\nCustodian REIT plc : Unaudited net asset value as at 31 March 2022 10-May-2022 / 07:00 GMT/BSTDissemination of a Regulatory Announcement, transmitted by EQS Group.The issuer is solely responsible for the content of this announcement.\n\n\n \n\n \n\n10 May 2022\n\n \n\nCustodian REIT plc\n\n \n\n(“Custodian REIT” or “the Company”)\n\n \n\nUnaudited net asset value as at 31 March 2022 \n\n \n\nCustodian REIT (LSE: CREI), the UK commercial real estate investment company focused on smaller lot-sizes, today reports its unaudited net asset value (“NAV”) as at 31 March 2022 and highlights for the period from 1 January 2022 to 31 March 2022 (“the Period”).\n\n \n\nCompany summary\n\n \n\nThe Company’s £0.7bn portfolio comprises 160 smaller lot-sized regional commercial properties diversified by sector, tenant, location and lease length and offers investors a prospective 5.5% income return1 with the potential for capital growth. The portfolio is conservatively geared with a target 25% loan-to-value paying aggregate interest of below 3% on its majority fixed-rate debt facilities. The Board’s objective is to grow the dividend on a sustainable basis whilst satisfying the Company’s environmental, social and governance targets and create long term value for the Company’s stakeholders.\n\n \n\nFinancial highlights\n\n \n\nDividends\n\n \n\nDividend per share approved for the Period of 1.375p\n Aggregate dividends per share declared relating to the year ended 31 March 2022 (“FY22”) of 5.25p (2021: 5.0p)\n Target dividends per share of no less than 5.5p for the year ending 31 March 2023\n \n\nEarnings\n\n \n\nEPRA earnings per share2 (“EPS”) for the Period of 1.6p and for FY22 increasing to 5.9p (2021: 5.6p) primarily due to a £0.3m decrease in the doubtful debt provision during the year (2021: £2.7m increase)\n EPRA EPS 110%3 covered the FY22 dividend (2021: 113%)\n The accretive acquisition of DRUM Income Plus REIT plc (“DRUM”) in November 2021 has delivered an annualised 11p of EPRA earnings per new share issued in consideration since acquisition, with DRUM’s portfolio valuation remaining steady at £49m \n \n\nNAV\n\n \n\nNAV total return per share4 of:\n\n 6.4% for the Period comprising 1.2% dividends paid and a 5....