DJ Custodian Property Income REIT plc: Final results for the year ended 31 March 2024 Custodian Property Income REIT plc (CREI) Custodian Property Income REIT plc: Final results for the year ended
Custodian Property Income REIT plc Custodian Property Income REIT plc: Final results for the year ended 31 March 2024 13-Jun-2024 / 07:00 GMT/BST =---------------------------------------------------------------------------------------------------------------------- 13 June 2024 Custodian Property Income REIT plc Final results for the year ended 31 March 2024 Custodian Property Income REIT's 10th annual results marked by strong operational performance driving further growth in fully covered...
-- Adopts a responsible approach to communities and the environment, actively seeking ways to minimise theCompany's impact on climate change and providing the real estate fabric of the economy, giving employers a place ofbusiness.
-- To seek further growth, which may involve strategic property portfolio acquisitions and corporateconsolidation; and -- Greater diversification - spreading risk across more assets, locations and tenants and offering morestable cash flows; and The Board ensures that property fundamentals are central to all decisions. Diverse portfolio with institutional grade tenants
-- Achieving positive social outcomes and supporting local communities - engaging constructively withtenants and local government to ensure we support the wider community through local economic and environmentalplans and strategies and playing our part in providing the real estate fabric of the economy, giving employers safeplaces of business that promote tenant well-being
Richard established Custodian Capital Limited as the Property Fund Management subsidiary of Mattioli Woods plc and in 2014 was instrumental in the launch of Custodian Property Income REIT from Mattioli Woods' syndicated property portfolio and its 1,200 investors. Following the successful IPO of the Company, Richard has overseen the growth of the Company to its current property portfolio of circa GBP600m.
By applying its institutional expertise to the sector, through high quality asset management, covenant management and portfolio construction, the Company is able to provide an institutional offering to shareholders, generating superior income and, notwithstanding recent volatility in pricing, Custodian Property Income REIT can look back over a 10 year average annual NAV total return of 5.5% driven by strong recurring earnings with fully covered dividends.
These dividend increases, which are expected to be fully covered by net rental income, reflect the improving earnings characteristics of the Company's portfolio with recent asset management initiatives and the profitable disposal of vacant properties also increasing occupancy and crystallising rental growth. Our Investment Manager continues to control costs tightly, while the Company's substantially fixed-rate debt profile is keeping borrowing costs below the current market rate.
We were therefore disappointed that despite very strong support from Company shareholders, the majority of votes cast by API shareholder being in favour of the resolutions was not enough to meet the 75% threshold required to approve the Merger. In fact, shareholders accounting for just 14% of API's register proved sufficient to prevent the resolutions passing.
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