DJ Custodian Property Income REIT plc: Interim Results Custodian Property Income REIT plc (CREI) Custodian Property Income REIT plc: Interim Results 05-Dec-2024 / 07:00...
Custodian Property Income REIT plc Custodian Property Income REIT plc: Interim Results 05-Dec-2024 / 07:00 GMT/BST =---------------------------------------------------------------------------------------------------------------------- 5 December 2024 Custodian Property Income REIT plc Interim Results Active management of diversified portfolio underpins earnings growth and fully covered dividend Custodian Property Income REIT , which seeks an enhanced income return by investing in a diversified...
-- Understands and meets the needs of its occupiers, owning fit for purpose properties with a focus onenvironmental credentials in the right locations which comply with safety regulations; -- To acquire modern buildings or those considered fit for purpose by occupiers, focusing on areas with:-- No one tenant or property should account for more than 10% of the rent roll at the time of purchase,except for:-- Single tenants rated by Dun & Bradstreet as having a credit risk score worse than two, where exposuremay not exceed 5% of the rent roll;
-- An enhanced yield on acquisition - with no need to sacrifice quality of property, location, tenant orenvironmental performance for income and with a greater share of value in 'bricks and mortar' Weighting 30 September 2024 Weighting by income Location 30 September 2024 Sector West Midlands 20% North-West 19% Industrial 41% East Midlands 13% Retail warehouse 22% South-East 11% Office 16% Scotland 13% Other 14% South-West 10% High street retail 7% North-East 9% Wales 1%-- Improving the energy performance of our buildings - investing in carbon reducing technology,infrastructure and onsite renewables and ensuring redevelopments are completed to high environmental standardswhich are...
Custodian Capital Limited is appointed under an investment management agreement to provide property management and administrative services to the Company. Richard Shepherd-Cross is Managing Director of the Investment Manager. Richard has 30 years' experience in commercial property, qualifying as a Chartered Surveyor in 1996 and until 2008 worked for JLL, latterly running its national portfolio investment team.
The Company's weighted average cost of debt has remained at c. 4.0% and earnings have been resilient with EPRA EPS of 3.0p for the Period primarily due to occupancy increasing since 31 March 2024 from 91.7% to 93.5%. The rent roll has grown from GBP43.1m at 31 March 2024 to GBP44.3m, or 2.7% on a like-for-like basis and the like-for-like estimated rental value of the portfolio has increased by GBP0.9m to GBP49.3m during the Period, providing a reversionary potential of 11%.
Exacerbated by more recent Consumer Duty regulations these cost disclosures, which also result in investment companies' management costs appearing spuriously more expensive than alternative structures, are likely to have curtailed investment demand for the Company's shares over the last six years. The Company has made further pleasing progress implementing its environmental policy during the Period, improving its weighted average EPC score from C to C due to completing refurbishments.
Strong recent leasing activity demonstrates the resilience of Custodian Property Income REIT's well-diversified investment portfolio. 29 new leases/lease renewals across 19 properties with GBP2.4m of annual rent have been signed during the Period. GBP1.1m of new rent has been added to the rent roll from:
Valuation Weighting by Valuation Weighting by income income Valuation 30 31 March movement September 30 September 2024 31 March 2024 GBPm Weighting by value 30 Weighting by value 2024 GBPm 2024 September 2024 31 March 2024 GBPm Sector Industrial 287.2 41% 291.4 40% 3.1 49% 49% Retail 125.0 22% 122.7 23% 2.3 22% 21% warehouse Other 77.2 14% 78.8 13% 13% 13% Office 60.2 16% 63.9 16% 10% 11% High street 32.8 7% 32.3 8% 0.5 6% 6% retail Total 582.4 100% 589.1 100% 1.
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