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...
-- Complying with all requirements and reporting in line with best practice where appropriate - exposing theCompany to public scrutiny and communicating our targets, activities and initiatives to stakeholders Investment Manager This diversified strategy and strong focus on income has served to deliver relatively stable returns against a background of improving sentiment towards commercial property investment. For the six months to 30 September 2024 share price total return was 8.8%, although investment company share prices have weakened since the Period end, and NAV total return was 3.6% with a fully covered dividend providing a significant and defensive component of total returns.
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.
The weighted average EPC across the portfolio is following a positive trajectory towards an average B rating . With energy efficiency a core tenet of the Company's asset management strategy and with tenant requirements aligning with our energy efficiency goals we see this as an opportunity to secure greater tenant engagement and higher rents.
Overall, the improvement in occupancy and increase in PV income increased EPRA earnings per share to 3.0p to fully cover this year's higher dividend. This increase in recurring earnings demonstrates the robust nature of the Company's diverse property portfolio despite economic headwinds.30 Sept 2024 30 Sept 2023 31 Mar 2024 Gross debt GBP174.0m GBP185.0m GBP179.0m Net gearing 28.5% 29.6% 29.2% Weighted average cost 4.0% 4.2% 4.1% Weighted average maturity 4.8 years 5.2 years 5.
Each facility has a discrete security pool, comprising a number of the Company's individual properties, over which the relevant lender has security and covenants: At the Period end the Company had GBP105.6m of unencumbered assets which could be charged to the security pools to enhance the LTV and interest cover on the individual loans, of which a further GBP4.5m was charged since the Period-end.
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