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.
Pence per share GBPm NAV at 31 March 2024 93.4 411.8 Valuation increases and depreciation 0.4 1.6 Profit on disposal - 0.1 Net gains on investment property 0.4 1.7 EPRA earnings 3.0 13.2 Quarterly interim dividends paid during the Period Special dividend, paid during the Period, relating to FY24 NAV at 30 September 2024 93.6 412.
Nathan is currently Senior Independent Director of Mortgage Advice Bureau plc. He is a chartered accountant, holds the ICAEW's Corporate Finance qualification and is a Chartered Fellow of the Chartered Institute for Securities and Investment. Nathan was previously Chief Financial Officer of Mattioli Woods, Company Secretary of Custodian Property Income REIT and a director of Custodian Capital Limited.
So, while the scene is set for stronger total returns, principally driven by income and income growth, the direct property market has not fully reacted to this potential, as demonstrated by relatively flat valuations. In the indirect market we have seen significant corporate activity, often led by private equity, and a narrowing of discounts to NAV. Both private equity activity and advancing share prices are lead indicators of a recovering direct market.
EPRA occupancy has improved to 93.5% due to the new lettings above and the sale of vacant units in Warrington, Redhill and Castle Donington.DJ Custodian Property Income REIT plc: Interim -4-30 Sept 30 Sept 31 Mar 2024 2023 2024 Property portfolio value GBP582.4m GBP609.8m GBP589.1m Separate tenancies 338 336 335 EPRA occupancy rate 93.5% 91.5% 91.7% Assets 152 159 155 Weighted average unexpired lease term to first break or expiry 4.9yrs 4.8yrs 4.9yrs EPRA topped-up net initial yield 6.9% 6.4% 6.
Since the Period end the Company sold a vacant office asset in Solihull to a developer for GBP1.4m, 33% ahead of its 30 June 2024 valuation.The sustainability credentials of both the building and the location have become ever more important for occupiers and investors. As Investment Manager we are absolutely committed to achieving the Company's ambitious goals in relation to ESG and believe the real estate sector should be a leader in this field.
During the Period we deployed GBP4.1m of variable rate debt on property refurbishments and GBP0.6m on solar panel installations, with the latter continuing to drive increases in 'other income'. The Company received GBP13.7m of disposal proceeds during the Period, exceeding this GBP4.7m capital investment, with net proceeds used to pay down the Company's variable rate revolving credit facility . Combined with SONIA decreasing by 0.
-- A GBP45m term loan facility with SWIP repayable in June 2028, with fixed annual interest of 2.987%; and-- A GBP35m tranche repayable on 6 April 2032, with fixed annual interest of 3.02%;-- A GBP25m tranche repayable on 3 November 2032 with fixed annual interest of 4.10%. The Company's debt facilities contain market-standard cross-guarantees such that a default on an individual facility will result in all facilities falling into default.
The Company's Annual Report for the year ended 31 March 2024 set out the principal risks and uncertainties facing the Company at that time which are also summarised in Note 2.6. Whilst interest rates have begun to decrease, the ongoing conflicts in Ukraine and Gaza maintain some uncertainty over the global macroeconomic outlook.
The Company is a public limited company incorporated and domiciled in England and Wales, whose shares are publicly traded on the London Stock Exchange plc's main market for listed securities. The interim financial statements have been prepared on a historical cost basis, except for the revaluation of investment property, and are presented in pounds sterling with all values rounded to the nearest thousand pounds , except when otherwise indicated.
Preparation of the interim financial statements requires the Company to make estimates and assumptions that affect the reported amount of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities.
The Directors note that the Company has performed strongly during the period despite economic headwinds with rents and occupancy increasing over the last six months. Sensitivities -- The rate of loss or deferral of contractual rent on the borrowing facility with least headroom would needto deteriorate by 34% from the levels included in the Company's prudent base case forecasts to breach interestcover covenants; or
-- The Company has sufficiently liquid assets which could be sold to pay off debt before the GBP20m SWIP loanexpires.
Diluted EPS amounts are calculated by dividing the net profit attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares outstanding during the Period plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. There are no dilutive instruments.
Unaudited Unaudited Audited 6 months 6 months 12 months to 30 Sept to 30 Sept to 31 Mar 2024 2023 2024 GBP000 GBP000 GBP000 Interim equity dividends paid on ordinary shares relating to the periods ended: 31 March 2023: 1.375p - 6,062 6,062 30 June 2023: 1.375p - 6,061 6,061 30 September 2023: 1.375p - - 6,062 31 December 2023: 1.375p - - 6,062 31 March 2024: 1.375p 6,062 - - 30 June 2024: 1.
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