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Unaudited net asset value as at 30 September 2021 and increase in target dividend

Custodian REIT plc (CREI)
Unaudited net asset value as at 30 September 2021 and increase in target dividend

04-Nov-2021 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.



4 November 2021


Custodian REIT plc


("Custodian REIT" or "the Company")


Unaudited net asset value as at 30 September 2021 and increase in target dividend


Custodian 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 30 September 2021, highlights for the period from 1 July 2021 to 30 September 2021 ("the Period") and dividend update.


Financial highlights


  • Dividend per share approved for the Period of 1.25p (quarter ended 30 June 2021: 1.25p)
  • Target quarterly dividend per share increased by 10% to 1.375p commencing from the quarter ending 31 December 2021, resulting in target dividends per share of no less than 5.25p for the year ending 31 March 2022 and 5.5p for the year ending 31 March 2023
  • EPRA earnings per share1 for the Period increased to 1.6p (quarter ended 30 June 2021: 1.4p) due to a £0.2m decrease in the doubtful debt provision during the Period (quarter ended 30 June 2021: £0.3m increase)
  • 94% of rent collected relating to the Period, adjusted for contractual rent deferrals
  • NAV total return per share2 for the Period of 5.5%, comprising 1.2% dividends paid and a 4.3% capital increase
  • NAV per share of 106.0p (30 June 2021: 101.7p)
  • NAV of £445.9m (30 June 2021: £427.7m)
  • Net gearing3 decreased to 19.6% loan-to-value (30 June 2021: 24.3%) due to the disposal of nine properties during the Period


Portfolio highlights


  • Property portfolio value of £565.3m (30 June 2021: £575.4m)
  • £12.8m aggregate valuation increase for the Period (2.5% of property portfolio), comprising £0.9m from successful asset management initiatives and £11.9m of general valuation increases
  • £4.2m profit on disposal5 from the sale of nine properties for aggregate consideration of £37.7m5 comprising:
  • A portfolio of seven industrial assets for £32.6m, £5.1m (19%) above the properties' 31 March 2021 valuation, when terms of the sale were agreed, and £2.9m (10%) above the 30 June 2021 valuation;
  • A retail warehouse in Galashiels to a special purchaser for £4.5m, £1.8m (67%) ahead of the 30 June 2021 valuation; and
  • A children's day nursery in Basingstoke for £0.6m, £0.1m ahead of valuation
  • £8.15m4 invested in two property acquisitions
  • Since the Period end, an aggregate £46.5m invested in a portfolio 10 office, retail and industrial assets through the corporate acquisition of DRUM Income Plus REIT plc, and separately, an industrial unit in York


1 Profit after tax excluding net gains or losses on investment property divided by weighted average number of shares in issue.

2 NAV per share movement including dividends paid during the Period.

3 Gross borrowings less cash (excluding rent deposits) divided by portfolio valuation.

4 Before rent top-ups of £0.3m and acquisition costs of £0.8m.

5 Net of rent top-ups of £0.2m and disposal costs of £0.4m.


Net asset value


The unaudited NAV of the Company at 30 September 2021 was £445.9m, reflecting approximately 106.0p per share, an increase of 4.3p (4.2%) since 30 June 2021:


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