Our Fund Manager, Richard Shepherd-Cross, sat down with Tim Burke at EG to discuss the 10 year anniversary of Custodian Property Income REIT and the evolution of the diversified REIT sector over this period, with CREIT near quadrupling in size while much of its peer group has disappeared.   “The bell’s ringing left, right and centre,” Shepherd-Cross says. “This is the time to invest and if the investment company rules were different, if we had more of a US model around REITs and weren’t hamstrung by references to NAV, this would be a fantastic time to raise money to buy earnings-accretive property.”   Read more here: https://lnkd.in/eUpjed5G   #investmentcompanies #investing #reit #property #investmenttrusts #realestate

Custodian Property Income REIT today announces its 10th annual results marked by strong operational performance driving further growth in the fully covered dividend.   David MacLellan, Chairman of Custodian Property Income REIT, commented: “In my first annual results as Chairman, I am very pleased to note the year to March 2024 as a significant milestone for the Company, marking the 10 year anniversary since launch, and that the Company once again performed well. Despite the significant challenges and changes we have all faced over the last decade, politically, economically and in terms of social volatility including COVID, Custodian Property Income REIT has grown successfully and delivered on its objectives with an over sixfold increase in the size of the portfolio, an average annual NAV total return of 5.5%, an annual average fully covered dividend of 5.9p per share and a decreasing ongoing charges ratio.”   Find out more here: https://lnkd.in/efwU3scn   #realestate #investment

Custodian Property Income REIT today provides a trading update for the quarter ended 31 March 2024, with continued strong leasing activity supporting rental growth and underpinning higher fully-covered dividends.   On announcing the 9% increase in the prospective target rate of annual dividend per share from 5.5p to 6.0p and a special dividend which increased the FY24 dividend from 5.5p to 5.8p, David MacLellan, Chairman of Custodian Property Income REIT, said: “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 disposal of vacant properties 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.   “The Board’s objective is, as previously stated, to continue to grow the dividend on a sustainable basis, at a rate which is fully covered by net rental income and does not inhibit the flexibility of the Company’s investment strategy.”   Find out more here: https://lnkd.in/ebG4f7Sp   #realestate #investment

Custodian Property Income REIT is pleased to announce the disposal of an industrial unit in Milton Keynes for £8.0m, representing a 9.5% or £0.7m premium to the 30 September 2023 valuation. Commenting on the disposal, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the Company’s external fund manager), said: “During our nine years of ownership, we were able to generate a healthy and growing level of income from this asset. We made the decision to crystallise a profit for our shareholders and we expect to use the sale proceeds towards repaying the Company’s existing revolving debt facility. This will further reduce our interest costs and allow the Company to fund future improvements to the remaining portfolio.” #realestate #investment

Custodian Property Income REIT announces that it has signed a new 15-year lease with Rough Trade, a leading independent music retailer, for 6,500 sq ft of space at Hanover Street in the heart of Liverpool City Centre. Scheduled to open in Q1 2024, Rough Trade’s sixth UK store will also become its largest national location, inclusive of a dedicated venue for concerts as well as a bar and café. Javed Sattar, Portfolio Manager at Custodian Capital, which serves as Investment Manager to Custodian Property Income REIT, said: “This latest letting demonstrates the ongoing resilience of the retail market in key regional locations across the UK and further enhances the high quality tenant mix at Hanover Street. We continue to see robust occupational demand for well-located assets in urban areas and look forward to Rough Trade officially opening their doors in the coming months.” Find out more here: https://lnkd.in/dtZZw-zT #realestate #RoughTrade #Liverpool

Custodian Property Income REIT today reports its interim results with active management underpinning strong performance.   Commenting on the results, David MacLellan, Chairman of Custodian Property Income REIT, said: “The Company’s diversified and well managed investment portfolio has shown its resilience during the Period, mitigating the risks posed by volatility in real estate investment markets and driving a continued strong operational performance. In addition, the Company’s conservative balance sheet and its longer-term fixed rate debt profile have provided insulation against the challenge of higher interest rates in the short to medium term.   “Our dividend remains fully covered and, in line with our objectives, I was pleased to announce 2.75p (2022: 2.75p) of aggregate dividends for the Period. The Board expects to continue to pay quarterly dividends per share of 1.375p to achieve a target dividend per share for the year ending 31 March 2024 of no less than 5.5p.”   Find out more here: https://lnkd.in/e4nNgNi4   #realestate #investment 

Our Fund Manager, Richard Shepherd-Cross, participated in a webinar held by The Association of Investment Companies (AIC) last week to discuss the challenges and opportunities in the property sector alongside Bjorn Hobart, investment director of Tritax Big Box REIT.   Investment companies now manage £23 billion of UK property assets, compared with £7 billion in open-ended funds, making them the dominant vehicle for private investors to gain diversified exposure to the asset class. Find the full webinar recording here: https://lnkd.in/eqPutEcR #investmentcompanies #investing #reit #property #investmenttrusts