Custodian Property Income NAV rises in "another positive quarter"

Custodian Property Income REIT PLC on Wednesday reported positive first-quarter results, saying its market "has remained extremely resilient" despite the turbulent backdrop.

The Leicester, England-based investment trust declared a 1.5 pence per share dividend for the three months ended June 30, in line with its minimum 6.0p total payout target for the year ending March 31. This would be in line with the prior year's total.

EPRA earnings per share totalled 1.5p for the first quarter, unchanged from the fourth.

Custodian's net asset value per share was 100.0p as at June 30, up from 99.7p at March 31. The NAV total return for the quarter was plus 1.8%, driven by £1.4 million in valuation gains.

Custodian shares were down 0.9% at 80.50p in London on Wednesday morning.

“The company has delivered another positive quarter of stable valuations and a fully covered dividend, which continues to offer investors an attractive yield of c.7%," commented Richard Shepherd-Cross, the managing director of investment manager Custodian Capital Ltd.

He added: "Despite ongoing economic and geopolitical instability, the occupier market has remained extremely resilient with rental growth evident across all real estate sectors within our diversified portfolio, including on the high street and in regional offices, which is a positive shift in momentum from previous periods."

The company reported 1.0% like-for-like growth in the portfolio's estimated rental value during the quarter, driven by 1.6% LFL growth from the industrial sector. The latter represents 42% of the portfolio's income.

Its property portfolio comprised 172 assets valued at £671.6 million at June 30, up from £669.3 million three months prior. On an LFL basis, valuation increased 0.1%, net of capital expenditure totalling £1.1 million.

Custodian further said 15% further income growth is already embedded within the portfolio, with an estimated rental value of £56.1 million, up from £55.6 million. This exceeds the current £49.0 million passing rent, down slightly on-quarter from £49.2 million.

"Based on our track record and strong occupier demand for space in our assets, we expect to both continue to capture this potential rental upside at (typically) five-yearly rent reviews or on re-letting, and drive passing rent and ERV growth further through asset management," the firm said.

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