REG-Custodian Property Income REIT plc Custodian Property Income REIT plc: Fourth quarter trading update delivers earnings growth supporting a 9% target dividend increase
01/05/2024 07:15
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Custodian Property Income REIT plc (CREI)
Custodian Property Income REIT plc: Fourth quarter trading update delivers
earnings growth supporting a 9% target dividend increase
01-May-2024 / 07:00 GMT/BST
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1 May 2024
Custodian Property Income REIT plc
(“Custodian Property Income REIT” or “the Company”)
Fourth quarter trading update delivers earnings growth supporting a 9% target
dividend increase
Custodian Property Income REIT (LSE: CREI), which seeks to deliver an enhanced
income return by investing in a diversified portfolio of smaller, regional
properties with strong income characteristics across the UK, today provides a
trading update for the quarter ended 31 March 2024 (“Q4” or the “Quarter”) and
the year ended 31 March 2024 (“FY24”).
Q4 dividend level maintained, with continued strong leasing performance and
confidence in outlook enabling a special dividend relating to FY24 and an
increase in the FY25 target dividend
Dividend period Dividend per share Comment
In line with target, fully covered by EPRA
Q4 1.375p earnings per share 1 1 of 1.5p
Increasing aggregate FY24 dividends per
share from 5.5p to 5.8p, fully covered by
FY24 special 0.3p unaudited EPRA earnings for FY24 of 5.8p
(FY23: 5.6p)
Represents a 9% increase from FY24 target of
FY25 target 6.0p 5.5p and an 8.1% yield based on the
prevailing 74p share price 2 2
Strong leasing activity, with 15% reversion available, continues to support
rental growth and underpins higher fully-covered dividends
• Like-for-like 3 3 ERV has increased by 0.8% since 31 December 2023,
driven primarily by rental growth in the industrial sector. Portfolio ERV
(£49.4m) exceeds passing rent (£43.1m) by 15% (31 December 2023: 15%)
demonstrating the portfolio’s significant reversionary potential
• Like-for-like passing rent increased by 1.7% during the Quarter driven by
resilient occupier demand for space across all sectors of the Company’s
portfolio.
• Three rent reviews were settled during the Quarter, on average, 7% ahead of
ERV and 29% above previous passing rent.
• Thirteen new leases and regears were also signed securing £1.4m of annual
rent which increased property capital value by £2.0m
• EPRA occupancy 4 4 has increased to 92% (31 December 2023: 91%), rising
to 94% when the 2% of ERV vacant that is currently under offer to let or
sell is excluded. A further 1% of ERV is subject to refurbishment.
Valuations now stabilised across the Company’s c.£590m portfolio
• The valuation of the Company’s diversified portfolio of 155 assets of
£589.1m remained flat on a like-for-like basis during the Quarter, net of a
£2.0m valuation increase from active asset management activity (Q3: £1.0m
increase from asset management)
• Q4 net asset value (“NAV”) total return per share 5 5 of 1.6%
• NAV per share of 93.4p (31 Dec 2023: also 93.3p) with a NAV of £411.8m (31
Dec 2023: £411.2m)
Asset recycling continues to generate aggregate proceeds in excess of valuation
• During the Quarter an office building in Derby and industrial units in
Weybridge and Milton Keynes were sold for an aggregate £16.1m, 11% ahead of
their 31 December 2023 valuations
• Since the Quarter end, a former car showroom in Redhill and an industrial
property in Warrington have been sold for £11.3m, 49% ahead of their 31
December 2023 valuations
• Proceeds of all disposals are being used to reduce variable rate borrowings
Redevelopment and refurbishment activity continues to be accretive with an
expected yield on cost above average cost of borrowing
• £0.9m of capital expenditure undertaken during the Quarter, expected to
enhance the assets’ valuations and environmental credentials and, once let,
increase rents to give a yield on cost of at least 7%, ahead of the
Company’s marginal cost of borrowing
• Weighted average energy performance certificate rating has improved to
C(52) (31 Dec 2023: C(54)) with re-ratings being carried out across 11
assets
Prudent debt levels
• Net gearing 6 6 was 29.2% loan-to-value as of 31 March 2024 (31 Dec 2023:
30.6%). Property disposals since the Quarter end, detailed above, have
reduced pro-forma net gearing to 27.9%, drawing the LTV closer to the
Company’s 25% medium-term target
• £179.0m of drawn debt comprising £140m (78%) of fixed rate debt and £39m
(22%) drawn under the Company’s available revolving credit facility (“RCF”)
• Weighted average cost of aggregate borrowings has decreased to 4.1% (31
December 2023: 4.3%) due to proceeds from the disposal of properties being
used to repay the RCF
• Fixed rate debt facilities have a weighted average term of 6.0 years and a
weighted average cost of 3.4% offering significant medium-term interest
rate risk mitigation
Dividend increase
On announcing the 9% increase in the prospective target 7 7 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.”
The Company paid an interim dividend of 1.375p per share on 29 February 2024
relating to the quarter ended 31 December 2023. The Board has approved a
fourth interim dividend per share of 1.675p for the Quarter, comprising the
previous target dividend of 1.375p and a fifth interim (special) dividend of
0.3p, both payable on 31 May 2024 to shareholders on the register on 10 May
2024, which will be designated as property income distributions (“PID”).
Net asset value
The Company’s unaudited NAV at 31 March 2024 was £411.8m, or approximately
93.4p per share:
Pence per share £m
NAV at 31 December 2023 93.3 411.2
Valuation decreases (0.1) (0.5)
Profit on disposal 0.3 1.4
Costs of aborted property acquisitions 8 8 (0.2) (0.9)
- -
EPRA earnings for the Quarter 1.5 6.7
Interim dividend paid 9 9 during the Quarter relating (1.4) (6.1)
to Q3
NAV at 31 March 2024 93.4 411.8
The unaudited NAV attributable to the ordinary shares of the Company is
calculated under International Financial Reporting Standards and incorporates
the independent portfolio valuation at 31 March 2024 and net income for the
Quarter. The movement in unaudited NAV reflects the payment of an interim
dividend of 1.375p per share during the Quarter, but as usual this does not
include any provision for the approved dividends totalling 1.675p per share to
be paid on 31 May 2024.
Investment Manager’s commentary
Corporate activity
The Board of CREI believes strongly in the benefits of diversification in
mitigating property and sector specific risk, while still delivering dividends
that are fully covered by recurring earnings. The Board also remains firm in
its belief that this strategy of spreading the risk is well suited to long-term
investors in real estate and sets CREI apart from the single sector funds which
have dominated the market over the last few years.
On 19 January 2024 the Company announced a potential all-share merger with API
(“the Merger”) but at General Meetings on 27 March 2024, while the majority of
API shareholders supported the Merger, the final count was below the requisite
75% needed to pass, meaning the Merger did not proceed.
Immediately after this vote our Chairman, David MacLellan, made the following
statement:
"Having heeded clear calls from the market regarding the need for consolidation
amongst the listed REITs, we worked with our investment manager and the API
board of directors ("API Board") to negotiate what we believed to be a fair
deal for all shareholders of both API and CREI. Our proposal was fully aligned
with the existing investment strategies of both companies and structured on a
net tangible asset (“NTA”)-to-NTA basis to ensure that the exchange ratio was
based upon the latest respective underlying property valuations. Furthermore,
it was unanimously recommended by the API Board and allowed both API and CREI
shareholders to benefit from the long-term benefits of being invested in a
combined business which brought together two highly complementary portfolios,
with a growing and fully covered dividend.
“We are therefore disappointed that despite the majority of votes cast being in
favour of the Merger at the API Meetings, this was not enough to meet the 75%
threshold required to approve the Merger. In fact, shareholders accounting for
just 14% of API's register proved sufficient to prevent the resolutions
passing. These votes were, we understand, primarily from institutional
investors who believe a 'managed wind-down' of API's portfolio will better
protect shareholder value, despite the API Board clearly and publicly setting
out the flaws in this conclusion.”
Market update
2024 began with greater confidence in the market than at the close of 2023.
Much of this confidence was rooted in an expectation of falling interest rates
and an acknowledgement that, in many sectors of the property market, valuations
had adjusted sufficiently to reflect investor sentiment. However, the early
part of the year witnessed an increase in the five year swap rate, and a hiatus
in the improving inflation statistics. These factors may have delayed a
recovery, but a recovery is still expected later this year as inflation settles
and interest rate decreases follow. We expect transactional activity to
increase as the recovery takes hold.
Core statistics from the Company’s portfolio tell a more promising story for
the Quarter than investment market sentiment might suggest. Over the year to
31 March 2024, on a like-for-like basis, the portfolio’s rent roll has grown by
5.6% and the estimated rental value has grown by 3.6%. Occupancy rates
increased from 90% to 92% by the year end, and post year end have improved
still further to 93%. This points to the strength in occupational markets and
a greater level of confidence from tenants than from investors. These strongly
positive numbers are set against a portfolio valuation which fell modestly, on
a like-for-like basis by 4.0%, but was flat for the Quarter overall. Perhaps
this prefaces a turning point in market sentiment.
Rental growth can be seen in the new lettings negotiated during the Quarter,
examples of which include:
• Willow Court, Oxford is an office building acquired in 2020 when the ground
floor suite was let at a rent reflecting £26.50 per sqft. The letting
agreed in March 2024, expected to complete soon, reflected a rent of £42
per sqft.
• In Atherstone two refurbished industrial units have been let at rents
reflecting c.£10.50 per sqft, well ahead of the previous rent of £6.50 per
sqft.
Of the five assets sold during the Quarter and since the Quarter end, four were
to owner-occupiers or developers at an aggregate 30% premium to valuation.
This is a further demonstration of the strength of a smaller lot strategy and
the portfolio we have assembled, where we can access both investor and
owner-occupier demand. Sale proceeds will be used to repay the Company’s
revolving credit facility, reducing pro-forma LTV to 27.9%.
This demonstrable rental growth and expected significant reduction in void
holding costs is having a positive impact on earnings, enabling the payment of
a special dividend, to bring the dividend per share for the year ended 31 March
2024 to 5.8p, and an increase in the prospective dividend per share to 6.0p for
the year ending 31 March 2025.
Asset management
The Investment Manager has remained focused on active asset management during
the Quarter, completing three rent reviews at an aggregate 29% increase in
annual rent from £0.4m to £0.5m, along with thirteen new lettings, lease
renewals and lease regears, with rental levels remaining affordable to our
occupiers. In aggregate these initiatives increased property capital value by
£2.0m and had a positive impact on WAULT, which increased to 4.9 years (31
December 2023: 4.8 years).
Details of these asset management initiatives are shown below:
Rent reviews
• Listers Group at a motor dealership in Loughborough, with annual rent
increasing by 13% to £181k.
• Acorn Web Offset at an industrial unit in Normanton, with annual rent
increasing by 42% to £155k; and
• Chicken Cabins at a drive-through unit in York, Clifton Moor with annual
rent increasing by 42% to £118k.
New leases
• A 10-year reversionary lease with a fifth-year open market rent review to
Procurri Europe at an industrial unit in Warrington, with an annual rent of
£341k reflecting a 64% increase on previous passing rent, increasing
valuation by £0.7m.
• A 10-year reversionary lease with tenant break options in years four and
eight to Tricel Composites on an industrial unit in Leeds, at an annual
rent £192k reflecting a 43% increase on previous passing rent and
increasing valuation by £0.4m.
• A 10-year lease to Rough Trade Records on a vacant retail unit in
Liverpool, at an annual rent of £115k, increasing valuation by £0.4m.
• A five-year lease renewal with third year tenant only break to Card Factory
at a retail unit in Portsmouth, at a reduced annual rent of £49k,
increasing valuation by £0.2m.
• A new five-year lease with a third-year break to Millar & Bryce at a vacant
office unit in Edinburgh, at an annual rent of £46k, increasing valuation
by £0.1m.
• A new five-year straight lease to Howdens on a vacant trade counter unit in
Crewe, at an annual rent of £22k, increasing valuation by £0.1m.
• A 10-year lease renewal to Central Electrical Armature Winding on an
industrial unit in Knowsley, with an annual rent of £91k reflecting a 48%
increase on previous passing rent, increasing valuation by £0.1m.
• A new 10.5-year lease to Enact Conveyancing on offices in Leeds, at an
annual rent of £462k, increasing annual passing rent by 49% following a
comprehensive refurbishment, which has seen the EPC improve to an A rating.
• A 10-year licence to McLaren Group on a vacant office suite in Glasgow, at
an annual rent of £29k.
• A five-year lease with a second-year tenant only break to a sole trader on
a retail unit in Shrewsbury, at an annual rent of £15k.
• Two new leases on a recently refurbished multi-let industrial estate in
Atherstone securing tenants on five-year leases with third-year tenant only
breaks at an aggregate annual rent of £21k.
• A 20-year lease to Vivid Outdoor Media Solutions for an electronic
advertising board at a retail park, at an annual rent of £11k.
Since the Quarter end the Company has completed the following further asset
management initiatives, completing:
• A 10-year lease with a fifth-year break option for a vacant office suite at
Lochside House, Edinburgh Park to Ark Housing Association at an annual rent
of £92k, 12% ahead of ERV;
• A 10-year lease with a fifth-year break option for a vacant lower ground
floor office suite in Glasgow, at an annual rent of £29k; and
• A five-year lease renewal with a third-year break option to Superdrug at a
retail unit in Southsea, at an annual rent of £46k.
Disposals
Acknowledging the high prevailing cost of variable rate debt, of which the
Company had £39m drawn at the Quarter end under its Lloyds Bank RCF, steps have
been taken to advance a number of property sales, where special purchasers can
unlock prices ahead of valuation, but more importantly ahead of the cost of the
RCF, in order to enhance earnings per share.
During the Quarter a vacant office building in Derby and industrial units in
Weybridge and Milton Keynes were sold for an aggregate £16.1m. Since the
Quarter end, a vacant former car showroom in Redhill and a vacant industrial
property in Warrington have been sold for £11.3m. In aggregate these disposals
were made 24% ahead of their 31 December 2023 valuations.
A further office building in Castle Donington, which is also currently vacant,
is under offer to sell for £2.0m.
Borrowings
At 31 March 2024 the Company had £179.0m of debt drawn at an aggregate weighted
average cost of 4.1% with no expiries until August 2025 and diversified across
a range of lenders. This debt comprised:
• £39m (22%) at a variable prevailing interest rate of 6.9% and a facility
maturity of 2.6 years; and
• £140m (78%) at a weighted average fixed rate of 3.4% with a weighted
average maturity of 6.0 years.
At 31 March 2024 the Company’s borrowing facilities are:
Variable rate borrowing
• A £50m RCF with Lloyds Bank plc (“Lloyds”) with interest of between 1.62%
and 1.92% above SONIA, determined by reference to the prevailing LTV ratio
of a discrete security pool of assets, and expiring on 10 November 2026.
The facility limit can be increased to £75m with Lloyds’ approval.
Fixed rate borrowing
• A £20m term loan with Scottish Widows plc (“SWIP”) repayable on
13 August 2025 with interest fixed at 3.935%;
• A £45m term loan with SWIP repayable on 5 June 2028 with interest fixed at
2.987%; and
• A £75m term loan with Aviva comprising:
▪ A £35m tranche repayable on 6 April 2032 with fixed annual interest of
3.02%;
▪ A £25m tranche repayable on 3 November 2032 with fixed annual interest
of 4.10%; and
▪ A £15m tranche repayable on 3 November 2032 with fixed annual interest
of 3.26%.
Each facility has a discrete security pool, comprising a number of individual
properties, over which the relevant lender has security and covenants:
• The maximum LTV of the discrete security pools is either 45% or 50%, with
an overarching covenant on the property portfolio of a maximum of 35% or
40% LTV; and
• Historical interest cover, requiring net rental receipts from the discrete
security pools, over the preceding three months, to exceed either 200% or
250% of the associated facility’s quarterly interest liability.
Portfolio analysis
At 31 March 2024 the portfolio is split between the main commercial property
sectors, in line with the Company’s objective to maintain a suitably balanced
investment portfolio. Sector weightings are shown below:
31 March 2024 31 December 2023
Quarter
Val’n valuation
movement Quarter
£m Weighting Weighting valuation Weighting Weighting
by value by income £m movement by value by income
Sector
Industrial 291.4 49% 40% 2.8 1% 50% 41%
Retail 122.7 21% 23% (2.0) (2%) 21% 22%
warehouse
Other 10 10 78.8 13% 13% 0.2 - 13% 13%
Office 63.9 11% 16% (1.6) (3%) 11% 16%
High street 32.3 6% 8% 0.1 - 5% 8%
retail
Total 589.1 100% 100% (0.5) 100% 100%
For details of all properties in the portfolio please see
11 custodianreit.com/property-portfolio.
- Ends -
Further information:
Further information regarding the Company can be found at the Company's website
12 custodianreit.com or please contact:
Custodian Capital Limited
Richard Shepherd-Cross / Ed Moore / Ian Tel: +44 (0)116 240 8740
Mattioli MBE
13 www.custodiancapital.com
Numis Securities Limited
Hugh Jonathan / Nathan Brown Tel: +44 (0)20 7260 1000
www.numis.com/funds
FTI Consulting
Richard Sunderland / Ellie Sweeney / Andrew Tel: +44 (0)20 3727 1000
Davis / Oliver Parsons
14 custodianreit@fticonsulting.com
Notes to Editors
Custodian Property Income REIT plc is a UK real estate investment trust, which
listed on the main market of the London Stock Exchange on 26 March 2014. Its
portfolio comprises properties predominantly let to institutional grade tenants
throughout the UK and is principally characterised by smaller, regional,
core/core-plus properties.
The Company offers investors the opportunity to access a diversified portfolio
of UK commercial real estate through a closed-ended fund. By principally
targeting smaller, regional, core/core-plus properties, the Company seeks to
provide investors with an attractive level of income with the potential for
capital growth.
Custodian Capital Limited is the discretionary investment manager of the
Company.
For more information visit 15 custodianreit.com and 16 custodiancapital.com.
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17 1 Profit after tax excluding net gains or losses on investment property
divided by weighted average number of shares in issue.
18 2 Price on 30 April 2024. Source: London Stock Exchange.
19 3 Adjusting for property acquisitions, disposals and capital expenditure.
20 4 Estimated rental value (“ERV”) of let property divided by total
portfolio ERV.
21 5 NAV per share movement including dividends paid during the Quarter.
22 6 Gross borrowings less cash (excluding rent deposits) divided by
portfolio valuation.
23 7 This is a target only and not a profit forecast. There can be no
assurance that the target can or will be met and it should not be taken as an
indication of the Company’s expected or actual future results. Accordingly,
shareholders or potential investors in the Company should not place any
reliance on this target in deciding whether or not to invest in the Company or
assume that the Company will make any distributions at all and should decide
for themselves whether or not the target dividend yield is reasonable or
achievable.
24 8 Provisional costs relating to the aborted acquisition of abrdn Property
Income Trust Limited.
25 9 An interim dividend of 1.375p per share relating to the quarter ended
31 December 2023 was paid on 29 February 2024.
26 10 Comprises drive-through restaurants, car showrooms, trade counters,
gymnasiums, restaurants and leisure units.
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Dissemination of a Regulatory Announcement that contains inside information in
accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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ISIN: GB00BJFLFT45
Category Code: MSCH
TIDM: CREI
LEI Code: 2138001BOD1J5XK1CX76
OAM Categories: 3.1. Additional regulated information required to be
disclosed under the laws of a Member State
Sequence No.: 318928
EQS News ID: 1893527
End of Announcement EQS News Service
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