REG-Custodian Property Income REIT plc Custodian Property Income REIT plc: Diversified strategy, strong leasing and active asset management continue to drive income growth
05/02/2025 07:15
============
Custodian Property Income REIT plc (CREI)
Custodian Property Income REIT plc: Diversified strategy, strong leasing and
active asset management continue to drive income growth
05-Feb-2025 / 07:00 GMT/BST
═══════════════════════════════════════════════════════════════════════════════
5 February 2025
Custodian Property Income REIT plc
(“Custodian Property Income REIT” or “the Company”)
Diversified strategy, strong leasing and active asset management continue to
drive income growth
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 December 2024 (“Q3” or the “Quarter”).
Commenting on the trading update, Richard Shepherd-Cross, Managing Director of
Custodian Capital Limited, said: “This Quarter saw further evidence that the
market has bottomed out, with the last 12 months seeing two quarters of broadly
flat valuations followed by two quarters of like-for-like valuation
growth. These valuation increases add further support to our belief that we are
at the start of a gradual upwards trend having delivered like-for-like average
rental growth of more than 5.0% per annum over the last 18 months, with
proactive asset management being the key driver of returns. We completed 25
plus lettings, lease renewals, re-gears and rent reviews during the Quarter at
significant average premiums to ERV and previous rent, as well as continuing to
make disposals on terms ahead of valuation. These activities will be
supportive of future earnings and our longstanding track record of fully
covering our dividend, which now offers investors an attractive c.8% yield.”
Highlights
Strong leasing activity continues to support rental growth, underpinning fully
covered dividend
• 1.5p dividend per share approved for the Quarter, fully covered by
unaudited EPRA earnings per share 1 1 , in line with target of at least
6.0p for the year ending 31 March 2025 (FY24: 5.8p). This target dividend
represents a 7.9% yield 2 2 based on the prevailing 76p share price 3 3
• EPRA earnings per share of 1.5p for the Quarter (Q2: 1.5p)
• During the Quarter, a 0.9% increase in like-for-like 4 4 passing rent
(FY25 year-to-date (“YTD”): 3.1%) and an increase in like-for-like
estimated rental value (“ERV”) of 0.6% (FY25 YTD: 2.1%), driven primarily
by 1.0% like-for-like rental growth in the industrial sector (FY25 YTD:
4.7%)
• Significant potential for further rental growth with the portfolio’s
estimate rental value (“ERV”) of £49.5m exceeding the current the passing
rent of £44.5m by 11% (30 Sept 2024: 11%). Approximately 35% of this
reversion is available from leasing events with the remainder from letting
vacant space. Based on our track record and occupier demand for space in
our assets we expect to capture this potential rental upside at (typically)
five-yearly rent reviews or on re-letting, in addition to continuing to
drive passing rent and ERV growth further through asset management
initiatives
• Leasing activity during the Quarter comprised the completion of eight rent
reviews at an average 19% increase in annual rent and the letting of eight
vacant units which, in aggregate, added £1.0m to the rent roll. 10 lease
renewals and regears were also completed in line with ERV and previous
passing rent
• EPRA occupancy 5 5 was stable at 93.4% (30 Sept 2024: 93.5%). 1.8% of
vacant ERV is subject to refurbishment or under offer to let or sell
Valuations stable across the Company’s c.£590m portfolio, with a small uptick
on a like-for-like basis
• The value of the Company’s portfolio of 151 assets at the Quarter end was
£586.4m (30 Sept 2024: £582.4m), a like-for-like increase of 0.5% during
the Quarter (FY25 YTD: 0.8%), net of £1.9m of capital expenditure.
Benefitting from a diversified portfolio, in the last 12 months the Company
has seen two quarters of stable valuations followed by two quarters of
modest like-for-like capital growth across almost all asset classes
• Q3 net asset value (“NAV”) total return per share 6 6 of 2.5%
• NAV per share grew by 0.9% to 94.4p (30 Sept 2024: 93.6p) with a NAV of
£416.1m (30 Sept 2024: £412.7m)
Asset recycling continues to generate aggregate proceeds in excess of valuation
• During the Quarter, the Company successfully disposed of a recently vacant
office asset in Solihull to a local owner occupier for £1.4m, 33% ahead of
the 30 June 2024 valuation. Proceeds have been used to fund earnings
accretive capital expenditure.
Redevelopment and refurbishment activity continues to be accretive with an
expected yield on cost of c.7%
• £1.9m of capital expenditure undertaken during the Quarter, primarily
relating to the pre-let extension of an industrial building in Livingston,
which will allow the current occupier to expand into the new space to help
with its plans for growth. Practical completion is expected in February
2025
• During the Quarter, the Company generated £0.1m (Q2: £0.1m) of revenue from
its owned solar panel installations across 10 assets, selling the clean
electricity generated to tenants and exporting any surplus. New solar
arrays were installed in Lincoln and Daventry during the Quarter, with
further installations under consideration at 12 sites over the next 12
months
• Weighted average energy performance certificate rating was C(52) (30 Sept
2024: C(52)) with re-ratings being carried out across three units during
the Quarter
Prudent debt levels
• Net gearing 7 7 was 28.5% loan-to-value at 31 December 2024 (30 Sept 24:
28.5%)
• £171m (30 Sept 24: £174m) of drawn debt at 31 December 2024 comprising
£140m (82%) of fixed rate debt and £31m (18%) drawn under the Company’s
variable rate revolving credit facility (“RCF”)
• Weighted average cost (“WAC”) of aggregate borrowings decreased to 3.9% (30
Sept 24: 4.0%) following the 25bps base rate reduction in November 2024
• The Board intends to utilise the Company’s RCF to repay a £20m fixed rate
loan with Scottish Widows which is due to expire in August 2025. This
refinancing is expected to have a minimal impact on the Company’s WAC, as
this loan represents only 12% of drawn debt
• £120m of longer-term fixed-rate debt facilities have a weighted average
term of 6.0 years and a WAC of 3.3%, offering significant medium-term
interest rate risk mitigation
Dividends
The Company paid an interim dividend per share of 1.5p on Friday 29 November
2024 relating to Q2, fully covered by EPRA earnings.
The Board has approved a fully covered interim dividend per share of 1.5p for
the Quarter payable on 28 February 2025 to shareholders on the register on 7
February 2025, which will be designated as a property income distribution
(“PID”).
Net asset value
The Company’s unaudited NAV at 31 December 2024 was £416.1m, or approximately
94.4p per share:
Pence per share £m
NAV at 30 September 2024 per Interim Report 93.6 412.7
Valuation increase and depreciation 0.7 3.0
Profit on disposal 0.1 0.3
EPRA earnings for the Quarter 1.5 6.7
Interim quarterly dividend, paid during the Quarter, (1.5) (6.6)
relating to Q2
NAV at 31 December 2024 94.4 416.1
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 December 2024 and net income for the
Quarter. The movement in unaudited NAV reflects the payment of an interim
dividend per share of 1.5p during the Quarter, but as usual this does not
include any provision for the approved dividend of 1.5p per share for the
Quarter to be paid on 28 February 2025.
Investment Manager’s commentary
Market update
The listed property sector has yet to deliver the forecast recovery despite
recent positive indicators in the direct property market. Notwithstanding
discernible rental growth and the clear identification of an inflection point
in direct investment markets, economic gloom and high 10-year gilt rates are
acting as a brake on the listed sector.
However, there are reasons to be cheerful. Property market commentators are
forecasting stronger returns in 2025 than 2024, highlighting the importance of
income in driving total return. There is a sense that after property values
adjusted from 2022-24, reflecting the impact of increasing cost of debt and
other external factors, it would take a significant shock to knock the recovery
off course. That said, it is also widely believed that the rate and near-term
magnitude of recovery will now be more muted relative to earlier estimates.
In considering the current share price and likely performance there are four
factors that mitigate against downside risks: the current discount to NAV and
associated high dividend yield, the reversionary potential of the portfolio,
the benefits of diversification which offers defensiveness of income and
flexibility of strategy, and the risk premium of commercial real estate over
10-year gilts.
While we remain firm in our belief that earnings and the dividend we
consistently deliver our shareholders are the most effective ways to assess the
Company’s performance, its average discount to NAV has recently widened to
around 20%. While this remains favourable versus many peers, it implies a
yield shift on the underlying value of the property portfolio of 1.35% which is
sharply at odds with both the Company’s independent quarterly valuations, which
show a stable portfolio topped-up net initial yield 8 8 of 6.9%, as well as
the direct market expectation that valuations have reached the bottom. With
the reasonable expectation of falling interest rates over the short to medium
term, there would appear to be far more upside potential on valuations than
downside risk, which we do not believe is reflected in the current discount.
Dividends are fully covered by recurring (EPRA) earnings, which are in turn
supported by a growing rent roll from the 151 properties in the portfolio.
Over the last 18 months annual like-for-like growth in passing rent has
averaged 5.8% per annum with ERV growing at 3.2% per annum. We expect this
growing rent roll to continue to support dividends of 6.0p per share, a rate
that has grown annually by a compound 4.65% since March 2021. Our diversified
portfolio is deliberately weighted towards sectors with the most rental growth
potential to support both future dividends and capital values.
Research reported by Legal and General last year 9 9 indicated that since
1981 the risk premium of commercial real estate over 10-year gilts 10 10 was
estimated at 2.6%. Comparing the prevailing 10-year gilt rate 11 11 of 4.5%
to Custodian Property Income REIT’s share price yield of 7.9% implies a current
risk premium of 3.4%, which excludes rental growth. However, with rental (ERV)
growth running at over 3% per annum for the last 18 months, this implies a full
risk premium of 6% plus, which is well ahead of the long-term average.
As some of the fear in market prospects is replaced by confidence, this risk
premium should reduce, which again provides greater upside potential than
downside. Against this setting, timing appears to be optimal for securing a
high, fully covered dividend with upside potential on both income and capital.
It is our strong contention that with the benefit of hindsight in three to five
years’ time, 2025 is unlikely to be viewed as a poor entry point into UK real
estate.
Asset management
Custodian Capital, the Investment Manager, has remained focused on active asset
management during the Quarter, completing eight rent reviews at an aggregate
19% increase in annual rent, along with letting eight vacant units and
completing 10 further new lettings, lease renewals and lease regears, with
rental levels remaining affordable to our occupiers. These initiatives had a
positive impact on weighted average unexpired lease term, which only decreased
by 0.1 years to 4.8 years during the Quarter (30 Sept 24: 4.9 years).
Details of these asset management initiatives are shown below:
Rent reviews
The following rent reviews were settled in the Quarter, in aggregate increasing
rent by 19%, and comprising:
• Applying fixed rental uplifts across six industrial units let to Menzies
Distribution, increasing annual rent by 13% to £1.4m;
• Increasing the passing rent at an industrial unit in Kettering by 78% from
£128k to £227k; and
• Increasing the passing rent at a retail unit in Dunfermline by 10% from
£20k to £22k.
Renewals
10 lease renewals/regears across retail, retail warehouse and industrial assets
in aggregate maintaining passing rent levels, comprising:
• Five-year reversionary lease to YESSS Electrical at an industrial unit in
Normanton, maintaining annual rent at £449k;
• Removal of a tenant break option with DS Smith in Redditch, extending the
lease by five years in return for six months’ rent free, with annual rent
remaining £404k;
• Two-year reversionary lease to global consumer brands owner URBN at a
retail unit in Southampton, maintaining annual rent of £195k;
• Five-year lease renewal with Magnet at a retail warehouse unit in
Gloucester, with annual rent remaining £116k;
• 10-year new lease to Telefonica (t/a O2) at a retail unit in Shrewsbury,
with a tenant break option on the fifth anniversary, increasing annual rent
on the unit by 38% to £73k;
• 10-year lease to RTV Worldnet Shipping at an industrial unit in Aberdeen,
with annual rent increasing by 33% to £48k;
• Five-year lease renewal with Der Touristik at a retail unit in Chester,
with annual rent decreasing 42% to £41k line in with ERV;
• Removal of a tenant break option with Your Phone Care at a retail unit in
Portsmouth, extending the lease by five years, with annual rent decreasing
13% to £40k;
• Five-year lease extension with Mobile Care Services at an industrial unit
in Atherstone with annual rent increasing by 69% to £23k; and
• 10-year lease renewal with Greggs at a retail unit in Birmingham, with a
tenant break option on the fifth anniversary, at an annual rent of £19k.
Vacant premises
£0.7m of new annual rental income was added to the rent roll through letting
eight vacant units in line with ERV in aggregate:
• Five new leases with Elizabeth School of London at a newly refurbished
office building in Manchester for a term of 12 years with a year seven
tenant only break option, at an aggregate annual rent of £596k;
• A 10-year lease to Katani & Co at an office suite in Glasgow, with a tenant
break option in the fifth year, at an annual rent of £58k;
• A 10-year lease to MST Invest at a retail unit in Liverpool, with a tenant
break option on the fifth anniversary, at an annual rent of £45k; and
• A five-year lease to Igneus UK at an office unit in Birmingham, with an
annual rent of £43k.
The impact of this positive letting activity has been tempered since the
Quarter end with an industrial asset in Biggleswade and offices in Sheffield
falling vacant, in aggregate representing 1.6% (£0.8m) of portfolio ERV. The
asset in Biggleswade will now be refurbished with rents expected to increase by
c. 40% once re-let.
Disposals
During the Quarter, a recently vacant office building in Solihull was sold to
an owner occupier for £1.4m, 33% ahead of the 30 June 2024 valuation.
Circa £8m of office and retail assets are either under offer to sell or being
actively marketed, with proceeds expected to be used to pay down the variable
rate RCF or fund earnings accretive capital expenditure.
Borrowings
During the Quarter, the Company and Lloyds Bank plc (“Lloyds”) agreed to extend
the term of the RCF by one year to expire in 2027. An option remains in place
to extend the term by a further year to 2028, subject to Lloyds’ consent.
At 31 December 2024 the Company had £171.0m of debt drawn at an aggregate
weighted average cost of 3.9% (30 Sept 24: 4.0%) diversified across a range of
lenders. This debt comprised:
• £31m (18%) at a variable prevailing interest rate of 6.3% and a facility
maturity of 2.9 years; and
• £140m (82%) at a weighted average fixed rate of 3.4% with a weighted
average maturity of 5.2 years.
At 31 December 2024 the Company’s borrowing facilities were:
Variable rate borrowing
• A £50m RCF with 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 now expiring on 10 November 2027. 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.
Upcoming expiry
Despite persistent inflationary pressures, multiple UK base rate decreases are
expected during 2025 12 12 . The Board intends to utilise the Company’s RCF
to repay the £20m fixed rate loan with SWIP due to expire in August 2025 and
will consider longer-term options once debt markets are more stable.
Portfolio analysis
At 31 December 2024, the portfolio was 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 Dec 2024 30 Sept 2024
Quarter
Val’n valuation
movement Quarter
£m Weighting Weighting valuation Weighting Weighting
by value by income £m movement by value by income
Sector
Industrial 290.5 49% 41% 1.6 0.8% 49% 41%
Retail 126.2 22% 22% 1.2 0.9% 22% 22%
warehouse
Other 13 13 77.6 13% 14% 0.4 0.5% 13% 14%
Office 58.7 10% 16% (0.7) (1.2%) 10% 16%
High street 33.4 6% 7% 0.5 1.7% 6% 7%
retail
Total 586.4 100% 100% 3.0 100% 100%
For details of all properties in the portfolio please see
14 custodianreit.com/property-portfolio.
- Ends -
Further information:
Further information regarding the Company can be found at the Company's website
15 custodianreit.com or please contact:
Custodian Capital Limited
Richard Shepherd-Cross – Managing Director
Ed Moore – Finance Director Tel: +44 (0)116 240 8740
Ian Mattioli MBE DL – Chairman
16 www.custodiancapital.com
Numis Securities Limited
Hugh Jonathan / George Shiel 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
17 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 18 custodianreit.com and 19 custodiancapital.com.
═══════════════════════════════════════════════════════════════════════════════
20 1 Profit after tax excluding net gains or losses on property divided by
weighted average number of shares in issue as defined by the European Public
Real Estate Association.
21 2 Prospective target dividend divided by share price.
22 3 Price on 4 February 2025. Source: London Stock Exchange.
23 4 Adjusting for property acquisitions, disposals and capital expenditure.
24 5 ERV of let property divided by total portfolio ERV.
25 6 NAV per share movement including dividends paid during the Quarter.
26 7 Gross borrowings less cash (excluding rent deposits) divided by
portfolio valuation.
27 8 Annualised cash rents adjusted for the expiration of lease incentives
(rent free periods, discounted rent periods and stepped rents), less estimated
non-recoverable property operating expenses, divided by property valuation plus
estimated purchaser’s costs.
28 9 Source: 29 L&G Research.
30 10 Current yields plus growth expectations less depreciation and gilt
yields.
31 11 Source: FT.com.
32 12 Source: 33 City AM.
34 13 Comprises drive-through restaurants, car showrooms, trade counters,
gymnasiums, restaurants and leisure units.
═══════════════════════════════════════════════════════════════════════════════
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.
═══════════════════════════════════════════════════════════════════════════════
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.: 374723
EQS News ID: 2081121
End of Announcement EQS News Service
══════════════════════════════════════════════════════════════════════════
35 fncls.ssp?fn=show_t_gif&application_id=2081121&application_name=news&site_id=refinitiv~~~790ea929-3c21-49b8-8ff9-1aed464daef1
References
Visible links
1. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_ILZiouyz.html#_ftn1
2. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_ILZiouyz.html#_ftn2
3. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_ILZiouyz.html#_ftn3
4. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_ILZiouyz.html#_ftn4
5. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_ILZiouyz.html#_ftn5
6. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_ILZiouyz.html#_ftn6
7. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_ILZiouyz.html#_ftn7
8. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_ILZiouyz.html#_ftn8
9. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_ILZiouyz.html#_ftn9
10. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_ILZiouyz.html#_ftn10
11. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_ILZiouyz.html#_ftn11
12. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_ILZiouyz.html#_ftn12
13. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_ILZiouyz.html#_ftn13
14. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=be531edfb7113375e33d32944df93de5&application_id=2081121&site_id=refinitiv~~~790ea929-3c21-49b8-8ff9-1aed464daef1&application_name=news
15. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=44eae66ce326b2005a19503bbab5faed&application_id=2081121&site_id=refinitiv~~~790ea929-3c21-49b8-8ff9-1aed464daef1&application_name=news
16. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=c24dec6d0ea6c746569ddd52de0eca8d&application_id=2081121&site_id=refinitiv~~~790ea929-3c21-49b8-8ff9-1aed464daef1&application_name=news
17. mailto:custodianreit@fticonsulting.com
18. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=44eae66ce326b2005a19503bbab5faed&application_id=2081121&site_id=refinitiv~~~790ea929-3c21-49b8-8ff9-1aed464daef1&application_name=news
19. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=c24dec6d0ea6c746569ddd52de0eca8d&application_id=2081121&site_id=refinitiv~~~790ea929-3c21-49b8-8ff9-1aed464daef1&application_name=news
20. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_ILZiouyz.html#_ftnref1
21. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_ILZiouyz.html#_ftnref2
22. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_ILZiouyz.html#_ftnref3
23. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_ILZiouyz.html#_ftnref4
24. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_ILZiouyz.html#_ftnref5
25. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_ILZiouyz.html#_ftnref6
26. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_ILZiouyz.html#_ftnref7
27. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_ILZiouyz.html#_ftnref8
28. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_ILZiouyz.html#_ftnref9
29. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=3299e236a406011421c1469c5e1adcc3&application_id=2081121&site_id=refinitiv~~~790ea929-3c21-49b8-8ff9-1aed464daef1&application_name=news
30. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_ILZiouyz.html#_ftnref10
31. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_ILZiouyz.html#_ftnref11
32. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_ILZiouyz.html#_ftnref12
33. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=df063ac450f9c9feaa9ed73b9a3c1d1d&application_id=2081121&site_id=refinitiv~~~790ea929-3c21-49b8-8ff9-1aed464daef1&application_name=news
34. file:///data/ucdp/tmp/xhtmlconvert_parsn_eqs_ILZiouyz.html#_ftnref13
============Recent news on Custodian Property Income Reit
See all newsRCS - Custodian Property - QuotedData's In The HotSeat Special
AnnouncementREG-Custodian Property Income REIT plc Custodian Property Income REIT plc: Interim dividend
AnnouncementREG-Custodian Property Income REIT plc Custodian Property Income REIT plc: Block Listing interim review
AnnouncementREG-Custodian Property Income REIT plc Custodian Property Income REIT plc: Diversified strategy, strong leasing and active asset management continue to drive income growth
AnnouncementREG-Custodian Property Income REIT plc Custodian Property Income REIT plc: Interim dividend
Announcement