REG-Custodian Property Income REIT plc Custodian Property Income REIT plc: Leasing momentum continues to drive income returns and support fully covered dividends
08/02/2023 07:15
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Custodian Property Income REIT plc (CREI)
Custodian Property Income REIT plc: Leasing momentum continues to drive
income returns and support fully covered dividends
08-Feb-2023 / 07:00 GMT/BST
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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8 February 2023
Custodian Property Income REIT plc
(“Custodian Property Income REIT” or “the Company”)
Leasing momentum continues to drive income returns and support fully
covered dividends
Custodian Property Income REIT (LSE: CREI), which seeks to deliver a
strong income return by investing in a diversified portfolio of smaller
regional properties across the UK, today provides a trading update for the
quarter ended 31 December 2022 (“Q3” or the “Quarter”).
Strong leasing activity continues to support rental growth and underpin
fully covered dividends
• 1.375p dividend per share approved for the Quarter, in line with a
target dividend of no less than 5.5p for the current financial year,
fully covered by EPRA earnings (102% year to date)
• 7% increase in EPRA earnings per share 1 1 to 1.5p for Q3 (Q2: 1.4p)
due to £18m of net investment into acquisitions during the previous
quarter and recent positive asset management outcomes
• 10 new lease agreements signed across a range of property sectors
during the Quarter at an aggregate 7% ahead of ERV, adding £1.2m of
annual rent for a weighted average of 7.3 years to first break (Q2:
five new leases adding £0.4m of annual rent for 6.3 years)
• EPRA occupancy 2 2 improved to 89.9% (30 September 2022: 89.3%) due
to letting five vacant properties during the Quarter
• 18% aggregate rental increase across two rent reviews settled during
the Quarter, a total additional £0.4m of annual rent
• 48% of current vacancy is subject to refurbishment or redevelopment,
8% was let post Quarter end and a further 8% has been put under offer
for sale or lease
• 1.4% increase in the like-for-like 3 3 rent roll since 30 September
2022 and like-for-like ERV growing by 0.6%
• Lettings momentum has continued into the final quarter of the
financial year with a further four new leases completing since the
Quarter end, adding £0.8m of annual rental income for a weighted
average 12 years to first break
Valuation movements
• 9.1% like-for-like valuation decrease across the Company’s diversified
portfolio of 162 assets to £612.8m following a market wide rerating of
UK commercial property driven by sentiment around the UK’s economic
outlook, but positively impacted by a £3.0m (0.5% increase) from
active asset management activity
• Q3 net asset value (“NAV”) total return per share 4 4 of -11.0%
comprising 1.2% dividends paid offset by a -12.2% capital movement,
leading to a NAV per share of 99.8p (30 September 2022: 113.7p) with a
NAV of £440.0m (30 September 2022: £501.4m)
£13.5m of disposals during the Quarter achieved at valuation,
demonstrating the continued demand for small lot sized commercial property
• Disposals during the Quarter comprised:
• A shopping centre in Gosforth for £9.3m, 3.5% ahead of the November
2021 purchase price and 4% below valuation
• A business park office in Leicester for £2.8m in line with valuation
• An industrial unit in Kilmarnock at auction for £1.4m, 12% ahead of
valuation
• Since 31 December 2022 a high street retail unit in Bury St Edmunds
has been sold at auction for £0.5m, £0.1m (35%) ahead of valuation
• £3.0m of value enhancing capital expenditure undertaken during the
Quarter, primarily on the redevelopment of an industrial unit in
Redditch and the refurbishment of an industrial unit in Winsford which
are expected to enhance rents and the assets’ environmental
credentials once complete
Gearing remains low and in line with target, with significant borrowing
headroom
• At 31 December 2022:
• Net gearing 5 5 remains low and broadly in line with the Company’s
25% target, increasing to 27.1% loan-to-value during the Quarter
(30 September 2022: 25.4%) as a result of valuation decreases,
partially offset by £13.5m of disposals
• £175m of drawn debt of which 80% is at a fixed rate of interest and
with an aggregate weighted average cost of 3.7%. There are no
facility expiries until September 2024 and agreed facilities have a
weighted average term of 6.1 years
Richard Shepherd-Cross, Managing Director of Custodian Capital Limited,
said: “Our active asset management has enabled us to capture occupational
demand, lease vacant space across all sectors and deliver rental growth
which will support earnings and underpins the Company’s fully covered
dividend. This strong recent leasing activity demonstrates the resilience
of Custodian Property Income REIT’s well-diversified investment portfolio
and the depth of the occupational market for space in high quality, well
located and affordable assets such as ours.
“Despite recent market wide valuation decreases, Custodian Property Income
REIT’s prudent approach to investment and the management of its balance
sheet, with low gearing and a longer-term fixed rate debt profile, has
left the Company well insulated from the negative impact of interest rate
rises continuing in the short to medium-term.
“More broadly, despite investment market volatility during 2022 and the
threat of an imminent recession, I believe the real estate market is in a
much better place than it has been for the last 18 months. Rent
collection levels remain very strong, the restrictions and impact of
COVID-19 on tenants’ businesses are largely resolved and unlike in
previous recessions we are not faced with an over-supply of real estate
and rising vacancy rates at the outset.
“As a result, we remain confident that our ongoing intensive asset
management of the portfolio, which still offers a number of wide-ranging
opportunities to add value, will maintain cash flow and support consistent
returns. Coupled with the strength of the Company’s balance sheet, this
will continue to support our high income return strategy.”
Net asset value
The unaudited NAV of Custodian Property Income REIT at 31 December 2022
was £440.0m, reflecting approximately 99.8p per share, a decrease of 13.9p
(-12.2%) since 30 September 2022:
Pence per share £m
NAV at 30 September 2022 113.7 501.4
Valuation movements relating to:
- Asset management activity 0.7 3.0
- General valuation decreases (14.7) (64.5)
Net valuation movement (14.0) (61.5)
Loss on disposal - (0.1)
(14.0) (61.6)
EPRA earnings for the Quarter 1.5 6.3
Interim dividend paid 6 6 during the Quarter (1.4) (6.1)
NAV at 31 December 2022 99.8 440.0
The 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 2022 and net income for the
Quarter. The movement in NAV reflects the payment of an interim dividend
of 1.375p per share during the Quarter, but does not include any provision
for the approved dividend of 1.375p per share for the Quarter to be paid
on 28 February 2023.
Investment Manager’s commentary
UK property market
During the last six months Custodian Property Income REIT has demonstrated
the strength of its strategy and the continued attractiveness to all sizes
of occupiers of the assets in the Company’s portfolio, despite significant
economic adversity. While our capital values are not immune from the
effects of cost inflation and rising interest rates the Company’s income
focused strategy and highly diversified portfolio of smaller regional
properties has delivered robust earnings, supporting fully covered
dividends and lower volatility in valuations than the wider market.
The broader UK property market saw valuations fall by 18% during the
second half of 2022 7 7 . By contrast the Company’s smaller regional
property strategy, which had not seen the pricing extremes of the
post-COVID-19 period, experienced only a 15% decrease in like-for-like
values over that six-month period. This contrast is even more marked for
the industrial sector where during the Quarter the market recorded a 20%
reduction in logistics values 8 8 compared to the Company’s industrial
portfolio experiencing only an 11% decrease.
The lower volatility of the Company’s underlying property portfolio was
mirrored in share price total return 9 9 . 2022 delivered negative total
returns for nearly all listed property companies and REITs recorded
aggregate -34% share price total returns for 2022 with companies ranging
from just positive to -46% 10 10 . Custodian Property Income REIT
delivered -2% share price total return during 2022 and we believe as
confidence in real estate is restored in 2023 dividends, fully covered by
earnings, will be recognised as the key element of total return.
In common with many market commentators, we believe that market values are
stabilising, as the Bank of England makes increasingly clear statements
about the trajectory of interest rates and gilt rates offer a more
consistent comparator for investment returns and provide some certainty
for lending banks.
Despite investment market volatility during 2022, in many ways the real
estate market is in a much better place than it has been for the last 18
months. Rent collection levels are very strong, COVID-19 restrictions
appear to be behind us and the impact of COVID-19 on tenants’ businesses
is largely resolved. Despite the threat of an imminent recession, unlike
in previous recessions we are not faced with an over-supply of real estate
and rising vacancy rates at the outset.
Indeed, record low vacancy rates in the industrial sector are still
driving rental growth. The economics of development now require rents on
new developments to be higher than six months ago. To generate the
necessary gross development value required to deliver new developments,
higher investment yields and increased costs of labour and materials
dictate that rents must also be higher, adding to upward rental growth
pressure in the sector.
We still see rental growth potential in strong regional city centres for
offices that are well-specified for post-pandemic working practices, with
high levels of amenity, excellent environmental credentials, flexible
lease terms and a high quality fit out – possibly fully fitted by the
landlord. There is, however, a two-tier office market developing with
buildings that cannot meet occupational trends seeing continued valuation
falls and a very limited investor market.
We see continued growth in drive-through restaurant rents and have
recently settled rent reviews ahead of ERV at two drive-throughs in York.
Across the whole portfolio, valuers’ estimates of rental value stand some
15% ahead of passing rent. While part of this reversion is due to
vacancy, the balance is latent rental growth which will be unlocked at
rent review and lease renewal.
During the Quarter, the Company agreed ten new leases securing £1.2m rent
for a further 7.3 years and has continued to see good levels of occupier
activity. Four new leases have already been signed since the Quarter end
and there is a strong pipeline of asset management and
refurbishment/redevelopment opportunities.
One of the strengths of a diversified and mature real estate portfolio is
that even when market conditions do not favour acquisitions or disposals
there are wide ranging investment opportunities in the standing
portfolio. We have a 12-18 month capital investment pipeline of c.£28m
across 23 projects, which is forecast to deliver superior investment
properties, improved energy performance, enhanced rental cash flows and a
positive impact on net asset value.
Asset management
The Investment Manager has remained focused on active asset management
during the Quarter, completing the following new leases, with a weighted
average unexpired term to first break or expiry (“WAULT”) of 7.3 years,
bringing the portfolio total to 4.8 years:
• A new 25 year lease with a 15 year tenant break option to Ten Pin
Bowling on a vacant leisure unit in Phoenix Leisure Park, Crewe at an
annual rent of £210k, increasing valuation by £0.9m (24%);
• A new 20 year lease with a 15 year tenant break option to Ocado Retail
on a vacant industrial unit in Leeds at an annual rent of £103k,
increasing valuation by £0.4m (13%);
• A 10 year lease renewal with a five year tenant break option to
Warburtons on an industrial unit in Langley Mill with annual rent
increasing by 23% from £165k to £203k, reflecting a 27% premium to
ERV, and increasing the valuation by £0.4m (13%);
• A new 10 year lease with a five year tenant break option to Rexel on a
vacant retail warehouse unit in Gloucester at an annual rent of £55k,
increasing valuation by £0.3m (15%);
• A 15 year lease renewal without break to F1 Autocentres on an
industrial unit in Crewe with annual rent of £50k, increasing
valuation by £0.3m (19%);
• A new 10 year lease with a five year tenant break option to Galaxy
Technical Services on a vacant industrial unit in Weybridge at an
annual rent of £158k, increasing valuation by £0.2m;
• A new 10 year lease with a five year tenant break option to iON
Ambulance on a vacant industrial unit in Kettering at an annual rent
of £40k, increasing valuation by £0.2m;
• A new five year lease with a year two tenant break option to IJ Tours
on the 5th floor of an office unit in Manchester at an annual rent of
£24k, with no impact on valuation;
• A 15-year lease renewal with a tenth-year tenant break option to Tesco
on a convenience retail unit in Birmingham with an annual rent of
£69k, with no impact on valuation; and
• An interim tenancy regear until practical completion to A Share & Sons
(t/a SCS) on an industrial unit in Livingston at an annual rent of
£282k, with no impact on valuation.
During the Quarter the following rent reviews were settled with:
• Morrison Utility Services at an industrial unit in Stevenage with
annual rent increasing by 19% to £271k, increasing valuation by £0.3m;
and
• Karali (t/a Burger King) on a drive-through unit in York with annual
rent increasing 11% to £83k, with no impact on valuation.
The positive impact of letting vacant space has increased EPRA occupancy
to 89.9% (30 September 2022: 89.3%). Of the Company’s remaining vacant
space 48% is subject to refurbishment or redevelopment, 8% was let post
Quarter end and 8% is under offer for sale or lease.
Since the Quarter end the following initiatives have completed:
• A new 25 year lease with a 15 year tenant break option to Ten Pin
Bowling on a vacant retail warehouse unit in Milton Keynes, at an
annual rent of £320k, increasing valuation by £1.2m;
• A new 10 year lease straight term to CB Printforce on an industrial
unit in Biggleswade with an annual rent of £400k, increasing valuation
by £0.5m;
• A new five year lease straight term to Intelligent Facility Solutions
on an industrial unit in Sheffield with an annual rent of £35k,
increasing valuation by £0.1m; and
• Exchanged on an Agreement for Lease, subject to Landlord works, for a
new year 15 year lease with a 10 year tenant break to Campana (t/a
Taco Bell) on a vacant leisure unit in Phoenix Leisure Park, Crewe at
an annual rent of £65k.
Fully covered dividend
The Company paid an interim dividend of 1.375p per share on 30 November
2022 relating to the quarter ended 30 September 2022. The Board has
approved another interim dividend per share of 1.375p for the Quarter,
fully covered by EPRA earnings, payable on 28 February 2023. The Board is
targeting aggregate dividends per share 11 11 of at least 5.5p for the
year ending 31 March 2023. The Board’s objective is 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.
Additional details on disposals
During the Quarter the Company made the following disposals:
• A shopping centre in Gosforth for £9.3m, which had been part of the
purchase of DRUM Income Plus REIT plc in November 2021, for a 3.5%
premium to the £8.975 million apportioned value of the asset at
purchase. Since acquisition, the asset has produced rental income of
c. £0.9m with the completion of several asset management activities
increasing occupancy and extending contractual lease terms;
• An out-of-town office property in Leicester for £2.8m, in line with
the most recent valuation. The asset was acquired as part of the
Company’s IPO portfolio in 2014 and had been fully let since,
delivering an average yield of 9% per annum, but had seen no rental or
valuation growth over our period of ownership and that trend was
expected to continue; and
• An industrial unit in Kilmarnock at auction for £1.4m, 12% ahead of
valuation. The unit’s environmental credentials did not fit with the
Company’s ESG objectives and it was not considered practical to
mitigate these risks.
Since the Quarter end the Company has sold a high street retail unit in
Bury St Edmunds at auction for £0.54m, £0.14m (35%) ahead of valuation.
The lease term had been recently increased by five years but with annual
rent decreasing from £53k to £40k, and rents were not anticipated to
recover in the short-medium term.
Borrowings
Custodian Property Income REIT operates the following agreed borrowing
facilities, with £175m currently drawn of which 80% is at a fixed rate of
interest. These facilities have no expiries until September 2024 and a
weighted average term of 6.1 years:
Variable rate borrowing
• A £40m RCF with Lloyds Bank plc expiring on 17 September 2024 with
interest of between 1.5% and 1.8% above SONIA determined by reference
to the prevailing LTV ratio of a discrete security pool. At 31
December 2022 £35m was drawn under the RCF. The RCF limit can be
increased to £50m with Lloyds’ consent;
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%.
The Company’s weighted average cost of its drawn debt facilities is 3.7%.
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 pool is between 45% and 50%,
with an overarching covenant on the property portfolio of a maximum
35% LTV; and
• Historical interest cover, requiring net rental receipts from each
discrete security pool, over the preceding three months, to exceed
250% of the facility’s quarterly interest liability.
Portfolio analysis
At 31 December 2022 the property portfolio comprised 162 assets with a net
initial yield 12 12 (“NIY”) of 6.5% (30 September 2022: 5.9%). 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:
Valuation
Quarter
31 Dec valuation
NIY 2022 Weighting movement
by value Quarter Weighting by
31 £m 31 Dec £m valuation value 30 Sept
Dec 2022 movement 2022
Sector 2022
Industrial 5.5% 291.6 48% (36.0) (11%) 48%
Retail 7.1% 135.0 22% (11.5) (8%) 22%
warehouse
Other 13 13 6.9% 74.3 12% (4.6) (6%) 11%
Office 7.2% 73.9 12% (7.1) (9%) 12%
High street 9.7% 38.0 6% (2.3) (6%) 7%
retail
Total 6.5% 612.8 100% (61.5) 9% 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 / Ed Moore / Ian Tel: +44 (0)116 240 8740
Mattioli MBE
16 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 / Tel: +44 (0)20 3727 1000
Andrew Davis
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 on long leases throughout the UK and is
principally characterised by properties with individual values of less
than £15m at acquisition.
The Company offers investors the opportunity to access a diversified
portfolio of UK commercial real estate through a closed-ended fund. By
principally targeting sub £15m, regional 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.
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20 1 Profit after tax excluding net gains or losses on investment
property divided by weighted average number of shares in issue.
21 2 Estimated rental value (“ERV”) of let property divided by total
portfolio ERV.
22 3 Adjusting for property acquisitions, disposals and capital
expenditure.
23 4 NAV per share movement including dividends paid during the
Quarter.
24 5 Gross borrowings less cash (excluding rent deposits) divided by
portfolio valuation.
25 6 An interim dividend of 1.375p per share relating to the quarter
ended 30 September 2022 was paid on 30 November 2022.
26 7 Source: React News 18 January 2023.
27 8 Source: Goodbody equity research.
28 9 Share price movement including dividends paid during the year.
29 10 Source: Jeffries research.
30 11 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.
31 12 Passing rent divided by property valuation plus purchaser’s
costs.
32 13 Comprises drive-through restaurants, car showrooms, trade
counters, gymnasiums, restaurants and leisure units.
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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.: 221474
EQS News ID: 1554123
End of Announcement EQS News Service
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