REG-Custodian REIT plc Custodian REIT plc : Leasing momentum continues to drive income returns and support fully covered dividends
09/11/2022 07:15
============
Custodian REIT plc (CREI)
Custodian REIT plc : Leasing momentum continues to drive income returns
and support fully covered dividends
09-Nov-2022 / 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.
══════════════════════════════════════════════════════════════════════════
9 November 2022
Custodian REIT plc
(“Custodian REIT” or “the Company”)
Leasing momentum continues to drive income returns and support fully
covered dividends
Custodian 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 30
September 2022 (“Q2” or the “Quarter”).
Strong leasing activity supporting rents and underpinning 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
• EPRA earnings per share1 maintained at 1.4p for Q2
• Five new leases signed during the Quarter at an aggregate 9% ahead of
ERV adding £0.4m of annual rent with a weighted average of 6.3 years
to first break (Q1 2022: 13 new leases adding £1.8m of rent for 6.8
years)
• Two rent reviews settled during the Quarter with an aggregate 22%
rental increase (£0.1m of annual rent)
• Following these lettings, EPRA occupancy2 increased to 89.3% (30 June
2022: 88.7%), with 54% of the vacancy being subject to refurbishment
or redevelopment and a further 25% under offer for sale or lease.
• 1.1% increase in the like-for-like rent roll since 30 June 2022 and
ERV growing by 0.8%. The industrial and office sectors saw 1.6% and
2.2% ERV growth respectively while retail ERV decreased by 0.8%.
• Lettings momentum has continued into the second half of the financial
year with a further five new leases completing since the Quarter end,
adding £0.6m of annual rental income for an average 7.0 years
Valuation movements
• 5.4% like-for-like valuation decrease across the Company’s diversified
portfolio of 165 assets, driven by current investor and market
sentiment around the UK’s economic outlook, but positively impacted by
a £1.4m uplift from active asset management activity
• Q2 net asset value (“NAV”) total return per share3 of -5.8% comprising
1.1% dividends paid offset by a -6.9% capital movement, decreasing NAV
per share to 113.7p (30 June 2022: 122.2p) with a NAV of £501.4m (30
June 2022: £538.7m)
£26.5m of capital deployed during the Quarter alongside a profitable
disposal driving a 4.5% net increase in rent roll, supporting earnings
while maintaining net gearing at its target level
• Investment activity during the Quarter:
• £26.5m4 invested at an average net initial yield of 6.8% with net
deployment during the Quarter increasing annual rent roll by 4.5% to
£43.0m (30 June 2022: £41.1m)
• Acquisitions comprised a distribution unit near Glasgow for £11.1m,
two DFS retail warehouses in Droitwich and Measham for £8.9m, a £3.5m
industrial unit in Chesterfield and two drive-through restaurants in
York for £3.0m
• £3.4m4 profit generated from the disposal of an industrial unit in
Milton Keynes to a special purchaser for £8.5m, 67% above valuation
• £2.2m capital expenditure during the Quarter, primarily on ongoing
refurbishment work on offices in Manchester and a retail warehouse in
Swindon which are expected to enhance rents and the assets’
environmental credentials once complete
• Environmental, social and governance (“ESG”) investment activity:
• Continued progress towards achieving the Company’s minimum target of
removal or improvement of all ‘D’ and ‘E’ energy performance
certificate (“EPC”) ratings by 2027 and 2025 respectively with the
weighted average EPC score improving to 58 (C) from 60 (C) during the
Quarter
• £0.7m invested in installing electric vehicle (“EV”) chargers during
the six months to 30 September 2022 across the retail warehouse,
industrial and office sectors, with further installations planned that
will surpass the Company’s minimum target of installing chargers
across its freehold retail warehouse assets by 2025
• Investment activity since 30 September 2022:
• Disposal of a shopping centre in Gosforth for £9.3m, 3.5% ahead of the
November 2021 purchase price and 4% below the 30 September 2022
valuation
• Disposal of an industrial unit in Kilmarnock at auction for £1.4m, 12%
ahead of valuation
Low gearing and significant borrowing headroom
• At 30 September 2022:
• Net gearing5 remains in line with the Company’s 25% target, increasing
to 25.4% loan-to-value during the Quarter (30 June 2022: 21.5%) as a
result of valuation movements and £18.0m of net deployment
• Weighted average cost of drawn debt of 3.5%. Of the Company’s £178m
of drawn facilities 79% is at a fixed rate of interest with no
expiries until September 2024 and a weighted average term of 6.3 years
• Since the Quarter end, due to the disposals outlined above:
• Net gearing has decreased to 24.3%
• Weighted average cost of drawn debt remains 3.5% despite base rate
rises, demonstrating the insulation provided by the Company’s majority
fixed rate debt which now represents 84% of drawn facilities
1 Profit after tax excluding net gains or losses on investment property
divided by weighted average number of shares in issue.
2 Estimated rental value (“ERV”) of let property divided by total
portfolio ERV.
3 NAV per share movement including dividends paid during the Quarter.
4 Before costs.
5 Gross borrowings less cash (excluding rent deposits) divided by
portfolio valuation.
Richard Shepherd-Cross, Managing Director of Custodian Capital Limited,
said: “We believe strong recent leasing activity demonstrates the
resilience of Custodian REIT’s well-diversified investment portfolio and
the depth of the occupational market, the strength of the Company’s
balance sheet, low gearing and a longer-term fixed rate debt profile will
continue to support a high income return strategy.
“Despite recent valuation decreases our active asset management has
enabled us to capture occupational demand, lease vacant space and deliver
rental growth which support earnings and underpin the Company’s fully
covered dividend.
“Custodian REIT’s prudent approach to investment and the management of its
balance sheet has left the Company well insulated from the negative impact
of interest rate rises continuing in the short to medium-term. We also
remain confident that our ongoing intensive asset management of the
portfolio will maintain cash flow and support consistent returns. The
current market volatility, particularly in relation to valuations, further
strengthens our ongoing belief that earnings yield is the more reliable
and important measure of value as income supports the greater part of
total return.”
Net asset value
The unaudited NAV of Custodian REIT at 30 September 2022 was £501.4m,
reflecting approximately 113.7p per share, a decrease of 8.5p (7.0%) since
30 June 2022:
Pence per share £m
NAV at 30 June 2022 122.2 538.7
Valuation movements relating to:
- Asset management activity 0.3 1.4
- General valuation decreases (9.2) (40.6)
Net valuation movement (8.9) (39.2)
Profit on disposal 0.8 3.4
Acquisition costs (0.4) (1.8)
(8.5) (37.6)
EPRA earnings for the Quarter 1.4 6.4
Interim dividend paid6 during the Quarter (1.4) (6.1)
NAV at 30 September 2022 113.7 501.4
6 An interim dividend of 1.375p per share relating to the quarter ended 30
June was paid on 31 August 2022.
The NAV attributable to the ordinary shares of the Company is calculated
under International Financial Reporting Standards and incorporates the
independent portfolio valuation at 30 September 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 30 November 2022.
Investment Manager’s commentary
UK property market
We believe strong recent leasing activity demonstrates the resilience of
Custodian REIT’s well-diversified investment portfolio and the depth of
the occupational market, the strength of the Company’s balance sheet, low
gearing and a longer-term fixed rate debt profile will continue to support
a high income return strategy.
The investment market reached record highs in certain sectors earlier this
year as positive market sentiment pushed valuation increases. That
sentiment has recently reversed due primarily to inflation, the rising
cost of debt as well as global economic and market uncertainty, with
associated valuation decreases commencing in August 2022. Certain
sectors, particularly prime logistics, have seen the most significant
valuation increases over the last 12-18 months but pricing of Custodian
REIT’s smaller regional properties never hit the heights of super-prime
logistics, so we expect to see a more correspondingly muted pricing
correction as the market reacts to current circumstances.
Custodian REIT has delivered a diversified portfolio strategy, despite the
recent trend for single sector investing. This has enabled the
acquisition of some prime high street retail properties and strong,
regional, city centre offices which have held their value through the
Quarter. When combined with a smaller regional property strategy, the
Company has assembled a portfolio comprising 165 properties with an
average value of £4.2m and no one tenant in any single property accounting
for more than 1.5% of the Company’s rent roll. This spread significantly
mitigates property specific risk and tenant default risk.
The depth of the occupational market remains the backbone of Custodian
REIT’s robust earnings and this was demonstrated by the 18 new leases
signed during the first half adding £2.2m of annual rent. During the
Quarter, five new leases have been agreed securing £0.4m rent for a
further 6.3 years. This follows on from the previous quarter where 13 new
leases were agreed securing £1.8m of rent for a further 6.8 years.
The Company has continued to see good levels of occupier activity, with
five new leases already signed since the Quarter end and a strong pipeline
of asset management and refurbishment/redevelopment opportunities.
EPRA earnings per share of 1.4p showed an annualised earnings yield7 of
5.8% at 30 September 2022 and 6.4% at the time of writing. As pricing for
listed property companies is increasingly out of step with NAV, investors
should look to earnings yield as a more reliable measure of value and
comparator between different companies with differing strategies, as
income supports the greater part of total return. On this measure
Custodian REIT rates very strongly against its close peers, offering an
annual dividend per share of 5.5 pence, fully covered by net earnings,
representing a dividend yield8 of 5.7% at 30 September 2022 and 6.3% at
the time of writing.
Custodian REIT’s loan-to-value at 30 September 2022 of 25.4% now stands at
24.3% following post Quarter end sales. Of the Company’s £178m of drawn
debt facilities 84% is at fixed rates of interest and the balance is drawn
on a variable rate revolving credit facility. The weighted average term
of drawn debt is 6.3 years and the average cost of debt is 3.5%. Thanks
to a strong balance sheet with significant covenant headroom and no debt
facility maturities until September 2024 the Company is under no pressure
to sell and the relatively low cost of debt should remain accretive to
earnings through this phase of market turbulence.
7 Annualised EPRA earnings per share divided by the prevailing share price
(97.0p.at 30 September 2022, 87.8p at 8 November 2022).
8 Annual target dividend per share of 5.5p divided by Quarter-end share
price of 97.0p.
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 6.2 years
bringing the portfolio total to 4.8 years:
• A new 20 year lease with a 15 year tenant break option to Giggling
Squid Restaurants on a vacant retail unit in Shrewsbury at an annual
rent of £80k, increasing valuation by £0.5m;
• A new 10 year lease with a fifth year tenant break option to CVS Vets
on a vacant retail warehouse unit in Southport with an annual rent of
£48k, increasing valuation by £0.3m;
• A new six year lease with a third year tenant break option to CD
Transport UK on a vacant industrial unit in Weybridge with an annual
rent of £219k, increasing valuation by £0.2m;
• A five year lease renewal with a third year tenant break option to
Signet on a retail unit in Chester with an annual rent of £68k,
increasing valuation by £0.1m; and
• An 8.5 year lease renewal without break to Leeds Building Society on a
retail unit in Colchester with annual rent of £30k, increasing
valuation by £0.1m.
During the Quarter the following rent reviews were settled with:
• Yesss Electrical on an industrial unit in Normanton with annual rent
increasing from £337k to £448k, increasing valuation by £0.2m; and
• Audi at a car showroom in Shrewsbury with annual rent increasing from
£198k to £203k, with no impact on valuation.
The positive impact of letting vacant space has been partially offset by
offices in Castle Donington and a trade counter in Crewe becoming vacant
during the Quarter meaning in aggregate EPRA occupancy is now 89.3% (30
June 2022: 88.7%). Of the Company’s remaining vacant space, 25.0% is
currently under offer to sell or let and a further 53.8% is planned
vacancy to enable redevelopment or refurbishment as illustrated below:
Number of ERV
assets % ERV % of vacancy
£m
Vacant assets:
- Undergoing or earmarked for 11 2.8 5.7% 53.8%
refurbishment/redevelopment
- Under offer to sell or let 9 1.3 2.7% 25.0%
- Being marketed to let 11 1.1 2.3% 21.2%
5.2 10.7% 100%
Let property 134 43.4 89.3% N/a
Portfolio 165 48.6 100% N/a
Since the Quarter end the following initiatives have completed:
• A 10 year lease renewal to SCS Furniture on an industrial unit in
Livingston with annual rent increasing from £221k to £282k. The
agreement also involves some refurbishment work and the Company
constructing a 20k sqft extension of the property during 2023 which,
once complete, will increase annual rent to £413k and is expected to
result in an approximate £1.5m valuation increase;
• A new 25 year lease with a 15 year tenant break option to Tenpin
Bowling on a leisure park in Crewe with an annual rent of £210k,
increasing valuation by £0.9m;
• A 15 year lease renewal to F1 Auto Centres on a trade counter unit in
Crewe with an annual rent of £25k, increasing valuation by £0.3m;
• A new 10 year lease with a fifth year tenant break option to Rexel on
an retail warehouse unit in Gloucester with an annual rent of £55k,
increasing valuation by £0.3m; and
• A new five year lease with mutual two and three year break options to
IJ Tours for additional space in an office building in Manchester at
an annual rent of £24k with no impact on valuation.
The Company has a very strong pipeline of ongoing asset management
initiatives, including those detailed below, which we expect to complete
during the next 12 months and which are expected to enhance earnings and
deliver valuation increases in excess of capital expenditure:
• A £2m refurbishment is in progress of five floors of an office block
on Fountain Street, Manchester involving developing a roof terrace,
installing a high-specification internal fit-out and adding EV
charging points, air source heat pumps and tenant wellbeing
facilities. The refurbishment is expected to increase rents at the
property from c. £20 per sqft towards c. £30 per sqft. Once fully
let, the refurbishment is expected to enhance valuation by c. £3.0m –
£4.0m;
• A £6.5m redevelopment of a 60,000 sqft industrial unit in Redditch
which commenced in September 2022 to build a BREEAM excellent, EPC A
rated unit with solar panels covering the roof, EV chargers, with the
construction targeting net zero carbon. Annual rent of the completed
asset is expected to be c. £0.5m, with an expected gross development
profit of c. £2.0m;
• An application has been submitted for planning at the Company’s
Carlisle retail park for a 2,500 sq ft drive-through restaurant. A
20-year lease without break at an annual rent of £80k has already been
agreed and the expected valuation increase on completion is c. £1.4m;
and
• Discussions are at an advanced stage for new leases with Tenpin
Bowling on a vacant retail warehouse unit in Milton Keynes and with CB
Printforce regarding a lease renewal on an industrial property in
Biggleswade. If successful, these initiatives are expected to result
in aggregate valuation increases of c. £2.5m.
ESG
The Board recognises that its decisions have an impact on the environment,
people and communities and believes the Company’s property strategy and
ESG aspirations create a compelling rationale to make environmentally
beneficial improvements to its property portfolio.
EPC Rating
The Company is targeting, as a minimum, removal or improvement of all ‘D’
EPC ratings by 2027 and all ‘E’ EPC ratings by 2025, having achieved its
initial objective to remove all ‘F’ and ‘G’ EPC ratings by 31 March 2022.
The weighted average EPC score of the portfolio improved to 58 (C) from 60
(C) during the Quarter through the re-assessment of six units with the
average re-rating decreasing by 27 Energy Rating Points.
Significant improvements in rating occurred through the:
• Refurbishment and conversion of a former Pizza Hut restaurant into a
Tim Hortons drive-through in Leicester moving the EPC rating from 87
(D) to 24 (A)
• Refurbishment of a retail store in Chester improving the rating from
103 (E) to 61 (C)
• Refurbishment of an industrial unit in Avonmouth improving the rating
from 51 (C) to 29 (B)
Electric vehicle charging points
The Company is targeting, as a minimum, installation of EV charging points
across 100% of its freehold retail warehouse assets by 2025.
During the Quarter we completed the installation of five twin rapid 75kW
chargers at retail warehousing sites for public use in line with this
environmental and social objective. The payback on the Company’s
investment is anticipated to be realised within 4-5 years subject to
energy market volatility. These installations represent another step in
our roll out of EV chargers with Pod Point, having installed 11 twin fast
7kW chargers across three office and industrial sites for tenants’ use
earlier this year. We have a further 15 twin fast 7kW chargers and 10
twin rapid 75kW charger installations in the pipeline and are actively
assessing further sites for both tenant and public use.
Fully covered dividend
The Company paid an interim dividend of 1.375p per share on 31 August 2022
relating to the quarter ended 30 June 2022. The Board has approved
another interim dividend per share of 1.375p for the Quarter, fully
covered by EPRA earnings, payable on 30 November 2022. The Board is
targeting aggregate dividends per share9 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.
9 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.
Further details on acquisitions
The five acquisitions undertaken by the Company for £26.55m during the
Quarter comprised:
• A 91,955 sq ft distribution facility on Eurocentral industrial estate
between Edinburgh and Glasgow for £11.125 million let to Gist, a
subsidiary of M&S, on a five year lease with a third year break
option. The annual rent is £623k reflecting a net initial yield10
(“NIY”) of 5.25% with an expected reversionary yield11 of 7.0%.
• Two retail warehouses covering an aggregate 40,077 sq ft in Droitwich
and Measham for £8.9m. Both units are let to DFS with an aggregate
WAULT of 8 years and aggregate annual passing rent of £894k reflecting
a NIY of 9.43%;
• A 47,882 sq ft industrial facility near Chesterfield let to Container
Components with 20 years remaining on the lease for £3.5 million. The
property produces an index linked passing rent of £227k per annum,
reflecting a NIY of 6.10%; and
• Two drive-through restaurants on Clifton Moor Retail Park, York for
£3.025m. The units are occupied by Burger King and KFC franchisees
with a WAULT of 9.7 years and an aggregate passing rent of £163k per
annum, reflecting a NIY of 5.07%.
10 Passing rent divided by property valuation plus purchaser’s costs.
11 Reversionary rent divided by purchase price plus assumed purchaser’s
costs.
Additional details on disposals
During the Quarter the Company sold a 44,187 sq ft warehouse and
distribution unit in Milton Keynes to a special purchaser for £8.5m,
reflecting a 67% premium to valuation and an aggregate 183% ahead of
purchase price.
Since the Quarter end the Company has sold:
• 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; 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.
Borrowings
Custodian REIT operates the following agreed borrowing facilities:
• 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 30
September 2022 £38m was drawn under the RCF. The RCF limit can be
increased to £50m with Lloyds’ consent;
• 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 3.5%
with 79% at a fixed rate of interest and a weighted average maturity of
6.3 years. Disposals since the Quarter end have increased the proportion
of drawn debt which is at a fixed rate of interest to 84% with weighted
average cost remaining 3.5% despite increases in base rate, demonstrating
the insulation provided by the Company’s majority fixed rate debt
strategy.
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 30 September 2022 the property portfolio comprised 165 assets with a
NIY of 5.9% (30 June 2022: 5.5%). 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
30 Sept valuation
2022 Weighting by value movement Quarter Weighting
30 Sept 2022 valuation by value 30
£m £m movement Jun 2022
Sector
Industrial 327.3 48% (22.6) (7.1%) 48%
Retail 147.3 22% (7.5) (6.0%) 21%
warehouse
Office 83.4 12% (5.0) (5.7%) 12%
Other12 77.2 11% (2.7) (3.5%) 11%
High street 50.2 7% (1.4) (2.8%) 8%
retail
Total 685.4 100% (39.2) (5.4%) 100%
12 Comprises drive-through restaurants, car showrooms, trade counters,
gymnasiums, restaurants and leisure units.
For details of all properties in the portfolio please see
1 custodianreit.com/property-portfolio.
- Ends -
Further information:
Further information regarding the Company can be found at the Company's
website 2 custodianreit.com or please contact:
Custodian Capital Limited
Richard Shepherd-Cross / Ed Moore / Ian Tel: +44 (0)116 240 8740
Mattioli MBE
3 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
4 custodianreit@fticonsulting.com
Notes to Editors
Custodian 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 5 custodianreit.com and
6 custodiancapital.com.
══════════════════════════════════════════════════════════════════════════
ISIN: GB00BJFLFT45
Category Code: NAV
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.: 199698
EQS News ID: 1482369
End of Announcement EQS News Service
══════════════════════════════════════════════════════════════════════════
7 fncls.ssp?fn=show_t_gif&application_id=1482369&application_name=news&site_id=reuters8
References
Visible links
1. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=be531edfb7113375e33d32944df93de5&application_id=1482369&site_id=reuters8&application_name=news
2. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=44eae66ce326b2005a19503bbab5faed&application_id=1482369&site_id=reuters8&application_name=news
3. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=c24dec6d0ea6c746569ddd52de0eca8d&application_id=1482369&site_id=reuters8&application_name=news
4. mailto:custodianreit@fticonsulting.com
5. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=44eae66ce326b2005a19503bbab5faed&application_id=1482369&site_id=reuters8&application_name=news
6. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=c24dec6d0ea6c746569ddd52de0eca8d&application_id=1482369&site_id=reuters8&application_name=news
============Recent news on Custodian Property Income Reit
See all newsREG-Custodian Property Income REIT plc Custodian Property Income REIT plc: Disposal of Properties at or above book value
AnnouncementREG-Custodian Property Income REIT plc Custodian Property Income REIT plc: Active asset management continues to drive income and valuation growth, underpinning fully covered dividend
AnnouncementRCS - 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
Announcement