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Custodian REIT

Diversified income focus

Update | Property | 05 Dec 2017

Custodian REIT (CREI) continued to grow its asset base, income earnings, and NAV per share in H118, with a well-controlled cost base. NAV and share price total returns were 4.2% and 5.3%, respectively. We have adjusted our estimates, primarily for property acquisitions and equity issuance since the first quarter, with a positive full year impact on forecast FY19 EPRA EPS (+6.0%) and DPS (+0.8%). Management’s focus is on secure income, to deliver the earnings to cover a sustainable long-term growth in dividends and generate less volatile returns. We believe the 9% premium to FY18e NAV is justified by the conservative gearing and one of the highest dividend yields in the sector.

Custodian REIT

Executive interview - Custodian REIT

Edison TV: | Property | 31 Jul 2017

Richard Shepherd-Cross, managing director of Custodian Capital, discusses the recent FY17 results, which showed a 2% increase in NAV and a 48% rise in earnings. Richard discusses the main drivers of the increases in earnings and NAV during the year. He looks at how the 25 acquisitions in the year have maintained the geographical and sectoral focus of the portfolio. He goes on to talk about whether there are still opportunities to acquire properties at yields in line with its targets and the financial resources the company has to continue building the portfolio. He then discusses the potential for rental growth across the regions over the next two years. Finally, he covers dividend growth and the aim to maintain a covered dividend this year and beyond.

Custodian REIT

Forecasts revised after FY17 results

Update | Property | 11 Jul 2017

Custodian REIT (CREI) reported a 2.2% increase in FY17 EPRA NAVPS, boosted by revaluation gains and disposal profits. With a dividend of 6.35p (+1.6%), the share price total return for the year was 10.3%. We have made minor changes to our forecasts following the results. Our EPRA NAV forecasts have increased by 1% in both FY18 and FY19, as CREI has made acquisitions worth GBP 19m in the year to date, with another GBP 19m under offer. Management’s focus is on long-term secure income, to deliver the earnings to cover a sustainable growth in dividends and generate less volatile returns. We believe the 9% premium to FY18e NAV is justified by the conservative gearing and one of the highest dividend yields in the sector.

Custodian REIT

It's all about income

Initiation | Property | 22 Mar 2017

Custodian REIT (CREI) is an income-orientated REIT focused on UK commercial property outside London. Its portfolio of 133 properties is diversified by both geography and sector, is valued at c £420m, has 98% occupancy and an LTV of just 18%. Management's focus is on long-term secure income, to deliver the earnings to cover a sustainable growth in dividends. Growth in NAVPS also contributes to CREI's total return, despite the high payout ratio and regular share issues to part-fund the acquisitions. We believe the 7% premium to FY17e NAV is justified by the conservative gearing and one of the highest dividend yields in the sector.