Custodian REIT has published its first set of results covering the 53 weeks to the end of March 2015. Over this period the NAV rose by 3.2% to 101.3p and the NAV total return was 7%. They paid dividends of 3.75p in the period and are proposing a final dividend of 1.5p to make a total of 5.25p. This is being paid from earnings per share of 6p. They say the Company is well placed to meet its target of paying further quarterly dividends, fully covered by income, to achieve an annual dividend of 6.25 pence per share for the year ending 31 March 2016 and in subsequent years
At the end of the period the average portfolio net initial yield was 7.2%, the average unexpired lease term was 7.2 years and the occupancy rate was 99.1%. They spent £107.6m buying properties on top of the portfolio that they were launched with and hey are still buying – they want to slowly gear the portfolio up to 25%.
CREI : Custodian REIT dividend target on track