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Custodian REIT “significantly impacted by covid-19”

Custodian REIT to reduce dividend as rent receipts fall

Custodian REIT has said the covid-19 pandemic has significantly impacted its portfolio, with a 2.2% valuation fall in the final quarter of the year alone.

In full year results to the end of March 2020, the group posted a total portfolio valuation fall of 2.3% in the year to £559.8m (2019: £572.7m).

Net asset value was flat at £426.7m but on a per share basis it fell 5.1% to 101.6p (2019: 107.1p) following an equity raise during the year.

EPRA earnings per share fell 4.1% to 7.0p, which still comfortably covered the 6.65p dividend for the year.

Due to the impact of covid-19, the company announced earlier this year that it would pay a reduced dividend for the first half of the year to March 2021 of no less than 1.5p (2020: 3.325p).

Rent collection has been affected by covid-19, with 70% of rent for the quarter end 30 June 2020.

The company posted a NAV total return of 1.1% (2019: 5.9%) and a share price total return of -5.0% (2019: 4.2%).

CREI : Custodian REIT “significantly impacted by covid-19”

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