In QuotedData’s morning briefing 6 December 2023:
- Custodian Property Income REIT’s (CREI’s) NAV fell to 95.9p per share at 30 September 2023 (from 99.3p at 31 March 2023). Portfolio valuation remained stable with a marginal 0.6% decline to £609.8m (31 March 2023: £613.6m). The portfolio saw a £15.6m valuation decrease, driven by current investor and market sentiment around the UK’s economic outlook and high interest rates, tempered by a £6.1m uplift from asset management initiatives. EPRA earnings per share for the period increased 3.5% to 2.9p (2022: 2.8p) due to rental growth and improvement in occupancy offsetting administrative cost inflation and higher finance costs. The target dividend per share for the year ended 31 March 2024 is not less than 5.5p, with the dividend in the first half of the year 107% covered by earnings.
- Rather cryptically, Chrysalis published a portfolio update yesterday afternoon that said ” it has visibility over a likely disposal at a valuation that, if applied to the company’s net asset value (NAV) as at 30 September 2023, would imply an increase of approximately 5.5 pence per ordinary share to the company’s NAV. Completion of the disposal, which is subject to conditions, is likely to take a number of months”. [This is clearly good news but the missing ingredient here is the potential size of the cash that would be freed up. We will have to wait for more information but the 5.5p increase in NAV adds about £33m, suggesting a potentially significant influx of cash and a real chance of share buybacks.]