QuotedData’s morning briefing 1 May 2024 – PCTN, CREI, RGL

In QuotedData’s morning briefing 1 May 2024:

• Picton Property (PCTN) has announced a 5.7% increase in its dividend, following recent portfolio activity and the repayment of floating rate debt. The interim dividend payment for the first quarter of 2024 (to be paid this month), will be 0.925p per share (Q4 2023: 0.875p per share). Picton says that it intends to maintain a fully covered dividend at this increased level.
• Custodian Property Income REIT (CREI) has also raised its dividend. The company says that it will pay a special dividend of 0.3p, bringing its full year 2024 dividend to 5.8p (compared to an initial level of 5.5p and last year’s dividend of 5.6p). The company says that the full year 2025 target dividend will increase to 6.0p per share. It says that continued strong leasing performance and confidence in the outlook has enabled the special dividend and increase in target, which it expects to be fully covered by earnings. The value of the company’s portfolio was stable in the quarter to 31 March 2024, at £589.1m with NAV at 93.4p (December 2023: 93.3p).
• Regional REIT (RGL) has announced two new lettings at Bennett House, Stoke-on-Trent and Delta 1200, Delta Business Park, Swindon. At Bennett House, the NHS Property Services has let 7,511 sq ft of space on a five year lease, with a break option in March 2027, at a rent of £95,000 (£12.65/ sq ft). The rent agreed was 9.8% ahead of ERV. At Delta 1200, the company let 9,776 sq ft of space to a life sciences company on a 10-year lease, with the option to break in February 2029, at a rent of £185,744 (£19.15/ sq ft), 8.6% ahead of ERV.