Overview
Custodian Property Income REIT plc (formerly Custodian REIT) launched on 26 March 2014 with £95 million of UK commercial property portfolio. This was sourced from an existing portfolio of 48 properties. Custodian Property Income REIT plc’s portfolio consists of properties let to institutional grade tenants on long leases throughout the UK. In addition to the seed portfolio, Custodian Property Income REIT plc raised a further £55 million through an initial public offering (IPO). Custodian Property Income REIT’s policy is to invest in properties between £2 million-£5 million.
Its objective is to provide long term, secure income with a target distribution of 6.25% from year 2 (5.25% in year 1) and long term NAV growth.
The fund’s website can be found here.
Fundamentals
Price
Research History
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09 Oct 2024 17 min read
QuotedData’s Real Estate Monthly Roundup – October 2024
October 2024 Winners and losers in September 2024 Best performing funds in price terms (%) Harworth Group 17.0 Life Science REIT 14.7 Hammerson 12.0 Balanced Commercial Property Trust 10.2 Phoenix Spree Deutschland 8.6 PRS REIT 8.5 abrdn Property Income Trust 8.3 Target Healthcare REIT 7.9 Custodian Property Income REIT 7.6 Tritax EuroBox 7.1 Source: Bloomberg, […]
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15 May 2024 14 min read
QuotedData’s Real Estate Monthly Roundup – May 2024
Real Estate Roundup Performance data March’s biggest movers in price terms are shown in the charts below. As the interest rates waiting game continues, the real estate sector was flat during April, with the mean average share price at 0.0% and the median average down 1.4%. Self-storage specialist Lok’n Store’s share price jumped on news […]
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11 Apr 2024 12 min read
QuotedData’s Real Estate Monthly Roundup – April 2024
Real Estate Roundup Performance data March’s biggest movers in price terms are shown in the charts below. The release of positive inflation data during the month – which showed CPI was back trending down towards the 2% target – was a much-needed tonic for the real estate sector. The median average share price rose 3.5% […]
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11 Mar 2024 12 min read
QuotedData’s Real Estate Monthly Roundup – March 2024
Real Estate Roundup Kindly sponsored by abrdn Performance data February’s biggest movers in price terms are shown in the charts below. It was another month of disappointing share price performance for the real estate sector, as the timing of the fabled interest rate cuts that could kick start a recovery in the sector remains unclear […]
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12 Feb 2024 7 min read
QuotedData’s Real Estate Monthly Roundup – February 2024
Real Estate Roundup Kindly sponsored by abrdn Performance data January’s biggest movers in price terms are shown in the charts below. Investors seem to be taking a ‘wait-and-see’ approach to the real estate sector at the start of 2024, as inflation in the UK lags behind other developed economies and anticipated interest rate cuts may […]
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19 Jan 2024 9 min read
QuotedData’s Real Estate Monthly Roundup – January 2024
Real Estate Roundup Kindly sponsored by abrdn Performance data December’s biggest movers in price terms are shown in the charts below. A challenging 2023 for the real estate sector was rounded off on a positive footing, with a median average share price increase of 7.1% across the listed sector in December (down 6.3% in the […]
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17 Nov 2023 11 min read
QuotedData’s Real Estate Monthly Roundup – November 2023
Real Estate Roundup Kindly sponsored by abrdn Performance data October’s biggest movers in price terms are shown in the charts below. October was another difficult month for property companies, with only a handful of positive moves and the median share price across the sector down 4.7%. Although not reflected in the data here, the Bank […]
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13 Oct 2023 12 min read
QuotedData’s Real Estate Monthly Roundup – October 2023
Real Estate Roundup Kindly sponsored by abrdn Performance data September’s biggest movers in price terms are shown in the charts below. Investor sentiment towards property stocks continues to wane, with the median share price of REITs and listed property companies down another 2.4% over the month of September – and 14.8% in the year to […]
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14 Sep 2023 41 min read
QuotedData’s Economic and Political Monthly Roundup September 2023
Economic and Political Monthly Roundup Investment companies | Monthly | September 2023 August was a moderately volatile month for markets as the economic picture in China worsened. Developed markets held up better than emerging markets. Yields on US government debt rose. Oil prices edged up, but the big jump was in natural gas prices as […]
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17 min read
QuotedData’s Real Estate Monthly Roundup – September 2023
Real Estate Roundup Kindly sponsored by abrdn Performance data August’s biggest movers in price terms are shown in the charts below. The property sector remains in a state of limbo as investors await signs that interest rates have peaked. The median share price of REITs and listed property companies was down 2.4% over the month […]
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19 Jul 2023 9 min read
QuotedData’s Real Estate Quarterly Review – Second Quarter 2023
Real estate quarterly report Kindly sponsored by abrdn Discounted indiscriminately Stubbornly high inflation in the UK has raised the prospect of higher for longer interest rates, with the base rate hitting 5.0% in the UK dashing any hopes of a recovery in commercial property values for the foreseeable future. This negative outlook was reflected in […]
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14 Jul 2023 12 min read
QuotedData’s Real Estate Monthly Roundup – July 2023
Real Estate Roundup Kindly sponsored by abrdn Performance data June’s biggest movers in price terms are shown in the charts below. Sticky inflation in the UK and the Bank of England’s 0.5% hike in interest rates, which now sit at 5.0%, their highest level in 15 years, saw uncertainty return to the property market. The […]
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09 Feb 2023 7 min read
QuotedData’s Real Estate Monthly Roundup – February 2023
Real Estate Roundup Kindly sponsored by abrdn Performance data January’s biggest movers in price terms are shown in the charts below. 2023 started positively for the property sector, with a median average share price uplift of 1.3%. A gloomy economic outlook at the end of 2022 saw many property companies’ share prices fall to substantial […]
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24 Jan 2023 10 min read
QuotedData’s Real Estate Annual Review – 2022
Real Estate Annual Review Kindly sponsored by abrdn The year the rug was pulled out 2022 will be remembered as the year that the rug was pulled from under the property sector. Having benefitted from decades of low interest rates, which had fuelled debt-ladened deals and piqued the appetite of global investors looking for more […]
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05 Jan 2023 11 min read
QuotedData’s Real Estate Monthly Roundup – January 2023
Real Estate Roundup Kindly sponsored by abrdn Performance data December’s biggest movers in price terms are shown in the charts below. 2022 ended with another difficult month for property companies as the sector continues to get to grips with the impact of higher interest rates. There were several funds that performed well during December, however. […]
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90 min read
QuotedData’s Economic and Political Monthly Roundup January 2023
Economic and Political Monthly Roundup Investment companies | Monthly | January 2023 A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage […]
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07 Dec 2022 12 min read
QuotedData’s Real Estate Roundup – December 2022
Real Estate Roundup Kindly sponsored by abrdn Performance data November’s biggest movers in price terms are shown in the charts below. Valuation declines in the property sector are starting to feed through in NAV announcements and interim results (see page 2) as higher cost of debt continues to put pressure on pricing. Having seen dramatic […]
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03 Nov 2022 8 min read
QuotedData’s Real Estate Roundup – November 2022
Real Estate Roundup Kindly sponsored by abrdn Performance data October’s biggest movers in price terms are shown in the charts below. Having priced in a major write-down of portfolio valuations in the real estate sector, especially after interest rate expectations rocketed following the disastrous mini-budget at the end of September, the market seems to have […]
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14 Oct 2022 8 min read
QuotedData’s Real Estate Quarterly Review – Third Quarter 2022
Real estate quarterly report Kindly sponsored by abrdn Choppy waters ahead High interest rates is a killer for real estate, and so the chancellor’s disastrous ‘mini budget’ at the end of September – which spooked gilt markets and saw interest rate forecasts for next year top 6% – had a catastrophic impact on the listed […]
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06 Oct 2022 10 min read
QuotedData’s Real Estate Roundup – October 2022
Real Estate Roundup Kindly sponsored by abrdn Performance data September’s biggest movers in price terms are shown in the charts below. The real estate sector is facing the perfect storm. Fears that interest rate rises will be higher and faster as the Bank of England looks to quell inflation, exacerbated by the chancellor’s disastrous ‘mini […]
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07 Sep 2022 11 min read
QuotedData’s Real Estate Roundup – September 2022
Real Estate Roundup Kindly sponsored by abrdn Performance data August’s biggest movers in price terms are shown in the charts below. AIM-listed small cap fund manager and investor First Property Group tops the list of best performing property companies in August. It was the only company to see a double-digit rise in its share price, […]
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04 Aug 2022 10 min read
QuotedData’s Real Estate Roundup – August 2022
Real Estate Roundup Kindly sponsored by abrdn Performance data July’s biggest movers in price terms are shown in the charts below. Many of the logistics and office focused companies that have suffered in the past few months saw somewhat of a recovery in July, as the substantial discounts that their share prices trade at relative […]
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15 Jul 2022 8 min read
QuotedData’s Real Estate Quarterly Review – Second Quarter 2022
Real Estate Quarterly Review Kindly sponsored by abrdn Storm clouds gather Fears that a perfect storm is brewing has weighed on the real estate sector. Central banks’ move to raise interest rates to curb spiralling inflation has stoked concerns that investors will turn away from real estate to less risky alternatives, such as bonds. Meanwhile […]
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07 Jul 2022 15 min read
QuotedData’s Real Estate Roundup – July 2022
Real Estate Roundup Kindly sponsored by abrdn Performance data June’s biggest movers in price terms are shown in the charts below. There were only a handful of property companies that saw share price growth in the month of June as interest rate rises and concerns of an impending recession took hold. Top of the list […]
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10 Jun 2022 16 min read
QuotedData’s Real Estate Roundup – June 2022
Real Estate Roundup Kindly sponsored by abrdn Performance data May’s biggest movers in price terms are shown in the charts below. A perpetual theme in the listed property sector over the last few years has been the persistent discount to net asset value that many companies’ share prices have traded on. Some have succumbed to […]
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09 Mar 2022 11 min read
QuotedData’s Real Estate Roundup – March 2022
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data February’s biggest movers in price terms are shown in the charts below. The geopolitical uncertainty caused by the Russian invasion of Ukraine has hit markets hard. On the whole, the property sector suffered losses during February, but there were a few companies that saw […]
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24 Jan 2022 10 min read
QuotedData’s Real Estate Annual Review – 2021
Real Estate Annual Review Kindly sponsored by Aberdeen Standard Investments Bouncebackability Over the course of 2021, the property sector certainly rebounded from the depths of the pandemic-induced slumps of 2020, with the average share price of listed property companies up 14.2%. That didn’t mean there were not some ups and downs along the way. The […]
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07 Jan 2022 9 min read
QuotedData’s Real Estate Roundup – January 2022
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data December’s biggest movers in price terms are shown in the charts below. The year of 2021 ended with positive news that the Omicron variant was less serious than first thought, resulting in a lockdown over the Christmas-trading period being avoided. It was Home REIT […]
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06 Dec 2021 13 min read
QuotedData’s Real Estate Roundup – December 2021
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data November’s biggest movers in price terms are shown in the charts below. November ended under a cloud of uncertainty, with the discovery of the Omicron coronavirus variant threating a return of restrictions that have wreaked havoc in the property sector over the past two […]
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15 Oct 2021 8 min read
QuotedData’s Real Estate Quarterly Review – Third Quarter 2021
Real Estate Quarterly Review Kindly sponsored by Aberdeen Standard Investments Rate rise fears dampens bounce back The quarter started with much promise, as activity picked up with the full opening of the economy. This was reflected in the valuation of commercial properties and in turn investor sentiment to the listed real estate sector. However, supply chain […]
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08 Oct 2021 10 min read
QuotedData’s Real Estate Roundup – October 2021
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data September’s biggest movers in price terms are shown in the chart below. With fears that economic growth will be stunted by supply chain issues, September wasn’t a great month for property stocks. However, development and regeneration specialist Harworth saw its share price rise 13.3% […]
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09 Sep 2021 9 min read
QuotedData’s Real Estate Roundup – September 2021
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data August’s biggest movers in price terms are shown in the chart below. Traditionally a quiet month, August was anything but for property companies. While takeovers, IPO activity and large investment deals dominated the headlines, Tritax Big Box REIT continued its impressive performance. After reporting […]
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06 Aug 2021 10 min read
QuotedData’s Real Estate Roundup – August 2021
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data July’s biggest movers in price terms are shown in the chart below. It was no surprise that GCP Student Living topped the table for best performing property companies in July after it received a takeover bid 30% above its share price during the month. […]
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09 Jul 2021 10 min read
QuotedData’s Real Estate Roundup – July 2021
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data June’s biggest movers in price terms are shown in the chart below. In a month when Boris Johnson announced the easing of restrictions would be pushed back as COVID cases rose, only a handful of property companies saw share price gains. Topping the list […]
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07 Jun 2021 14 min read
QuotedData’s Real Estate Roundup – June 2021
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data May’s biggest movers in price terms are shown in the chart below. Unsurprisingly, St Modwen Properties saw a big rise in its share price in May having received a cash offer for the business (logistics developments and a housebuilding arm) from Blackstone, valuing it […]
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11 May 2021 9 min read
QuotedData’s Real Estate Roundup – May 2021
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data April’s biggest movers in price terms are shown in the chart below. Diversified property companies were the winners in April as progress in the UK’s vaccination programme and roadmap out of lockdown continued unabated. Six of the top 10 best performing companies in price […]
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08 Mar 2021 10 min read
QuotedData’s Real Estate Roundup – March 2021
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data February’s biggest movers in price terms are shown in the chart below. The roadmap out of lockdown and the impressive vaccination programme in the UK has lifted confidence in a swift economic recovery and triggered a shift to value stocks. Property companies on significant […]
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22 Jan 2021 12 min read
QuotedData’s Real Estate Annual Review – 2020
Real Estate Annual Review Kindly sponsored by Aberdeen Standard Investments Riding out the COVID rollercoaster The 2020 rollercoaster saw more downs than ups and at times felt like a pandemic induced freefall. Lockdowns, tiers and plenty of U-turns meant investing in property was not for the faint hearted. Positivity returned at the end of the […]
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14 Jan 2021 9 min read
QuotedData’s Real Estate Roundup – January 2021
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data December’s biggest movers in price terms are shown in the chart below. The boost of coming out of the second national lockdown in early December was short lived as Christmas was cancelled for most of the UK with COVID-19 cases spiking. It did little […]
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12 Nov 2020 9 min read
QuotedData’s Real Estate Roundup – November 2020
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data October’s biggest movers in price terms are shown in the chart below. October finished with the threat of a second lockdown looming over the UK as COVID-19 cases continued to rise. However, this did not dampen demand for shares in some of the companies […]
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09 Oct 2020 10 min read
QuotedData’s Real Estate Roundup – October 2020
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data September’s biggest movers in price terms are shown in the chart below. There was an eclectic mix of property companies to feature in the top price movers for September. Top of the tree was private rented sector and residential development specialist Sigma Capital Group, […]
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13 Aug 2020 9 min read
QuotedData’s Real Estate Monthly Roundup – August 2020
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data July’s biggest movers in price terms are shown in the chart below. A number of REITs and property companies saw big share price gains over the month of July as covid-19 restrictions started to ease across the UK and greater economic stimulus was revealed. […]
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07 Jul 2020 12 min read
QuotedData’s Real Estate Roundup – July 2020
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data June’s biggest movers in price terms are shown in the chart below. Uncertainty caused by the covid-19 pandemic continued to weigh on property stocks in June and we had the first real casualty in Intu Properties, which collapsed into administration. A number of companies […]
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07 May 2020 8 min read
QuotedData’s Investment Companies Roundup – May 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over April: An update note […]
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11 min read
QuotedData’s Real Estate Roundup – May 2020
Real Estate Roundup Kindly sponsored by Aberdeen Standard Investments Performance data April’s biggest movers in price terms are shown in the chart below. Following two months of heavy falls as the covid-19 pandemic took hold and the UK was put on lockdown, many property companies saw a bounce in their share price in April, although […]
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20 Apr 2020 7 min read
QuotedData’s Real Estate Quarterly Roundup – First Quarter 2020
Real Estate Quarterly Roundup Kindly sponsored by Aberdeen Standard Investments Covid chaos The covid-19 pandemic has had a devastating effect on the share price of property companies, with 31% wiped off the value of their total market capitalisation during the first quarter of 2020. Companies focused on the retail, leisure and hospitality property sectors were […]
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07 Feb 2020 9 min read
QuotedData’s Real Estate Roundup – February 2020
Real Estate Roundup Performance data January’s biggest movers in price terms are shown in the chart below. The sluggish start to the year for listed property companies is hardly surprising given they were coming off a high base after the “Boris-bounce” following the general election in December. Topping the list was Triple Point Social Housing […]
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30 Jan 2020 12 min read
QuotedData’s Real Estate Annual Review – 2019
Property’s alternative theory The year was dominated by political and economic uncertainty, with Brexit negotiations casting a shadow over the market and the general election adding a further layer of doubt for much of the year. For a market that is staunchly aligned with political and economic sentiment, listed property companies and REITs performed well, […]
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10 Jan 2020 7 min read
QuotedData’s Real Estate Roundup – January 2020
Real Estate Roundup Performance data December’s biggest movers in price terms are shown in the chart below. December was a good month for listed property companies, with the sector experiencing a bounce following the convincing majority the Conservative party won at the general election. For the second month in a row, estate agency group Countrywide […]
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10 Oct 2019 21 min read
Retail property market – ready for a renaissance?
Ready for a renaissance? There have been few structural shifts in the property sector as profound as the one currently taking place in retail. Consumer spending patterns have drastically changed over the past five years, with online sales now accounting for 19.7% of all retail spend in the UK (August 2019, source: ONS), compared to […]
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21 min read
Retail property market – ready for a renaissance?
Retail ready for a renaissance? There have been few structural shifts in the property sector as profound as the one currently taking place in retail. Consumer spending patterns have drastically changed over the past five years, with online sales now accounting for 19.7% of all retail spend in the UK (August 2019, source: ONS), compared […]
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02 Oct 2019 11 min read
QuotedData’s Real Estate Roundup – October 2019
Real Estate Roundup Performance data September’s biggest movers in price terms are shown in the chart below. The month of September was a bumper month for many property companies’ share price, dominated by retail focused companies, who in general have taken a hammering over the past 18 months or so. Top of the list was […]
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18 Jan 2019 1 min read
QuotedData’s economic roundup – January 2019
QuotedData’s economic roundup – January 2019 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of […]
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11 Jul 2018 1 min read
QuotedData’s Economic round up – July 2018
QuotedData’s Economic round up – July 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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11 Dec 2017 1 min read
QuotedData’s economic round up – December 2017
QuotedData’s economic round up – December 2017 – is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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2 min read
QuotedData investment companies roundup – December 2017
QuotedData investment companies roundup – December 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of November 2017. Kindly sponsored by Baillie Gifford. December Investment Companies Roundup Money raised and returned in November There were no […]
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10 Nov 2017 1 min read
QuotedData investment companies roundup – November 2017
QuotedData investment companies roundup – November 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of October 2017. Kindly sponsored by Baillie Gifford. November Investment Companies Roundup Globalworth Real Estate’s discount was eliminated after it announced […]
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12 Oct 2017 1 min read
QuotedData investment companies roundup – October 2017
QuotedData investment companies roundup – October 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of September 2017. Kindly sponsored by Baillie Gifford. October Investment Companies Roundup Amongst the top performers, Alternative Liquidity Fund sold its […]
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03 Aug 2017 1 min read
QuotedData investment companies roundup – August 2017
QuotedData investment companies roundup – August 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of July 2017. Kindly sponsored by Baillie Gifford. August Investment Companies Roundup Monthly NAV/Price moves: A couple of themes stand out […]
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12 Jul 2017 2 min read
QuotedData’s economic round up – July 2017
QuotedData’s economic round up – July 2017 – is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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2 min read
QuotedData investment companies roundup – July 2017
QuotedData investment companies roundup – July 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of June 2017. Kindly sponsored by Baillie Gifford. July Investment Companies Roundup Money raised in July Newly launched in June were […]
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14 Jun 2017 1 min read
QuotedData investment companies roundup – June 2017
QuotedData investment companies roundup – June 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of May 2017. Kindly sponsored by Baillie Gifford. June Investment Companies Roundup Japan was one of the best places to be […]
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10 Apr 2017 1 min read
QuotedData investment companies roundup – April 2017
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2017. Kindly sponsored by Baillie Gifford. April Investment Companies Roundup
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15 Mar 2017 1 min read
QuotedData investment companies roundup – March 2017
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2017. Kindly sponsored by Baillie Gifford. March Investment Companies Roundup
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14 Feb 2017 1 min read
QuotedData investment companies roundup – February 2017
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of January 2017. Kindly sponsored by Baillie Gifford. February Investment Companies Roundup
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13 Oct 2016 1 min read
QuotedData investment companies roundup – October 2016
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of September 2016. october-investment-companies-roundup
News
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05 Dec 2024 2 min read
QuotedData’s morning briefing 5 December 2024 – FGT, DNE, GPM, CREI, GR1T
In QuotedData’s morning briefing 5 December 2024: Following yesterday’s announcement of a potential continuation vote for Finsbury Growth and Income (FGT), portfolio manager Nick Train spent £223k on 25,000 shares in the company, taking his holding to 5,485,043 shares or 3.5% of the trust. Dunedin Enterprise (DNE), which has been in managed wind down for […]
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07 Nov 2024 1 min read
QuotedData’s morning briefing 7 November 2024 – JZCP, HMSO, API, CREI
In QuotedData’s morning briefing 7 November 2024: JZ Capital Partners (JZCP) announced its interim results for the period ended 31 August 2024. The company delivered a NAV per share return of 2%. Total realisation and distribution proceeds were $44.2m following the successful realisations of Karium and My Lender and, post-period, amongst other smaller realisations, the […]
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06 Nov 2024 1 min read
QuotedData’s morning briefing 6 November 2024 – GABI, BOOK, GRID, CREI
In QuotedData’s morning briefing 6 November 2024: GCP Asset Backed Income Fund (GABI) announced a quarterly dividend in respect of the period from 1 July 2024 to 30 September 2024 of 1.58125 pence per ordinary share. The board also confirms that the second compulsory redemption will total £45.0m at a price of 89.33875 pence per […]
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31 Oct 2024 2 min read
QuotedData’s morning briefing 31 October 2024 – AUGM, NBDX, NBDG, CREI, AIRE, OIG
In QuotedData’s morning briefing 31 October 2024: Augmentum Fintech says nCino, a NASDAQ listed US digital banking platform, has agreed to acquire FullCircl. The deal implies a £6m valuation for Augmentum’s stake, which represents a 75% increase on the last published valuation of £3.4m as at 31 March 2024. Augmentum Fintech first acquired its interest […]
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17 Sep 2024 1 min read
QuotedData’s morning briefing 17 September 2024 – AJOT, NAVF, LAND, HWG, CREI
In QuotedData’s morning briefing 17 September 2024: AVI Japan Opportunity (AJOT) made good progress over the first half of 2024, generating a return of 7.7% in NAV terms, well-ahead of the -0.2% return generated by MSCI Japan Small Cap and ahead of rival Nippon Active Value (NAVF) which also announced interims today and posted a […]
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08 Aug 2024 2 min read
QuotedData’s morning briefing 8 August 2024 – AIE, FSFL, ATT, IHR, RGL, AIRE, CREI
In QuotedData’s morning briefing 8 August 2024: Ashoka India Equity (AIE) has reminded shareholders that its annual voluntary redemption – where shareholders can, if they choose, cash in their shares at NAV – will happen at the end of September. If you want to take part, redemption requests need to be in by 5 September […]
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13 Jun 2024 3 min read
Values stabilising at Custodian Property Income REIT
Custodian Property Income REIT said that property valuations had stabilised in its portfolio in the final quarter of its financial year to 31 March 2024. Its portfolio fell in value by 4.0% on a like-for-like basis across the year to £589.1m but was flat in the first three months of 2024, which it said suggests […]
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01 May 2024 1 min read
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 […]
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10 Apr 2024 1 min read
QuotedData’s morning briefing 10 February 2024 – ADIG, CREI
In QuotedData’s morning briefing 10 February 2024: Following the previously confirmed wind-down, abrdn Diversified Income and Growth (ADIG) announced that the company has redeemed and cancelled the remaining £16,096,000 principal amount of its 6.25% bonds due 2031. As announced on 8 March 2024, the redemption price was 114.983%. The redemption price having been calculated in […]
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05 Apr 2024 3 min read
QD view – Who’s next on the M&A conveyor belt?
It has been interesting to watch the different merger and acquisition (M&A) activity play out in the real estate sector – and the different boards’ approaches to it. Last week, the proposed deal, that would have seen abrdn Property Income Trust (API) swallowed by Custodian Property Income REIT, collapsed after it failed to get the […]
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27 Mar 2024 3 min read
abrdn Property Income and Custodian merger off
The proposed and recommended merger of abrdn Property Income Trust (API) and Custodian Property Income REIT (CREI) is off after not receiving enough support from shareholders. Just over 60% of votes cast were in favour of the merger, below the 75% threshold to sanction the deal. The API board will now take steps to implement […]
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20 Mar 2024 2 min read
abrdn Property Income sells duo of assets at book value – casting doubt on merger
abrdn Property Income Trust (API) has sold two assets for a combined £16.55m, reflecting a very slight discount of 0.3% to their 31 December 2023 valuations. The sales cast doubt on the merits of Custodian Property Income REIT’s (CREI’s) merger proposal, which as it stands values API at a 28.2% discount to NAV. API’s board […]
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18 Mar 2024 2 min read
Urban Logistics REIT details new proposal for abrdn Property Income
Urban Logistics REIT has outlined details of an alternative proposal for abrdn Property Income Trust (API), that it says provides a better deal for API shareholders than the current Custodian Property Income REIT (CREI) bid. The proposal involves the acquisition by Urban Logistics of API’s logistics and retail warehouse assets (portfolio 1 – 66% of […]
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14 Mar 2024 3 min read
abrdn Property Income board rejects SHED offer
The board of abrdn Property Income Trust (API) has said it would not recommend the Urban Logistics REIT (SHED) proposed bid or new proposal (see details below) for the company on the current terms, reaffirming its recommendation of the Custodian Property Income REIT (CREI) bid. SHED has until the close of play on Friday (15 […]
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23 Feb 2024 3 min read
QD view – Still a place for the generalist REIT?
Consolidation is in vogue in the investment trust space right now and nowhere is this more prominent than in the real estate sector, where it seems not a week goes by when another merger bid is made. This week’s latest proposal saw Urban Logistics REIT (SHED) table a surprise offer for abrdn Property Income Trust […]
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07 Feb 2024 2 min read
QuotedData’s morning briefing 7 February 2024 – UKCM, CREI, PSDL
In QuotedData’s morning briefing 7 February 2024: UK Commercial Property REIT (UKCM) posted a 2.5% fall in NAV to 78.7p per share in the quarter to 31 December 2023. The group’s portfolio value dropped 2.1% in the period to £1.25bn. On the operational side, the company grew earnings 6.3% over 2023 to 3.35p per share. […]
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22 Jan 2024 1 min read
QuotedData’s morning briefing 22 January 2024 – HGT, CREI, WHR
In QuotedData’s morning briefing 22 January 2024: HgCapital Trust (HGT) has announced that it has sold its entire stake in Argus Media, a leading independent provider of intelligence to the global energy and commodity markets. HGT will sell its shareholding to Argus’s current CEO Adrian Binks, and General Atlantic, a major minority shareholder. The transaction […]
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19 Jan 2024 1 min read
QuotedData’s weekly news show 19th January 2024
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Bankers (0:29) • Hipgnosis Songs (7:08) • API/CREI merger (8:52) This week’s interview was with Purvi Sapre from SDCL Energy Efficiency Income Trust – […]
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2 min read
QD view – the REIT entry point
The start of a new year often brings optimism and that was certainly the case in the real estate sector as inflation around the world continued its downward trajectory, raising the prospect of interest rate cuts this year. That optimism, which had seen share prices among the UK listed property companies jump 15.5% over the […]
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5 min read
Custodian Property Income REIT to merge with abrdn Property Income Trust
The boards of Custodian Property Income REIT (CREI) and abrdn Property Income Trust (API) have agreed to a merger of the two companies. CREI will acquire the entire issued and to be issued share capital of API, with each API share receiving 0.78 new CREI shares The exchange ratio is based on the unaudited EPRA Net […]
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09 Jan 2024 1 min read
QuotedData’s morning briefing 9 January 2024 – UTG, CREI, HHI, HDIV
In QuotedData’s morning briefing for 9 January 2024: Unite Group (UTG) has released fourth quarter 2023 valuation information on its student accommodation portfolio. The group’s USAF property portfolio (27,922 beds in 71 properties across 19 university towns and cities in the UK) was independently valued at £2,992m at 31 December 2023, a 2.1% increase on […]
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06 Dec 2023 1 min read
QuotedData’s morning briefing 6 December 2023 – CREI, CHRY
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 […]
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27 Jun 2023 2 min read
QuotedData’s morning briefing 27 June 2023
In QuotedData’s morning briefing 27 June 2023: RTW Venture Fund has changed its name to RTW Biotech Opportunities. The Guernsey registry has confirmed the name change, effective 22 June 2023. The ticker remains the same (RTW). Seed Innovation’s (SEED) results show [deep within the text] that its NAV fell from £20.461m to £16.032m, or 9.62p […]
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16 Jun 2023 1 min read
QuotedData’s weekly news show 16th June 2023
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Personal Assets (0:33) • Hansa Investment Company (8:26) • Custodian Property Income REIT (12:49) This week’s interview was with Matthias Siller from Barings Emerging […]
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15 Jun 2023 2 min read
Custodian REIT highlights consolidation opportunity in sector
Custodian Property Income REIT has published results for the year ended 31 March 2023. Its NAV (or net tangible assets, NTA in this sector) fell to 99.3p from 119.7p, contributing to an NAV total return of -12.5%. The NAV fall reflects a £91.6m writedown in the value of the portfolio, reversing gains of £94m recognised […]
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10 May 2023 2 min read
QuotedData’s morning briefing 10 May 2023
In QuotedData’s morning briefing 10 May 2023: UK Commercial Property REIT (UKCM) posted a 1.1% uplift in NAV to 80.6p for the quarter to 31 March 2023. With dividends of 0.85p, the group’s NAV total return for the quarter was 2.2%. Valuations within its portfolio grew slightly by 0.9% to £1.32bn, further evidence of value […]
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08 Feb 2023 1 min read
QuotedData’s morning briefing 8 February 2022
In QuotedData’s morning briefing 8 February 2022: Civitas Social Housing (CSH) reported a fall in NAV of 3.4% to 110.93p per share in the quarter to 31 December 2022. This was due to an 18 basis points (0.18%) outward shift in the net initial yield of its portfolio and the effects of the mark-to-market valuations of the company’s financial swaps and […]
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31 Jan 2023 2 min read
QuotedData’s morning briefing 31 January 2023
In QuotedData’s morning briefing 31 January 2023: Picton Property (PCTN) posted a 12.4% fall in NAV to 102.2p per share for the quarter to 31 December 2022, as property yields moved out in response to higher interest rates. The group’s diversified portfolio fell in value by 9.0% over the quarter to £758.9m (less than the […]
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21 Oct 2022 2 min read
QuotedData’s morning briefing 21 October 2022
In QuotedData’s morning briefing 21 October 2022: Dunedin Enterprise (DNE) has announced details of a tender offer that will return up to £41m to shareholders. This follows DNE realising its investment in Incremental and Dunedin Buyout Fund II LP completing the realisation of its investment in RED. Shareholders who successfully tender shares will receive the price […]
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11 Jul 2022 2 min read
QuotedData’s morning briefing 11 July 2022
In QuotedData’s morning briefing 11 July 2022: RM Infrastructure Income (RMI)) has closed on three social infrastructure loans totalling approximately £11m allocated to targeted infrastructure sectors, including the company’s first ESG sustainability linked loan. An aged care loan of up to £6m will be used to construct a 45-bed purpose-built aged care home, located in […]
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14 Apr 2022 2 min read
QuotedData’s morning briefing 14 April 2022
In QuotedData’s morning briefing 14 April 2022: Jupiter Emerging and Frontier Income Trust’s (JEFI) board has looked at the candidates available for a rollover option and decided not to offer any of them. Shareholders will receive cash instead. A proposal to wind up the company will be put to a vote shortly – expect to […]
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02 Nov 2021 1 min read
QuotedData’s morning briefing 2 November 2021
In QuotedData’s morning briefing 2 November 2021: VH Global Sustainable Energy Opportunities (GSEO) says it has invested £30m of the £78m it committed to fund innovative net zero flexible power generation projects in the UK. The initial tranche will fund the construction of one project in Nottinghamshire, UK, consisting of a 10MW high efficiency combined […]
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21 Oct 2021 2 min read
QuotedData’s morning briefing 21 October 2021
In QuotedData’s morning briefing 21 October 2021: Custodian REIT (CREI) has bought a 28,601 sq ft industrial unit on Clifton Moor Industrial Estate, York, adjacent to York’s northern bypass which connects to both the A1(M) and M62. The unit is occupied by Menzies Distribution Limited with a weighted average unexpired term to first break or […]
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19 Aug 2021 1 min read
QuotedData’s morning briefing 19 August 2021
In QuotedData’s morning briefing 19 August 2021: Custodian REIT has paid £1.9m to buy a 29,676 sq ft industrial unit on Wester Gourdie Industrial Estate, Dundee, adjacent to the A90. The unit is occupied by Menzies Distribution Limited with an unexpired term to first break or expiry of 5.2 years. The unit has a passing rent of £117,500 […]
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13 Aug 2021 2 min read
QD view – More property companies in crosshairs of private equity
The bumper spell of merger and acquisition (M&A) activity in the UK listed real estate sector has some way to play out yet, with several companies still looking like attractive targets. The share prices of many property companies have yet to return to pre-pandemic days – perhaps understandably when rent collection rates are still below […]
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06 Aug 2021 2 min read
QD view – who’s looking good for property bounceback?
The potential offer for Drum Income Plus REIT (DRIP) by Custodian REIT (CREI), which we think makes perfect sense for both sides (see our news story for more detail) got us looking into the wider UK commercial property peer group to see how are they faring now as the country transitions out of lockdown. The […]
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1 min read
QuotedData’s weekly news show 06 August 2021
QuotedData’s weekly news show 06 August 2021 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on Youtube. In this week’s show, James Carthew and Richard Williams covered the week’s top stories: Fund combinations – Aberdeen Emerging/Aberdeen New Thai and Custodian REIT/Drum Income Plus REIT They were […]
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04 Aug 2021 2 min read
Custodian REIT in talks to buy Drum Income Plus REIT
Custodian REIT (CREI) is in discussion over a possible securities exchange offer for the entire issued share capital of Drum Income Plus REIT (DRIP). The possible offer is at a ratio of 0.535 CREI ordinary shares for each DRIP ordinary share, giving an implied value for the entire issued and to be issued share capital of DRIP […]
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21 Jul 2021 1 min read
QuotedData’s morning briefing 21 July 2021
In QuotedData’s morning briefing 21 July 2021: Bluefield Solar (BSIF) received applications for 89,067,980 new shares under its issue and the board has decided to increase the offer size so that it can accept the lot. The shares are being issued at 118p – the gross issue size will be £105.1m. Custodian REIT (CREI) has sold […]
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25 May 2021 3 min read
QuotedData’s morning briefing 25 May 2021
In QuotedData’s morning briefing 25 May 2021 – Lowland (LWI), the UK equity income fund, reported its interim results to 31 March 2021, with a total NAV return of 33.0% coming in well ahead of its benchmark (the FTSE all-share index). LWI’s focus on the industrial and financial sectors, as well as its value bias, drove performance. […]
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04 May 2021 2 min read
Custodian REIT to up dividend
Custodian REIT has said it will increase its target dividend after reporting rent collection rates of 89% for the year to 31 March 2021. The group paid a dividend of 4.5p in the year, which was down on the 6.65p it paid for the year to March 2020 reflecting the decreases in rent collection rate and […]
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29 Jan 2021 1 min read
Custodian REIT disposes of four high retail properties
Custodian REIT (CREI) has announced the sale of four retail properties at auction. The properties are located in Chester, Scarborough, Bedford and Llandudno, and were all originally acquired within larger portfolios in 2014 and 2015. They have been sold for an aggregate sale price £1.6m, which CREI says is in line with the properties’ most […]
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15 Jan 2021 2 min read
QD view – Don’t discount the property generalists
A host of rent collection figures for the first quarter of 2021 have been announced by property companies and, once again, it is the logistics-focused companies leading the way. It is not that surprising given the well-documented rise in online retailing and the positive impact on demand for logistics space, but it does underline the strength of […]
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01 Dec 2020 1 min read
Custodian REIT posts NAV fall of 6.3%
Custodian REIT posted a 6.3% drop in net asset value (NAV) in interim results today as the COVID-19 pandemic continued to impact its portfolio. The company reported a NAV per share of 95.2p (March 2020: 101.6p), after a 5.1% fall in the value of its property portfolio during the six months to the end of […]
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30 Nov 2020 1 min read
Custodian REIT buys Derby industrial units
Custodian REIT buys Derby industrial units – Custodian REIT has acquired four industrial units covering an aggregate 23,250 sq ft on Hilton Business Park, Derby, one mile from the A50 which connects the M1 and M6. The units are occupied by M P Bio Science, Shakespeare Pharma and Jangala Softplay with a weighted average unexpired term to […]
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29 Oct 2020 1 min read
Custodian REIT posts positive NAV total return for quarter
Custodian REIT has reported a modest 0.5% fall in net asset value (NAV) for the third quarter of 2020 and updated on rent collection. The company, which owns a diversified portfolio of property assets across the UK with a 47% weighting to the industrial sector, posted a NAV per share of 95.2p at 30 September […]
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30 Jul 2020 2 min read
COVID cuts Custodian’s NAV
COVID cuts Custodian’s NAV – Custodian REIT has reported a drop in its NAV to 95.7p from 101.6p over the second quarter of 2020, related to COVID-19. The NAV total return for the period was -4.9%. The valuation yield on the property portfolio rose to 7% from 6.8%. However, 92% of rents were collected (after adjusting […]
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23 Jun 2020 1 min read
Custodian REIT “significantly impacted by covid-19”
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 […]
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21 May 2020 1 min read
QuotedData’s morning briefing 21 May 2020
In QuotedData’s morning briefing 21 May 2020, as the UK government issues three-year debt with a negative yield: Electra NAV dives to 373p from 548p, hit by fall in value of Hotter Shoes and TGI Fridays. Hotter Shoes is looking to “right size the retail estate” – shut shops – once the lockdown eases. TGI Fridays […]
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29 Apr 2020 3 min read
Custodian REIT reports fall in property value
Custodian REIT has reported a 2.2% fall in the value of its property in the first quarter of 2020. The fall in valuation to £559.8m, which take into account a ‘material uncertainty clause‘ due to the covid-19 pandemic, was behind a 2.7% fall in the net asset value (NAV) per share to 101.6p. Unlike some […]
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09 Apr 2020 2 min read
Custodian REIT to reduce dividend as rent receipts fall
Custodian REIT said it would reduce its quarterly dividend to a level broadly linked to net rental receipts. It said it intended to make the fourth quarterly interim dividend payment relating to the quarter ending 31 March 2020 of 1.6625p per share on 29 May 2020, reflecting the full collection of rent for that period. But due to a disruption to cash collection in the current quarter, as a […]
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12 Dec 2019 2 min read
Custodian REIT total returns hit by retail woes
Custodian REIT saw total return fall to 0.5% for the six months to 30 September 2019 as turmoil in the retail market dragged on its results. Net asset value (NAV) per share total return of 0.5% for the period, was down from 4.3% at the same point last year. Share price total return was 8.7% […]
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26 Sep 2019 1 min read
QuotedData’s other news 26 September 2019
In QuotedData’s other news 26 September 2019: 3i Infrastructure has completed the purchase of cold storage company, Ionisos, that was announced in July Custodian REIT has extended a borrowing facility that was coming to the end of its life by three years and expanded it too. Lloyds Bank agreed to increase the total funds available under […]
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16 Sep 2019 1 min read
Custodian REIT pursues disposals to rejig portfolio
Custodian REIT pursues disposals to rejig portfolio – Custodian REIT (CREI), the UK property investment company, has announced the disposal of a property from its portfolio. It has sold a 39,279 sq ft city centre office and retail unit in Edinburgh for £9.1m, in line with the 30 June 2019 valuation, having acquired the property as part of a portfolio in January 2016. CREI says that following the disposal, net gearing has decreased to 21.1%. Commenting on the disposal Richard Shepherd-Cross, managing director […]
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30 Jul 2019 1 min read
Custodian REIT resilient despite retail woes
Robust performance at Custodian REIT despite retail woes – Custodian REIT saw the value of its portfolio fall slightly in the quarter to the end of June as retail failures took its toll. The portfolio value stood at £568m, down from £572.7m at the end of March, driven largely by a marked reduction in value […]
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06 Jun 2019 2 min read
Custodian REIT statement stresses benefits of diversification
Custodian REIT statement stresses benefits of diversification – Custodian REIT has published results for the year ended 31 March 2019. Highlights are: EPRA NAV of 107.1p down from 107.3p last year; dividend per share of 6.55p (2018: 6.45p), 110.4% covered by net recurring income; 2020 target dividend per share increased 1.5% to 6.65p; NAV per share total […]
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04 Jun 2018 1 min read
Custodian REIT acquires Lincoln fitness centre
Custodian REIT has announced that it has acquired a 77,242 square foot health and fitness centre in Lincoln, located on the A46 within a mixed use, out-of-town scheme. Businesses in the immediate vicinity include Ibis Hotel, Fayre & Square and Frankie & Benny’s. The agreed purchase price of £4.3m was funded from the Company’s existing […]
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19 Dec 2017 1 min read
Custodian REIT buys car dealership
Custodian REIT buys car dealership – Custodian REIT has announced a further property purchase. The company has acquired a 24,845 sq ft car dealership on Pride Park business park in Derby, two miles from the city centre and prominently located on the busy A6. Nearby occupiers include Rolls Royce, Volkswagen, Lexus, Mercedes-Benz, Land Rover, and Ford. […]
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05 Dec 2017 1 min read
Custodian REIT sells Chepstow industrial estate
Custodian REIT sells Chepstow industrial estate – Custodian REIT has announced the disposal of a property from its portfolio. The company has sold a 82,081 sq ft multi-let industrial estate in Chepstow for GBP4.63 million, circa GBP0.9 million (25%) ahead of valuation and representing a net initial yield on sale price of 6.75%. The property was […]
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24 Nov 2017 1 min read
Custodian REIT buys Superdrug in Worcester
Custodian REIT buys Superdrug in Worcester – Custodian REIT has acquired a high street retail unit in Worcester let to Superdrug Stores plc. The property comprises a ground floor sales unit with upper floor ancillary accommodation, located in the prime retail pitch of High Street. Nearby shops include Boots, Marks & Spencer, Debenhams, TK Maxx, and […]
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26 Sep 2017 1 min read
Investment Trust Insider on Custodian REIT
James Carthew: Custodian captures investors’ attention A cloud still hangs over the likes of Land Securities (LAND) and British Land (BLND), whilst Intu Properties (INTU), the shopping centre specialist, is hitting new multi-year lows. However, there is a clear distinction between these older, self-managed real estate investment trusts (Reits) and the newer, externally managed Reits. […]
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18 Sep 2017 1 min read
Custodian REIT sells three properties
Custodian REIT sells three properties – Custodian REIT has announced the disposal of three properties from its portfolio. Colchester The Company has sold an 8,326 sq ft retail unit within a six unit block on High Street, Colchester for GBP4.25 million, GBP0.7 million ahead of the 30 June 2017 valuation. The unit was recently let to […]
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07 Sep 2017 1 min read
Custodian REIT buys Plymouth warehouse
Custodian REIT buys Plymouth warehouse – Custodian REIT has acquired a 35,000 sq ft retail warehouse on Transit Way Retail Park, Plymouth, near the A38 Devon Expressway. The site comprises two units occupied by Magnet and B&M, with nearby retailers including Argos, Tesco, Lidl and Matalan. The units’ leases expire on 26 January 2027 and […]
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31 Jul 2017 1 min read
Custodian REIT buys Salisbury health and fitness centre
Custodian REIT buys Salisbury health and fitness centre – the company has acquired a 24,230 sq ft health and fitness centre in Salisbury, located less than two miles from the city centre and prominently fronting on to the A30, the main arterial road into the city from the North. Adjacent businesses include Premier Inn, Handelsbanken, […]
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26 Jul 2017 1 min read
Custodian REIT acquires Ashton-under-Lyne retail warehouse for £6.6m
Custodian REIT has announced the purchase of a 30,404 square foot retail warehouse on Snipe Retail Park, Ashton-under-Lyne, adjacent to junction 23 of the M60. The unit is occupied by B&M Bargains Limited, with nearby retailers including B&Q, Halfords, Home Bargains, Dunelm, Argos and Harveys. The unit’s lease expires on 8 January 2032 with a current […]
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19 Jun 2017 1 min read
Custodian REIT acquires Wells Green Retail Park, Sheldon, for £5.1m
Custodian REIT (CREI) has announced that it has acquired the 23,007 square foot Wells Green Retail Park in Sheldon, five miles from Birmingham city centre on the busy A45 Coventry Road. The agreed purchase price of £5.1 million was funded from the Company’s existing cash resources, resulting in net gearing2 increasing to 19.6% loan to […]
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15 Jun 2017 1 min read
Custodian REIT buys Next distribution unit
Custodian REIT buys Next distribution unit – the company has acquired a 69,922 sq ft distribution unit on Eurocentral, Scotland’s leading mixed-use business park on the M8 arterial route between Glasgow and Edinburgh. Nearby occupiers include DHL, Warburtons, Argos, Wincanton, Norbert Dentressangle and Morrisons. The unit is let to Next plc on a lease expiring […]
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12 Jun 2017 1 min read
Custodian REIT buys Langley Mill business park
Custodian REIT buys Langley Mill business park – Custodian REIT, the UK property investment company, has acquired a 20,678 sq ft distribution unit on Access 26 Business Park, Langley Mill, located near junction 26 of the M1. Nearby occupiers include DHL, 3663 Logistics and Travis Perkins. The unit is let to Warburtons Limited on a lease […]
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06 Jun 2017 1 min read
Custodian REIT benefitting from economies of scale
Custodian REIT has announced its annual results for the year ended 31 March 2017. During the period, the company provided an NAV total return of 8.5% (2016: 6.4%) and a share price total return of 10.3% (2016: 3.5%). The company’s chairman, David Hunter, says that during the year the company invested a total of £105.0m […]
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02 Jun 2017 2 min read
Custodian REIT announces step down in management fee
Custodian REIT has announced amendments to the terms of its Investment Management Agreement (IMA) with its fund manager, Custodian Capital Limited (a subsidiary of Mattioli Woods plc). The amendments follow the expiry of the IMA’s initial three year term. Custodian REIT says that, in light of the positive performance of the Company since admission to […]
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15 May 2017 1 min read
Custodian REIT buys three units in Plymouth retail park
Custodian REIT has acquired three units within the 33,270 sq ft Coypool retail park in Plymouth, near the town centre and adjacent to the A38 Devon Expressway. The units are occupied by Oak Furniture Land, SCS and McDonald’s, with nearby retailers including Bensons for Beds, B&M, Harveys Furniture, Next Home and DFS. The units’ leases […]
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12 May 2017 1 min read
Custodian REIT buys York car dealership
Custodian REIT has acquired a 27,480 sq ft car dealership, located within York’s ‘motor alley’ two miles from York city centre and adjacent to the A1237 ring road. Nearby occupiers include Vauxhall, Audi, BMW, Mercedes-Benz, Toyota and Volkswagen. The property is let to Pendragon Property Holdings Limited (trading as Evans Halshaw Peugeot and Citroen) on […]
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02 May 2017 1 min read
Custodian buys Gloucester retail warehouse
Custodian REIT has acquired a 22,663 sq ft retail warehouse on Southbrook Retail Park, Gloucester, near the town centre and within three miles of the M5. The site comprises two units occupied by Magnet and Smyths Toys, with nearby retailers including Halfords, B&M Bargains, Lidl, The Range and McDonalds. The units’ leases expire on 9 […]
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07 Apr 2017 2 min read
Custodian REIT announces new £50m term loan facility
Custodian REIT has announced that it has entered into an agreement with Aviva Investors Real Estate Finance (Aviva) for Aviva to provide it with a new term loan facility of £50m. The facility comprising two tranches: Tranche 1 is for £35m and Tranche 2 is for £15m. Custodian REIT says that it drew down Tranche […]
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28 Mar 2017 1 min read
Custodian REIT sells Peterborough property
Custodian REIT has sold a 25,724 sq ft car dealership on Mallory Road, Peterborough for GBP2.75 million, GBP0.345 million ahead of the 31 December 2016 valuation. The property is let to Marshall Motor Group Limited on a lease expiring in 2019. The property was purchased shortly after the company’s admission to the London Stock Exchange. They […]
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06 Mar 2017 1 min read
Custodian REIT acquires Chester high street retail property for £2.75m
Custodian REIT has announced that it has acquired a high street retail property in Chester, let to Signet Trading Limited (t/a Ernest Jones) and Feldale Retail Limited (t/a Lakeland). The property is located in the city centre on the pedestrianised Eastgate Street, adjoining two other units in the Company’s portfolio. The agreed purchase price of […]
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16 Feb 2017 1 min read
Custodian REIT sells Wetherspoon in Southsea
Custodian REIT has sold a 22,286 sq ft public house on Palmerston Road, Southsea for GBP1.67 million, GBP0.19 million ahead of the 31 December 2016 valuation. The property is let to JD Wetherspoon plc on a lease expiring in 2040. The property was part of a portfolio acquired in August 2014. The Company intends to use […]
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12 Jan 2017 1 min read
Custodian REIT acquires prominent retail block in Shrewsbury town centre for £10.3m
Custodian REIT has announced that it has acquired a block of six retail properties and two restaurants in Shrewsbury town centre. The properties are occupied by Paperchase, Holland & Barrett, Azzuri Restaurants (t/a ASK), Edinburgh Woollen Mill, Thomas Cook, Greggs, Sam’s Club (t/a House of the Rising Sun), Whittards and William Hill. The company says […]
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23 Dec 2016 1 min read
Custodian REIT acquires properties in Liverpool and Stoke-on-Trent
Custodian REIT has announced the purchase of two properties – one in Liverpool, for £6.4m, and one in Stoke-on -Trent for £4.855m. Both purchases have been funded from the company’s existing debt facilities increasing its loan to value to 18.0%. The Liverpool property is a 34,686 square foot unit on Hanover Street, which is located […]
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07 Oct 2016 1 min read
Custodian REIT acquires Cummins distribution centre in Daventry for £3.08m
Custodian REIT has announced that it has acquired a 44,643 square foot distribution unit, on the Heartlands Business Park, Daventry, for £3.08m. The unit is let to Cummins Limited, on a lease expiring on 15 July 2019, and the current passing rent is £221,045 per annum, which reflects a net initial yield of 6.75%. The […]
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06 Oct 2016 1 min read
Custodian REIT acquires Burton upon Trent distribution unit for £7.1m
Custodian REIT has announced that it has acquired a 92,672 square foot distribution unit, on Centrum 100 Business Park, Burton upon Trent, for £7.06m. The unit is let to Kings Road Tyres and Repairs Limited, on a lease expiring on 26 July 2031, which is subject to a tenant’s option to break in 2021. The […]
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04 Oct 2016 1 min read
Custodian REIT buys retail warehouse in Leighton Buzzard
Custodian REIT has acquired a 36,168 sq ft retail warehouse in Leighton Buzzard, located 10 miles from junction 12 of the M1. Nearby occupiers include Tesco, Aldi and Waitrose. The property is let to Homebase Limited on a lease expiring on 22 December 2023 with a current passing rent of GBP524,436 per annum, reflecting a net […]
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30 Sep 2016 3 min read
Custodian REIT buys property portfolio, plans £20m fund raise
Custodian REIT has announced the acquisition of a GBP26.75 million portfolio of properties. The portfolio comprises 10 light industrial sites spread throughout the UK with a current passing rent of GBP2.21 million reflecting a net initial yield of 7.86%, with an expected reversionary yield of 8.03%. The portfolio’s weighted average unexpired lease term (“WAULT”) is 5.4 […]
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04 Aug 2016 1 min read
Custodian REIT buys H&M distribution facility
Custodian REIT has acquired a 105,757 sq ft distribution unit on Winsford Industrial Estate, located 10 miles from junctions 18 and 19 of the M6. Nearby occupiers include Henkel, Iveco and Jiffy Packaging. The unit is let to H&M Hennes and Mauritz UK Limited on a lease expiring on 23 June 2025. Current passing rent […]
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29 Jul 2016 1 min read
Custodian REIT sells Dudley hotel
Custodian REIT has sold a 22,317 sq ft hotel on Castlegate Business and Leisure Park, Dudley for GBP4.45 million, GBP0.34 million ahead of the 31 March 2016 valuation. The property is let to Premier Inn Hotels Limited on a lease expiring in 2038. The property was part of the initial portfolio acquired on the Company’s admission […]
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21 Jun 2016 1 min read
Custodian REIT buys £11.5m property portfolio
Custodian REIT has announced the acquisition of an GBP11.5 million portfolio of three properties. The Portfolio comprises: a 25,471 sq ft office on Pegasus Business Park, Castle Donington, adjacent to East Midlands Airport and Junction 23A of the M1, let to National Grid plc with an unexpired lease term of 6.2 years; a 16,470 sq […]
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07 Jun 2016 2 min read
Custodian REIT to target larger properties
Custodian REIT’s results for the year ended 31 March 2016 show that its NAV per share rose by 0.2% to 101.5p resulting in an NAV total return of 6.2%. The share price total return was 3.5%. Dividends rose by 19% to 6.25p. Profit after tax rose by 28.7% and EPRA EPS was up 21.4% on the prior year to 6.8p. On the back […]
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27 May 2016 1 min read
Custodian REIT acquires high bay distribution unit in Tamworth for £4.7m
Custodian REIT has announced that it has acquired a 55k square foot, high bay distribution unit on Relay Park, Tamworth for £4.7m. The unit is let to Schenker Limited (trading as DB Schenker), a subsidiary of Deutsche Bahn, on a lease that expires on 27 September 2017. The unit is located at junction 10 of […]
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16 May 2016 1 min read
Custodian REIT disposes of student accommodation building in Nottingham for £1.2m
Custodian REIT has announced that it has sold a purpose-built student residential building in Lenton, Nottingham for £1.2m, which is ahead of cost and the 31 March 2016 valuation. The property, which was part of the initial portfolio acquired on Custodian REIT’s admission to the London Stock Exchange in 2014, was fully let for the […]
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13 May 2016 1 min read
Custodian REIT’s placing raises £21.0m
Custodian REIT has announced the results of its placing (as announced on 19 April 2016), which raised £20.98 million before costs and expenses. The placing price of 104.9 represents a premium of approximately 5.0% to the unaudited NAV as at 31 March 2016 as adjusted to deduct the dividend of 1.6625 pence per share payable […]
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18 Apr 2016 1 min read
Custodian buys retail property in Chester
Custodian REIT has acquired a high street retail unit in Chester, let to TSB Limited and Ciel (Concessions) Limited (trading as Chesca). The property is located in the city centre on the pedestrianised Eastgate Street near Cath Kidston, Jack Wills, Kuoni Travel, H Samuel, Fat Face and Jaeger. The tenants’ leases expire between September 2019 […]
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08 Mar 2016 1 min read
Custodian REIT acquires St. Catherine’s Leisure Park in Perth for £4.5m
Custodian REIT has announced that it has acquired St. Catherine’s Leisure Park in Perth (pictured), which comprises three units let to Bannatyne Fitness Limited, Scotco (Eastern) Limited (trading as KFC) and The Restaurant Group (UK) Limited (trading as Frankie and Benny’s). The 34,121 square foot park is within walking distance of the town centre and […]
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22 Feb 2016 1 min read
Custodian REIT acquired B&Q retail warehouse in Banbury for £6.5m
Custodian REIT has announced that it has a 34,955 square foot retail warehouse in Banbury, currently let to B&Q, for £6.525m. The warehouse is located one mile from junction 11 of the M40 and within walking distance of the town centre and railway station. Nearby occupiers include Wickes, Halfords, Homebase, Dunelm Mill, Topps Tiles and […]
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28 Jan 2016 1 min read
Custodian REIT sells Madison Place office space in Manchester for £1.35m
Custodian REIT has announced that it has sold a 7,333 square foot purpose-built office on Madison Place Business Park, Manchester for £1.35m, which is £0.15m ahead of its 30 September 2015 valuation. Prior to marketing, the lease term with Central Manchester University Hospitals NHS Foundation Trust was extended from four years to 10 years. The […]
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05 Jan 2016 1 min read
Custodian REIT acquires property portfolio for £55.1m
Custodian REIT has announced that it has acquired a portfolio of nine properties for £55.1m. The Portfolio comprises four retail sites in Colchester, Guildford, Portsmouth and Winnersh, three industrial properties in Chepstow, Redditch and Warrington, and two offices in Edinburgh and West Malling. The average lot size is £6.1m and the occupiers include House of […]
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21 Dec 2015 1 min read
Custodian REIT acquires Phoenix Leisure park, Crewe, for £6.6m
Custodian REIT has announced that it has acquired the Phoenix Leisure Park, Crewe (pictured), which comprises four freehold units occupied by Pizza Hut, Mecca Bingo, Odeon Cinemas and MFA Bowl. The park, which is near Grand Junction Retail Park and within walking distance of the town centre and railway station, covers 55,713 sq ft. The […]
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19 Nov 2015 1 min read
Custodian REIT to acquire 11 UK commercial properties for £64.9m
Custodian REIT has announced that it has exchanged contracts to acquire a portfolio of 11 UK commercial properties for an aggregate consideration of £69.4m. Simultaneously, the company has also announced that it has entered into an agreement to extend its existing revolving credit facility with Lloyds Bank from £25m to £35m whilst extending the termination […]
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02 Nov 2015 1 min read
Custodian REIT acquires Torquay property and development land in Stevenage
Custodian REIT has announced that it has acquired the ground floor and part of the first floor of a leisure development in Abbey Sands, Torquay (pictured). The investment comprises four food and drink outlets on the seafront, close to the marina and town centre, let to Le Bistro Pierre Limited, Las Iguanas Limited, Loungers Limited […]
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07 Oct 2015 1 min read
Custodian REIT purchases Lancaster House, Birmingham, for £6.7m
Custodian REIT has announced the acquisition of Lancaster House (pictured), an office building in Birmingham City Centre for £6.65m. The 39,600 square foot, recently refurbished, building is currently let to 15 tenants with a total passing rent of £505,752 per annum, reflecting a net initial yield of 7.19%. The company has said that there is […]
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18 Sep 2015 1 min read
Custodian REIT buys near Lincoln sells in Swansea
Custodian REIT has acquired a 19,493 sq ft trade counter unit on Stephenson Road, North Hykeham, three miles south-west of Lincoln and one mile from the A46. The unit is let to MKM Building Supplies Limited on a lease expiring on 10 June 2022. Net passing rent is GBP169,711 per annum, reflecting a net initial yield of […]
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18 Aug 2015 1 min read
Custodian REIT secures new funding
On 14 August 2015, Custodian REIT and Scottish Widows, with Lloyds Bank acting as agent, entered into an agreement for Scottish Widows to provide the Company with a new term loan facility of £20m, repayable on 14 August 2025. Under the terms of the agreement, the Company will pay fixed interest of 3.935% per annum on the balance. […]
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02 Jul 2015 1 min read
Custodian REIT buys DHL warehouse
Custodian REIT has acquired a 16,143 sq ft industrial unit at Glasgow International Airport let to DHL Global Forwarding (UK) Limited on a lease expiring on 31 March 2020. Net passing rent is £92,385 per annum, reflecting a net initial yield of 7.08%. Other logistics occupiers at the airport include UPS and Expeditors. The agreed […]
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24 Jun 2015 1 min read
Custodian REIT buys land for pre-let development
Custodian REIT is spending £4.2m to buy a 3.5 acre plot and fund the development of a warehouse unit at Kingswood Lakeside, Cannock, adjacent to the A5 and Junction T7 of the M6 Toll, and three miles from the M6. The development comprises a 63,000 sq ft warehouse unit, with construction being phased over an […]
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22 Jun 2015 1 min read
Custodian REIT buys property portfolio
Custodian REIT has announced the acquisition of a portfolio of 10 properties. Six are high street shops, spread around the UK, with an average lot size of £1.21m. Four are industrial units with an average lot size of £1.83m. They say locations include Chester, St Albans, Bristol, Farnborough and Kettering and tenants within the portfolio include BSS […]
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09 Jun 2015 1 min read
Custodian REIT dividend target on track
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 […]
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04 Jun 2015 1 min read
Custodian REIT invests in Warwickshire business park
Custodian REIT has acquired 1.88 acres of land at the Tournament Fields development, two miles south west of Warwick at junction 15 of the M40. The location allows easy access to the motorway network, mainline rail services (via Warwick Parkway station) and is close to Birmingham International Airport. Other occupiers on the business park include […]
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27 Feb 2015 1 min read
Custodian REIT investing in Glasgow
Custodian REIT has added to its portfolio, paying £2.465m for a 17,384 sq ft, four storey office building in Glasgow city centre, with excellent transport links to junction 19 of the M8, Central and Queen Street train stations and Buchanan Street underground station. The property is let to four tenants with lease expiries between 30 […]
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26 Jan 2015 1 min read
Custodian REIT still expanding
Custodian REIT has announced that it intends to try to raise a further £20m from investors as it continues to expand its portfolio. This morning’s acquisition is of a 44,192 sq ft industrial unit on the Tilbrook Industrial Estate, Milton Keynes. They are paying £2.1m for it. the new property is immediately opposite a 52,532 […]
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12 Dec 2014 1 min read
Custodian REIT bys development land in Portishead
Custodian REIT has announced that it is paying £1.2m for a parcel of development land in Portishead. The 1.48 acre site will be used for the development of three retail warehouse/leisure units with construction to be phased over an expected seven month build period. The units have been pre-let to JD Wetherspoon plc on a 25 […]
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25 Nov 2014 1 min read
Custodian REIT on track to deploy cash pile
CREI : Custodian REIT on track to deploy cash pile Custodian REIT has published its first set of figures, covering the period from 25 March 2014 to 30 September 2014. The net asset value total return was 2.75 over that period and the return to shareholders was 7.3%. They have paid two dividends of 1.25p, […]
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05 Nov 2014 1 min read
Custodian REIT buys in Warrington
CREI : Custodian REIT buys in Warrington Custodian REIT is buying a warehouse in Warrington let to JTF Wholesale Limited for £6m. The 112,435 sq ft warehouse sits on 6.84 acres of land on the Chesford Grange estate in Warrington – just off j21 of the M6 motorway. JTF Wholesale Limited operate 13 wholesale warehouses around […]
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23 Sep 2014 1 min read
Custodian UK REIT looking to raise £20m
CREI : Custodian UK REIT looking to raise £20m Custodian UK REIT has announced that it is seeking to raise £20m by issuing new shares at 104.75p – a 5% premium to NAV. UPDATE 3rd October In the end Custodian REIT raised £25m – the Board said the issue was 2significantly oversubscribed” and so, “in […]
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28 Aug 2014 1 min read
Custodian REIT acquires European HQ for Portola Packaging, Doncaster, for £4.6m
CREI : Custodian REIT acquires European HQ for Portola Packaging, Doncaster, for £4.6m Custodian REIT has announced that it has purchased an 80,000 square foot manufacturing facility (pictured) in White Rose Way, Doncaster for £4.6m. The property is currently let to Portola Packaging Limited, on a 20 year lease without break clauses, at a current rent of £355k per […]
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20 Aug 2014 1 min read
Custodian REIT acquires ‘Staples’ retail warehouse in Milton Keynes for £5.7m
CREI : Custodian REIT acquires ‘Staples’ retail warehouse in Milton Keynes for £5.7m Custodian REIT has acquired a freehold retail warehouse, currently let to leading UK stationary and office supplies company ‘Staples’, at 1 Grafton Gate East, Milton Keynes (pictured). The lease runs until September 2020 and has a current passing rent is £419k per […]
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12 Aug 2014 1 min read
Custodian REIT buys property in Nottingham
CREI : Custodian REIT buys property in Nottingham Custodian REIT is paying £1.741m for 15 St. Peter’s Gate in Nottingham. The retail unit is let to the White Company until June 2020 at a rent of £140,000 per annum – equivalent to a net initial yield of 7.75%. Custodian REIT is paying for the property […]
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11 Jul 2014 1 min read
Custodian REIT : CREI – Purchase of second Castleford property
Custodian REIT has announced the purchase of a second property in Castleford for £1.61m. The property is a 12,940 square foot trade counter, let to MKM Building Supplies Limited, on a 20 year lease. The rent is 110,000 per annum, which reflects a net initial yield of 6.45%. Custodian REIT listed on the LSE on 26 March 2014, acquiring […]
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30 Jun 2014 1 min read
Custodian REIT : CREI – acquisitions
Custodian REIT has added further to its property portfolio with the acquisition of two modern industrial units on the 100 acre Estuary Commerce Park, Speke, Liverpool (next to Liverpool John Lennon International Airport) for £3.1m, equivalent to a net initial yield of 7.7%. Unit C is let to Powder Systems Limited on a 20 year […]
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13 May 2014 1 min read
Custodian REIT : CREI – first acquisition
Custodian REIT has made its first purchase since it listed in March buying a 25,000 sq ft industrial / distribution unit at Willowbridge Way, Castleford for £1.575m – a price equivalent to an initial yield of 7.5%. The property is let to Bunzl.
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28 Mar 2024 1 min read
Custodian ‘disappointed’ as Abrdn Property bid fails to gain 75% support
GAVIN LUMSDEN, Citywire Investment Trust Insider The bid by Custodian Property Income (CREI) for Abrdn Property Income (API) has failed to gain the required 75% support of API shares meaning fund manager Abrdn will retain the £300m portfolio in a managed wind-down likely to last about two years. David MacLellan, chair of CREI, said he […]
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1 min read
abrdn Property Income to enter managed wind-down after Custodian merger vote fails
Eve Maddock-Jones, Investment Week, 28 March 2024: The proposed merger between abrdn Property Income (API) and Custodian Property Income REIT (CREI) has been voted down by shareholders, triggering the trust to enter a managed wind-down as a result. API held two series of meetings where shareholders voted on the motion on Wednesday (27 March), its […]
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21 Mar 2024 1 min read
Ex-Laxey activist pops up at Abrdn Property to demand wind-down
Michelle McGagh, Citywire Investment Trust Insider, 21 Mar 2024: Andrew Pegge, a former Laxey Partners activist, has urged Abrdn Property Income (API) to scrap plans for a highly discounted all-share merger with Custodian Property Income (CREI) and opt for a managed wind-down that he says will deliver a better result for shareholders. Pegge, a former […]
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1 min read
abrdn Property Income board backs CREI merger over ‘uncertain’ wind-down
James Baxter-Derrington, Investment Week, 21 March 2024: The board of abrdn Property Income (API) has reiterated its unanimous recommendation of the proposed all-share merger with Custodian Property Income REIT (CREI), arguing net asset disposals conducted in a managed wind-down would achieve lower prices than a selective portfolio sale post-merger. In a regulatory filing today (21 […]
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20 Mar 2024 1 min read
API asset sale ‘casts doubt’ on merits of Custodian merger
Christian Mayes, PORTFOLIO ADVISER, 20 MARCH 2024: Abrdn Property Income Trust’s (API) sale of two assets at book value ‘casts doubt’ on the merits of its proposed merger with Custodian, according to QuotedData analysts. In a stock exchange announcement this morning (20 March), the trust announced the sale of two properties for a combined £16.6m, […]
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1 min read
abrdn Property Income sells two assets for £16.5m as Custodian shareholders vote in favour of merger
Cristian Angeloni, Investment Week, 20 March 2024: abrdn Property Income (API) trust has agreed the sale of two of its assets for a total price of £16.5m – a 0.3% discount to the December 2023 valuation. In a stock exchange filing today (20 March), API said contracts have been exchanged for the sale of 15 […]
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26 Feb 2024 1 min read
Can smaller trusts survive without consolidation?
Christian Mayes, Portfolio Adviser, 26 FEBRUARY 2024: A range of mergers have been announced in the investment trust space in recent times. Among others, the £2.3bn JP Morgan Global Growth and Income trust announced plans to absorb the £71m JP Morgan Multi-Asset Growth & Income (MATE) in January, while last week saw a bidding war […]
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17 May 2023 1 min read
Investment trust insider on shed investors
Investment trust insider on shed investors – Richard Williams: Property analyst Richard Williams picks out one undervalued real estate investment trust that looks attractive as bids and mergers sweep the commercial property sector. Recent bids for real estate investment trusts (Reits) at more than 40% premiums to prevailing share prices should have been a much-needed […]
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22 Aug 2022 1 min read
How to find the right fund for you: follow these simple steps to save time and money
James Crux, Shares Magazine, Thursday 18 August 2022: If you want to build up a pot of money for the future, be it retirement or paying for some of life’s expenses including children’s university fees or a loft conversion, investment funds can be a great way to grow your savings. They enable you to quickly […]
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25 Aug 2020 1 min read
Property trusts and funds remain under the cosh
Property trusts and funds remain under the cosh by Hannah Smith from interactive investor | 14th August 2020 11:39 Property trusts took a big hit from Covid-19 during the second quarter as non-paying commercial tenants caused dividend cuts and falling net asset values (NAVs). Investment trust analyst Winterflood said in a note that rent collection has affected the dividend policies […]
