What it does
The company listed on the main market of the London Stock Exchange in 2014.
Since then, its market capitalisation has grown substantially on the back of investment into UK regional real estate.
How it’s doing
Following coronavirus disruption, Custodian amended its dividend policy to reflect the amount of rent the group is being paid.
In a statement, the commercial property investor said it will pay a fourth quarterly dividend of 1.6626p for the year to March as it received full collection rent over the past three months.
Subsequently, however, some tenants sought to defer rental payments with the result that this level of payout would be not be covered by net rental receipts.
In April, 67% of rent due has been collected, with a further 5% expected to be received shortly, it pointed out.
Custodian said it will pay a minimum of 1.5p quarterly in the first half of the current year to March 2021 with any shortfall to be taken from the trust’s reserves.
The REIT added it has more than 250 ‘industrial grade’ tenants with a current occupancy rate of more than 95%.
There is significant headroom on borrowings covenants with £191.3m or 33% of the company’s property portfolio currently unencumbered.
- Dividends still being paid albeit at a slightly reduced rate
- NAV per share of 104.4p at last valuation
- Value of portfolio now £571mln