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Annual Results

Custodian REIT after-tax profits up 116%

06 June 2017 07:38

Custodian REIT's after-tax profits rose to £24.2m in the year to the end of March - up 116% on last time.

Net asset value per share rose by 8.5% on a total return basis (2016: 6.4%).

Other highlights:

- EPRA earnings per share 6.6p (2016: 6.8p), basic and diluted earnings per share of 8.1p (2016: 5.5p)

- Portfolio value of £415.8m (2016: £319.0m) - £92.4m of new equity raised at average premium of 5.1% to NAV

- 2018 target dividend per share increased to 6.45p (2017: 6.35p)

- £105.0m invested in 25 acquisitions and one on-going pre-let development

- £8.9m valuation uplift from successful asset management initiatives, £2.9m net valuation increase6

- £1.6m profit on disposal of six properties for an aggregate consideration of £18.9m Chairman David Hunter said: "I am pleased to report that Custodian REIT has continued to deliver strong shareholder returns with NAV per share total return of 8.5% (2016: 6.4%) for the year.

"We invested a total of £105.0m on the completion of 25 acquisitions and one ongoing pre-let development, funded by £92.4m raised from the issue of new shares and £25m of new term debt.

"I anticipate that occupational demand combined with a limited supply of new development will continue to drive rental growth across regional markets, supporting a low vacancy rate and securing dividends and long-term capital growth for the Company's shareholders.

"The Company has met its target of paying an annual dividend per share for the year of 6.35p (2016: 6.25p, 2015: 5.25p), 101% covered by net recurring income.

"Our objective is to grow the dividend on a sustainable basis at a rate which is fully covered by projected net rental income, and the board is pleased to have increased the target dividend for the year ending 31 March 2018 by 1.6% to 6.45p per share."

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Related Company: CREI

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