Custodian Property Income REIT reports strong Q1 2024 results | Custodian Property Income REIT plc posted on the topic | LinkedIn (original) (raw)
Custodian Property Income REIT today provides a trading update for the quarter ended 31 March 2024, with continued strong leasing activity supporting rental growth and underpinning higher fully-covered dividends. On announcing the 9% increase in the prospective target rate of annual dividend per share from 5.5p to 6.0p and a special dividend which increased the FY24 dividend from 5.5p to 5.8p, David MacLellan, Chairman of Custodian Property Income REIT, said: “These dividend increases, which are expected to be fully covered by net rental income, reflect the improving earnings characteristics of the Company’s portfolio with recent asset management initiatives and the disposal of vacant properties increasing occupancy and crystallising rental growth. Our Investment Manager continues to control costs tightly, while the Company’s substantially fixed-rate debt profile is keeping borrowing costs below the current market rate. “The Board’s objective is, as previously stated, to continue to grow the dividend on a sustainable basis, at a rate which is fully covered by net rental income and does not inhibit the flexibility of the Company’s investment strategy.” Find out more here: https://lnkd.in/ebG4f7Sp #realestate #investment
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