Interim Report 2022
Welcome to the Custodian Property Income REIT plc Interim Report 2022
Oxford
For more information, visit: custodianreit.com
Custodian Property Income REIT plc ("Custodian Property Income REIT" or "the Company") is a UK real estate investment trust ("REIT") which seeks to deliver a strong income return by investing in a diversified portfolio of smaller regional properties let to institutional grade tenants across the UK, principally characterised by properties with individual values of less than £15m at acquisition
Inside this report
Highlights and performance summary | 02 |
Chairman's statement | 06 |
Investment Manager's report | 14 |
Asset management report | 20 |
ESG Committee report | 24 |
Property portfolio | 34 |
Condensed consolidated statement | |
of comprehensive income | 40 |
Condensed consolidated statement | |
of financial position | 41 |
Condensed consolidated statement of cash flows 42
Condensed consolidated statements | |
of changes in equity | 43 |
Notes to the interim financial statements | 44 |
Directors' responsibilities for the interim | |
financial statements | 64 |
Auditor's independent review report | 65 |
Company information | 67 |
Financial calendar | 68 |
Custodian Property Income REIT plc Interim Report 2022
01
Highlights and performance summary
Property highlights | 2022 | |||
£m | ||||
Portfolio value | 685.4 | |||
Property valuation movements1: | ||||
• From asset management initiatives | 8.4 | |||
• General valuation decreases | (36.1) | |||
(27.7) | ||||
Property acquisitions | 52.7 | |||
Capital expenditure | 5.3 | |||
Profit on disposal2 | 4.7 | |||
Disposal proceeds since the Period end | 13.5 | |||
Portfolio income split by region | Our portfolio by sector | |||
weighting by income 30 Sept 2022 | weighting by income 30 Sept 2022 |
West Midlands: 19%
North-West: 18%
East Midlands : 14%
South-East: 12%
North-East: 12%
Scotland: 11%
South-West: 9%
Eastern: 4%
Wales: 1%
Industrial: 38%
Retail warehouse: 24%
Office: 16%
Other: 11%
Retail: 11%
- Before acquisition costs of £3.4m.
- Net of disposal costs of £0.1m.
02
Custodian Property Income REIT plc Interim Report 2022
Valuation increases from | ||
Portfolio value | asset management | General valuation decreases |
£685.4m | £8.4m | (£36.1m) |
Property portfolio value of | Detailed in the Asset | Across all sectors and driven |
£685.4m (31 March 2022: | management report | by current investor and market |
£665.2m, 2021: £551.9m) | sentiment around the UK's | |
economic outlook |
Property acquisitions
£52.7m
- £15.0m retail park in Nottingham
- £11.1m distribution unit near Glasgow
- £8.9m for two DFS retail warehouses in Droitwich and Measham
- £7.5m industrial facility in Grangemouth
- £3.7m high street retail units in Winchester
- £3.5m industrial unit in Chesterfield
- £3.0m drive-through restaurants in York
Profit on disposal2
£4.7m
Sale proceeds of £14.9m at an aggregate
46% premium to valuation comprising:
- Industrial unit in Milton Keynes to a special purchaser for £8.5m
- Audi dealership in Derby for £5.7m
- High street retail unit in Weston-Super-Mare for £0.7m
Capital expenditure
£5.3m
Primarily relating to significant refurbishment work on two industrial assets in Avonmouth and Manchester and a retail warehouse in Swindon, with £0.7m invested in electric vehicle chargers at various sites
Disposal proceeds since the Period end
£13.5m
- £9.3m for a shopping centre in Gosforth
- £2.8m for business park offices in Leicester
- £1.4m for an industrial unit in Kilmarnock
Custodian Property Income REIT plc Interim Report 2022
03
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Disclaimer
Custodian REIT plc published this content on 16 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 January 2023 11:39:03 UTC.