28th Jul 2021 07:29
(Alliance News) - Custodian REIT PLC on Tuesday said it is on track for its annual dividend target, as net asset value increased in the recent quarter.
The real estate investment trust recorded an unaudited net asset value per share of 101.7 pence on June 30, up 4.2% from 97.6p on March 31.
Net asset value stood at GBP427.7 million at the end of June, up 4.3% from GBP409.9 million at the end of March.
Total return per share for the three months to June 30 was 6.0%, including 1.8% in dividends paid and a 4.2% capital increase.
UK-based Custodian said its property portfolio increased to GBP575.4 million in the three months to June 30, up from GBP551.9 million at the end of the previous quarter.
The company approved an interim dividend of 1.25p for the recent quarter, the same amount issued at the end of March.
With 95% of rent now collected for the June quarter, Custodian said the dividend will be fully covered by net cash.
The trust said rent collection levels were in line with expectations and continues to target a final dividend of no less than 5.0p for the year ending March 31, 2022.
Shares in Custodian REIT closed at 103.70p each in London on Tuesday. The stock is up 18% so far in 2021.
By Scarlett Butler; [email protected]
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