Custodian REIT has collected 74% of rent for the quarter ending 31 December as Covid continues to impact business.
The REIT has collected 90% of rent for the quarter ending 30 June.
Its NAV also dropped from 95.7p at 30 June to 95.2p at 30 September. Its portfolio value as of 30 September was £532.3m, down slightly from £533.7m at 30 June.
The REIT reported some leasing activity, including a 20-year lease extension with Bannatyne Fitness on a leisure scheme in Perth, a 10-year lease agreement with MCC Labels in a unit in Daventry at a rent of £254,000 per annum, and a five-year lease extension with Erskine Murray at an office building in Leicester at an annual rent of £72,500.
Richard Shepherd-Cross, managing director at Custodian Capital, the REIT’s investment manager, said: “Over the last eight months the market’s focus has been on income (and therefore EPRA earnings per share) rather than NAV and we expect this to continue while disruption to contractual rent collections remains.
“We believe that EPRA earnings per share is a more important metric than NAV per share in demonstrating the company’s ability to deliver long-term sustainable dividends. As a result our focus has understandably been, and will remain, centred on rent collection.”
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