Pre-tax profits have soared at Custodian REIT, the Leicester-based commercial real estate investment company, following “a period of significant recovery.”
According to final results for the year ended 31 March 2022, profit before tax has reached £122.3m at the firm, up from £3.7 in the prior year.
David Hunter, chairman of Custodian REIT, said: “The year to 31 March 2022 has been a period of significant recovery for the company’s net asset value and share price after the extreme challenges presented by the global pandemic.
“The recovery in NAV has been testament to the strength of the UK commercial property, allied to Custodian REIT’s focus on smaller regional property and the close management of the portfolio to maximise occupancy, rent collection, cash flow and earnings.
“Rent collection is back at pre-pandemic levels and tenants have honoured their deferred rent agreements allowing the Board to increase fully covered quarterly dividends to at least 5.5p in the forthcoming financial year.
“Although the impact of inflation and political uncertainty could lead to an economic downturn, we believe Custodian REIT’s portfolio, diversified by sector, geography and tenants, with low gearing will remain resilient in the face of any economic headwinds.”