Edison Investment Research Limited
Edison issues update on Custodian Property Income REIT (CREI): Occupier demand continues to drive income

18-Dec-2023 / 11:14 GMT/BST
The issuer is solely responsible for the content of this announcement.


 

London, UK, 18 December 2023

 

Edison issues update on Custodian Property Income REIT (CREI): Occupier demand continues to drive income

In H124, Custodian Property Income REIT (CREI) continued to benefit from robust occupier demand, underpinning earnings and dividends. Rents continued to grow and occupancy increased, with further near-term progress in sight, reflected in our increased EPRA earnings forecast. Asset management is also supporting capital values, although overall, following market trends, these continue to drift and NAV is modestly lower.

 

The FY24 DPS target represents an attractive yield of 6.5%, with the potential for capital growth, while the discount to H124 NAV is 11%. CREI trades at a premium to peers (average yield 7.0%, discount 28%), which has consistently been the case since listing. Unlike some peers, DPS is fully covered, while a focus on higher yield, smaller lot-size properties has historically supported risk-adjusted income returns.  

 
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About Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached – across institutions, family offices, wealth managers and retail investors – Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings.

Having been the first company in-market 17 years ago, Edison has more than 100 employees and covers every economic sector. Headquartered in London, Edison also has offices in New York, Sydney and Wellington.

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Martyn King +44 (0)20 3077 5700 financials@edisongroup.com

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1799181  18-Dec-2023 

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