Edison Investment Research Limited
London, UK, 31 August 2022
Custodian REIT (CREI): Good momentum through Q123
Custodian REIT’s (CREI’s) Q123 report showed continuing strong performance, with like-for-like rental and capital value growth supporting a three-month total return of 3.2%. Capital growth has been strong in the past year, but it is CREI’s income-driven approach that has driven its consistent record of attractive returns. It is optimistic that this will continue, while any weakness in capital values may present opportunities for further income and dividend accretive growth.
The minimum 5.5p per share DPS targeted by CREI for FY23 represents an attractive yield of 5.2%, while our forecast for FY23 DPS growth exceeds CREI’s minimum target. The c 13% discount to the unaudited end-Q123 NAV per share compares with an average c 3% premium since IPO.
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