Custodian REIT - Diversified income focus
Custodian REIT (CREI) continued to grow its asset base, income earnings, and NAV per share in H118, with a well-controlled cost base. NAV and share price total returns were 4.2% and 5.3%, respectively. We have adjusted our estimates, primarily for property acquisitions and equity issuance since the first quarter, with a positive full year impact on forecast FY19 EPRA EPS (+6.0%) and DPS (+0.8%). Management’s focus is on secure income, to deliver the earnings to cover a sustainable long-term growth in dividends and generate less volatile returns. We believe the 9% premium to FY18e NAV is justified by the conservative gearing and one of the highest dividend yields in the sector.Custodian REIT is a U.K. real estate investment trust with a portfolio comprising regional properties predominantly let to institutional grade tenants throughout the U.K. Co. provides investors access to a diversified portfolio of U.K. commercial real estate through a closed-ended fund. Co. has appointed Custodian Capital Limited as Investment Manager and Alternative Investment Fund Manager. The Investment Manager provides property management and administrative services to Co.
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