Custodian REIT - Robust EPRA earnings but decreased NAV
Strong leasing activity is supporting EPRA earnings and Custodian REIT (CREI) is on track to meet its FY23 DPS target of not less than 5.5p, fully covered. Despite the robustness of occupational demand and continued rent growth in many areas, capital values began to reprice to increased bond yields. We expect these trends to continue, with EPRA earnings and DPS progressing further while asset values and net asset value (NAV) decrease further.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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