Forecasts revised after FY17 results
Custodian REIT (CREI) reported a 2.2% increase in FY17 EPRA NAVPS, boosted by revaluation gains and disposal profits. With a dividend of 6.35p (+1.6%), the share price total return for the year was 10.3%. We have made minor changes to our forecasts following the results. Our EPRA NAV forecasts have increased by 1% in both FY18 and FY19, as CREI has made acquisitions worth £19m in the year to date, with another £19m under offer. Management’s focus is on long-term secure income, to deliver the earnings to cover a sustainable 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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