Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

Target Healthcare REIT PLC / Equity Bottom-Up

Target Healthcare Reit PLC operates as a real estate investment trust. The Company focuses on acquisition, development, and investments in healthcare properties. Target Healthcare Reit serves customers in the United Kingdom.

Target Healthcare REIT has acquired three operational care homes and one new development for a total of £45m, deploying more than half the proceeds of its recent nine-home portfolio disposal. The high-quality homes, let to a strong new but established tenant, have been acquired at an accretive blended net initial yield of more than 6%. With significant remaining available capital, and a strong pipeline of similarly attractive opportunities, we expect acquisitions, in combination with indexed rent reviews, to drive continuing earnings and DPS growth.

Target Healthcare REIT has acquired three operational care homes and one new development for a total of £45m, deploying more than half the proceeds of its recent nine-home portfolio disposal. The high-quality homes, let to a strong new but established tenant, have been acquired at an accretive blended net initial yield of more than 6%. With significant remaining available capital, and a strong pipeline of similarly attractive opportunities, we expect acquisitions, in combination with indexed rent reviews, to drive continuing earnings and DPS growth.

Target Healthcare REIT — Accretive asset recycling progressing

External broker reports(aggregated public sources), KGI Securities Singapore

KGI Securities

External broker reports(aggregated public sources)

KGI Securities Singapore

We are a pioneer Securities & Derivatives, Trading and Clearing Member of Singapore Exchange as well as a pioneer member of ICE Futures Singapore & ICE Clear Singapore. We offer our valued clients round the clock (24 hour) single-touch point for multi-asset clients and 24 hour high-touch desk for global products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Sasseur Real Estate Investment Trust (“Sasseur REIT”) is the first outlet REIT listed in Asia. Sasseur REIT’s property portfolio comprises four outlets with an estimated appraised value of RMB 8.5 billion and net lettable area of 310,241 square metres. The outlets are strategically located in the high-growth cities of Chongqing, Hefei and Kunming in China and well-positioned to ride on the growth of the rising spending power of the Chinese middle class.

<ul><li>Company Update:28 November 2025 Operational strength. Sasseur REIT delivered a resilient 3Q25 performance, with 10.8% YoY outlet sales growth, occupancy remaining high at 98.5%, and a WALE of 2.0 years.</li><li>The results were supported by strong tenant retention and longer lease commitments from sports, lifestyle and domestic fashion brands.</li><li>3Q25 EMA rental income rose 4.9% YoY to RMB166.3mn, driven by a 9.7% increase in the variable component on strong outlet sales.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Company Update:28 November 2025 Operational strength. Sasseur REIT delivered a resilient 3Q25 performance, with 10.8% YoY outlet sales growth, occupancy remaining high at 98.5%, and a WALE of 2.0 years.The results were supported by strong tenant retention and longer lease commitments from sports, lifestyle and domestic fashion brands.3Q25 EMA rental income rose 4.9% YoY to RMB166.3mn, driven by a 9.7% increase in the variable component on strong outlet sales.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Company Report: Sasseur REIT (SASSR SP): REIT-Vitalisation Continues Amid Macro Conditions

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Centurion Accommodation REIT / Equity Bottom-Up

Centurion Accommodation REIT aims to invest in purpose building worker assets and purpose built student assets globally.

<ul>
 <li>
<a href="https://smartkarma.com/entities/centurion-accommodation-reit">Centurion Accommodation REIT</a> (CAREIT) is Singapore's first publicly listed real estate investment trust with a pure-play focus on specialized accommodation assets, specifically Purpose-Built Worker Accommodation (PBWA) in Singapore and Purpose-Built Student Accommodation (PBSA) in the United Kingdom and Australia.</li>
 <li>The REIT benefits from a strong, committed sponsor, Centurion Corporation Limited, which is the largest PBWA operator in Singapore. This relationship provides a robust pipeline for future growth, operational expertise, and significant alignment of interests, with the sponsor retaining a substantial stake post-IPO.</li>
 <li>CAREIT exhibits a compelling financial profile characterized by high initial portfolio occupancy (over 96%), strong revenue and net income growth, and an attractive forward distribution yield, underpinned by a commitment to distribute 100% of its distributable income until 2027.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Centurion Accommodation REIT (CAREIT) is Singapore's first publicly listed real estate investment trust with a pure-play focus on specialized accommodation assets, specifically Purpose-Built Worker Accommodation (PBWA) in Singapore and Purpose-Built Student Accommodation (PBSA) in the United Kingdom and Australia.
  The REIT benefits from a strong, committed sponsor, Centurion Corporation Limited, which is the largest PBWA operator in Singapore. This relationship provides a robust pipeline for future growth, operational expertise, and significant alignment of interests, with the sponsor retaining a substantial stake post-IPO.
  CAREIT exhibits a compelling financial profile characterized by high initial portfolio occupancy (over 96%), strong revenue and net income growth, and an attractive forward distribution yield, underpinned by a commitment to distribute 100% of its distributable income until 2027.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Centurion Accommodation REIT (CAREIT SP) - Nov 2025

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

National Storage REIT is a Real Estate Investment Trust.  The Trust owns self storage facilities in Brisbane, Sunshine Coast and Gold Coast in Queensland, Sydney Western Suburbs in New South Wales, Melbourne and Geelong in Victoria, Adelaide in South Australia, Perth in Western Australia and Hobart in Tasmania.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-storage-reit" target="_blank" data-smartkarma-citation="entities:13762:1" rel="noopener">National Storage REIT (NSR AU)</a> has received a non-binding proposal from Brookfield and GIC at A$2.86 per unit, a 26.5% premium to the undisturbed price.</li>
<li>The Board has granted exclusive due diligence until 7 December. A scheme offer would be conditional on FIRB, NZ OIO and ACCC approval. </li>
<li>The offer is attractive as it represents an all-time high and implies a P/NTA of 1.11x. The short exclusivity period increases the odds of a binding proposal.</li>
</ul>



National Storage REIT (NSR AU) has received a non-binding proposal from Brookfield and GIC at A$2.86 per unit, a 26.5% premium to the undisturbed price.
The Board has granted exclusive due diligence until 7 December. A scheme offer would be conditional on FIRB, NZ OIO and ACCC approval. 
The offer is attractive as it represents an all-time high and implies a P/NTA of 1.11x. The short exclusivity period increases the odds of a binding proposal.


National Storage REIT (NSR AU): Brookfield and GIC’s Attractive NBIO at A$2.86

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Reportedly, Brookfield and Singapore's GIC will make an Offer for <a href="https://www.smartkarma.com/entities/national-storage-reit" target="_blank" data-smartkarma-citation="entities:13762:1" rel="noopener">National Storage REIT (NSR AU)</a>, Australia and New Zealand's largest landlord of self-storage sites .</li>
<li>The AFR is reporting that Brookfield/GIC are on the cusp of launching a bid around NTA.  NSR entered into a trading halt this morning. </li>
<li>Earlier this year, key peer <a href="https://www.smartkarma.com/entities/abacus-storage-king" target="_blank" data-smartkarma-citation="entities:39857:1" rel="noopener">Abacus Storage King (ASK AU)</a> fielded an NBIO from Ki Corporation/<a href="https://www.smartkarma.com/entities/public-storage" target="_blank" data-smartkarma-citation="entities:18193:1" rel="noopener">Public Storage (PSA US)</a> at a ~3% premium to NTA; however, Ki/PSA ultimately walked. </li>
</ul>


Reportedly, Brookfield and Singapore's GIC will make an Offer for National Storage REIT (NSR AU), Australia and New Zealand's largest landlord of self-storage sites .
The AFR is reporting that Brookfield/GIC are on the cusp of launching a bid around NTA.  NSR entered into a trading halt this morning. 
Earlier this year, key peer Abacus Storage King (ASK AU) fielded an NBIO from Ki Corporation/Public Storage (PSA US) at a ~3% premium to NTA; however, Ki/PSA ultimately walked. 


National Storage REIT (NSR AU) In Trading Halt Ahead Of Possible Brookfield/GIC Tilt

Insights on Real Estate Investment Trusts