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

Custodian Property Income REIT (CREI) has completed the £36m corporate acquisition of a highly complementary, diversified family-owned portfolio (Grove Court Properties), which is its second such transaction in the past nine months. The acquisition has been financed by the issuance to the vendor of new CREI shares (75%) on an adjusted NAV for NAV basis and cash (25%). It delivers immediate earnings enhancement, improved dividend cover and offers the potential for value creation through asset and portfolio management opportunities. CREI has also published its Q326 update, with a NAV total return of 2.3%, taking the year-to-date total to 8.4%.

Custodian Property Income REIT (CREI) has completed the £36m corporate acquisition of a highly complementary, diversified family-owned portfolio (Grove Court Properties), which is its second such transaction in the past nine months. The acquisition has been financed by the issuance to the vendor of new CREI shares (75%) on an adjusted NAV for NAV basis and cash (25%). It delivers immediate earnings enhancement, improved dividend cover and offers the potential for value creation through asset and portfolio management opportunities. CREI has also published its Q326 update, with a NAV total return of 2.3%, taking the year-to-date total to 8.4%.

Custodian Property Income REIT — Immediately accretive strategic growth

Custodian Property Income REIT (CREI) is benefiting from organic rental growth and a disciplined approach to capital allocation. Non-core assets continue to be sold at a premium to book value, with the proceeds deployed into value-creating portfolio investment and now accretive share repurchases. Meanwhile, the equity-funded ‘NAV-for-NAV’ acquisition of the Merlin portfolio is earnings enhancing and incrementally adds to scale and diversification, and reduces gearing.

Custodian Property Income REIT (CREI) is benefiting from organic rental growth and a disciplined approach to capital allocation. Non-core assets continue to be sold at a premium to book value, with the proceeds deployed into value-creating portfolio investment and now accretive share repurchases. Meanwhile, the equity-funded ‘NAV-for-NAV’ acquisition of the Merlin portfolio is earnings enhancing and incrementally adds to scale and diversification, and reduces gearing.

Custodian Property Income REIT — Buybacks reflect attractive valuation

Custodian Property Income REIT (CREI) reported a 2.5% NAV total return for Q325, driven by income but with NAV also increasing. Portfolio values increased for the second consecutive quarter and, with a robust occupier market driving rent growth, the company is increasingly confident that the market is at or near an inflection point. CREI yields 7.8% and its portfolio has significant opportunities to further increase income and fully covered DPS. The prospects for capital growth also appear increasingly positive.

Custodian Property Income REIT (CREI) reported a 2.5% NAV total return for Q325, driven by income but with NAV also increasing. Portfolio values increased for the second consecutive quarter and, with a robust occupier market driving rent growth, the company is increasingly confident that the market is at or near an inflection point. CREI yields 7.8% and its portfolio has significant opportunities to further increase income and fully covered DPS. The prospects for capital growth also appear increasingly positive.

Custodian Property Income REIT — Momentum building in Q325

Research from Hardman & Co, Hardman & Co

Hardman & Co

Research from Hardman & Co

Investment research on quoted companies and funds

Hardman & Co is a multi-disciplinary financial consultancy and investment research firm, employing highly experienced analysts and professionals with a broad range of capital markets expertise. Our clients are public and private businesses as well as fund managers, ranging from start-ups to £1 billion+ market capitalisations. Hardman & Co offers corporate research & consultancy, serving the needs of both public and private companies. We produce gold-standard research with a global reach for trading and investment companies, as well as providing market commentary and analysis. In addition, we carry out a number of bespoke investment-related assignments, including due diligence on bond listings, assessments of private company valuations and other corporate advisory services. We engage with the market through traditional and digital media, offering illuminating video content on corporate management strategy, results communication, interviews and in-house sector discussion.

<ul><li>The structure and investment remit of the real estate investment trust (REIT) have been proven to be resilient and position it strongly for the short- and medium-term future.</li><li>The investment return emphasis is on income, which is generated from a diverse portfolio with modest capital gearing.</li><li>Because Custodian Property Income REIT (CREI) is designed to focus on smaller, individual property lot sizes, it acquires at higher asset yields than the market in general.</li></ul>

The structure and investment remit of the real estate investment trust (REIT) have been proven to be resilient and position it strongly for the short- and medium-term future.The investment return emphasis is on income, which is generated from a diverse portfolio with modest capital gearing.Because Custodian Property Income REIT (CREI) is designed to focus on smaller, individual property lot sizes, it acquires at higher asset yields than the market in general.

Hardman & Co Investor Forum Research on Custodian Property Income REIT (CREI): Good momentum

Custodian Property Income REIT’s (CREI’s) Q225 trading update points to strong H1 performance when results are released in December. With income growth supported by leasing progress and rental growth, DPS (+9% y-o-y) is fully covered. Reflecting improved investment market sentiment and asset management, portfolio valuations show early signs of recovery. CREI expects this to continue.

Custodian Property Income REIT’s (CREI’s) Q225 trading update points to strong H1 performance when results are released in December. With income growth supported by leasing progress and rental growth, DPS (+9% y-o-y) is fully covered. Reflecting improved investment market sentiment and asset management, portfolio valuations show early signs of recovery. CREI expects this to continue.

Custodian Property Income REIT - Significant uplift in fully covered DPS

United Kingdom

Custodian REIT plc is a real estate investment trust. The Company invests in commercial properties, including industrial, retail and office properties throughout the United Kingdom.

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Custodian REIT (CREI LN)

Custodian Property Income REIT — Immediately accretive strategic growth

Custodian Property Income REIT (CREI) has completed the £36m corporate acquisition of a highly complementary, diversified family-owned portfolio...

Edison Investment Research

Custodian Property Income REIT — Buybacks reflect attractive valuation

Custodian Property Income REIT (CREI) is benefiting from organic rental growth and a disciplined approach to capital allocation. Non-core assets...

Edison Investment Research

Custodian Property Income REIT — Momentum building in Q325

Custodian Property Income REIT (CREI) reported a 2.5% NAV total return for Q325, driven by income but with NAV also increasing. Portfolio values...

Edison Investment Research

Hardman & Co Investor Forum Research on Custodian Property Income REIT (CREI): Good momentum

The structure and investment remit of the real estate investment trust (REIT) have been proven to be resilient and position it strongly for the...

Hardman & Co

Custodian Property Income REIT - Significant uplift in fully covered DPS

Custodian Property Income REIT’s (CREI’s) Q225 trading update points to strong H1 performance when results are released in December. With income...

Edison Investment Research

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