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 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.