Edison Investment Research Limited 
Edison Investment Research Limited: Custodian REIT (CREI): Robust FY21 with improving outlook 
24-Jun-2021 / 08:00 GMT/BST 
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London, UK, 24 June 2021 
 
Custodian REIT (CREI): Robust FY21 with improving outlook 
Although key elements of Custodian REIT's (CREI's) FY21 results had been previously disclosed, the detailed annual 
report includes additional details on its robust FY21 performance and prospects. In H221 rent collection strengthened, 
DPS increased and asset values recovered, delivering positive total returns. We expect these trends to carry over into 
the current year, with continuing occupier demand improving occupancy. A strong balance sheet provides support for 
potential accretive acquisitions. 
The minimum 5.0p DPS targeted by CREI for FY22 represents an attractive yield of 5.1%, and our forecast DPS of 5.6p 
represents a yield of 5.7%. Both are a significant premium to risk-free rates (10-year UK government debt c 0.8%). 
Despite the pandemic, NTA total return has remained positive on an annual basis, driven by an unbroken pattern of 
quarterly DPS payments, albeit at a reduced level. 
Click here to view the full report or here to sign up to receive research as it is published. 
 
All reports published by Edison are available to download free of charge from its website 
www.edisongroup.com 
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1211291 24-Jun-2021


 
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June 24, 2021 03:00 ET (07:00 GMT)