RCS - Urban Logistics REIT - Annual Overview from QuotedData

Urban Logistics Reit

10/01/2024 16:20

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RNS Number : 2987Z  Urban Logistics REIT PLC  10 January 2024

 

Urban Logistics REIT - Annual Overview from QuotedData

10(th) January 2024

A re-rating candidate

If an inflexion point in the interest rates cycle has been reached, as seems
to be the case, Urban Logistics REIT (SHED) is a compelling proposition.
Valuations have stabilised - as evidenced by a 0.2% uplift in the value of
SHED's portfolio in the six months to September 2023 - while the company has
substantial reversion baked into its portfolio (reversion is the rental growth
potential of the portfolio, being the difference between current portfolio
rents and the estimated rental value of the portfolio).

SHED's manager has an enviable track record of creating value through asset
management initiatives. It says that it will continue to be a focus for the
company as it builds on the success of recent lease events that resulted in a
10% uplift in rents. Operating in the 'mid-box' segment of the logistics
sector - where strong rental growth is forecast, and supply and demand
characteristics remain favourable - gives it an advantage over both the wider
real estate sector and some of its closest peers.

SHED's current discount to net asset value (NAV) of 23.5% seems both
unjustified and highly attractive, especially if the next move in interest
rates is down.

Full Research:

https://quoteddata.com/research/urban-logistics-reit-rerating-candidate-qd/
(https://quoteddata.com/research/urban-logistics-reit-rerating-candidate-qd/)

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NB: Marten & Co was paid to produce this note on Urban Logistics REIT Plc
and it is for information purposes only. It is not intended to encourage the
reader to deal in the security or securities mentioned in this report. Please
read the important information at the back of this note. QuotedData is a
trading name of Marten & Co Limited which is authorised and regulated by
the Financial Conduct Authority. Marten & Co is not permitted to provide
investment advice to individual investors categorised as Retail Clients under
the rules of the Financial Conduct Authority.

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