Secure Income REIT PLC Edison initiates coverage of Secure Income REIT
September 19 2016 - 5:04AM
RNS Non-Regulatory
TIDMSIR
Secure Income REIT PLC
19 September 2016
London, UK, 19 September 2016
Edison initiates coverage of Secure Income REIT (SIR)
Secure Income REIT (Secure) targets predictable cash flows from
a broad range of real estate assets, which offer very long leases
(average unexpired lease term more than 23 years) subject to annual
fixed or RPI linked rent uplifts, to high-quality tenants providing
strong covenants. The external manager has a strong track record,
with interests strongly aligned to other shareholders. The
prospects for medium-term dividend growth are very strong, while
NAV should also grow at unchanged yields. The starting valuation
seems modest compared with similar defensive sector peers.
Long leases, upward-only rent increases, and predictable
administration and finance costs provide a high degree of
medium-term visibility. Consensus expectations of medium-term RPI
of c 3% imply 6.5% pa DPS growth to 2022 and, on an unchanged
valuation yield, c 11% pa EPRA NAV total return.
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