London, UK, 10 September 2020

Edison issues outlook on Raven Property Group (RAV)

While headline figures are again affected by FX movements, underlying performance was robust in H120 against the backdrop of a challenging operating environment. As a growing and essential part of the supply chain, all of Raven's warehouse properties continued to operate during COVID-19, occupancy increased and more than 99% of rents were collected. Although the pandemic continues to cloud the economic outlook, warehouse demand-supply fundamentals continue to be robust.

Based on the FY21e distribution, the ordinary share yield is 7.6% and benefits fully from any narrowing of the significant discount to NAV/share, while being highly geared to NAV changes. The preference shares (RAVP) yield is c 10%.  

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Martyn King, +44 (0)20 3077 5745

property@edisongroup.com

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