CIP -0.82%: received strong independent valuations for their property holdings today however that failed to really help the stock higher. The largest industrial property REIT in Australia, CIP had their portfolio value lifted by ~11% on prior book value. The pro-forma NTA now sits at $3.85/sh, a 6% premium to where shares closed. The portfolio now trades on a cap rate (which is income as a percentage of book value) of 4.53%, a relatively healthy figure considering the portfolio is 98.8% leased with a weighted average lease expiry (WALE) of over 9 years.
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Thursday 24th April – ASX +49pts, LTR, RMD, NEM
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