NAV total return for Custodian REIT (CREI) in the six months to 30 September (H122) was 11.7%, a combination of increased dividends and property revaluation gains. With EPRA earnings robust and rent collection remaining strong, the quarterly DPS target is increased from Q322. The completed Drum acquisition builds further scale and diversification and with low gearing, CREI is well placed for further accretive growth.