Urban Logistics REIT (“ULR”) has seen five positive lease events on portfolio assets since the HY stage, capitalising on lease events to deliver a material uplift on contracted rents. This is further demonstration of the active asset management approach; allocating capital to assets where there is near term value creation opportunities. We leave our forecasts unchanged. The shares continue to trade on a 30%+ discount to EPRA NAV which we believe unwarranted given the sustained demand for the asset class and ULR’s track record of value creation regardless.