Portfolio occupancy was up to 92.4% in the first quarter with average rents up 7.4%. Credit Suisse notes the investment in listed peer National Storage ((NSR)) has increased, with the latter’s share price up almost 20% since June 30 2021.
There was no guidance provided, and Credit Suisse presumes rent relief negotiations have not been finalised. The broker retains a Neutral rating and raises the target to $3.48 from $3.36.
Sector: Real Estate.
Target price is $3.48.Current Price is $3.56. Difference: ($0.08) – (brackets indicate current price is over target). If ABP meets the Credit Suisse target it will return approximately -2% (excluding dividends, fees and charges – negative figures indicate an expected loss).
