Cost SavingsThe significant operational cost savings of £6m annually are expected to provide a higher degree of certainty that the company can generate a progressive dividend fully covered by earnings.
Dividend YieldThe prospective dividend yield of over 8%, well ahead of the REIT average of 5%, represents value, and the analyst reaffirms a Buy rating with an increased price target.
Management ChangesThe internalisation of the management function is expected to significantly reduce running costs and align the company's structure more closely with shareholders.