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Custodian Property Income REIT (LSE: CREI)

Last close As at 03/05/2024

GBP0.76

▲ 1.30 (1.74%)

Market capitalisation

GBP336m

Custodian Property Income REIT (CREI) is a London Main Market-listed REIT focused on commercial property in the UK outside London. It is income-focused, with a commitment to pay a high but sustainable and covered dividend.

The commercial property market is cyclical, historically exhibiting substantial swings in capital values through cycles. Income returns have been significantly more stable, supporting rental growth across much of the market. Capital values are already c 25% down on the 2022 peak and should benefit from the expected decline in interest rates.

Latest Insights

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Real Estate | Update

Custodian Property Income REIT — On track to meet dividend target

Real Estate | Flash note

Custodian Property Income REIT — Proposed merger

Real Estate | Update

Custodian Property Income REIT — Occupier demand continues to drive income

Financials | Outlook

Custodian Property Income REIT — Enhanced income-driven strategy
Custodian-REIT_resized
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Sector

Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • David MacLellan

    Chairman

  • Ed Moore

    Finance manager

  • Richard Shepherd-Cross

    MD

Balance Sheet

Forecast net debt (£m)

N/A

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (5.8) 9.0 (19.8)
Relative (8.4) 2.0 (23.6)
52 week high/low 95.2p/65.0p

Financials

Since the end of Q324, the company has successfully advanced c £30m of non-core disposals at a more than 20% premium to prevailing book values. On an annualised basis, these materially enhance earnings, while reducing LTV and eliminating voids. While the unsuccessful proposed all-share merger with API would have brought beneficial increased scale, the company continues to demonstrate its ability to organically deliver continuing income-focused returns from its diversified portfolio of higher-yielding, below-institutional sized regional assets. Rents have continued to grow and the portfolio continues to have strong income reversion potential.

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2022A 35.6 30.1 25.3 5.89 12.9 10.0
2023A 37.1 31.0 24.8 5.62 13.5 11.1
2024E N/A N/A N/A N/A N/A N/A
2025E N/A N/A N/A N/A N/A N/A

Research

Custodian-REIT_resized

Flash note

Real Estate

Custodian Property Income REIT — Proposed merger
Custodian-REIT_resized

Update

Real Estate

Custodian Property Income REIT — Occupier demand continues to drive income

Real Estate

Update

Custodian Property Income REIT — On track to meet dividend target
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Thematics

thematic

Real Estate

South African industrial property fundamentals are strong

thematic

Real Estate

South African retail property funds remain resilient

thematic

Consumer

IPO apocalypse

thematic

TMT

ESG, moving beyond the box tick
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