Custodian Property Income REIT (LSE: CREI)

Last close As at 14/03/2024

GBP0.78

−0.50 (−0.64%)

Market capitalisation

GBP342m

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.

For the purposes of the Takeover Code, Edison is deemed to be connected with Custodian Property Income REIT as a provider of paid-for research. Under Rule 20.1 Edison must not include any profit forecast, quantified financial benefits statement, asset valuation or estimate of other figures key to the offer, except to the extent that such forecasts, statements, valuations or estimates have been published prior to the offer period (as defined in the Takeover Code) by an offeror or the offeree company (as appropriate) in accordance with the requirements of the Code. Consequently we have removed our estimates until the offer period ends.

Latest Insights

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Custodian-REIT_resized

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 16.4 (8.2) (12.3)
Relative 12.6 (11.0) (14.9)
52 week high/low 95.2p/65.0p

Financials

In January Custodian (CREI) and abrdn Property Income Trust (API) announced that they had reached agreement on the terms and conditions of a recommended all-share merger, with the proposed combination retaining a diversified portfolio of below institutional-sized regional assets, with the opportunity to benefit from greater scale. The merger process has been slowed to provide API with time to consider an indicative proposal from Urban Logistics REIT for a possible all-share offer.

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 13.2 10.2
2023A 37.1 31.0 24.8 5.62 13.8 11.3
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

Thematics

thematic

Real Estate

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thematic

Real Estate

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thematic

Consumer

IPO apocalypse

thematic

TMT

ESG, moving beyond the box tick

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