Custodian Property Income REIT

Latest Insights

Real Estate |
Update

12.02.24

Custodian Property Income REIT — On track to meet dividend target

Real Estate |
Flash note

24.01.24

Custodian Property Income REIT — Proposed merger

Real Estate |
Update

18.12.23

Custodian Property Income REIT — Occupier demand continues to drive income

Financials |
Outlook

27.09.23

Custodian Property Income REIT — Enhanced income-driven strategy

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Sector

Real Estate

Equity Analyst

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	(8.1)	6.6	(20.9)
Relative	(9.8)	0.4	(23.3)
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.