Custodian Property Income REIT (LSE: CREI)

Last close As at 20/04/2024

GBP0.77

0.20 (0.26%)

Market capitalisation

GBP340m

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.

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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 (3.4) (17.6)
Relative 4.0 (8.1) (17.4)
52 week high/low 95.2p/65.0p

Financials

The proposed all-share merger of CREI and abrdn Property Income Trust (API), recommended by both boards and approved by CREI shareholders will not proceed, having failed to achieve sufficient backing from API shareholders. Whilst the transaction would have brought beneficial increased scale, CREI is well place to organically deliver continuing income-focused returns from its diversified portfolio of higher-yielding portfolio of below-institutional sized regional assets. Rents have continued to grow and the portfolio has strong 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 13.1 10.1
2023A 37.1 31.0 24.8 5.62 13.7 11.2
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

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Consumer

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