Custodian Property Income REIT (LSE: CREI)

Currency in GBP

Last close As at 09/06/2023


0.80 (0.86%)

Market capitalisation


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. Across all main sectors the significant negative end-2022 adjustment to higher bond yields and economic uncertainty is showing increased stability in 2023 ytd and investment activity is improving.



Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • David Hunter


  • Ed Moore

    Finance manager

  • Richard Shepherd-Cross


Balance Sheet

Forecast net cash (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (1.8) 1.6 (8.7)
Relative 0.4 6.0 (7.8)
52 week high/low 110.0p/83.2p


Strong leasing activity continued to support rental growth and underpin fully covered dividends in Q423. The 1.375p DPS declared takes the FY23 total to 5.5p, in line with the target, 102% covered by EPRA earnings. The company targets DPS of no less than 5.5p in FY24. EPRA EPS was 1.4p in Q4 (5.6p for the year), benefitting from asset management outcomes offset by interest rates increases and disposals. EPRA occupancy was 90.3% (Q3: 89.9%). Valuations began to stabilise through Q4 with a 0.7% like-for-like valuation decrease, net of a 0.4% increase from active asset management activity. NAV/share was 99.3p (Q3: 99.8p) and including DPS paid the quarterly NAV total return was 0.9%. Continuing occupier demand is a positive indicator for future income development, protected by fixed costs on 81% of borrowing, across a highly diversified portfolio.

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2021A 33.1 28.5 23.7 5.64 16.6 16.5
2022A 35.6 30.1 25.3 5.89 15.9 12.3
2023E 37.8 31.5 24.8 5.64 16.6 14.9
2024E 38.3 32.0 24.4 5.54 16.9 12.9



IPO apocalypse


ESG, moving beyond the box tick

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free