Custodian Property Income REIT (LSE: CREI)

Currency in GBP

Last close As at 26/01/2023


−0.10 (−0.11%)

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 while income returns have been significantly more stable. Commercial property has the potential to offer a degree of inflation hedging but rising government bond yields have begun to weigh on asset valuations across the main sectors.


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 3.8 5.3 (13.1)
Relative (0.1) (4.7) (15.2)
52 week high/low 110.0p/83.2p


Strong leasing activity is supporting EPRA earnings and Custodian REIT (CREI) is on track to meet its FY23 DPS target of not less than 5.5p, fully covered. Despite the robustness of occupational demand and continued rent growth in many areas, capital values began to reprice to increased bond yields. We expect these trends to continue, with EPRA earnings and DPS progressing further while asset values and net asset value (NAV) decrease further.

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 16.5 16.4
2022A 35.6 30.1 25.3 5.89 15.8 12.2
2023E 37.9 31.7 25.2 5.72 16.2 14.2
2024E 39.3 33.5 26.1 5.92 15.7 12.5



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