Custodian Property Income REIT (LSE: CREI)

Currency in GBP

Last close As at 20/09/2023


2.00 (2.46%)

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 year to date although investment activity is weak.

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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 4.5 (4.8) (16.1)
Relative (1.4) (6.4) (21.1)
52 week high/low 99.8p/76.1p


Strong leasing activity continued to support rental growth through Q124, providing an offset to increased interest costs on the 20% of borrowings that are at floating rate. Annual rental income of £2.2m was secured, in aggregate in line with estimated rental value (ERV), through leasing, renewals and rental uplifts. Occupancy was maintained at 90%. ERV has continued to increase, by 1.2% like-for-like in the period, driven primarily by capital expenditure in refurbishing industrial assets. DPS of 1.375p was in line with the full year target of no less than 5.5p and was fully covered by EPRA earnings of 1.5p. Portfolio valuation showed a modest 0.5% like-for-like decrease, with asset management driven gains of £2.0m providing a partial offset to slight yield widening. NAV per share was 98.6p (end-FY23: 99.3p) and NAV total return was 0.7%.

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2022A 35.6 30.1 122.3 5.89 14.1 11.0
2023A 37.0 31.1 N/A 5.62 14.8 12.1
2024E 38.3 32.0 24.4 5.54 15.0 11.5
2025E N/A N/A N/A N/A N/A N/A

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Executive interview – Custodian REIT


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Custodian REIT — On track to meet income targets


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Custodian REIT — Income-driven returns continuing


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Custodian REIT — Diversified income focus

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Executive interview – Custodian REIT


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Custodian REIT — It’s all about income