Custodian Property Income REIT – executive interview
07/09/2026
In this interview, Richard Shepherd-Cross, the fund manager of Custodian Property Income REIT (CREI), discusses the company’s recent quarterly update, the resilient occupier market that is supporting rental growth across the portfolio, and the potential for further private company portfolio acquisitions, a key part of CREI’s growth strategy. In the three months to 30 June (Q127) the NAV total return was 1.8p per share (1.8%) comprising the 1.5p dividend paid and a 0.3p increase in NAV per share to 100p. The portfolio estimated rental value (ERV) increased by 1.0% in the quarter, following 3.3% in the year to March. Q127 ERV was £7m higher than passing rent, representing significant income potential embedded within the portfolio. During the quarter, portfolio valuations increased modestly, despite higher long-term interest rates. The disconnect between the strong underlying fundamentals of UK real estate and investor sentiment for most of the UK-listed sector persists.
Custodian Property Income REIT — Positive, income-led returns in Q127
03/09/2026
Custodian Property Income REIT (CREI) generated a 1.8p (1.8%) NAV total return in the three months to 30 June 2026 (Q127) comprising the 1.5p DPS paid and a 0.3p increase in NAV per share to 100p. Portfolio manager Richard Shepherd-Cross describes the occupier market as extremely resilient, reflected in the 1.0% growth in the portfolio rental value, following 3.3% in the year to March. Portfolio valuations increased modestly, despite higher long-term interest rates. The disconnect between the strong underlying fundamentals of UK real estate and investor sentiment for most of the UK-listed sector persists.
Bull, Bear & Beyond – Custodian Property Income REIT: executive interview
16/06/2026
In this interview, Richard Shepherd-Cross, the fund manager of Custodian Property Income REIT (CREI), discusses the company’s strong performance in FY26, his positive view on the commercial property market and the progress being made with CREI’s growth strategy. With rental growth having broadened across all sectors in the past year and yields having stabilised, Richard feels that commercial real estate is ‘only just coming off the bottom of the cycle and is a great buy’. While consolidation in the listed commercial real estate sector continues, he points to a similar trend among private companies, for which CREI’s diversified, smaller lot-size strategy is well suited. The acquisitions of three private company portfolios in the past year have been immediately earnings accretive and have helped to build scale, and Richard sees good potential for further transactions.
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About Bull, Bear & Beyond: Each episode features candid conversations with senior executives and from our own team of experts from across industries, exploring strategy, innovation, and the opportunities shaping their markets and 60-second pieces are a compressed summary of content designed to convey our message in a single, easily shareable hit.