Custodian Property Income REIT (LSE: CREI)

Last close As at 23/05/2024

GBP0.73

−1.50 (−2.01%)

Market capitalisation

GBP322m

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 cash (£m)

172

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (5.3) 2.2 (20.2)
Relative (8.8) (5.4) (25.8)
52 week high/low 94.0p/65.0p

Financials

Custodian Property Income REIT (CREI) produced a strong Q424 performance, driven by leasing progress and rental growth, rounding off a positive year. Reflecting FY24 performance, the company will pay a special dividend of 0.3p per share, additional to aggregate quarterly DPS of 5.5p, fully covered by EPRA earnings. The FY25 annual DPS target is increased by 9% to 6.0p, underpinned by the continuing strength of the commercial property occupier market and CREI’s increasing confidence in the outlook.

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 12.4 9.6
2023A 37.1 31.0 24.8 5.62 13.0 10.6
2024E 39.3 33.7 25.7 5.83 12.5 11.7
2025E 40.9 35.2 27.5 6.24 11.7 9.0

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