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Currency in GBP
Last close As at 09/06/2023
GBP0.94
▲ 0.80 (0.86%)
Market capitalisation
GBP412m
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
Director, Financials
David Hunter
Chairman
Ed Moore
Finance manager
Richard Shepherd-Cross
MD
Forecast net cash (£m)
168.2
Forecast gearing ratio (%)
N/A
| % | 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 |
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