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Custodian Property Income REIT (LSE: CREI)

Last close As at 01/11/2024

GBP0.78

▲ 0.20 (0.26%)

Market capitalisation

GBP345m

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.

Across much of the commercial market, especially for industrial and logistics, occupier demand remains robust, new supply restricted, and rents are increasing. Investment demand has begun to pick up from very low levels and the turn of the interest rate cycle should provide further support.

Latest Insights

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Real Estate | Flash note

Custodian Property Income REIT — Positive outlook for further growth

Real Estate | Outlook

Custodian Property Income REIT — Organic growth paying dividends

Real Estate | Flash note

Custodian Property Income REIT — Organic earnings and dividend growth

Real Estate | Update

Custodian Property Income REIT — Significant uplift in fully covered DPS
Custodian-REIT_resized
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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)

166.4

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (8.4) 1.6 (4.8)
Relative (6.8) 5.1 (15.0)
52 week high/low 92.2p/65.0p

Financials

Q125 DPS (+9% vs Q124) was in line with the full year target of 6.0p and was fully covered. NAV per share fell marginally from 93.4p to 93.1p and the dividend-driven quarterly NAV total return was 1.6%. Strong leasing and active asset management are unlocking the significant value embedded in its portfolio, while rents continue to increase. On a like-for-like basis, Q125 passing rents increased 1.2% and estimated rental value (ERV) by 1.0%. New lettings, lease renewals and rent reviews were all on average well ahead of ERV and/or previous passing rents. ERV is 13% above passing rent, representing a significant opportunity for further income growth. Selective disposals, especially vacant properties, are accretive to earnings and NAV, with proceeds supporting investment in the portfolio, debt reduction and a lower weighted average cost of debt.

Y/E Mar Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2023A 37.1 31.0 24.8 5.62 13.9 14.2
2024A 38.9 33.7 25.7 5.84 13.4 14.9
2025E 40.3 34.7 27.3 6.20 12.6 13.3
2026E 40.8 35.2 27.5 6.25 12.5 13.1

Research

Outlook

Real Estate

Custodian Property Income REIT — Organic growth paying dividends

Flash note

Real Estate

Custodian Property Income REIT — Organic earnings and dividend growth

Real Estate

Flash note

Custodian Property Income REIT — Positive outlook for further growth
View All

Thematics

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IPO apocalypse

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