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Custodian Property Income REIT (LSE: CREI)

Last close As at 21/11/2024

GBP0.78

▲ 0.40 (0.51%)

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 | Update

Custodian Property Income REIT — Significant uplift in fully covered DPS

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
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)

167.4

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (4.2) (1.3) (15.6)
Relative (0.8) 1.2 (21.9)
52 week high/low 89.6p/65.0p

Financials

Custodian Property Income REIT’s (CREI’s) Q225 trading update points to strong H1 performance when results are released in December. With income growth supported by leasing progress and rental growth, DPS (+9% y-o-y) is fully covered. Reflecting improved investment market sentiment and asset management, portfolio valuations show early signs of recovery. CREI expects this to continue.

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 40.2 34.7 27.2 6.17 12.7 13.4
2026E 40.8 35.2 27.5 6.25 12.5 13.2

Research

Flash note

Real Estate

Custodian Property Income REIT — Positive outlook for further growth

Outlook

Real Estate

Custodian Property Income REIT — Organic growth paying dividends

Real Estate

Update

Custodian Property Income REIT — Significant uplift in fully covered DPS
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Thematics

thematic

Real Estate

South African industrial property fundamentals are strong

thematic

Real Estate

South African retail property funds remain resilient

thematic

Consumer

IPO apocalypse

thematic

TMT

ESG, moving beyond the box tick
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