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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

Update

Real Estate

Custodian Property Income REIT — Strong leasing has delivered targeted dividends
Custodian-REIT_resized

Update

Real Estate

Custodian Property Income REIT — Positive income indicators in a challenging market
Custodian-REIT_resized

Financials

Outlook

Custodian Property Income REIT — Enhanced income-driven strategy

Custodian-REIT_resized

Update

Real Estate

Custodian REIT — Robust EPRA earnings but decreased NAV

Outlook

Real Estate

Custodian REIT — Good momentum through Q123

Update

Real Estate

Custodian REIT — Strong returns continued through Q422

Update

Real Estate

Custodian REIT — Strong capital growth with increasing income

Update

Real Estate

Custodian REIT — Strong H122 returns and further DPS growth

Outlook

Real Estate

Custodian REIT — Robust FY21 with improving outlook

Update

Real Estate

Custodian REIT — Fifth interim payment continues DPS recovery

Update

Real Estate

Custodian REIT — Reinstating forecasts with improved DPS outlook

Update

Real Estate

Custodian REIT — Diversified income base

Update

Real Estate

Custodian REIT — Q4 DPS confirmed

Outlook

Real Estate

Custodian REIT — Delivering on income target

Update

Real Estate

Custodian REIT — Positive income-driven returns continuing

edison tv

Real Estate

Executive interview – Custodian REIT

Update

Real Estate

Custodian REIT — On track to meet income targets

Outlook

Real Estate

Custodian REIT — Income-driven returns continuing

Update

Real Estate

Custodian REIT — Income and capital growth supporting valuation

Update

Real Estate

Custodian REIT — Diversified income focus

edison tv

Real Estate

Executive interview – Custodian REIT

Update

Real Estate

Custodian REIT plc — Forecasts revised after FY17 results

Initiation

Real Estate

Custodian REIT — It’s all about income

thematic

Real Estate

South African listed property sector

thematic

Financials

DACH Industrial & Logistic Property