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Custodian Property Income REIT (LSE: CREI)

Last close As at 02/07/2024

GBP0.74

▲ −1.50 (−2.00%)

Market capitalisation

GBP330m

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 have fallen significantly from the 2022 peak and should benefit from the expected decline in interest rates.

Latest Insights

View More

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

Real Estate | Update

Custodian Property Income REIT — On track to meet dividend target

Real Estate | Flash note

Custodian Property Income REIT — Proposed merger
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)

172

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 2.6 1.0 (10.3)
Relative 3.9 (2.6) (19.0)
52 week high/low 92.2p/65.0p

Financials

Set against a challenging market environment, FY24 performance was strong. EPRA EPS increased 3.6% to 5.8p, fully covering the targeted recurring DPS of 5.5p and the 0.3p special dividend. The FY25 annual DPS target is 6.0p (+9%), underpinned by the robust occupier market and Custodian’s increasing confidence in unlocking the significant value embedded in its portfolio. Leasing remains strong and rents have continued to increase. Selective property disposals, during Q4 and FY25 to date, at an average 21% premium to book value, are accretive to earnings and NAV, with proceeds supporting a further reduction in borrowing and LTV and an increase in the proportion of fixed rate debt (78% at end-Q424). Property valuations were modestly (4%) lower for the year but stabilised in Q4, as did unaudited NAV/share (93.4p). FY24 results will be published in June.

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 12.5 9.7
2023A 37.1 31.0 24.8 5.62 13.1 10.7
2024E 39.3 33.7 25.7 5.83 12.6 11.7
2025E 40.9 35.2 27.5 6.24 11.8 9.1

Research

Outlook

Real Estate

Custodian REIT — Good momentum through Q123

Update

Real Estate

Custodian REIT — Strong returns continued through Q422

Real Estate

Update

Custodian REIT — Robust EPRA earnings but decreased NAV

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

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