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Custodian Property Income REIT (CREI) investor relations material
Custodian Property Income REIT H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved strong operational performance with active asset management, driving valuation and earnings growth, and supporting a fully covered dividend for the period ended 30 September 2025.
Rent roll increased by 4.6% to £45.9m, with estimated rental value (ERV) up 3.4% to £51.9m, embedding 13% rental growth potential.
Portfolio value rose to £625.0m, with NAV per share up 2.9% and NAV total return of 6.0% for the period.
Completed the Merlin acquisition, adding £22.1m in assets and further diversifying the portfolio.
Share buyback programme executed at an average 18.5% discount to NAV, enhancing shareholder value.
Financial highlights
EPRA earnings per share grew 3.3% to 3.1p (2024: 3.0p); basic EPS was 6.1p (2024: 3.4p).
Profit before tax increased to £27.6m (2024: £14.9m).
Dividends per share of 3.0p for the period, fully covered by EPRA earnings (101% cover).
NAV per share at 98.9p, up from 96.1p at 31 March 2025.
Share price total return of 10.2% for the period.
Outlook and guidance
Target dividend per share for the year ending 31 March 2026 of not less than 6.0p, in line with policy of fully covered dividends.
Positive outlook supported by rental growth, falling interest rates, and improving market sentiment.
Continued focus on growth through selective acquisitions and disposals, and further share buybacks.
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