Custodian Property Income REIT (CREI) H1 2026 earnings summary

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.