Custodian Property Income REIT (CREI) Q3 2026 TU earnings summary

Executive summary

• Q3 saw active asset management and a diversified portfolio drive income and valuation growth, supporting a fully covered dividend.

• Strong leasing activity improved occupancy and rental growth, with 14% further income growth embedded in the portfolio.

• The Merlin portfolio acquisition provided a blueprint for future growth and attracted new vendor interest.

Financial highlights

• EPRA earnings per share rose to 1.7p in Q3, up 13% from Q2, aided by a surrender premium on an industrial property.

• Dividend per share of 1.5p approved for Q3, fully covered by earnings, targeting at least 6.0p for FY26 (6.8% yield at 88.0p share price).

• NAV per share increased to 99.8p (from 98.9p in Q2); NAV rose to £458.2m.

• Portfolio value reached £626.7m, with a 0.5% like-for-like valuation increase in Q3.

• Q3 NAV total return per share was 2.4%.

Outlook and guidance

• Targeting a dividend of no less than 6.0p per share for the year ending 31 March 2026.

• Management expects to unlock embedded rental growth as lease events occur, supported by strong occupier demand.

• Market sentiment is improving in early 2026, with easing gilt rates and stable valuations boosting investor confidence.