olivLaw · European equity research
Custodian Property Income REIT plc CREI.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Custodian Property Income REIT plc is a property investment company whose principal activity is commercial property in the United Kingdom, with a portfolio of about 170 assets. At 31 March 2026 the Parent Company net gearing stood at 28.7%, and the company holds a meaningful unencumbered portfolio that gives it financial flexibility.
At the close of 05 Nov 2026, Custodian Property Income REIT plc (CREI.L) stock was 0.83 GBP (+0.12% on the day), with market capitalisation 386.4 m GBP, P/E 8.0 on diluted EPS of 0.10 GBP over the last 12 months, dividend yield 7.08%, beta 0.36, 52-week range 0.77–0.91 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 56.4
- strong (55–70)
- Bollinger (20, 2)
- 0.81 – 0.84
- in the upper half of the band · %B 0.85 · band width 3.6%
- SMA 50 / 200
- 0.82 / 0.85
- mixed trend
- MACD (12, 26, 9)
- 0.00 / 0.00
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +3.2% | −0.6% | +3.9 pp | — |
| 3 months | +0.8% | −4.2% | +5.0 pp | — |
| 6 months | +1.1% | +4.3% | −3.2 pp | — |
| Year to date | −3.8% | +7.5% | −11.3 pp | — |
| 1 year | +3.0% | +9.9% | −7.0 pp | +5.8% |
| 3 years | −2.8% | +49.8% | −52.6 pp | +26.3% |
| 5 years | −14.8% | +42.8% | −57.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 7.7, median 8.2, max 8.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 46.2 m | 48.0 m | 52.4 m |
| Revenue YoY | unavailable | +3.8% | +9.1% |
| Net income | -1.5 m | 38.2 m | 48.3 m |
| Net income YoY | unavailable | unavailable | +26.6% |
| Diluted EPS | -0.00 | 0.09 | 0.10 |
| Diluted EPS YoY | unavailable | unavailable | +19.5% |
| net % | -3.2% | 79.5% | 92.3% |
| Free cash flow | 21.2 m | 23.7 m | 27.8 m |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 12.3 m GBP
- Financial debt
- 183.8 m GBP
- Net debt
- 171.5 m GBP
- Equity
- 486.7 m GBP
- Total assets
- 695.2 m GBP
- Debt / equity
- 0.38x
- Current ratio
- 0.88x
- ROE
- 10.6%
- ROA
- 7.4%
- FCF margin
- 53.0%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 46.2 m | 48.0 m | 52.4 m | esef· 02 Sept 2026verified |
| Operating income | 6.5 m | 45.5 m | 55.5 m | esef· 02 Sept 2026verified |
| Interest expense | 8.1 m | 7.5 m | 7.3 m | esef· 02 Sept 2026verified |
| Pre-tax income | -1.5 m | 38.2 m | 48.3 m | esef· 02 Sept 2026verified |
| Income tax | 0 | 0 | 0 | esef· 02 Sept 2026verified |
| Net income | -1.5 m | 38.2 m | 48.3 m | esef· 02 Sept 2026verified |
| Diluted EPS | -0.00 | 0.09 | 0.10 | esef· 02 Sept 2026verified |
| Dividend per share | — | 0.06 | 0.06 | esef· 02 Sept 2026derived |
Balance sheet · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 9.7 m | 10.1 m | 12.3 m | esef· 02 Sept 2026verified |
| Receivables | 3.3 m | 5.2 m | 6.8 m | esef· 02 Sept 2026verified |
| Current assets | 24.0 m | 15.3 m | 19.9 m | esef· 02 Sept 2026verified |
| Property, plant & equipment, net | 3.0 m | 4.7 m | 6.0 m | esef· 02 Sept 2026verified |
| Total assets | 605.1 m | 614.4 m | 695.2 m | esef· 02 Sept 2026verified |
| Short-term debt | 0 | 20.0 m | 0 | esef· 02 Sept 2026verified |
| Long-term debt | 177.3 m | 153.6 m | 183.8 m | esef· 02 Sept 2026verified |
| Current liabilities | 15.4 m | 35.2 m | 22.6 m | esef· 02 Sept 2026verified |
| Total liabilities | 193.3 m | 190.9 m | 208.4 m | esef· 02 Sept 2026verified |
| Equity | 411.8 m | 423.5 m | 486.7 m | esef· 02 Sept 2026verified |
| Shares outstanding at year end | — | 438.6 m | 464.4 m | esef· 02 Sept 2026derived |
Cash flow · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 23.2 m | 25.0 m | 27.9 m | esef· 02 Sept 2026verified |
| Capex | 2.0 m | 1.3 m | 131.0 k | esef· 02 Sept 2026verified |
| Free cash flow | 21.2 m ≈ | 23.7 m ≈ | 27.8 m ≈ | esef· 02 Sept 2026derived |
| Investing cash flow | -891.0 k | 6.7 m | -5.1 m | esef· 02 Sept 2026verified |
| Financing cash flow | -19.5 m | -31.3 m | -22.6 m | esef· 02 Sept 2026verified |
| Dividends paid | 24.2 m | 27.2 m | 27.4 m | esef· 02 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 66 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 386.4 m GBP
Key indicators
Coverage and freshness
Score by group
- Quality51
- Balance sheet59
- Valuation86
- Returns72
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Neutral profile · Score 66/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.9% | 29 (vs peers) | 17% |
| Net margin · Quality | 92.3% | 100 (vs peers) | 10% |
| FCF conversion · Quality | 57.5% | 39 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 7.6x | 94 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 0.9x | 7 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 8.0x | 83 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 7.2% | 90 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 7.1% | 100 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 98.6% | 31 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet59/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality51/100 · 3/3 factors with a value
- Returns72/100 · 2/2 factors with a value
- Valuation86/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CUSTODIAN PROPERTY INCOME REIT PLC (CREI.L). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 52.4 m GBP in 2026; YoY growth 9.1%; net margin 92.3%; ROE 10.6%.
The estimated value range is 0.58–0.97 GBP per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 0.74 GBP, the price of 0.83 GBP leaves a potential of -11.5% (value / price − 1) and a margin of safety of -13.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 66/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 92.3%
- Interest coverage: 7.6x
- P/E (TTM): 8.0x
- FCF yield: 7.2%
- Shareholder yield (distributions): 7.1%
What contradicts it
- ROIC: 8.9%
- Current ratio: 0.9x
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| CREI.LCustodian Property Income REIT PLC | 386.4 m | 8.0 | 10.6% | 92.3% | +9.1% | +1% / −1% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for CREI.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 0.51 Total return -32% · Per year -32% | 0.91 Total return 17% · Per year 17% | 1.36 Total return 73% · Per year 73% |
| 3 years | 0.55 Total return -16% · Per year -6% | 1.08 Total return 55% · Per year 16% | 1.78 Total return 145% · Per year 35% |
| 5 years | 0.58 Total return 1% · Per year 0% | 1.28 Total return 101% · Per year 15% | 2.31 Total return 239% · Per year 28% |
- Exit P/E± 0.27
- Net margin± 0.19
- Annual revenue growth± 0.15
- Annual dilution± 0.02
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Custodian Property Income REIT plc is a property investment company whose principal activity is commercial property in the United Kingdom, with a portfolio of about 170 assets. At 31 March 2026 the Parent Company net gearing stood at 28.7% 1, and the company holds a meaningful unencumbered portfolio that gives it financial flexibility.
SWOT
Strengths
- A diversified portfolio of assets and tenants, with a significant share of unencumbered property, which provides flexibility.
- Gearing levels the board considers comfortable against covenants, according to its tests.
- REIT status, which can reduce the tax burden if the legal conditions are maintained.
Weaknesses
- Dependence on property valuations, which can fall and affect borrowing covenants.
- Significant bank borrowings that depend on access to finance and refinancing conditions.
- Tenant energy consumption rose over the last year, even though Scope 1 and 2 emissions fell.
Opportunities
- Rental growth forecast for 2026 could support rental income.
- Expanding renewable capacity and charging infrastructure could reduce costs and emissions.
- Unencumbered assets could provide security for new financing if market conditions are favourable.
Threats
- A fall in property values could lead to breaches of borrowing covenants.
- Higher financing costs or restricted credit access could erode the safety margin.
- Changes in rules on emissions reporting and energy efficiency could raise compliance costs.
Risks
- Valuation riskhigh
A significant fall in property values could put compliance with borrowing covenants at risk, especially at individual charge pool level.
- Refinancing riskmedium
Reliance on the revolving credit facility and existing loans could create pressure if credit markets deteriorate.
- Tenant riskmedium
Loss of rental income if tenants cannot meet their obligations could affect interest cover.
- REIT status riskmedium
Failing REIT tests could remove the corporation tax exemption on rental profits.
- Energy compliance risklow
Reporting and energy efficiency requirements could create additional costs across the building portfolio.
Investment thesis
What would need to be true (bull case)
- If rents grow as forecast and the portfolio stays well diversified, rental income could support dividend payments.
- Unencumbered properties could offer flexibility for new financing if market conditions improve.
- The higher weighting to industrial assets could make the portfolio more resilient through valuation cycles.
What would break the thesis
- If property values fall significantly, borrowing covenants could be breached, with effects on financing.
- Higher financing costs could reduce the safety margin and the capacity to invest.
- If energy compliance costs rise, returns could be affected.
What to watch
- Trend in net gearing and LTV covenant headroomNext annual report
- Portfolio valuations and the rate of decline in values2027
- Available liquidity under the revolving credit facilityNext half-year report
- Quarterly dividend payments and compliance with REIT testsNext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company's principal activity is commercial property investment, as stated in its annual report for the year ended 31 March 2026 1. It operates as a REIT, so profits from rental activity are normally expected to be exempt from corporation tax, provided REIT tests are met 1. The portfolio includes about 170 assets and over 300 typically 'institutional grade' tenants across all commercial sectors 1.
The funding structure combines bank borrowings with a revolving credit facility (RCF), whose limit was increased during the year to maintain headroom 1. At 31 March 2026, unencumbered property was valued at 227.4 million pounds sterling, or 34% of the whole portfolio 1.
The dividend policy involves quarterly payments; during fiscal 2026 dividends of 6.0 pence per share were paid, totalling 27.4 million pounds sterling 1. A fourth interim dividend of 1.5 pence per share for the quarter ended 31 March 2026 was paid on 29 May 2026 1.
Segments
UK commercial property portfolio
The portfolio comprises about 170 assets located in the United Kingdom, with a higher weighting to industrial properties, which the board believes could make the valuation resilient 1.
Market context
The board cites IPF forecasts for UK commercial property investment, which point to an average rise in rents during 2026 and capital value increases 1. The board believes the higher weighting to industrial assets could make the portfolio more resilient to pressure on valuations 1.
Valuation sensitivity is central: a fall in portfolio-level valuations of more than 34% could put covenant compliance at risk, according to the company's reverse stress testing 1. The analysis also indicates that exposure at an individual charge pool could matter more than the aggregate value 1.
Trends
- Rental growthtailwind
IPF forecasts cited by the company point to an average rent increase during 2026, which could support rental income if it materialises 1.
- Property valuationsmixed
The board believes portfolio valuations will prove resilient, yet valuations are sensitive to yield changes, and a significant decline could affect covenants 1.
- Financing costsheadwind
Gearing levels and interest rates shape headroom against interest cover covenants, which were comfortably met at 31 March 2026 1.
- Energy transitionmixed
Emissions reporting and energy efficiency are becoming more important for tenants and investors, and the company has invested in renewables and monitoring 1.
Competitive position
The annual report does not explicitly name the company's competitors, so no direct comparisons can be drawn from the available source. The company operates in the UK commercial property market, where its diversified tenant base is the differentiator the board highlights 1.
Portfolio scale and an institutional grade tenant base are presented as advantages, but the source gives no data on market share or positioning relative to other asset managers 1.
- No competitors named in the source
The annual report does not name direct competitors, so none are presented.
- Major shareholders of the company
The source discloses a shareholder above 3 percent but gives no data on competitors.
- Other UK listed REITs
The source does not identify other British REITs as competitors, so no comparison can be made.
- Institutional property investors
The source provides no information on these investors as direct competitors.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202602 Sept 2026
- Annual report 202521 Aug 2025
- Annual report 202521 Aug 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / Custodian Property Income REIT plc · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.