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CREI Custodian Property Income Reit Plc

-1.10 (-1.27%)
08 Dec 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Custodian Property Income Reit Plc LSE:CREI London Ordinary Share GB00BJFLFT45 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  -1.10 -1.27% 85.80 254,505 16:35:26
Bid Price Offer Price High Price Low Price Open Price
86.30 86.70 90.90 86.40 90.90
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Investment Trust 44.15M -65.82M -0.1493 -5.82 383.1M
Last Trade Time Trade Type Trade Size Trade Price Currency
18:06:42 O 1,681 85.80 GBX

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Custodian Property Incom... (CREI) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
2023-12-08 18:06:5285.801,6811,442.30O
2023-12-08 17:16:5287.70985863.84O
2023-12-08 17:16:5185.802,7912,394.65O
2023-12-08 16:45:0586.90170147.73O
2023-12-08 16:35:2685.80151,828130,268.42UT

Custodian Property Incom... (CREI) Top Chat Posts

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Posted at 09/12/2023 08:20 by Custodian Property Incom... Daily Update
Custodian Property Income Reit Plc is listed in the Real Estate Investment Trust sector of the London Stock Exchange with ticker CREI. The last closing price for Custodian Property Incom... was 86.90p.
Custodian Property Incom... currently has 440,850,398 shares in issue. The market capitalisation of Custodian Property Incom... is £383,098,996.
Custodian Property Incom... has a price to earnings ratio (PE ratio) of -5.82.
This morning CREI shares opened at 90.90p
Posted at 27/9/2023 14:52 by 121spa
I hear what you're saying SKYSHIP. I like CREI. It's solid & offers some value. It just feels like there are other high quality REITs out there that are cheaper eg SUPR.
Posted at 17/6/2023 13:02 by skyship
Jeex Pharma - you have the patience of Job.

You've been locked in for 9yrs earning dividends of 5.77%pa. Lose capital at a rate of 1.44%pa and you seem happy with an annual return of 4.33%!

Certainly wouldn't suit me; may not even suit EezyMunny.

I compound at 15%pa; and certainly need 10%pa to fund a 7% drawdown and add more to the pot each year.

Why are you happy with CREI and 4.33%pa? Or have you perhaps not realised how bad an investment it has been.

So, you can now ditch CREI (c90.2p), buy into the 3 alternatives I recommend above & thank me in a year's time.

You're welcome...
Posted at 17/6/2023 09:00 by pharmaboy3
Your posts always seem negative. I assume you're not invested in CREI, so why bother sharing?I bought in at 104p ,from float.the 12% reduction has been more than offset by the £250k divis I've received since launch.I'm definitely not an expert in this area, but the people who run the business are trustworthy, hardworking folk.They constantly upgrade the properties wrt ESG They also oversee a Private Investor Club,giving high net worth individuals a chance to invest in more high-risk opportunities. Most of which have been successful. Please remember they are also backed by Mattioli Woods,whose culture is fully aligned with CREI.
Posted at 10/5/2023 11:50 by spectoacc
Interesting @nickrl, thanks. That's a curious one - so rent goes up all of £293k a year, yet they're having to spend £3.9m now? I'm not convinced that's much of a deal for CREI.

10 year, no break new leases are great, yet how secure is the covenant?

And unless I'm missing something very obvious, they're spending £3.9m to get back £2.9m in extra rent, spread over 10 years.

Granted, maybe that EPC work needed doing anyway, and at least they are getting some of the money back. But it works out at c.7.5% (by my maths) on £3.9m. Very marginal over CREI's borrowing cost, and surely there's offices that could be purchased at a higher yield for that.

Likely the shape of things to come tho.
Posted at 08/2/2023 07:29 by spectoacc
Suspicious of co's that trumpet the good news in the title of the RNS.

The headline looks OK, and they're still trading fine, but NAV down below £1 after falling 13.9p in 3 months. Seemingly having to sell things to keep the LTV down.

"Net gearing[5] remains low and broadly in line with the Company’s 25% target, increasing to 27.1% loan-to-value during the Quarter (30 September 2022: 25.4%) as a result of valuation decreases, partially offset by £13.5m of disposals"

"...Broadly in line with.." is a nonsense when they've had to sell £13.5m of property - one they only bought last year, and at 4% below valuation - just to be at over 27% LTV. There's more valuation falls coming through and the sales market may not stay as relatively good when the buyers have spent their cash.

Vacancy also a bit high.

Talking about no refinancing until Aug 2024 is fine, except that we all know these things need addressing a year in advance - so this August, on a c.4%+ base rate.

There's positives, but definitely negatives too, and those certainly aren't in the headline.

CREI are running to stand still. They'll be fine if the economy doesn't turn, but not for me.
Posted at 20/12/2022 20:34 by nickrl
Just got around on looking at interims. Increased interest costs starting to weigh in here as c22% of borrowing is linked to SONIA +1.5-1.8% 40m RCF. Since interims annual interest bill up another 0.5m although recent disposal will take it down a tad but they have a few mil committed to capex so will go up again. Whilst the rest of debt is on fixed rates with earliest refi Aug 24 it has a relatively low LTV of 35% covenant vs 25.5% current LTV (has dropped slightly to 24% with recent disposal). CREI have always been focussed on covering dividend so possible it will come under pressure next year if IR keep creeping up.
Posted at 09/11/2022 10:22 by nickrl
@petewy I like CREI transparency on asset mgt from their updates so you know whats going on unlike some who just want to generalise with the positive headlines and not reveal the data. You could say that much of the positive news was tailwinds from the pre Kwasi fiasco but there post Q3 updates are positive as well although one has to surmise things will slow down surely from now. So how sustainable are things moving forward? CREI have generally always covered the divi at the cash level even when they able to flog chunks of extra shares at premia on almost a weekly basis pre covid. LTV has crept up a tad and they do have other committed CAPEX, on whats looks to be largely speculative developments but maybe the good EPC ratings will be enough to attract tenants, but recent sales should cover that. However, they are exposed on the RCF as its floating at SONIA+1.5-1.8% so interest costs will creep up if IR keep going up by 400k/%. So with divi cover close to 1 already an increase looks unlikely for sometime but current divi looks supportable for next few qtrs but i don't believe CREI policy would allow the divi to go uncovered for very long so have to see how the economic environment develops.
I would have some more but feel i need to wait out and see want Hunt has to say first.
Posted at 13/9/2022 06:52 by skyship
Reversionary yield on today's acquisition seems fair enough; however don't like more exposure to wee Krankie's Scotland!

CREI have pulled back from a recent over-valuation; but far better value remains elsewhere in the sector: API/CTPT/SREI/UKCM for instance - all on discounts in mid 30s or above. Only SREI on a higher yield however - 6.4%. If you take the special div into account then UKCM yield 7.8%.
Posted at 23/5/2022 20:13 by rambutan2
Specto, re value/discount, CREI's average over the last 12mths was 3%, SREI, BREI and SLI are all currently on about their average for the period. I think there's more potential in CREI for a good discount shrinkage sooner than for the others. The shareholder base of CREI made up of mainly wealth managers, not big institutions, makes a return to a tighter discount more likely.

In the meantime, it offers a higher dividend, which is covered, and a portfolio which appears to still have growth embedded in it.
Posted at 12/5/2022 18:38 by rambutan2
Always welcome:

12 May 2022

Directors' purchase of ordinary shares

Custodian REIT (LSE: CREI), the UK property investment company focused on small lot-sizes, announces the purchase of ordinary shares in the Company by all of its Independent Non-Executive Directors.

David Hunter, Chairman of the Custodian REIT, commented: "I thank my colleagues for the support they have shown the Company in making the purchases detailed below which closer align the Independent Directors' interests with the long-term interests of our shareholders, without impacting their independence. These purchases reflect the Directors' view that the Company's current share price does not sufficiently reflect the true value of its net assets."
Custodian Property Incom... share price data is direct from the London Stock Exchange

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