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
  0.60 0.65% 93.50 262,305 16:35:03
Bid Price Offer Price High Price Low Price Open Price
92.70 93.00 93.50 92.10 93.50
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 39.89 122.33 28.50 3.3 393
Last Trade Time Trade Type Trade Size Trade Price Currency
17:39:27 O 6,732 92.912 GBX

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Posted at 28/1/2023 08:20 by Custodian Property Incom... Daily Update
Custodian Property Income Reit Plc is listed in the Real Estate Investment Trusts sector of the London Stock Exchange with ticker CREI. The last closing price for Custodian Property Incom... was 92.90p.
Custodian Property Income Reit Plc has a 4 week average price of 89.50p and a 12 week average price of 86.70p.
The 1 year high share price is 110.40p while the 1 year low share price is currently 81.60p.
There are currently 420,053,344 shares in issue and the average daily traded volume is 352,684 shares. The market capitalisation of Custodian Property Income Reit Plc is £392,749,876.64.
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 10/8/2022 13:36 by nickrl
CREI NAV update and qtrly review was out yesterday. As usual they provide one of the better overviews of whats happened across their portfolio. NAV up 3.2% but starting to run out of steam in some asset classes so i do wonder when we get Q3 updates how many REITs will still be sustaining NAV growth. Also despite reporting plenty of renewal or new lets they are down another 1% in vacancy levels. Anyhow they seem adept and recycling the portfolio well currently with yield still just shy of 5%.
Posted at 03/8/2022 08:42 by spectoacc
Can't knock this:

"Custodian REIT (LSE: CREI), the UK property investment company focused on smaller lot-sized regional property, is pleased to announce the disposal of an industrial unit in Milton Keynes for GBP8.5 million at a 73% premium to its 31 March 2022 valuation."

Yes, we generally only get to see the big uplifts (why sell, if something's fallen & is still yielding income). But the property market is still strong IMO. Interest rates may be rising, but still hugely negative in real terms.

Posted at 06/7/2022 20:13 by rambutan2
Reassures on port valuations, but check out that drop in rent!

Disposal of Properties

Custodian REIT (LSE: CREI), the UK property investment company focused on smaller lot sizes, is pleased to announce the disposal of a property from its portfolio.

The Company has sold a retail unit in Weston-super-Mare at auction for GBP0.7m, in line with the most recent valuation. A five year lease renewal had recently been completed with Superdrug with annual rent decreasing from GBP124k to GBP60k.

Commenting on the disposal, Richard Shepherd-Cross, Managing Director of Custodian Capital Limited (the Company's external fund manager), said:

"This asset was not aligned with the strategy of the Company as we did not anticipate rents recovering and continues our planned disposals programme of non-prime high street retail assets. We expect to invest the sale proceeds in higher quality assets with greater prospects for income and capital growth, better supporting the Board's objective of increasing dividends in a sustainable way."

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 23/5/2022 19:12 by spectoacc
Am I alone in finding the recent director buying slightly pathetic? These are the holdings afterwards:

Chris Ireland 50,345 0.01%
David Hunter 39,000 0.01%
Matthew Thorne 39,000 0.01%
Elizabeth McMeikan 20,400 0.00%
Hazel Adam 19,566 0.00%

2 not dissimilar from zero, 3 a barely registering 0.01%.

Amounts bought to add to tiny existing holdings to get to the figures above:

Chris Ireland 24,542 . 25k
Hazel Adam 19,566 . 20k
David Hunter 10,000 . 10k
Matthew Thorne 10,000 . 10k
Elizabeth McMeikan 10,000 . 10k

£10k of shares in CREI is not conviction.

"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..."

CREI needs to go some to match the value elsewhere in the sector - SREI, BREI, SLI etc - and can't see it's got there yet.

Citywire piece on it today:

Posted at 23/5/2022 07:48 by skyship
I've only traded CREI twice - both times shorted. Those were in the days when CREI stood at a crazy premium and spooned out new shares at an NAV premium to gullible institutions.

But now, after viewing that presentation (thnx RAM), I've decided they look reasonable value for a very well-managed propco. Annoyingly the Market closed just ahead of me on Friday, so had to pay a slightly higher price this morning - 99.44p.

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."

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