Custodian Property Income REIT (CREI) investor relations material

Executive summary

• Achieved strong operational performance with 4.9% growth in EPRA EPS and 2.3% like-for-like rent growth year-over-year, underpinned by a diversified portfolio of smaller regional UK properties.

• Portfolio valuation increased 2.2% to £594.4m, supporting a 2.9% NAV increase and 9.5% NAV total return, with accelerating valuation gains in recent quarters.

• Completed the acquisition of Merlin Properties, adding 28 regional assets and £2.7m of residential stock, further diversifying the portfolio and reducing pro-forma net gearing.

• Dividend per share increased 3.5% to 6.0p, fully covered by earnings, offering a 7.9% yield at year-end.

• Continued selective disposals at significant premiums to valuation, recycling capital and supporting NAV growth.

Financial highlights

• EPRA EPS rose 4.9% to 6.1p; IFRS profit after tax was £38.2m versus a £1.5m loss last year.

• Dividend per share increased to 6.0p (2024: 5.8p), with 101.3% dividend cover.

• NAV per share grew to 96.1p (2024: 93.4p); NAV total return was 9.5% year-over-year.

• Net gearing reduced to 27.9% (2024: 29.2%), with 80% of debt at fixed rates.

• Ongoing charges ratio (OCR) excluding direct property expenses was 1.30% (2024: 1.24%).

Outlook and guidance

• Board targets a 6.0p dividend per share for FY26, fully covered by recurring earnings.

• Asset prices are showing signs of recovery; Board expects share price to re-rate towards NAV as interest rates fall.

• Ongoing focus on portfolio growth through strategic acquisitions and capital recycling.

• Flexible capital structure and increased RCF headroom position the company to exploit acquisition opportunities.