Custodian Property Income REIT (CREI) H2 2026 earnings summary

Executive summary

• Achieved strong earnings growth, with profit before tax rising to £48.3m from £38.2m year-over-year, driven by portfolio expansion and valuation gains.

• Completed three corporate acquisitions, adding £63.8m in property assets and further diversifying the tenant base and regional exposure.

• Maintained a fully covered dividend of 6.0p per share, with dividend cover at 104.8% and recurring earnings growth supporting stable income.

• Net asset value (NAV) per share increased by 3.7% to 99.7p, contributing to a 10.0% NAV total return per share.

• Share price total return was 12.7%, reflecting improved market sentiment and operational performance.

Financial highlights

• Rental revenue rose 3.5% year-over-year, with like-for-like passing rent up 3.4%.

• EPRA earnings per share increased to 6.3p (2025: 6.1p), and profit before tax reached £48.3m.

• Portfolio value grew to £669.3m (2025: £594.4m), with a 2.7% like-for-like annual increase in investment property valuation.

• Net gearing reduced to 25.9% from 27.9%, aligning with the medium-term target.

• Ongoing charges ratio (OCR) excluding direct property expenses improved to 1.28%.

Outlook and guidance

• Target dividend per share for FY27 set at 6.0p, fully covered by recurring income.

• Management expects income and income growth to be the main drivers of total return amid persistent inflation and elevated interest rates.

• Continued focus on strategic acquisitions, capital recycling, and sustainability-led refurbishments.