Edison issues update on Custodian Property Income REIT (CREI): Occupier demand continues to drive income

London, UK, 18 December 2023

Edison issues update on Custodian Property Income REIT (CREI): Occupier demand continues to drive income

In H124, Custodian Property Income REIT (CREI) continued to benefit from robust occupier demand, underpinning earnings and dividends. Rents continued to grow and occupancy increased, with further near-term progress in sight, reflected in our increased EPRA earnings forecast. Asset management is also supporting capital values, although overall, following market trends, these continue to drift and NAV is modestly lower.

The FY24 DPS target represents an attractive yield of 6.5%, with the potential for capital growth, while the discount to H124 NAV is 11%. CREI trades at a premium to peers (average yield 7.0%, discount 28%), which has consistently been the case since listing. Unlike some peers, DPS is fully covered, while a focus on higher yield, smaller lot-size properties has historically supported risk-adjusted income returns.  

 
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