REG-Custodian Property Income REIT plc Custodian Property Income REIT plc: Interim results for the period ended 30 September 2025
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Custodian Property Income REIT plc (CREI)
Custodian Property Income REIT plc: Interim results for the period ended 30 September 2025
05-Dec-2025 / 07:01 GMT/BST
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5 December 2025
Custodian Property Income REIT plc
(“the Company” or “Custodian Property Income REIT”)
Interim results for the period ended 30 September 2025
A strong operational performance with active asset management driving valuation and earnings growth,
underpinning fully covered dividend
Custodian Property Income REIT (LSE: CREI), which seeks to deliver an enhanced income return by
investing in a diversified portfolio of smaller regional properties with strong income
characteristics across the UK, today announces its interim results for the period ended 30 September
2025 (“the Period”).
Commenting on the interim results, Richard Shepherd-Cross, Managing Director of the Investment
Manager, said: “The direct property market is continuing its recovery in the UK, with valuations
improving quarter-on-quarter, driven by rental growth across all sectors. The strong performance of
the underlying assets should be expected to steadily flow through to listed property companies’
share prices, but a further shift in market sentiment is required along with a willingness to
consider the longer-term opportunity that exists in real estate.
“At a property level, Custodian Property Income REIT is delivering on all fronts to provide
shareholders with strong income returns by capturing portfolio reversion and driving sustainable
earnings growth. During the Period, our targeted asset management programme grew the rent roll from
£43.9m to £45.9m, primarily driven by lease renewals picking up ongoing rental growth, as well as
the new lettings of vacant units and positive rent review results. In line with the growth of the
rent roll and estimated rental value of the portfolio, we have witnessed continued valuation growth
for the fifth consecutive quarter, with NAV per share increasing by 2.9% since 31 March 2025.
“The portfolio has continued to deliver a fully covered dividend of 6.0p per share, with future
rental growth potential of 13% embedded, and offering a road map to further earnings
growth. Simultaneously, undertaking profitable sales ahead of pre-offer valuations has helped to
fund various refurbishment initiatives within the existing portfolio, as well as proving
valuations. Our ongoing share buyback programme has executed the timely acquisition of shares at a
discount to NAV.
“In the inflationary environment that is likely to persist, real assets that can be enhanced to
deliver rental and capital growth will protect the real value of both shareholders’ investment and
income. At the same time, we will continue to look for opportunities to grow through corporate
acquisitions similar to the Merlin transaction we announced at the start of the Period.”
Highlights of the Period:
• 3.3% growth in EPRA earnings per share to 3.1p (30 September 2024: 3.0p) with a fully covered
dividend per share of 6.0p, reflecting a 7.4% dividend yield as at 30 September 2025
• Estimated rental value (“ERV”) increased by 3.4% from £50.2m to £51.9m, with ERV 13% ahead of
passing rent, providing a significant opportunity to unlock further rental growth through asset
management and at lease events
• Leasing activity during the Period included eight new lettings and four rent reviews, helping
grow the rent roll from £43.9m as at 31 March 2025 to £45.9m as at 30 September 2025
• Occupancy increased by 1.1% to 92.2% (31 March 2025: 91.1%)
• Like-for-like valuation of the Company’s portfolio of 175 properties increased by 1.9% to
£625.0m, supporting a 2.9% NAV per share increase and contributing to a 6.0% NAV total return
(30 September 2024: 3.6%). Encouragingly, valuations have improved at an accelerating rate,
quarter-on-quarter, reflecting falling interest rates and the recovery of real estate market
sentiment
• £1.6m of solar panel valuation increases represent a 124% uplift on the cost of five of the
Company’s operational arrays
• £6.2m of capital investment during the Period, primarily relating to the refurbishment of
industrial units in Plymouth and Biggleswade
• £8.9m of proceeds from selective disposals achieved at an aggregate 12% premium to pre-offer
valuation, with a further £2.4m of disposals since the Period end
• Net gearing remains low at 26.3% (31 March 2025: 27.9%) with 69% at a fixed rate of interest
• During the Period, the Company completed the purchase of a £22.1m portfolio via the all-share
acquisition of a family property company. The ‘Merlin’ acquisition comprised a £19.4m portfolio
of 28 smaller lot-size regional UK investment properties which are highly complementary to the
Company’s existing assets, as well as c. £2.7m of newly built housing stock, the ongoing sales
of which are expected to conclude by the end of the financial year, generating additional cash
for the Company.
Further information:
Further information regarding the Company can be found at the Company's website 1 custodianreit.com
or please contact:
Custodian Capital Limited
Richard Shepherd-Cross – Managing Director
Ed Moore – Finance Director Tel: +44 (0)116 240 8740
Ian Mattioli MBE DL – Chairman
2 www.custodiancapital.com
Deutsche Bank AG, London Branch
Hugh Jonathan / George Shiel Tel: +44 (0)20 7260 1000
www.dbnumis.com
FTI Consulting
Richard Sunderland / Ellie Sweeney / Andrew Davis / Oliver Tel: +44 (0)20 3727 1000
Parsons
3 custodianreit@fticonsulting.com
Property highlights
30 Sept 2025
£m
Comments
31 March 2025: £594.4m, 30 September 2024: £582.4m
Portfolio value 4 1 625.0
• £13.8m investment property, representing a 1.9%
like-for-like increase, explained further in the
Valuation increases 5 2 : 15.4 Investment Manager’s report
• £1.6m solar panels 6 3 , representing a 124% uplift on
the cost of five of the Company’s operational arrays
Primarily comprising:
Capital investment 6.2 • £3.6m refurbishing industrial assets in Plymouth and
Biggleswade
• £0.7m combining two units to facilitate a letting at a
retail warehouse in Southport
At an aggregate 12% premium to pre-offer valuation 7 4
comprising:
Disposal proceeds 8.9
• Two office buildings in Cheadle for an aggregate £6.9m
• A retail unit in Guildford for £1.6m
• A retail unit in Leicestershire for £0.4m
Disposal proceeds since the 2.4 Six assets in Leicestershire, acquired as part of the
Period end Merlin Portfolio
Increased 1.2% since 31 March 2025 through letting eight
Occupancy 92.2% vacant units across seven assets in the retail warehouse,
industrial and office sectors
Financial highlights and performance summary
6 months ended 6 months ended 12 months
ended
30 Sept 2025 30 Sept 2024 31 Mar 2025
Comments
Returns
The impact of an improvement in
EPRA 8 5 earnings per 3.1p 3.0p 6.1p occupancy and increase in income
share 9 6 from solar panels have exceeded
cost inflation
Basic and diluted 6.1p 3.4p 8.7p Current period profit reflects
earnings per share 10 7 improving valuations
Profit before tax (£m) 27.6 14.9 38.2
Target dividend per share for
Dividends per the year ended 31 March 2026 of
share 11 8 3.0p 3.0p 6.0p not less than 6.0p,
in line with the Company’s
policy of paying fully covered
Dividend cover 12 9 101% 100% 101% dividends
NAV per share 13 10 6.0% 3.6% 9.5% 3.1% dividends paid and a 2.9%
total return capital increase
Share price total 10.2% 8.8% 1.2% Share price increased from 76.2p
return 14 11 to 81.0p during the Period
Capital values
NAV and EPRA NTA 15 12 NAV increased during the Period
(£m) 456.3 412.7 423.5 due to £15.4m of valuation
increases and the all-share
NAV per share and NTA per 98.9 93.6 96.1 acquisition of Merlin Properties
share Limited
Borrowings
Decreased due to disposal proceeds
exceeding capital expenditure, valuations
increasing during the Period and acquiring
Net gearing 16 13 26.3% 28.5% 27.9% the ungeared Merlin Portfolio in an
all-share transaction
Weighted average cost of drawn debt 4.0% 4.0% 3.9% Majority fixed rate debt insulating the
facilities Company from higher base rate
Costs
Ongoing charges ratio (“OCR”) Fixed cost inflation exceeding rate of
excluding direct property 1.34% 1.28% 1.30% valuation increases
expenses 17 14
Environmental
EPCs updated across 12 properties
Weighted average energy performance B (49) C (52) C (51) demonstrating continuing improvements in
certificate (“EPC”) rating 18 15 the environmental performance of the
portfolio
The Company presents alternative performance measures (“APMs”) to assist stakeholders in assessing
performance alongside the Company’s results on a statutory basis.
APMs are among the key performance indicators used by the Board to assess the Company’s performance
and are used by research analysts covering the Company. The Company uses APMs based upon the EPRA
Best Practice Recommendations Reporting Framework which is widely recognised and used by public real
estate companies. Certain other APMs may not be directly comparable with other companies’ adjusted
measures, and APMs are not intended to be a substitute for, or superior to, any IFRS measures of
performance. Supporting calculations for APMs and reconciliations between APMs and their IFRS
equivalents are set out in Note 19.
Business model and strategy
Purpose
Custodian Property Income REIT offers investors the opportunity to access a diversified portfolio of
UK commercial real estate through a closed-ended fund. The Company seeks to provide investors with
an attractive level of income and the potential for capital growth, with a focus on improving the
environmental credentials of the portfolio, to become the REIT of choice for private and
institutional investors seeking high and stable dividends from well-diversified UK real estate.
Stakeholder interests
The Board recognises the importance of stakeholder interests and keeps these at the forefront of
business and strategic decisions, ensuring the Company:
• Understands and meets the needs of its occupiers, owning fit for purpose properties with strong
environmental credentials in the right locations which comply with regulations;
• Protects and improves its stable cash flows with long-term planning and decision making,
implementing its policy of paying maintainable dividends fully covered by recurring earnings and
securing the Company’s future; and
• Adopts a responsible approach to communities and the environment, actively seeking ways to
minimise the Company’s impact on climate change and providing the real estate fabric of the
economy, giving employers a place of business.
Investment Policy summary
The Company’s investment policy 19 16 is summarised below:
• To invest in a diverse portfolio of UK commercial real estate, principally characterised by
smaller, regional, core/core-plus 20 17 properties that provide enhanced income;
• The property portfolio should be diversified by sector, location, tenant and lease term, with a
maximum weighting to any one property sector or geographic region of 50%;
• To acquire modern buildings or those considered fit for purpose by occupiers, focusing on areas
with:
• High residual values;
• Strong local economies; and
• An imbalance between supply and demand;
• No one tenant or property should account for more than:
• 5% of the rent roll for Governmental bodies or departments and single tenants with an ‘above
average risk’ credit rating 21 18 risk; and
• 10% of the rent roll at the time of purchase for other tenants or properties.
• Not to undertake speculative development, except for the refurbishment or redevelopment of
existing holdings;
• To seek further growth, which may involve strategic property portfolio acquisitions and
corporate consolidation; and
• The Company may use gearing provided that the maximum loan-to-value (“LTV”) shall not exceed
35%, with a medium-term net gearing target of 25% LTV.
The Board reviews the Company’s investment objectives at least annually to ensure they remain
appropriate to the market in which the Company operates and in the best interests of shareholders.
Differentiated property strategy
The Company’s portfolio is focused on smaller, regional, core/core-plus assets which helps achieve
our target of high and stable dividends from well-diversified real estate by offering:
• An enhanced yield on acquisition – with no need to sacrifice quality of property, location,
tenant or environmental performance for income and with a greater share of value in ‘bricks and
mortar’ rather than the lease;
• Greater diversification – spreading risk across more assets, locations and tenants and offering
more stable cash flows; and
• A higher income component of total return – driving out-performance with forecastable and
predictable returns.
Richard Shepherd-Cross, Managing Director of the Company’s discretionary investment manager,
commented: "Our smaller-lot specialism has consistently delivered significantly higher yields
without exposing shareholders to additional risk. We believe the recent narrowing of the margin
between lot sizes is in large part due to a smaller sample set of transactions, as investment
volumes are down, disproportionately impacted by a number of large, higher yielding office and
shopping centre assets. We will watch the data with interest but expect a wider margin to be
maintained in normalised markets.”
Weighting
by income
Weighting by income 30 September 2025
30 September 2025
Location
Sector West Midlands 19%
North-West 17%
Industrial 43% East Midlands 16%
Retail warehouse 22% Scotland 14%
Office 14% South-East 10%
Other 14% South-West 10%
High street retail 7% North-East 9%
Eastern 4%
Wales 1%
Our environmental, social and governance (“ESG”) objectives
• Improving the energy performance of our buildings - investing in carbon-reducing technology,
infrastructure and onsite renewables and ensuring redevelopments are completed to high
environmental standards which are essential to the future leasing prospects and valuation of
each property
• Reducing energy usage and emissions - liaising closely with our tenants to gather and analyse
data on the environmental performance of our properties to identify areas for improvement
• Achieving positive social outcomes and supporting local communities - engaging constructively
with tenants and local government to ensure we support the wider community through local
economic and environmental plans and strategies and playing our part in providing the real
estate fabric of the economy, giving employers safe places of business that promote tenant
well-being
• Understanding environmental risks and opportunities - allowing the Board to maintain appropriate
governance structures to ensure the Investment Manager is appropriately mitigating risks and
maximising opportunities
• Complying with all requirements and reporting in line with best practice where appropriate -
exposing the Company to public scrutiny and communicating our targets, activities and
initiatives to stakeholders
• Governance - maintaining high standards of corporate governance and disclosure to ensure the
effective operation of the Company and instil confidence amongst our stakeholders. We aim to
continue to focus on our levels of governance and disclosure to maintain industry best practice
Investment Manager
Custodian Capital Limited (“the Investment Manager”) is appointed under an investment management
agreement (“IMA”) to provide property management and administrative services to the Company.
Richard Shepherd-Cross is Managing Director of the Investment Manager. Richard has 30 years’
experience in commercial property, qualifying as a Chartered Surveyor in 1996 and until 2008 worked
for JLL, latterly running its national portfolio investment team.
Richard established Custodian Capital Limited as the Property Fund Management subsidiary of Mattioli
Woods Limited (“Mattioli Woods”) and in 2014 was instrumental in the launch of Custodian Property
Income REIT from Mattioli Woods’ syndicated property portfolio and its 1,200 investors. Following
the successful IPO of the Company, Richard has overseen the growth of the Company to its current
property portfolio of c. £600m.
Richard is supported by the Investment Manager’s other key personnel: Ed Moore - Finance Director
and Alex Nix - Assistant Investment Manager, along with a team of seven other surveyors and five
accountants.
Chairman’s statement
Custodian Property Income REIT’s strategy is to invest in a diversified, regional portfolio which,
at 30 September 2025, comprised 175 properties geographically spread throughout the UK and across a
diverse range of sectors, with a portfolio yielding 6.7% 22 19 (31 March 2025: 6.6%). With an
average property value of c.£4m and no one tenant per property accounting for more than 1.8% of the
Company’s rent roll, property specific risk and tenant default risk are significantly mitigated.
This diversified strategy and strong focus on income has served to deliver continued and relatively
stable returns and puts the Company in a strong position against a background of improving sentiment
towards commercial property investment. For the six months to 30 September 2025 share price total
return was 10.2%, supported by NAV per share total return of 6.0% with a fully covered dividend
providing a significant and defensive component of total returns.
The Company’s weighted average cost of debt has remained at c. 4% and earnings have been resilient
with EPRA EPS of 3.1p (2024: 3.0p) for the Period, buoyed by rental growth and the letting of vacant
space, increasing occupancy since 31 March 2025 from 91.1% to 92.2%. The rent roll has grown from
£43.9m at 31 March 2025 to £45.9m and the estimated rental value (“ERV”) of the portfolio has
increased by £1.7m to £51.9m during the Period, providing a reversionary potential 23 20 of 13%.
Dividends
In line with the Company’s objective to be the REIT of choice for institutional and private
investors seeking high and stable dividends from well diversified UK commercial real estate, we were
pleased to announce dividends per share of 3.0p (2024: 3.0p) relating to the six months to 30
September 2025. The Board expects to continue to pay quarterly dividends per share of 1.5p to
achieve a fully covered target dividend per share for the year ending 31 March 2026 of no less than
6.0p.
The Board acknowledges the importance of income for shareholders and its objective remains to grow
the dividend at a rate which is fully covered by net rental income and does not inhibit the
flexibility of the Company’s investment strategy.
Portfolio
During the Period and since the Period end the Company has generated sale proceeds of £11.3m which
have been recycled into investments in accretive asset improvements whilst paying down variable rate
debt to support net earnings. The Company’s property investment strategy, which targets smaller
regional properties, often provides strategic options to re-lease or to sell at lease expiry. This
optionality exists because there is an active owner-occupier market for smaller regional properties,
which is much less the case for larger assets.
Net asset value
The NAV of the Company at 30 September 2025 was £456.3m, approximately 98.9p per share:
Pence per share £m
NAV at 31 March 2025 96.1 423.5
Share repurchases 0.1 (1.7)
Acquisition of Merlin Properties Limited (0.1) 21.2
Acquisition costs (0.2) (1.0)
Valuation increases 24 21 and depreciation 2.8 13.1
Profit on disposal 0.2 0.8
Net gains on investment property 3.0 13.9
Net earnings 3.0 14.0
Quarterly interim dividends paid during the Period (3.0) (13.6)
NAV at 30 September 2025 98.9 456.3
Borrowings
The Company’s net gearing decreased from 27.9% LTV at 31 March 2025 to 26.3% during the Period.
The proportion of the Company’s drawn debt facilities with a fixed rate of interest decreased to 69%
at 30 September 2025 (31 March 2025: 80%) due to a £20m fixed rate loan expiring in August 2025 and
being repaid using the revolving credit facility (“RCF”). However, the Company’s majority fixed
rate debt still significantly mitigates interest rate risk for the Company and maintains a
beneficial margin between the weighted average cost of debt of 4.0% (31 March 2025: 3.9%) and income
returns from the property portfolio. The Company’s debt is summarised in Note 14.
Board
As previously reported, Nathan Imlach will retire from the Board on 31 December 2025. On behalf of
the Board I would like to thank Nathan for his contribution and wish him well in the future.
Following Nathan’s retirement, the Board will be fully independent and will meet the FCA’s target
for 40% female Board representation.
Share buyback programme
During the Period the Company implemented a share buyback programme with a maximum aggregate
consideration of £5.0m (“the Buyback Programme”). During the higher interest rate environment since
1 April 2023 the Company has prioritised re-investment of proceeds from selective disposals in
funding capital expenditure (“capex”) to improve the quality and environmental credentials of the
portfolio and to pay down variable rate debt, aligning with the Company’s strategy of providing
shareholders with strong income returns. The Board believes the current share price materially
undervalues the Company and its portfolio, including the security and quality of income offered
through the fully covered dividend. Under the Buyback Programme shares will only be purchased if
the Directors believed it would result in an increase in earnings per share or an increased NAV per
share (or both) for remaining shareholders. At the current share price and given the latest
expectations for future interest rates, the Directors believe the Buyback Programme is an attractive
use of property disposal proceeds that will create value for shareholders.
To date the Company has purchased 5,495,732 (30 September 2025: 2,210,000) shares under the Buyback
Programme, which are held in treasury. Aggregate consideration for these buybacks was £4.3m (30
September 2025: £1.7m) at a weighted average cost per share of 79.0p (30 September 2025: 78.4p),
representing an average 17.7% (30 September 2025: 18.5%) discount to prevailing dividend adjusted
NAV per share.
Acquisitions
On 30 May 2025 the Company acquired 100% of the ordinary share capital of Merlin Properties Limited
(“Merlin”) for initial consideration of 22.9m new ordinary shares in the Company (“the
Transaction”). A final tranche of consideration, comprising 1.2m shares, was issued on 23 October
2025. The aggregate consideration was calculated on an ‘adjusted NAV-for-NAV basis’, with each
company’s NAV being adjusted for respective acquisition costs and Merlin’s investment property
portfolio valuation adjusted to the agreed purchase price of £19.4m.
The Transaction provides the Company with a portfolio that is both a strong fit with our
income-focused strategy and highly complementary to our existing property portfolio, augmenting our
regional, industrial bias and adding further diversification by tenant. We have also successfully
disposed of seven non-core properties from the Merlin portfolio since acquisition at an aggregate
premium to allocated purchase cost, supporting the overall acquisition value.
Custodian Property Income REIT remains committed to growth and over the first 11 years of trading
the Company has grown, largely organically, but also via corporate acquisitions, with an over
six-fold increase in the size of the portfolio from £90m of property assets at IPO to £625m at 30
September 2025. This growth has improved shareholder liquidity and increased diversification,
mitigating property specific and tenant risk while stabilising earnings.
Following the Merlin acquisition, the Board of Custodian Property Income REIT and the Investment
Manager are actively exploring further opportunities to purchase complementary portfolios via
mergers or corporate acquisitions.
ESG
The Company has made further pleasing progress implementing its environmental policy during the
Period, improving its floor area weighted average EPC score from C (51) to B (49) due primarily to
completing refurbishments at two large industrial units. The Board was pleased to publish its Asset
Management and Sustainability report in June which is available at:
25 custodianreit.com/environmental-social-and-governance-esg/
This report contains details of the Company’s asset management initiatives with a clear focus on
their impact on ESG, including case studies of recent positive steps taken to improve the
environmental performance of the portfolio.
Outlook
Sentiment towards real estate investment has been dominated by economic and political uncertainty,
most particularly in the run up to the Budget on 26 November 2025. No Budget measures are expected
to have a direct, negative impact on commercial real estate investment and, as summarised by Knight
Frank, a relatively ‘bond-friendly’ budget has resulted in gilt yields edging down leaving the door
firmly open for future base rate cuts. This further supports the existing positive outlook for real
estate, with rental growth across all sectors, albeit not all properties. Valuations have been
increasing, largely in line with rental growth, and vacancy rates have fallen during the Period. We
have seen continued buying of our shares through the retail investor platforms which have committed
a further £8m during the Period and a total of £39m over the last two years.
Custodian Property Income REIT continues to provide shareholders with an income focused investment
opportunity, with earnings supporting a fully covered dividend. We believe the twin drivers of
interest rate cuts and continued rental growth will attract capital back to listed real estate and
lead to a sustained share price recovery. In the meantime, we are making best use of our ability to
buy-back shares, to support earnings per share, at prices that we believe undervalue the Company. We
continue to look for opportunities to grow through corporate acquisitions while at the same time
expect to progress selective and profitable disposals to further manage our revolving debt and
support asset enhancing capex.
David MacLellan
Chairman
4 December 2025
Investment Manager’s report
Property market
The direct property market is continuing its recovery in the UK, with valuations improving
quarter-on-quarter, driven by rental growth across all sectors. The strong performance of the
underlying assets should be expected to steadily flow through to listed property companies’ share
prices, but a further shift in market sentiment is required along with a willingness to consider the
longer-term opportunity that exists in real estate.
At a property level, Custodian Property Income REIT is delivering on all fronts to provide
shareholders with strong income returns by capturing portfolio reversion and driving sustainable
earnings growth. During the Period, our targeted asset management programme grew the rent roll from
£43.9m to £45.9m, primarily driven by lease renewals picking up ongoing rental growth, as well as
the new lettings of vacant units and positive rent review results. In line with the growth of the
rent roll and estimated rental value of the portfolio, we have witnessed continued valuation growth
for the fifth consecutive quarter, with NAV per share increasing by 2.9% since 31 March 2025.
The portfolio has continued to deliver a fully covered dividend of 6.0p per share, with future
rental growth potential of 13% embedded, and offering a road map to further earnings growth.
Simultaneously, undertaking profitable sales ahead of pre-offer valuations has helped to fund
various refurbishment initiatives within the existing portfolio, as well as proving valuations. Our
ongoing share buyback programme has executed the timely acquisition of shares at a discount to NAV.
Strong recent leasing activity demonstrates the resilience of Custodian Property Income REIT’s
well-diversified investment portfolio. 15 lease renewals/regears with £2.0m of annual rent have
been signed during the Period. £2.1m of new rent has been added to the rent roll from:
• Completing four rent reviews on assets in the retail warehouse, industrial and retail sectors at
an aggregate 8% above previous passing rent and in line with ERV, adding £0.5m of new rent; and
• Letting eight vacant units across seven assets in the retail warehouse, industrial and office
sectors, in aggregate, 4% ahead of ERV.
EPRA occupancy 26 22 has improved to 92.2% (31 Mar 2025: 91.1%) due to the new lettings above and
the sale of vacant, or part vacant, units in Cheadle and Guildford.
Property portfolio performance
30 Sept 30 Sept 31 Mar
2025 2024 2025
Property portfolio value £625.0m £582.4m £594.4m
Separate tenancies 430 338 349
EPRA occupancy rate 92.2% 93.5% 91.1%
Assets 175 152 151
Weighted average unexpired lease term to first break or expiry 5.0yrs 4.9yrs 5.0 yrs
EPRA topped-up net initial yield (“NIY”) 6.7% 6.9% 6.6%
Weighted average EPC rating B (49) C (52) C (51)
The property portfolio is split between the main commercial property sectors in line with the
Company’s objective to maintain a suitably balanced investment portfolio. The Company has a
relatively low and highly targeted exposure to office and high street retail combined with a
relatively high exposure to industrial and to alternative sectors, often referred to as ‘other’ in
property market analysis. The current sector weightings are:
Valuation Weighting by Valuation
income 27 23 Valuation
30 September 31 March movement
2025 30 September 2025
£m Weighting by value 30 Weighting by
£m 2025 £m September 2025 value 31
March 2025
Sector
Industrial 319.2 43% 298.3 8.9 51% 50%
Retail 135.8 22% 127.3 2.8 21% 21%
warehouse
Other 82.4 14% 78.2 2.0 13% 13%
Office 54.3 14% 57.7 (0.2) 9% 10%
High street 33.3 7% 32.9 0.3 6% 6%
retail
Total 625.0 100% 594.4 13.8 100% 100%
For details of all properties in the portfolio please see 28 custodianreit.com/property/portfolio.
Acquisitions
We completed the £22.1m acquisition of the Merlin portfolio on 30 May 2025. Since then, the Merlin
properties have integrated well into the Company’s portfolio, with Merlin occupancy remaining strong
at almost 100% and a number of opportunities identified to drive value from increased rental income
from upcoming lease events.
A key element of our growth strategy is to seek select opportunities to scale the business and
enhance earnings through corporate and/or portfolio acquisitions. The strategic all-share
acquisition of the Merlin portfolio provides a strong blueprint of how we can achieve that aim,
despite a challenging capital markets backdrop. Looking ahead, we hope to position the Company for
further growth by targeting similar opportunities for increased scale, which offer a more liquid
investment and attractive income returns, while providing tax efficient solutions for family
property companies in the UK.
Disposals
Owning the right properties at the right time is a key element of effective property portfolio
management, which necessarily involves periodically selling properties to balance the property
portfolio. Custodian Property Income REIT is not a trading company but identifying opportunities to
dispose of assets ahead of valuation to crystallise profit or that no longer fit within the
Company’s investment strategy is important.
During the Period the Company sold the following assets for an aggregate £8.9m, 12% ahead of the
pre-offer valuation:
• 5500 Lakeside, Cheadle, which was 66% let, for £4.0m;
• Wienerberger House, Cheadle, which was fully let, for £2.9m;
• A vacant retail unit in Guildford for £1.6m; and
• A retail unit in Leicestershire for £0.4m.
Since the Period end six further Leicestershire assets, acquired as part of the Merlin Portfolio,
were sold for an aggregate £2.4m.
ESG
The sustainability credentials of both the building and the location have become ever more important
for occupiers and investors. As Investment Manager we are absolutely committed to achieving the
Company’s ambitious goals in relation to ESG and believe the real estate sector should be a leader
in this field.
The weighted average EPC across the portfolio achieved a weighted average B rating (equivalent to a
score of between 25 and 50) during the Period. With energy efficiency a core tenet of the Company’s
asset management strategy and with tenant requirements aligning with our energy efficiency goals we
see this as an opportunity to secure greater tenant engagement and higher rents.
During the Period the Company has updated EPCs at 23 units across 12 properties where existing EPCs
had expired or where works had been completed, improving the weighted average EPC rating from C (51)
at 31 March 2025 to B (49).
The Company’s EPC profile is illustrated below:
Number of EPCs Weighted average EPC rating 29 24
EPC rating 30 Sept 2025 31 Mar 2025 30 Sept 2025 31 Mar 2025
A 30 21 8% 6%
B 164 143 42% 41%
C 136 121 35% 35%
D 52 39 13% 11%
E 6 17 2% 5%
F - 8 - 2%
G - - - -
388 349 100% 100%
The table shows that the weighted average ‘C’ or better ratings has increased from 82% to 85% during
the Period.
At 31 March 2025 the Company had eight ‘F’ rated units in two properties (Aberdeen and Arthur House,
Manchester), both of which have undergone refurbishment which has improved individual unit ratings
to A/B as well as significantly increasing rents.
Of the Company’s ‘E’ rated assets, one is earmarked for disposal and three are within the Merlin
portfolio, with improvements expected to be implemented as part of the portfolio integration plans.
Outlook
The asset management of our carefully curated portfolio of regional property continues to deliver
rental growth, income security and refurbished buildings with improved environmental credentials.
Current refurbishment and capex plans should see all properties achieve an EPC rating of A-D over
the next 12 months, thus making good progress towards our stated environmental targets. The current
floor area weighted average EPC for the whole portfolio is B (49). Importantly, this work is also
enhancing rents and capital values while keeping properties fit for purpose and in line with tenant
demand.
In the inflationary environment that is likely to persist, real assets that can be enhanced to
deliver rental and capital growth will protect the real value of both shareholders’ investment and
income. At the same time, we will continue to look for opportunities to grow through corporate
acquisitions similar to the Merlin transaction we announced at the start of the Period
Valuations have improved quarter on quarter for Custodian Property Income REIT since September 2024,
driven by consistent rental growth. With rental growth potential in all sectors, the diversified
nature of our portfolio is well positioned to benefit from the upside of both the real estate
recovery and the improving market sentiment towards listed markets.
Richard Shepherd-Cross
for and on behalf of Custodian Capital Limited
Investment Manager
4 December 2025
Financial review
A summary of the Company’s financial performance for the Period is shown below:
Period ended Period ended Year ended
Financial summary 30 Sept 2025 30 Sept 2024 31 Mar 2025
£000 £000
£000
Rental revenue 21,741 20,731 42,828
Other income 420 242 476
Expenses, dilapidations and net tenant recharges (4,620) (4,087) (9,159)
Net finance costs (3,478) (3,683) (7,359)
EPRA profits
14,063 13,203 26,786
Net gain on investment property and depreciation 13,573 1,700 11,369
Profit before tax 27,636 14,903 38,155
EPRA EPS (p) 3.1 3.0 6.1
Dividend cover 101% 100% 101%
OCR excluding direct property costs 1.34% 1.28% 1.30%
During the Period the Company’s rent roll increased by 4.6% from £43.9m at 31 March 2025 to £45.9m
at 30 September 2025 primarily due to the Merlin acquisition. Rental revenue was 4.9% higher than
the period ended 30 September 2024 as the impact of ongoing rental growth and acquisitions exceeded
a 1.3% decrease in occupancy and the impact of property disposals.
Other income, which primarily comprises income from solar panels, also known as photovoltaics
(“PV”), has increased by 74% compared to the period ended 30 September 2024, driven by the £1.4m
invested in PV installations over the last 18 months.
In August 2025, the Company used its variable-rate RCF, with a prevailing interest rate of c.5.8%,
to repay a £20m loan on expiry which had a 3.9% fixed-rate of interest. However, the Company’s
weighted average cost of debt only increased by 0.1% during the Period to 4.0% due to SONIA
decreasing by 0.25% on both 8 May and 7 August 2025, and this expired loan only represented 11% of
total drawn debt at 31 March 2025.
Overall, rental growth and an increase in PV income increased EPRA earnings per share to 3.1p (2024:
3.0p) to continue to fully cover this year’s dividend. This increase in recurring earnings
demonstrates the robust nature of the Company’s diverse property portfolio despite economic
headwinds.
Debt financing
The Company’s debt profile at 30 September 2025 is summarised below:
30 Sept 2025 30 Sept 2024 31 Mar 2025
Gross debt £173.5m £174.0m £175.0m
Net gearing 26.3% 28.5% 27.9%
Weighted average cost 4.0% 4.0% 3.9%
Weighted average maturity 4.3 years 4.8 years 4.5 years
Percentage of facilities at a fixed rate of interest 69% 80% 80%
Of the Company’s £173.5m of drawn debt facilities 69% are at fixed rates of interest. The Company’s
weighted average term and cost of drawn debt at 30 September 2025 were 4.3 years and 4.0%
respectively (fixed rate only: 5.3 years and 3.3%). This high proportion of fixed rate debt
significantly mitigates medium-term interest rate risk for the Company and provides shareholders
with a beneficial margin between the fixed cost of debt and income returns from the property
portfolio.
The Company operates with a conservative level of net gearing, with target borrowings over the
medium-term of 25% of the aggregate market value of all properties at the time of drawdown. The
Company’s net gearing decreased from 27.9% LTV at 31 March 2025 to 26.3% during the Period primarily
due to disposals and acquiring the ungeared Merlin Portfolio for all-share consideration.
At the Period end the Company had the following facilities available:
• A £60m RCF with Lloyds Bank plc (“Lloyds”) with interest of between 1.62% and 1.92% above SONIA,
determined by reference to the prevailing LTV ratio of a discrete security pool of assets, and
expiring on 10 November 2027. The facility was £52m drawn at the Period-end. Options remain in
place to extend the term by a further year to 2028, and to increase the facility limit to £75m,
both subject to Lloyds’ consent.
• A £45m term loan facility with Scottish Widdows (“SWIP”) repayable in June 2028, with fixed
annual interest of 2.987%; and
• A £75m term loan facility with Aviva Real Estate Investors (“Aviva”) comprising:
• A £35m tranche repayable on 6 April 2032, with fixed annual interest of 3.02%;
• A £15m tranche repayable on 3 November 2032 with fixed annual interest of 3.26%; and
• A £25m tranche repayable on 3 November 2032 with fixed annual interest of 4.10%.
Each facility has a discrete security pool, comprising a number of the Company’s individual
properties, over which the relevant lender has security and covenants:
• The maximum LTV of each discrete security pool is either 45% or 50%, with an overarching
covenant on the Company’s property portfolio of a maximum of either 35% or 40% LTV; and
• Historical interest cover, requiring net rental income from each discrete security pool, over
the preceding three months, to exceed either 150% (RCF) or 250% (fixed rate loans) of the
facility’s quarterly interest liability.
The Company’s debt facilities contain market-standard cross-guarantees such that a default on an
individual facility will result in all facilities falling into default.
At the Period end the Company had £183.7m (29% of the property portfolio) of unencumbered assets
which could be charged to the security pools to enhance the LTV and interest cover on the individual
loans, of which a further £4.5m is in the process of being charged.
On 13 August 2025 the Company increased the limit on the RCF from £50m to £60m and repaid a £20m
loan from SWIP on its expiry using its RCF facility.
Dividends
The Company has declared dividends per share of 3.0p relating to the Period, 101% covered by EPRA
earnings. The Company paid dividends per share of 3.0p during the Period relating to FY25 Q4 and
FY26 Q1.
The Company paid an interim dividend per share of 1.5p relating to FY26 Q2 on
Friday 28 November 2025 to shareholders on the register on 7 November 2025, which was designated as
a property income distribution (“PID”).
Ed Moore
for and on behalf of Custodian Capital Limited
Investment Manager
4 December 2025
Principal risks and uncertainties
The Company’s assets consist of direct investments in UK commercial property. Its principal risks
are therefore related to the UK commercial property market in general, the particular circumstances
of the properties in which it is invested and their tenants. The Company’s Annual Report for the
year ended 31 March 2025 set out the principal risks and uncertainties facing the Company at that
time, and the way in which they are mitigated and managed, which are summarised below.
• Loss of contractual revenue;
• Decreases in property portfolio valuations;
• Reduced availability or increased costs of debt and complying with loan covenants;
• Inadequate performance, controls or systems operated by the Investment Manager;
• Non-compliance with regulatory or legal changes;
• Business interruption from cyber or terrorist attack, or pandemics;
• Failure to meet environmental compliance requirements or occupier market expectations, and
physical risks to properties due to environmental factors and extreme weather; and
• Unidentified risk and liabilities associated with the acquisition of new properties (whether
acquired directly or via a corporate structure)
The following emerging risks were added to the Company’s risk register during the year ended 31
March 2025, but are not considered by the Board to be principal risks:
• Increases in yields of long-term fixed-rate government bonds impacting demand for the Company’s
shares; and
• Shareholder activists in the Investment Company sector become shareholders and do not act in the
best interests of all shareholders.
The Company’s share price has also been impacted by geo-political risk relating to the conflicts in
Ukraine and Gaza, tensions between the USA and its trading partners and its volatile political
climate, and UK specific factors including apparent declining health of public markets and a ‘cost
of living crisis’. However, these factors are not considered direct emerging risks because of the
Company’s diverse property portfolio covering all sectors and geographical areas in the UK with over
400 individual tenancies.
We do not anticipate any changes to the other risks and uncertainties disclosed over the remainder
of the financial year.
Condensed consolidated statement of total comprehensive income
For the six months ended 30 September 2025
Unaudited
Audited
Unaudited 6 months 6 months
to 30 Sept 2025 to 30 Sept 2024 12 months
£000 to 31 Mar 2025
£000 £000
Note
Revenue 4 25,703 24,757 47,997
Investment management fee (1,849) (1,692) (3,417)
Operating expenses of rental property
• rechargeable to tenants (2,418) (2,942) (3,562)
• directly incurred (2,315) (2,413) (4,891)
Professional fees (371) (369) (823)
Directors’ fees (182) (172) (345)
Other expenses (1,149) (409) (1,099)
Expenses (8,284) (7,997) (14,137)
Operating profit before net gains on
investment property
17,419 16,760 33,860
Unrealised gains on revaluation of investment
property:
• relating to property revaluations 9 13,831 1,699 11,211
• relating to acquisition costs (953) - (1)
Profit on disposal of investment property 818 127 444
Net gains on investment property 13,696 1,826 11,654
Operating profit 31,115 18,586 45,514
Finance income 5 64 56 127
Finance costs 6 (3,543) (3,739) (7,486)
Net finance costs (3,478) (3,683) (7,359)
Profit before tax 27,636 14,903 38,155
Income tax 7 - - -
Profit for the Period, net of tax 27,636 14,903 38,155
Other comprehensive income 1,551 - 714
29,187 14,903 8,869
Total comprehensive income for the Period,
net of tax
Attributable to:
Owners of the Company 27,636 14,903 38,155
Earnings per ordinary share:
Basic and diluted (p) 3 6.1 3.4 8.7
EPRA (p) 3 3.1 3.0 6.1
The profit and total comprehensive income for the period arise from continuing operations and is all
attributable to owners of the Company. Other comprehensive income represents items that will not be
subsequently reclassified to profit or loss.
Condensed consolidated statement of financial position
At 30 September 2025
Registered number: 08863271
Unaudited Unaudited Audited
Note at 30 Sept 2025 at 30 Sept 2024 at 31 Mar 2025
£000 £000
£000
Non–current assets
Investment property 9 622,838 582,437 594,364
Property, plant and equipment 10 6,213 3,448 4,711
Total non-current assets 629,051 585,885 599,075
Current assets
Assets held for sale 9 2,196 - -
Housing inventory 1,291 - -
Trade and other receivables 11 7,066 6,567 5,201
Cash and cash equivalents 13 7,922 10,919 10,118
Total current assets 18,475 17,486 15,319
Total assets 647,526 603,371 614,394
Equity
Issued capital 15 4,638 4,409 4,409
Share premium 250,970 250,970 250,970
Merger reserve 37,684 18,931 18,931
Treasury shares (1,735) - -
Retained earnings 162,513 138,416 148,442
Revaluation reserve 2,265 - 714
Total equity attributable to equity holders of
the Company
456,335 412,726 423,466
Non-current liabilities
Borrowings 14 172,317 152,526 153,641
Other payables 12 2,093 570 2,087
Total non-current liabilities 174,410 153,096 155,728
Current liabilities
Borrowings 14 - 19,974 19,989
Trade and other payables 12 8,691 9,759 7,029
Deferred income 8,090 7,816 8,182
Total current liabilities 16,781 37,549 35,200
Total liabilities 191,191 190,645 190,928
Total equity and liabilities 647,526 603,371 614,394
These interim financial statements of Custodian Property Income REIT plc were approved and
authorised for issue by the Board of Directors on 4 December 2025 and are signed on its behalf by:
David MacLellan
Chairman
Condensed consolidated statement of cash flows
For the six months ended 30 September 2025
Unaudited Audited
Unaudited 6 months
Note to 30 Sept 2025 6 months 12 months
£000 to 30 Sept 2024
to 31 Mar 2025
£000 £000
Operating activities
Profit for the Period 27,636 14,903 38,155
Net finance costs 5,6 3,478 3,683 7,359
Valuation increase of investment property, 9 (12,878) (1,699) (11,211)
net of acquisition costs
Impact of rent free 9 (1,450) (789) (1,470)
Amortisation of right-of-use asset 9 3 3 7
Profit on disposal of investment property (818) (127) (444)
Depreciation 10 122 126 285
Cash flows from operating activities before
changes in working capital and provisions
16,093 16,100 32,681
Increase in trade and other receivables (1,721) (3,237) (1,871)
(Decrease)/increase in trade/other payables (171) 2,131 1,286
and deferred income
Decrease in housing stock 576 - -
Cash generated from operations (1,316) 14,994 32,096
Interest and other finance charges 6 (3,332) (3,514) (7,068)
11,445 11,480
Net cash flows from operating activities 25,028
Investing activities
Purchase of investment property - - -
Capital expenditure and development 9 (6,126) (4,055) (6,843)
Acquisition costs (953) - -
Purchase of property, plant and equipment 10 (73) (617) (1,326)
Disposal of investment property 8,907 13,650 15,050
Costs of disposal of investment property (143) (297) (331)
Interest and finance income received 5 64 56 127
Net cash flows from investing activities 1,676 8,737 6,677
Financing activities
New borrowings origination costs 14 (25) (15) (78)
Net repayment of RCF (1,500) (5,000) (4,000)
Dividends paid 8 (13,565) (13,997) (27,223)
Share buybacks (1,735) - -
Equity issuance costs (48) - -
Net cash flows used in financing activities (16,873) (19,012) (31,301)
Net (decrease)/increase/in cash and cash (3,752) 1,205 404
equivalents
Cash and cash equivalents at start of the 10,118 9,714 9,714
period
Cash and cash equivalents acquired 1,556 - -
Cash and cash equivalents at end of the 7,922 10,919 10,118
period
Condensed consolidated statements of changes in equity
For the six months ended 30 September 2025
Issued Merger Treasury Share Retained Reval’n Total
reserve shares reserve
capital prem’ earnings equity
£000 £000 £000
Note £000 £000 £000 £000
At 31 March 2025 (audited) 4,409 18,931 - 250,970 148,442 714 423,466
Profit for the Period - - - - 27,636 - 27,636
Revaluation of PPE 10 - - - - - 1,564 1,564
Depreciation of PPE revaluation 10 - - - - - (13) (13)
surplus
Total comprehensive income for - - - - 27,636 1,551 29,187
Period
Transactions with owners of the
Company, recognised directly in
equity
Dividends 8 - - - - (13,565) - (13,565)
Purchase of own shares into treasury - - (1,735) - - - (1,735)
Share issuance 15 229 18,753 - - - - 18,982
At 30 September 2025 (unaudited) 4,638 37,684 (1,735) 250,970 162,513 2,265 456,335
Issued Merger Treasury Share Retained Reval’n Total
reserve shares reserve
capital Prem’ earnings equity
£000 £000 £000
Note £000 £000 £000 £000
At 31 March 2024 (audited) 4,409 18,931 - 250,970 137,510 - 411,820
Profit and total comprehensive
income for the period - - -
- - 14,903 14,903
Transactions with owners of the
Company, recognised directly in
equity
Dividends 8 - - - - (13,997) - (13,997)
At 30 September 2024 (unaudited) 4,409 18,931 - 250,970 138,416 412,726
At 31 March 2024 (audited) 4,409 18,931 - 250,970 137,510 - 411,820
Profit for the year - - - - 38,155 - 38,155
Revaluation of PPE 10 - - - - - 714 714
Total comprehensive income for year - - - - 38,155 714 38,869
Transactions with owners of the Company, recognised
directly in equity
Dividends 8 - - - - (27,223) - (27,223)
At 31 March 2025 (audited) 4,409 18,931 - 250,970 148,442 714 423,466
Notes to the interim financial statements for the period ended 30 September 2025
1. Corporate information
The Company is a public limited company incorporated and domiciled in England and Wales, whose
shares are publicly traded on the London Stock Exchange plc’s main market for listed securities.
The interim financial statements have been prepared on a historical cost basis, except for the
revaluation of investment property, and are presented in pounds sterling with all values rounded to
the nearest thousand pounds (£000), except when otherwise indicated. The interim financial
statements were authorised for issue in accordance with a resolution of the Directors on 4 December
2025.
2. Basis of preparation and accounting policies
1. Basis of preparation
The interim financial statements have been prepared in accordance with IAS 34 Interim Financial
Reporting. The interim financial statements do not include all the information and disclosures
required in the annual financial statements. The Annual Report for the year ending 31 March 2026
will be prepared in accordance with International Financial Reporting Standards adopted by the
International Accounting Standards Board (“IASB”) and interpretations issued by the International
Financial Reporting Interpretations Committee (“IFRIC”) of the IASB (together “IFRS”) as adopted by
the United Kingdom, and in accordance with the requirements of the Companies Act applicable to
companies reporting under IFRS.
The information relating to the Period is unaudited and does not constitute statutory financial
statements within the meaning of section 434 of the Companies Act 2006. A copy of the statutory
financial statements for the year ended 31 March 2025 has been delivered to the Registrar of
Companies. The auditor’s report on those financial statements was not qualified, did not include a
reference to any matters to which the auditor drew attention by way of emphasis without qualifying
the report and did not contain statements under section 498(2) or (3) of the Companies Act 2006.
Certain statements in this report are forward looking statements. By their nature, forward looking
statements involve a number of risks, uncertainties or assumptions that could cause actual results
or events to differ materially from those expressed or implied by those statements. Forward looking
statements regarding past trends or activities should not be taken as representation that such
trends or activities will continue in the future. Accordingly, undue reliance should not be placed
on forward looking statements.
2. Significant accounting policies
The principal accounting policies adopted by the Company and applied to these interim financial
statements are consistent with those policies applied to the Company’s Annual Report and financial
statements.
During the Period the Company acquired housing stock as part of the Merlin acquisition, to which the
following policy has been applied:
Housing inventory
Housing inventory comprises residential properties acquired for sale measured at the lower of cost
and net realisable value. Net realisable value is the estimated selling price in the ordinary
course of business, less estimated costs of completion and costs necessary to make the sale.
Housing stock is assessed for impairment at each reporting date, and any write-downs to net
realisable value are recognised in cost of sales.
During the Period the Company commenced a share buyback programme, to which the following policy has
been applied:
Treasury shares
Consideration for the purchase of the Company’s own equity instruments (treasury shares), including
any directly attributable incremental costs, is recognised as a deduction from equity within a
treasury shares reserve. Treasury shares are not recognised as a financial asset.
When treasury shares are sold or reissued, any difference between the carrying amount and the
consideration received is recognised within share premium.
The number of treasury shares held is excluded from the calculation of basic and diluted earnings
per share.
3. Critical judgements and key sources of estimation uncertainty
Preparation of the interim financial statements requires the Company to make estimates and
assumptions that affect the reported amount of revenues, expenses, assets and liabilities and the
disclosure of contingent liabilities. If in the future such estimates and assumptions, which are
based on the Directors’ best judgement at the date of preparation of the interim financial
statements, deviate from actual circumstances, the original estimates and assumptions will be
modified as appropriate in the period in which the circumstances change.
Judgements
No significant judgements have been made in the process of applying the Company's accounting
policies, other than those involving estimations, that have had a significant effect on the amounts
recognised within the interim financial statements.
Estimates
The accounting estimate with a significant risk of a material change to the carrying values of
assets and liabilities within the next year relates to the valuation of investment property.
Investment property is valued at the reporting date at fair value. Where an investment property is
being redeveloped the property continues to be treated as an investment property. Surpluses and
deficits attributable to the Company arising from revaluation are recognised in profit or loss.
Valuation surpluses reflected in retained earnings are not distributable until realised on sale. In
making its judgement over the valuation of properties, the Company considers valuations performed by
the independent valuers in determining the fair value of its investment properties. The valuers
make reference to market evidence of transaction prices for similar properties. The valuations are
based upon assumptions including future rental income, anticipated capex and maintenance costs
(particularly in the context of mitigating the impact of climate change) and appropriate discount
rates (ie property yields). The key sources of estimation uncertainty within these inputs above are
future rental income and property yields. Reasonably possible changes to these inputs across the
portfolio would have a material impact on its valuation and are set out in Note 9.
4. Going concern
The Directors believe the Company is well placed to manage its business risks successfully and the
Company’s projections show that it should be able to operate within the level of its current
financing arrangements for at least the 12 months from the date of approval of these financial
statements. The Board assesses the Company’s prospects over the long-term, taking into account
rental growth expectations, climate related risks, longer-term debt strategy, expectations around
capital investment in the portfolio and the UK’s long-term economic outlook. At quarterly Board
meetings, the Board reviews summaries of the Company’s liquidity position and compliance with loan
covenants, as well as forecast financial performance and cash flows.
Forecast
The Investment Manager maintains a detailed forecast model projecting the financial performance of
the Company over a period of three years, which provides a reasonable level of accuracy regarding
projected lease renewals, asset-by-asset capex, property acquisitions and disposals, rental growth,
interest rate changes, cost inflation and refinancing of the Company’s debt facilities ahead of
expiry. The detailed forecast model allows robust sensitivity analysis to be conducted and over the
three year forecast period included the following key assumptions:
• 1% annual loss of contractual revenue through Company Voluntary Arrangements or tenant default;
• 70% tenant retention rate at lease break or expiry with vacated assets followed by an
appropriate period of void;
• Rental growth, captured at the earlier of rent review or lease expiry, based on current ERVs
adjusted for consensus forecast changes;
• Portfolio valuation movements based on consensus forecast changes;
• Selling assets currently earmarked for disposal;
• The Company’s capex programme to invest in its existing assets continues as expected; and
• Interest rates follow the prevailing forward curve.
In accordance with Provision 35 of the AIC Code the Directors have assessed the Company’s prospects
as a going concern over a period of 12 months from the date of approval of the Interim Report, using
the same forecast model and assessing the risks against each of these assumptions.
The Directors note that the Company has performed strongly during the Period despite economic
headwinds with like-for-like rents increasing over the last six months.
Sensitivities
Sensitivity analysis involves flexing these key assumptions, taking into account the principal risks
and uncertainties and emerging risks detailed in the Annual Report. This analysis includes stress
testing the point at which covenants would breach through rent losses and property valuation
movements, and assessing their impact on the following areas:
Covenant compliance
The Company operates the loan facilities summarised in Note 14. At 30 September 2025 the Company
had the following headroom on lender covenants at a portfolio level with:
• Net gearing of 26.3% compared to a maximum LTV covenant of 35% on its Aviva facilities and 40%
on its Lloyds and SWIP facilities, with £183.7m (29% of the property portfolio) unencumbered by
the Company’s borrowings; and
• 126% minimum headroom on interest cover covenants for the quarter ended 30 September 2025.
Over the three year assessment period the Company’s forecast model projects a small increase in net
gearing with a small increase in headroom on interest cover covenants. Reverse stress testing has
been undertaken to understand what circumstances would result in potential breaches of financial
covenants over these periods. While the assumptions applied in these scenarios are possible, they
do not represent the Board’s view of the likely outturn, but the results help inform the Directors’
assessment of the viability of the Company. The testing indicated that:
• The rate of loss or deferral of contractual rent on the borrowing facility with least headroom
would need to deteriorate by 22% from the levels included in the Company’s prudent base case
forecasts to breach interest cover covenants from the levels included in the Company’s prudent
base case forecasts, assuming no unencumbered properties were charged; or
• To risk breaching the applicable covenant, property valuations would have to decrease from the
30 September 2025 position by:
◦ 25% at a portfolio level; or
◦ 12% at an individual charge pool level, assuming no further properties were charged.
The Board notes that the latest IPF Forecasts for UK Commercial Property Investment survey suggests
an average 2.7% increase in rents during 2026 with capital value increases of 3.6%. The Board
believes that the valuation of the Company’s property portfolio will prove resilient due to its
higher weighting to industrial assets and overall diverse and high-quality asset and tenant base
comprising over 150 assets and over 300 typically 'institutional grade' tenants across all
commercial sectors.
Liquidity
At 30 September 2025 the Company had £5.9m of unrestricted cash and £6.5m undrawn RCF, with gross
borrowings of £173.5m resulting in net gearing of 26.3%. The Company increased its RCF limit during
the Period from £50m to £60m to maintain headroom on using the RCF to repay the £20m SWIP loan on
expiry. The Company’s forecast model projects it will have sufficient cash and undrawn facilities
to continue its programme of capital investment, pay its target dividends and its expense and
interest liabilities.
Results of the assessments
Based on the prudent assumptions within the Company’s forecasts regarding the factors set out above,
the Directors expect that over the period of their assessment:
• The Company has surplus cash to continue in operation and meet its liabilities as they fall due;
• Borrowing covenants are complied with; and
• REIT tests are complied with.
Having due regard to these matters and after making appropriate enquiries, the Directors have a
reasonable expectation that the Company has adequate resources to continue in operational existence
for a period of at least 12 months from the date of signing of these condensed consolidated
financial statements and, therefore, the Board continues to adopt the going concern basis in their
preparation.
5. Segmental reporting
An operating segment is a distinguishable component of the Company that engages in business
activities from which it may earn revenues and incur expenses, whose operating results are regularly
reviewed by the Company’s chief operating decision maker (the Board) to make decisions about the
allocation of resources and assessment of performance and about which discrete financial information
is available. As the chief operating decision maker reviews financial information for, and makes
decisions about the Company’s investment properties as a portfolio, the Directors have identified a
single operating segment, that of investment in commercial properties.
3. Earnings per ordinary share
Basic earnings per share (“EPS”) amounts are calculated by dividing net profit for the Period
attributable to ordinary equity holders of the Company by the weighted average number of ordinary
shares outstanding during the Period.
Diluted EPS amounts are calculated by dividing the net profit attributable to ordinary equity
holders of the Company by the weighted average number of ordinary shares in issue during the Period
(excluding treasury shares) plus the weighted average number of ordinary shares that would be issued
on the conversion of all the dilutive potential ordinary shares into ordinary shares. There are no
dilutive instruments.
The following reflects the income and share data used in the basic and diluted earnings per share
computations:
Audited
Unaudited 6 months Unaudited 6 months 12 months
to 30 Sept 2025 to 30 Sept 2024 to 31 Mar
2025
Net profit and diluted net profit attributable to 27,636 14,903 38,155
equity holders of the Company (£000)
Net gain on investment property and depreciation (13,573) (1,700) (11,369)
(£000)
EPRA net profit attributable to equity holders of
the Company (£000) 14,063 13,203
26,786
Weighted average number of ordinary shares
(excluding treasury shares):
Issued ordinary shares at start of the Period 440,850 440,850 440,850
(thousands)
Effect of shares issued and repurchased during the 14,309 - -
Period (thousands)
Basic and diluted weighted average number of shares 455,160 440,850 440,850
(thousands)
Basic and diluted EPS (p) 6.1 3.4 8.7
3.1 3.0
EPRA EPS (p) 6.1
4. Revenue
Unaudited Unaudited Audited
6 months 6 months 12 months
to 30 Sept 2025 to 30 Sept 2024 to 31 Mar 2025
£000 £000
£000
Rental income from investment property 21,741 20,731 42,828
Sale of housing stock 583 - -
Income from recharges to tenants 2,189 2,942 3,562
Income from dilapidations 770 842 1,131
Other income 420 242 476
25,703 24,757 47,997
5. Finance income
Unaudited Unaudited Audited
6 months 6 months 12 months
to 30 Sept 2025 to 30 Sept 2024 to 31 Mar 2025
£000 £000
£000
Bank interest 64 56 127
64 56 127
6. Finance costs
Unaudited Unaudited Audited
6 months 6 months 12 months
to 30 Sept 2025 to 30 Sept 2024 to 31 Mar 2025
£000 £000
£000
Amortisation of arrangement fees on debt facilities 210 225 418
Other finance costs 51 120 443
Bank interest 3,282 3,394 6,625
3,543 3,739 7,486
7. Income tax
The effective tax rate for the Period is lower than the standard rate of corporation tax in the UK
during the Period of 25.0% (2024: 25.0%). The differences are explained below:
Unaudited Unaudited Audited
6 months 6 months 12 months
to 30 Sept 2025 to 30 Sept 2024 to 31 Mar 2025
£000 £000
£000
Profit before income tax 27,636 14,903 38,155
Tax at a standard rate of 25.0% (30 September 2024:
25.0%, 31 March 2025: 25.0%)
6,909 3,726 9,539
Effects of:
REIT tax exempt rental profits and gains (6,909) (3,726) (9,539)
Income tax expense for the Period - - -
Effective income tax rate 0.0% 0.0% 0.0%
The Company operates as a REIT and hence profits and gains from the property rental business are
normally exempt from corporation tax.
8. Dividends
Unaudited Unaudited Audited
6 months 6 months 12 months
to 30 Sept 2025 to 30 Sept 2024 to 31 Mar 2025
£000 £000
£000
Interim equity dividends paid on ordinary shares
relating to the periods ended:
31 March 2024: 1.375p - 6,062 6,062
30 June 2024: 1.5p - 6,613 6,613
30 September 2024: 1.5p - - 6,613
31 December 2024: 1.5p - - 6,613
31 March 2025: 1.5p 6,613 - -
30 June 2025: 1.5p 6,952 - -
Special equity dividends paid on ordinary shares - 1,322 1,322
relating to the year ended 31 March 2024: 0.3p
13,565 13,997 27,223
The Directors approved an interim dividend relating to the quarter ended 30 September 2025 of 1.5p
per ordinary share in October 2025 which has not been included as a liability in these interim
financial statements. This interim dividend was paid on Friday 28 November 2025 to shareholders on
the register at the close of business on 7 November 2025.
9. Investment property and assets held for sale
Unaudited at 31
Unaudited at 30 Sept Unaudited at 30 Sept Mar
2025 2024
Assets held for sale 2025
£000 £000
£000
Balance at the start of the period - 11,000 11,000
Reclassification from investment 2,196 - -
property
Disposals - (11,000) (11,000)
Balance at the end of the period 2,196 - -
Investment property
£000
At 31 March 2025 594,364
Impact of lease incentives and lease costs 1,450
Additions 18,165
Acquisition costs (953)
Capital expenditure 6,126
Disposals (7,947)
Amortisation of right-of-use asset (3)
Reclassification as held for sale (2,196)
Valuation increase 13,831
At 30 September 2025 622,838
£000
At 31 March 2024 578,122
Impact of lease incentives and lease costs 789
Additions -
Capital expenditure 4,055
Disposals (2,225)
Amortisation of right-of-use asset (3)
Valuation decrease 1,699
At 30 September 2024 582,437
At 31 March 2024 578,122
Impact of lease incentives and lease costs 1,470
Amortisation of right-of-use asset (7)
Capital expenditure 6,843
Disposals (3,275)
Valuation increase 11,211
At 31 March 2025 594,364
£441.3m (2024: £476.8m) of investment property was charged as security against the Company’s
borrowings at the Period end with a further £4.5m in the process of being charged. £0.6m (2024:
£0.6m) of investment property comprises right-of-use assets.
Investment property is stated at the Directors’ estimate of its 30 September 2025 fair value.
Savills (UK) Limited (“Savills”) and Knight Frank LLP (“KF”), professionally qualified independent
property valuers, each valued approximately half of the property portfolio at 30 September 2025 in
accordance with the Appraisal and Valuation Standards published by the Royal Institution of
Chartered Surveyors (“RICS”). Savills and KF have recent experience in the relevant locations and
categories of the property being valued.
Investment property and assets held for sale have been valued using the investment method which
involves applying a yield to rental income streams. Inputs include yield, current rent and ERV.
For the Period end valuation, the following inputs were used:
Weighted
Valuation average passing rent of let ERV range EPRA topped-up
properties NIY
30 September (£ per sq
Sector 2025 (£ per sq ft) ft)
Equivalent yield
£000
Industrial 319.2 6.1 2.1 – 15.0 7.0% 5.6%
Retail warehouse 135.8 11.6 5.2 – 28.4 7.7% 7.5%
Other 82.4 10.5 1.5 – 8.1% 7.5%
80.0*
Office 54.3 14.0 6.6 – 38.0 11.1% 7.9%
High street 33.3 17.8 3.1 – 67.0 8.2% 9.7%
retail
625.0
*Drive-through restaurants’ ERV per sq ft are based on building floor area rather than area
inclusive of drive-through lanes.
Valuation reports are based on both information provided by the Company eg current rents and lease
terms, which are derived from the Company’s financial and property management systems and are
subject to the Company’s overall control environment, and assumptions applied by the property
valuers eg ERVs, expected capex and yields. These assumptions are based on market observation and
the property valuers’ professional judgement. In estimating the fair value of each property, the
highest and best use of the properties is their current use.
All other factors being equal, a higher equivalent yield would lead to a decrease in the valuation
of investment property, and an increase in the current or estimated future rental stream would have
the effect of increasing capital value, and vice versa. However, there are interrelationships
between unobservable inputs which are partially determined by market conditions, which could impact
on these changes.
30 Sept 2025 31 Mar 2025
£000 £000
Increase in equivalent yield of 0.25% 36,264 34,941
Decrease in equivalent yield of 0.25% (32,175) (30,975)
Increase of 5% in ERV 1,963 1,864
Decrease of 5% in ERV (1,939) (1,834)
10. Property, plant and equipment
PV cells EV chargers Total
£000 £000 £000
Cost/valuation
At 31 March 2025 3,808 1,126 4,934
Additions 73 - 73
Valuation increase net of depreciation eliminated on revaluation 1,513 - 1,513
At 30 September 2025 5,393 1,126 6,519
Depreciation
At 31 March 2025 - (223) (223)
Depreciation (52) (83) (135)
Eliminated on revaluation 52 - 52
Accumulated at 30 September 2025 - 306 306
Net book value at 30 September 2025 5,393 820 6,213
PV cells EV chargers Total
£000 £000 £000
Cost/valuation
At 31 March 2024 2,076 1,126 3,202
Additions 617 - 617
At 30 September 2024 2,693 1,126 3,819
Depreciation
At 31 March 2024 (123) (122) (245)
Depreciation (76) (50) (126)
Accumulated at 30 September 2024 (199) (172) (371)
Net book value at 30 September 2024 2,494 954 3,448
Cost/valuation
At 31 March 2024 2,076 1,126 3,202
Additions 1,326 - 1,326
Valuation increase net of depreciation eliminated on revaluation 406 - 406
At 31 March 2025 3,808 1,126 4,934
Depreciation
At 31 March 2024 (123) (122) (245)
Depreciation (185) (100) (285)
Eliminated on revaluation 308 (1) 307
Accumulated at 31 March 2025 - (223) (223)
Net book value at 31 March 2025 3,808 903 4,711
11. Trade and other receivables
Unaudited Unaudited
Audited
at 30 Sept 2025 at 30 Sept 2024 at 31 Mar 2025
£000 £000
£000
Trade receivables before expected credit loss 5,335 4,476 4,387
provision
Expected credit loss provision (539) (499) (627)
Trade receivables 4,796 3,977 3,760
Other receivables 1,756 2,250 1,146
Prepayments and accrued income 514 340 295
7,066 6,567 5,201
The Company regularly monitors the effectiveness of the criteria used to identify whether there has
been a significant increase in credit risk, for example a deterioration in a tenant’s or sector’s
outlook or rent payment performance, and revises them as appropriate to ensure that the criteria are
capable of identifying significant increases in credit risk before amounts become past due.
Tenant rent deposits of £1.6m (2024: £1.8m) are held as collateral against certain trade receivable
balances.
The Company considers the following as constituting an event of default for internal credit risk
management purposes as historical experience indicates that financial assets that meet either of the
following criteria are generally not recoverable:
• When there is a breach of financial covenants by the debtor; or
• Available information indicates the debtor is unlikely to pay its creditors.
Such balances are provided for in full. For remaining balances the Company has applied an expected
credit loss (“ECL”) matrix based on its experience of collecting rent arrears. The majority of
tenants are invoiced for rental income quarterly in advance and are issued with invoices before the
relevant quarter starts. Invoices become due on the first day of the rent quarter and are
considered past due if payment is not received by this date. Other receivables are considered past
due when the given terms of credit expire.
Unaudited Unaudited Audited
at 30 Sept 2025 at 30 Sept 2024 at 31 Mar 2025
£000 £000
Expected credit loss provision £000
Opening balance 627 855 855
Decrease in provision relating to trade receivables (92) (235) 196
that are credit-impaired
Utilisation of provisions (8) (121) (424)
Acquired 12 - -
Closing balance 539 499 627
The ageing of receivables considered credit impaired is as follows:
Group and Company Unaudited Unaudited Audited
at 30 Sept 2025 at 30 Sept 2024 at 31 Mar 2025
£000 £000
£000
0 - 3 months 351 471 106
3 - 6 months 50 10 40
Over 6 months 342 541 551
Closing balance 743 1,022 697
12. Trade and other payables
Unaudited Unaudited Audited
at 30 Sept 2025 at 30 Sept 2024 at 31 Mar 2025
£000 £000
£000
Falling due in less than one year:
Trade and other payables 5,100 3,745 2,603
Social security and other taxes 325 942 760
Accruals 3,163 3,307 3,601
Rental deposits and retentions 103 1,765* 65
8,691 9,759 7,029
Falling due in more than one year:
Rental deposits 1,527 -* 1,521
Other creditors 566 570 566
2,093 570 2,151
*The ageing of rental deposits was not disclosed for the period ended 30 September 2024.
The Directors consider that the carrying amount of trade and other payables approximates their fair
value. Trade payables and accruals principally comprise amounts outstanding for trade purchases and
ongoing costs. For most suppliers interest is charged if payment is not made within the required
terms. Thereafter, interest is chargeable on the outstanding balances at various rates. The
Company has financial risk management policies in place to ensure that all payables are paid within
the credit timescale.
13. Cash and cash equivalents
Unaudited Unaudited Audited
at 30 Sept 2025 at 30 Sept 2024 at 31 Mar 2025
£000 £000
£000
Cash and cash equivalents 7,922 10,919 10,118
Cash and cash equivalents at 30 September 2025 include £1.6m (2024: £4.4m, 31 March 2025: £2.2m) of
restricted cash comprising: £1.6m (2024: £1.8m, 31 March 2025: £1.6m) rental deposits held on behalf
of tenants, £nil (2024: £2.6m, 31 March 2025: £Nil) disposal proceeds held in charged disposal
accounts or in solicitor client accounts.
14. Borrowings
Costs incurred in the arrangement of
bank borrowings
Bank borrowings
£000 Total
£000
£000
Falling due within one year:
At 31 March 2025 20,000 (11) 19,989
Repayment (20,000) - (20,000)
Amortisation of arrangement fees - 11 11
At 30 September 2025 - - -
Falling due in more than one year:
At 31 March 2025 155,000 (1,359) 153,641
Costs incurred in the arrangement
of - (23) (121)
bank borrowings
Net drawdown of RCF 18,500 - 18,500
Amortisation - 199 297
At 30 September 2025 173,500 (1,183) 172,317
173,500 (1,183) 172,317
Total borrowings at 30 September
2025
Costs incurred in the arrangement
of bank borrowings
Bank borrowings
£000 Total
£000
£000
Falling due within one year:
At 31 March 2024 - - -
Reclassification 20,000 (40) 19,960
Amortisation of arrangement fees - 14 14
At 30 September 2024 20,000 (26) 19,974
Falling due in more than one year:
At 31 March 2024 179,000 (1,710) 177,290
Reclassification (20,000) 40 (19,960)
New borrowings - - -
Costs incurred in the arrangement of - (15) (15)
bank borrowings
Net repayment of RCF (5,000) - (5,000)
Amortisation - 211 211
At 30 September 2024 154,000 (1,474) 152,526
Total borrowings at 30 September 2024 174,000 (1,500) 172,500
Costs incurred in the arrangement of
borrowings
Borrowings £000 Total
£000
£000
Falling due within one year:
At 31 March 2024 - - -
Reclassification 20,000 (11) 19,989
Repayment of borrowings - - -
Amortisation of arrangement fees - - -
At 31 March 2025 20,000 (11) 19,989
Falling due in more than one year:
At 31 March 2024 179,000 (1,710) 177,290
Reclassification (20,000) 11 (19,989)
Repayment of borrowings (4,000) - (4,000)
Arrangement fees incurred - (78) (78)
Amortisation of arrangement fees - 418 418
At 31 March 2025 155,000 (1,359) 153,641
Total borrowings at 31 March 2025 175,000 (1,370) 173,630
The Company’s borrowing facilities require minimum interest cover of either 150% or 250% of the net
rental income of the security pool. The maximum LTV of the Company combining the value of all
property interests (including the properties secured against the facilities) must be no more than
35%.
15. Issued capital and reserves
Ordinary shares
Share capital of 1p £000
At 31 March 2024, 30 September 2024 and 31 March 2025 440,850,398 4,409
Issue of share capital during the Period 22,928,343 229
At 30 September 2025 463,778,741 4,638
The following table describes the nature and purpose of each reserve within equity:
Reserve Description and purpose
Share premium Amounts subscribed for share capital in excess of nominal value less any
associated issue costs that have been capitalised.
Retained earnings All other net gains and losses and transactions with owners (e.g. dividends) not
recognised elsewhere.
A non-statutory reserve that is credited instead of a company’s share premium
Merger reserve account in circumstances where merger relief under section 612 of the Companies
Act 2006 is obtained.
Treasury shares Ordinary share capital repurchased by the Company
Revaluation reserve The unrealised fair value of PV assets in excess of their historical cost less
accumulated depreciation.
During the Period the Company:
• Issued 22,928,343 new ordinary shares as initial consideration for the purchase of Merlin
Properties Limited; and
• Commenced a share buyback programme, purchasing 2,210,000 of its own ordinary shares during the
Period, which are held in treasury. Aggregate consideration for these buybacks was £1.7m at a
weighted average cost per share of 78.4p, representing an average 18.5% discount to prevailing
NAV per share.
Since the Period end, the Company has:
• Issued 1.2m new ordinary shares as final consideration for the purchase of Merlin Properties
Limited; and
• Bought-back a further 5.5m ordinary shares under the share buyback programme.
16. Financial instruments
The fair values of financial assets and liabilities are not materially different from their carrying
values in the financial statements. The fair value hierarchy levels are as follows:
• Level 1 – quoted prices (unadjusted) in active markets for identical assets and liabilities;
• Level 2 – inputs other than quoted prices included within level 1 that are observable for the
asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices);
and
• Level 3 – inputs for the assets or liabilities that are not based on observable market data
(unobservable inputs).
There have been no transfers between Levels 1, 2 and 3 during the Period. The main methods and
assumptions used in estimating the fair values of financial instruments and investment property are
detailed below.
Investment property, assets held-for-sale and PV– level 3
Fair value is based on valuations provided by independent firms of valuers, which use the inputs set
out in Notes 9 and 10. These values were determined after having taken into consideration recent
market transactions. The fair value hierarchy of investment property, assets held-for-sale and PV
is level 3. At 30 September 2025, the fair value of the Company’s investment properties and assets
held-for-sale was £625.0m (2024: £582.4m), with PV of £5.4m (2024: £2.5m).
Interest bearing loans and borrowings – level 3
At 30 September 2025 the gross value of the Company’s loans with Lloyds, SWIP and Aviva all held at
amortised cost was £173.5m (2024: £174.0m).
Trade and other receivables/payables – level 3
The carrying amount of all receivables and payables deemed to be due within one year are considered
to reflect their fair value.
17. Related party transactions
Save for transactions described below, the Company is not a party to, nor had any interest in, any
other related party transaction during the Period.
Transactions with directors
Each of the directors is engaged under a letter of appointment with the Company and does not have a
service contract with the Company. Under the terms of their appointment, each director is required
to retire by rotation and seek re-election annually (2024: at least every three years).
Each director’s appointment under their respective letter of appointment is terminable immediately
by either party (the Company or the director) giving written notice and no compensation or benefits
are payable upon termination of office as a director of the Company becoming effective.
Nathan Imlach is Chief Strategic Advisor of Mattioli Woods, the parent company of the Investment
Manager. As a result, Nathan Imlach is not independent. The Company Secretary, Ed Moore, is a
director of the Investment Manager.
Investment Management Agreement
The Investment Manager is engaged as AIFM under an IMA with responsibility for the management of the
Company’s assets, subject to the overall supervision of the Directors. The Investment Manager
manages the Company’s investments in accordance with the policies laid down by the Board and the
investment restrictions referred to in the IMA. The Investment Manager also provides day-to-day
administration of the Company and acts as secretary to the Company, including maintenance of
accounting records and preparing the annual and interim financial statements of the Company.
Annual management fees payable to the Investment Manager under the IMA are:
• 0.9% of the NAV of the Company as at the relevant quarter day which is less than or equal to
£200m divided by 4;
• 0.75% of the NAV of the Company as at the relevant quarter day which is in excess of £200m but
below £500m divided by 4;
• 0.65% of the NAV of the Company as at the relevant quarter day which is in excess of £500m but
below £750m divided by 4; plus
• 0.55% of the NAV of the Company as at the relevant quarter day which is in excess of £750m
divided by 4.
Administrative fees payable to the Investment Manager under the IMA are:
• 0.125% of the NAV of the Company as at the relevant quarter day which is less than or equal to
£200m divided by 4;
• 0.115% (2022: 0.08%) of the NAV of the Company as at the relevant quarter day which is in excess
of £200m but below £500m divided by 4;
• 0.02% (2022: 0.05%) of the NAV of the Company as at the relevant quarter day which is in excess
of £500m but below £750m divided by 4; plus
• 0.015% (2022: 0.03%) of the NAV of the Company as at the relevant quarter day which is in excess
of £750m divided by 4.
The IMA is terminable by either party by giving not less than 12 months’ prior written notice to the
other. The IMA may also be terminated on the occurrence of an insolvency event in relation to
either party, if the Investment Manager is fraudulent, grossly negligent or commits a material
breach which, if capable of remedy, is not remedied within three months, or on a force majeure event
continuing for more than 90 days.
Transactions with the Mattioli Woods Group
Unaudited Unaudited Audited
6 months 6 months 12 months
to 30 Sept 2025 to 30 Sept 2024 to 31 Mar 2025
£000 £000
£000
Mattioli Woods
Merlin introduction 210 - -
Maven Capital Partners LLP
Company Secretarial Consultancy 10 - 3
Custodian Capital Limited
Investment Management 1,850 1,692 3,417
Administration 261 246 494
Merlin transaction 56 - -
Marketing fee - - -
2,387 1,938 3,911
The vendors of Merlin are advised clients of Mattioli Woods.
The Investment Manager receives a marketing fee of 0.25% (2024: 0.25%) of the aggregate gross
proceeds from any issue of new shares in consideration of the marketing services it provides to the
Company.
Mattioli Woods arranges insurance on behalf of the Company’s tenants through an insurance broker and
the Investment Manager is paid a commission by the Company’s tenants via their premiums for
administering the policy.
18. Events after the reporting date
Dividends
On Friday 28 November 2025 the Company paid a fourth quarterly interim dividend per share of 1.5p.
Since the Period end, the Company has:
• Bought-back a further 5.5m ordinary shares under the share buyback programme; and
• Sold six assets in Leicestershire, acquired as part of the Merlin Portfolio, for £2.4m.
19. Additional disclosures
NAV per share total return
An alternative measure of performance taking into account both capital returns and dividends by
assuming 30 dividends declared are reinvested at NAV at the time the shares are quoted
31 ex-dividend, shown as a percentage change from the start of the period.
Unaudited Unaudited Audited
at 30 Sept 2025 at 30 Sept 2024 at 31 Mar 2025
£000 £000
£000
Calculation
Net assets (£000) 456,335 412,726 423,466
Shares in issue at the period end, 461,569 440,850 440,850
(excluding treasury shares (thousands)
NAV per share at the start of the period A 96.1 93.4 93.4
(p)
Dividends per share paid during the B 3.0 3.175 6.175
period (p)
NAV per share at the end of the period C 98.9 93.6 96.1
(p)
NAV per share total return (C-A+B)/A 6.0% 3.6% 9.5%
Share price total return
An alternative measure of performance taking into account both share price returns and dividends by
assuming 32 dividends declared are reinvested at the ex-dividend share price, shown as a percentage
change from the start of the period.
Unaudited Unaudited Audited
at 30 Sept 2025 at 30 Sept 2024 at 31 Mar 2025
Pence Pence
Pence
Calculation
Share price at the start of the period A 76.2 81.4 81.4
Dividends per share for the period B 3.0 3.175 6.175
Share price at the end of the period C 81.0 85.4 76.2
1.2%
Share price total return (C-A+B)/A 10.2% 8.8%
Dividend cover
The extent to which dividends relating to the Period are supported by recurring net income (EPRA
earnings), indicating whether the level of dividends is sustainable.
Unaudited
Unaudited Audited
6 months
6 months to 30 Sept 2024 12 months
to 30 Sept 2025 to 31 Mar 2025
£000 £000 £000
Dividends paid relating to Q1 6,952 6,613 19,838
Dividends paid or approved relating to Q2 6,921 6,613 6,613
13,874 13,226 26,451
Profit after tax 27,636 14,903 38,155
One-off costs - - -
Net gain on investment property and depreciation (13,573) (1,700) (11,369)
EPRA earnings 14,063 13,203 26,786
Dividend cover 101% 100% 101%
Net gearing
Gross borrowings less cash (excluding deposits), divided by property portfolio 33 25 value. This
ratio indicates whether the Company is meeting its investment objective to target 25% loan-to-value
in the medium-term to balance enhancing shareholder returns without facing excessive financial risk.
Unaudited Unaudited Audited
at 30 Sept 2025 at 30 Sept 2024 at 31 Mar 2025
£000 £000
£000
Gross borrowings 173,500 174,000 175,000
Cash (7,922) (10,919) (10,118)
Other (344) - -
Restricted cash 712 2,700 2,188
Net borrowings 165,946 165,781 167,070
Investment property and assets held for sale 625,034 582,437 594,364
PV 5,393 -* 3,808
630,427 582,437 598,172
Net gearing 26.3% 28.5% 27.9%
*PV was not included in the net gearing calculation in the prior period.
Weighted average cost of debt
The interest rate payable on bank borrowings at the period end weighted by the amount of borrowings
at that rate as a proportion of total borrowings
Amount drawn
30 September 2025
£m Interest rate
Weighting
Lloyds RCF 53.5 5.780% 1.78%
Variable rate 53.5
SWIP £45m loan 45.0 2.987% 0.77%
Aviva
• £35m tranche 35.0 3.020% 0.61%
• £15m tranche 15.0 3.260% 0.28%
• £25m tranche 25.0 4.100% 0.60%
Fixed rate 140.0
Weighted average drawn facilities 173.5 4.04%
Amount drawn
30 September 2024
£m Interest rate
Weighting
Lloyds RCF 34.0 6.720% 1.31%
Variable rate 34.0
SWIP £20m loan 20.0 3.935% 0.45%
SWIP £45m loan 45.0 2.987% 0.77%
Aviva
• £35m tranche 35.0 3.020% 0.61%
• £15m tranche 15.0 3.260% 0.28%
• £25m tranche 25.0 4.100% 0.59%
Fixed rate 140.0
Weighted average drawn facilities 174.0 4.01%
Amount drawn
31 March 2025
£m Interest rate
Weighting
RCF 35.0 6.080% 1.22%
Total variable rate 35.0
SWIP £20m loan 20.0 3.935% 0.77%
SWIP £45m loan 45.0 2.987% 0.45%
Aviva
• £35m tranche 35.0 3.020% 0.60%
• £15m tranche 15.0 3.260% 0.28%
• £25m tranche 25.0 4.100% 0.59%
Total fixed rate 140.0
Weighted average drawn facilities 175.0 3.91%
Ongoing charges
A measure of the regular, recurring costs of running an investment company expressed as a percentage
of average NAV, and indicates how effectively costs are controlled in comparison to other property
investment companies.
Unaudited
Unaudited Audited
6 months
6 months to 30 Sept 2024 12 months
to 30 Sept 2025 to 31 Mar 2025
£000 £000 £000
Group
Average quarterly NAV during the period 442,856 411,615 414,786
Expenses excluding depreciation and the cost of 15,401 15,994* 13,852
sold houses (annualised)
Operating expenses of rental property rechargeable (4,835) (5,884) (3,562)
to tenants (annualised)
Operating expenses of rental property directly (4,630) (4,826) (4,891)
incurred (annualised)
Ongoing charges excluding direct property expenses 5,936 5,284 5,399
(annualised)
1.34%
OCR excluding direct property expenses 1.28% 1.30%
*depreciation was not deducted from total expenses in the prior period calculation.
EPRA earnings per share
A measure of the Company’s operating results excluding gains or losses on investment property,
giving an alternative indication of performance compared to basic EPS which sets out the extent to
which dividends relating to the Period are supported by recurring net income.
Unaudited Unaudited Audited
6 months 6 months 12 months
to 30 Sept 2025 to 30 Sept 2024 to 31 Mar 2025
£000 £000
£000
Profit for the period after taxation 27,636 14,903 38,155
Net gains on investment property and depreciation (13,573) (1,700) (11,369)
EPRA earnings 14,063 13,203 26,786
Weighted average number of shares (excluding treasury
shares) in issue (thousands)
455,160 440,850 440,850
EPRA earnings per share (p) 3.1 3.0 6.1
EPRA vacancy rate
EPRA vacancy rate is the ERV of vacant space as a percentage of the ERV of the whole property
portfolio and offers insight into the additional rent generating capacity of the portfolio.
Unaudited Unaudited Audited
at 30 Sept 2025 at 30 Sept 2024 at 31 Mar 2025
£000 £000
£000
Annualised potential rental value of vacant premises 4,033 3,198 4,467
Annualised potential rental value for the property 51,943 49,328 50,194
portfolio
7.8%
EPRA vacancy rate 6.5% 8.9%
EPRA cost ratios
EPRA cost ratios reflect overheads and operating costs as a percentage of gross rental income and
indicate how effectively costs are controlled in comparison to other property investment companies.
Unaudited Unaudited Audited
6 months 6 months 12 months to 31 March
to 30 Sept 2025 to 30 Sept 2024
2025
£000 £000
Group £000
Directly incurred operating expenses and other
expenses, excluding depreciation and cost of 5,284 5,055 10,290
houses sold
Ground rent costs (38) (38) (38)
EPRA costs (including direct vacancy costs) 5,246 5,017 10,252
Property void costs (1,148) (794) (1,806)
EPRA costs (excluding direct vacancy costs) 4,098 4,223 8,446
Gross rental income 21,741 20,732 42,828
Ground rent costs (38) (38) (38)
Rental income net of ground rent costs 21,703 20,694 42,790
EPRA cost ratio (including direct vacancy 24.2% 24.2% 24.0%
costs)
18.9% 20.4% 19.7%
EPRA cost ratio (excluding direct vacancy
costs)
EPRA Net Tangible Assets (“NTA”)
Assumes that the Company buys and sells assets for short-term capital gains, thereby crystallising
certain deferred tax balances
Unaudited Unaudited Audited
at 30 Sept 2025 at 30 Sept 2024 at 31 Mar 2025
£000 £000
£000
IFRS NAV 456,335 412,726 423,466
Fair value of financial instruments - - -
Deferred tax - - -
EPRA NTA 456,335 412,726 423,466
Closing number of shares (excluding treasury shares) 461,569 440,850 440,850
in issue (thousands)
EPRA NTA per share (p) 98.9 93.6 96.1
EPRA topped-up NIY
Annualised rental income based on cash rents passing at the balance sheet date less non-recoverable
property operating expenses and adjusted for the expiration of lease incentives (rent free periods
or other lease incentives such as discounted rent periods and stepped rents), divided by property
valuation plus estimated purchaser’s costs.
Unaudited at 30 Sept Unaudited at 30 Sept Audited
2025 2024 at 31 Mar 2025
£000 £000 £000
Investment property 34 26 625,033 582,437 594,364
Allowance for estimated purchaser’s 40,627 37,858 38,634
costs 35 27
Gross-up property portfolio valuation 665,661 620,295 632,998
Annualised cash passing rental 42,585 42,405 41,135
income 36 28
Property outgoings 37 29 (1,451) (1,431) (2,122)
Impact of expiry of current lease 3,305 1,862 2,780
incentives
Annualised net rental income 44,439 42,836 41,793
EPRA topped-up NIY 6.7% 6.9% 6.6%
Directors’ responsibilities for the interim financial statements
The Directors have prepared the interim financial statements of the Company for the Period from
1 April 2025 to 30 September 2025.
We confirm that to the best of our knowledge:
a. The condensed interim financial statements have been prepared in accordance with IAS 34 ‘Interim
Financial Reporting’ as adopted by the United Kingdom;
b. The condensed set of financial statements, which has been prepared in accordance with the
applicable set of accounting standards, gives a true and fair view of the assets, liabilities,
financial position and profit or loss of the Company, or the undertakings included in the
consolidation as a whole as required by DTR 4.2.4R;
c. The interim financial statements include a fair review of the information required by DTR 4.2.7R
of the Disclosure and Transparency Rules, being an indication of important events that have
occurred during the first six months of the financial year, and their impact on the Condensed
Financial Statements, and a description of the principal risks and uncertainties for the
remaining six months of the financial year; and
d. The interim financial statements include a fair review of the information required by DTR 4.2.8R
of the Disclosure and Transparency Rules, being material related party transactions that have
taken place in the first six months of the current financial year and any material changes in
the related party transactions described in the last Annual Report.
A list of the current directors of Custodian Property Income REIT plc is maintained on the Company’s
website at 38 custodianreit.com.
By order of the Board
David MacLellan
Chairman
4 December 2025
Independent review report to Custodian Property Income REIT plc
Conclusion
We have been engaged by the Company to review the condensed set of financial statements in the
half-yearly financial report for the six months ended 30 September 2025 which comprises the
condensed consolidated statement of comprehensive income, the condensed consolidated statement of
financial position, the condensed consolidated statement of cash flows, consolidated statements of
changes in equity and related notes 1 to 19.
Based on our review, nothing has come to our attention that causes us to believe that the condensed
set of financial statements in the half-yearly financial report for the six months ended 30
September 2025 is not prepared, in all material respects, in accordance with United Kingdom adopted
International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the
United Kingdom’s Financial Conduct Authority.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review Engagements (UK) 2410
“Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued
by the Financial Reporting Council for use in the United Kingdom (ISRE (UK) 2410). A review of
interim financial information consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with International Standards on
Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of
all significant matters that might be identified in an audit. Accordingly, we do not express an
audit opinion.
As disclosed in note 2.1, the annual financial statements of the Company are prepared in accordance
with United Kingdom adopted international accounting standards. The condensed set of financial
statements included in this half-yearly financial report has been prepared in accordance with United
Kingdom adopted International Accounting Standard 34, “Interim Financial Reporting”.
Conclusion Relating to Going Concern
Based on our review procedures, which are less extensive than those performed in an audit as
described in the Basis for Conclusion section of this report, nothing has come to our attention to
suggest that the directors have inappropriately adopted the going concern basis of accounting or
that the directors have identified material uncertainties relating to going concern that are not
appropriately disclosed.
This Conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410;
however future events or conditions may cause the entity to cease to continue as a going concern.
Responsibilities of the directors
The directors are responsible for preparing the half-yearly financial report in accordance with the
Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority.
In preparing the half-yearly financial report, the directors are responsible for assessing the
Company’s ability to continue as a going concern, disclosing as applicable, matters related to going
concern and using the going concern basis of accounting unless the directors either intend to
liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the review of the financial information
In reviewing the half-yearly financial report, we are responsible for expressing to the company a
conclusion on the condensed set of financial statements in the half-yearly financial report. Our
Conclusion, including our Conclusion Relating to Going Concern, are based on procedures that are
less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this
report.
Use of our report
This report is made solely to the Company in accordance with ISRE (UK) 2410. Our work has been
undertaken so that we might state to the Company those matters we are required to state to it in an
independent review report and for no other purpose. To the fullest extent permitted by law, we do
not accept or assume responsibility to anyone other than the company, for our review work, for this
report, or for the conclusions we have formed.
Deloitte LLP
Statutory Auditor
London, United Kingdom
4 December 2025
-Ends-
════════════════════════════════════════════════════════════════════════════════════════════════════
39 1 Including assets classified as held for sale.
40 2 Comprising unrealised gains on investment property and solar panels.
41 3 Classified as property, plant and equipment.
42 4 Latest external valuation prior to the disposal offer being reflected in subsequent
valuations.
43 5 The European Public Real Estate Association (“EPRA”).
44 6 Profit after tax, excluding net gains or losses on investment property and depreciation,
divided by weighted average number of shares in issue (excluding treasury shares).
45 7 Profit after tax divided by weighted average number of shares in issue (excluding treasury
shares).
46 8 Dividends paid and approved for the Period.
47 9 Profit after tax, excluding net gains or losses on investment property and depreciation,
divided by dividends paid and approved for the Period.
48 10 Net Asset Value (“NAV”) movement including dividends paid during the Period on shares in
issue at 31 March 2025.
49 11 Share price movement including dividends paid during the Period.
50 12 EPRA net tangible assets (“NTA”) does not differ from the Company’s IFRS NAV or EPRA NAV.
51 13 Gross borrowings less cash (excluding restricted cash) divided by property portfolio value
and solar panel value.
52 14 Expenses (excluding depreciation, cost of sold houses and operating expenses of rental
property) divided by average quarterly NAV.
53 15 Weighted by floor area. For properties in Scotland, English equivalent EPC ratings have
been obtained.
54 16 A full version of the Company’s Investment Policy is available at
www.custodianreit.com/wp-content/uploads/2024/01/CREI-Investment-Policy-amended-16-January-2024.pdf.
55 17 ‘Core’ real estate is generally understood to offer the lowest risk and target returns,
requiring little asset management and fully let on long leases. Core-plus real estate is generally
understood to offer low-to-moderate risk and target returns, typically high-quality and
well-occupied properties but also providing asset management opportunities.
56 18 Rated by Dun & Bradstreet as having a credit risk score worse than two.
57 19 EPRA topped-up net initial yield.
58 20 Expected future increase in rents once reset to market rate.
59 21 Excluding the impact of the Merlin acquisition shareprice discount unwind.
60 22 ERV of let property divided by total portfolio ERV.
61 23 Current passing rent plus ERV of vacant properties.
62 24 Weighted by floor area.
63 25 Comprising investment property, assets held-for-sale and PV.
64 26 Including assets held-for-sale.
65 27 Assumed at 6.5% of investment property valuation.
66 28 Annualised cash rents at the period-end date.
67 29 Non-recoverable directly incurred operating expenses of vacant rental property, excluding
letting and rent review fees.
════════════════════════════════════════════════════════════════════════════════════════════════════
Dissemination of a Regulatory Announcement that contains inside information in accordance with the
Market Abuse Regulation (MAR), transmitted by 68 EQS Group.
The issuer is solely responsible for the content of this announcement.
════════════════════════════════════════════════════════════════════════════════════════════════════
ISIN: GB00BJFLFT45
Category Code: IR
TIDM: CREI
LEI Code: 2138001BOD1J5XK1CX76
Sequence No.: 410422
EQS News ID: 2240778
End of Announcement EQS News Service
══════════════════════════════════════════════════════════════════════════
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