Edison's Report on Custodian Property Income REIT Released

Edison Investment Research Limited has issued a report on Custodian Property Income REIT, listed on the London Stock Exchange under the ticker CREI. The report highlights a 2.0% NAV total return for the third quarter of 2026. This follows a modest 0.5% increase in the previous quarter. Despite challenges, the NAV per share climbed to 539.1p, indicating a recovery from earlier lows.

The gross portfolio saw a 5% increase in Q3, amounting to a 15% year-to-date rise. This increase managed to counteract a 2% decrease due to lower comparable multiples. Furthermore, both revenue and EBITDA have shown significant growth, rising by 15% and 19% year-over-year respectively. The EBITDA margin stands at a solid 35%.

It's notable that despite a positive movement in certain listed software valuations, application and vertical software stocks did not perform as strongly. Consequently, HgT’s weighted average EV/EBITDA multiple declined to 22.6x from 25.2x at the end of 2025. Additionally, the average net debt to EBITDA ratio improved, now at 6.7x compared to 7.4x the previous year.