Title: PowerPoint Presentation URL Source: https://documentscdn.financialexpress.net/Literature/DD56E4C01510D7E4D746A8FA486C4CD2/242078587.pdf Number of Pages: 2 Markdown Content: Market cap £397.3m Share price 86.5p Net asset value 99.8p Target dividend 6.0pps Dividend payments Feb, May, Aug, Nov EPRA earnings per share 6.0 pps per annum Fund Manager Richard Shepherd -Cross MRICS Number of properties 168 Number of tenancies 410 Void rate 8.5% Target gearing 25% Current gearing 26.2% Ongoing charges ratio 1.3% All figures as at 31 December 2025 ## Objective: Investment Strategy – Smaller Regional Property Diversified UK commercial property portfolio Income -focused strategy High residual value, low obsolescence properties Smaller lot sizes Diverse tenants, region and sector mix Minimise cash drag ## REIT of choice for private and institutional investors seeking ## high and stable income from well -diversified UK real estate # Dividends Share price total return Q4 -25 Q1 -26 Q2 -26 Q3 -26 Pence per share 1.5 1.5 1. 5 1.5 Annualised 6.0 pence per share # Performance to December 2025 Qtr 1yr 3yr 5yr NAV Total Return 2.4% 12.1% 17.7% 33.3% Income return 1.6% 6.4% 17.7% 29.7% Capital return 0.9% 5.7% 0% 3.5% Share Price Total Return 8.6% 20.0% 11.7% 31.2% Income return 1.9% 7.8% 18.9% 32.7% Capital return 6.8% 12.2% -7.3% -1.5% # Implied annualised # dividend yield – 6.9% # 11% # 26% # 18% # 28% # 17% 0% 5% 10% 15% 20% 25% 3 0-1 YEARS 1-3 YEARS 3-5 YEARS 5-10 YEARS 10+ YEARS # Income at Risk This document ('Document'), which relates to Custodian Property Income REIT Plc ('Custodian REIT'), has been issued and approved by Custodian Capital Limited (the 'Company’), a company authorised under the Financial Services and Markets Act 2000 and regulated by the Financial Conduct Authority in England and Wales . The Company is solely responsible for it and its contents . Estimated and target figures in this Document are based on unaudited information . Those figures and any other statements that are, or may be deemed forward -looking statements, which relate, inter alia, to Custodian REIT’s proposed strategy, plans and objectives have not been subject to formal verification . They involve known and unknown risks, uncertainties and other important factors beyond the control of the Company or Custodian REIT that could cause the actual performance or achievements of Custodian REIT to be materially different from such forward -looking statements . They do not represent and should not be regarded as representing forecasts of the performance of Custodian REIT . Accordingly, you should not rely on any forward -looking statements and the Company accepts no obligation to disseminate any updates or revisions to such forward -looking statements . Custodian REIT shares are intended to be admitted to trading on a public stock market and, as a result, the price at which shares will be tradable will vary according to market conditions and may not reflect their net asset value . No undertaking, representation, warranty or other assurance is given, and none should be implied, and no reliance should be placed on the accuracy, completeness or fairness of the information or opinions contained in this Document . The information contained in this Document is subject to completion, alteration and verification and has not been verified by the Company . Save in the case of fraud, no liability is or will be accepted for such information by the Company, Custodian REIT or any of their respective directors, officers, employees, agents or advisers or any other person . This Document is an advertisement and does not constitute a prospectus and does not constitute, or form part of, any offer of, or invitation to apply for, securities ; neither shall it, nor the fact of its distribution, form the basis of or be relied upon in connection with any contract or commitment to acquire any securities . Copies of the prospectus of Custodian REIT, if published, will be available from the registered office of Custodian REIT . Recipients of the information contained within this Document who are considering acquiring shares in the Custodian REIT are reminded that any such purchase or subscription must be made only on the basis of the information contained in the prospectus relating to the Custodian REIT in its final form, which may be different from the information contained in this Document . No reliance may be placed, for any purposes whatsoever, on the information contained in this Document or on its completeness, and this Document should not be considered a recommendation by the Company or Custodian REIT or any of their respective directors, officers, employees, agents or advisers in connection with any purchase of or subscription for securities of Custodian REIT . The distribution of the Document in jurisdictions other than the United Kingdom may be restricted by law and therefore persons into whose possession the Document may come should inform themselves about and observe any such restrictions . In particular, neither this Document nor any copy of it may be (i) taken or transmitted into the United States of America, (ii) distributed, directly or indirectly, in the United States of America or to any US person (within the meaning of regulations made under the Securities Act 1933 , as amended), (iii) taken or transmitted into or distributed in Canada, Australia, the Republic of Ireland or the Republic of South Africa or to any resident thereof, or (iv) taken or transmitted into or distributed in Japan or to any resident thereof . Any failure to comply with these restrictions may constitute a violation of the securities law of such jurisdictions . By receiving the Document, you agree to be bound by the restrictions in this disclaimer . The value of investments and the income from them can go down as well as up and you may not get back the amount you invested . Past performance is not a guide to the future . If you have any issues with this document, please contact Custodian Capital Limited . About us Custodian Property Income REIT plc was launched as a main -market -listed property investment company on the London Stock Exchange on 26 March 2014. The Company seeks to deliver a higher level of fully covered dividend by pursuing a smaller regional property strategy. We believe through this strategy it is possible to secure a marginal income advantage, without adding to property -specific risk or concentration risk. Custodian Capital Limited, the Investment Manager, is a subsidiary of Mattioli Woods Limited and is authorised and regulated by the Financial Conduct Authority (FCA). ESG The Company is committed to: Seek to minimise pollution and comply with all relevant environmental legislation; Gather and analyse data on our environmental performance across our property portfolio; and Monitor environmental performance and achievements against targets for our properties as a commitment to continuous improvement . Energy Performance Certificate Gearing LTV 26.2% 69% of facilities fixed rate 31% revolving credit facility Weighted average cost of debt 4.0% Weighted average unexpired term of fixed debt 3.5 years Fund Manager’s comment Richard Shepherd -Cross: “The 12 months to 31 December 2025 proved challenging for UK listed real estate, and the direct commercial property market, with five of the 12 months ‘on hold’ as the country awaited the outcome of the November 2025 Budget. Despite strong investment volumes in the second quarter of the year, volumes dropped to 26% below the five -year quarterly average, according to Carter Jonas, in Q3 and early indications show that Q4 was little better. “We believe that the Q2 investment volumes point to the confidence in a property recovery that would have continued without the budget fear hiatus. The impact of the budget on commercial real estate was very limited, extending only to a proposed reorganisation of business rates. The gloom that hung over the economy in anticipation of the November 2025 budget masked some strongly positive metrics for property and we are seeing the market react to this positivity in the early weeks of 2026. “Rental growth continues to underpin performance, with Custodian Property Income REIT showing a reversionary potential (estimated rental value over passing rent) of 14%, or £52.0m over £45.8m and like -for -like rental growth of 2.4% over the financial year to date. As detailed below eight new lettings were agreed in the Quarter, 10% ahead of estimated rental value, in aggregate, adding £0.7m to the rent roll. ”Easing longer -term gilt rates, with 10 -year rates falling from c.4.6% to c.4.4% over the last 12 months, have also had a positive effect on listed real estate. Combined with stable property valuations, these rate movements have convinced a growing number of more generalist investors that the prospects for commercial property are strongly positive. Notable among these investors who have seen the opportunity are retail investors, with Custodian Property Income REIT’s retail shareholder base (through share trading platforms alone) growing by 1.1m shares in the Quarter and by over 18.7m shares during 2025. “More widely, this growing confidence in listed real estate was reported by Citywire which noted that the main UK REIT index delivered 11% growth in 2025. This was consistent with Custodian Property Income REIT which enjoyed a 12% increase in share price over the year and a share price total return of 20%, demonstrating the importance of the income component of this metric.”