Centuria Industrial REIT (ASX:CIP) has reported strong full-year results, underpinned by robust leasing activity and a solid balance sheet.
The company achieved funds from operations (FFO) of 17.2 cents per unit, in line with upgraded guidance. Leasing momentum remained strong, with over 300,000 sqm of leasing completed and impressive average re-leasing spreads of 43%. CIP’s portfolio, heavily concentrated in core urban infill markets on Australia’s east coast, is well-positioned to capitalise on ongoing strong leasing conditions.
CIP executed $120 million in strategic divestments to strengthen its balance sheet further, reducing gearing to 34%.
The company’s statutory profit for the year was $12.2 million, a significant improvement from the previous year’s loss. Centuria Industrial REIT’s share price closed 1% higher at $3.35.
Fund Manager Jesse Curtis highlighted the company’s strong leasing performance, successful acquisitions in key growth sectors such as data centres and cold storage, and reaffirmed FY24 distribution guidance of 16.0 cents per share.
With a solid financial position and continued focus on high-quality assets, CIP is well-placed for future growth.
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