Australia’s largest domestic pure play industrial REIT
Throughout FY23, CIP continued to capitalise on strong leasing momentum, accelerated re-leasing spreads and maintained a robust balance sheet to deliver solid results.
Funds From Operations1 of 17.0cents per unit and Distributions of 16.0 cents per unit were delivered, in line with guidance, while 12-month total shareholders return was 16.4%, double the S&P ASX 200 A-REIT index4.
A high leasing volume exceeding 182,000sqm5 was achieved, averaging 30%6 positive re-leasing spreads throughout the year. CIP’s portfolio is heavily weight to core urban infill markets on Australia’s east coast and well positioned to benefit from the strong leasing conditions.
CIP’s executed several strategic capital management initiatives in FY23 to further strengthen its balance sheet, ending the year with gearing3 at 33.1% at the lower end of the target gearing range.
