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Centuria Industrial REIT FY24 results

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Centuria Industrial REIT
FY24 results

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17.5cpu

FY25 FFO guidance 1

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16.3cpu

FY25 DPU guidance 1

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$3.86

NTA2

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34%

Gearing3

Australia’s largest domestic pure play industrial REIT.

Throughout FY24, CIP continued to capitalise on strong leasing momentum, achieving 43%4 releasing spreads while maintaining a robust balance sheet to deliver solid results.

Funds From Operations1 of 17.2 cents per unit were delivered, in line with upgraded guidance.

High leasing volumes exceeding 300,000sqm5 were achieved, with average 43%4 positive re-leasing spreads. CIP’s portfolio is heavily weighted to core urban infill markets on Australia’s east coast and is well positioned to continue benefiting from strong leasing conditions.

CIP executed $120m of strategic divestments in FY24 with proceeds used to repay debt, ending the year with gearing3 at 34% at the lower end of the target gearing range.

Quicklinks

CIP FY24 results highlights

Watch Grant Nichols, Head of Listed Funds and CIP Fund Manager, discuss the Fund’s FY24 highlights.

Press play to watch the video.

A well-balanced portfolio across the major industrial sub-sectors

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89

High quality assets

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$3.8bn

Portfolio book value6

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97.1%

Portfolio occupancy7

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7.6year

Portfolio WALE7

manufacturing
MANUFACTURING & PRODUCTION

24% portfolio value

Distribution centres
DISTRIBUTION CENTRES

42% portfolio value

transport logistics
TRANSPORT LOGISTICS

14% portfolio value

Data Centres
DATA CENTRES

12% portfolio value

cold stores
COLD STORAGE

7% portfolio value

1. Guidance remains subject to unforeseen circumstances and material changes in operating conditions
2. NTA per unit is calculated as net assets divided by number of units on issue​
3. Proforma adjustment for the divestment of 54 Sawmill Circuit, Hume ACT for $28.1m which was exchanged in July 2024. Gearing is defined as total interest bearing liabilities divided by total assets​
4. On a net rent basis compared to prior passing rents​
5. Includes heads of agreement (HOA) ​
6. At CIP ownership of joint venture assets​
7. By income. Excludes assets that have been withdrawn and currently undergoing significant repositioning works, being 30 Fulton Drive, Derrimut Vic and an 8,364sqm cold storage tenancy at 102-128 Bridge Road, Keysborough Vic ​