You are now leaving Centuria Australia
and entering Centuria New Zealand.
Centuria’s listed property trusts have today announced their FY17 profit results, with both Centuria Metropolitan REIT (ASX:CMA) and Centuria Industrial REIT (ASX: CIP), announcing positive returns for investors with net profits of $37.7 million and $50.8 million, respectively.
Nicholas Collishaw, CEO of listed property at Centuria said he’s delighted with the results, which reflect the significant support of both retail and institutional investors in Centuria’s listed funds.
“Over the past financial year, the listed property division has successfully completed two capital raisings, acquired the majority of 360 Capital’s property funds, merged the Centuria Urban and Metropolitan REITs to create a market leading metropolitan office REIT, and taken control of CIP from 360 Capital. All these movements have contributed to a very positive return for investors.”
Nicholas Blake, Trust Manager, CMA, said the results highlight the benefits for investors in choosing a specialist manager.
“CMA has delivered a strong total return of 49.5% (as at August 2, 2017) since listing in December 2014, outperforming the S&P/ASX 300 Index which returned 39.6% (as at August 2, 2017) over the same period. The trust is well-positioned to continue to deliver predictable and growing returns to security holders, and we will continue to seek opportunities to extract additional value from the portfolio through active asset-management initiatives.
“In Australia’s metropolitan office markets, superior asset selection, active asset management and close relationships with tenants are the cornerstones of success. CMA represents an opportunity for investors to gain exposure to an investment-grade portfolio managed by hands-on professional managers, specialised in generating value throughout the property cycle.”
Ross Lees, Trust Manager, CIP, said Centuria’s activity since taking over control of CIP In January demonstrates the manager’s active approach.
“We have actively pursued strategies to stablise and reposition the portfolio for long-term success following the transition of management of the industrial trust from 360 Capital to Centuria in January this year. In FY17 we achieved record leasing volumes, agreed to transact $95 million of assets and refinanced CIP’s entire debt book. During this period of heightened activity, we remained focused on our core objectives, and delivered earnings and distributions in line with the re-stated guidance provided in February. We commence FY18 in a solid position to continue growing value for unit holders.”
A prerecorded briefing of CMA and CIP’s FY17 Annual Results and the FY17 Results Presentation and Property Compendium is available via our website.
[1] Distributable earnings are a financial measure which is not prescribed by Australian Accounting Standards (“AAS”) and represents the profit under AAS adjusted for specific non-cash and significant items. The Directors consider that distributable earnings reflect the core earnings of CMA.
[2] CMA’s pro forma NTA adjusted post 30 June acquisitions reduced to $2.29 per security.
[3] Weighted by gross income.
[4] Excluding transactions costs.
[5] Based on the closing CMA security price of $2.39 per security 9 August 2017.
[6] Portfolio GLA includes acquisitions announced on 29 June 2017adjusted for specific non-cash and significant items. The Directors consider that distributable earnings reflect the core earnings of CIP.
[7] By income.
[8] Includes 39-45 Wedgewood Drive, Hallam which exchanged on 5 July 2017
[9] Settlement of 207-219 Browns Road, Noble Park occurred on 17 July 2017. Lot 14 Sudlow Road, Bibra Lake, WA is expected to settle on 29 September 2017.