Centuria Metropolitan REIT
(ASX:CMA): REIT Manager, Nicholas Blake presents the company's FY17 full year results.
HighlightsDelivering on strategy and building a stronger platform
Delivered on earnings- Active management driving portfolio performance
- Delivered top end of guidance in FY17 – Distributable earnings of 19.0 cps
- Positive track record of delivering on earnings and distribution forecasts
Improved trading liquidity and increased market capitalisation- Expanded into Australia’s leading ASX listed metropolitan office REIT
- Successfully completed $90 million equity raising with strong support from existing and new security holders
- Enhanced scale and liquidity, improved eligibility for inclusion into S&P/ASX300 Index
Enhanced investment property portfolio- Successfully completed the acquisition of Centuria Urban REIT and three additional assets in the direct market
- Higher quality, well diversified portfolio delivering stable and predictable rental income
- Driving investor returns through rental income and opportunities for capital growth
- Sold 14 Mars Road, Lane Cove, NSW at a significant premium to book value
Simplified corporate structure- Restructure streamlines financial reporting
- Generates ongoing cost savings and operational efficiencies
- Simplified structure may facilitate future acquisitions
