Centuria Industrial REIT (ASX:CIP) Fund Manager, Ross Lees, presents the company's 1H19 results.
Highlights:Maintain leasing momentum:
- Occupancy improved to 97.1% (94.5% at FY18)
- Leases agreed for 65,902sqm (8% of the portfolio) in 1H19
- Remaining lease expiry in FY19 is 1.5% of portfolio
Improve Victoria portfolio:
- Over 52,000sqm leased in the half
- Occupancy now above 96%
- Transacted $52 million of assets in 1H19 to improve portfolio quality
Prudently manage debt:
- Reduced gearing to 37%
- Refinanced $210 million of debt, introduced new lender
- No debt maturing until May 2020
Continue to maximise ROE:
- 12 month return on equity of 15.8%
- Revaluations driving NTA increase of 3.9% in 1H19
Deliver FY19 earnings guidance:
- 1H19 distributable earnings of 9.3cpu, distribution of 9.2cpu delivered
- Guidance for distributable earnings per unit of 18.5 - 19.0cpu, distribution per unit of 18.4cpu reiterated
For more, watch Fund Manager Ross Lees present.
