Centuria Metropolitan REIT (ASX:CMA) has announced a $17.6 million increase in the value of its property portfolio.
The investment trust says that the increase in property values has been driven by higher occupancy and income growth, and a general firming of capitalisation rates.
Centuria also says that it expects to increase its net tangible assets by around $0.10 per security, resulting in an increase to $2.15 per security.
Trust Manager, Nicholas Blake, says he is not surprised by this result due to the demand for quality metropolitan commercial space outstripping supply.
Centuria reported a net profit of $19.3 million at 31 December 2015.