Centuria Metropolitan REIT (ASX:CMA) Fund Manager, Grant Nichols, presents the company's 1H19 results.
Actively managing portfolio:
- 98.8% occupancy, WALE of 4.3 years predominately underpinned by 75% multinational, ASX and government tenants
- Portfolio value increased to $1.4 billion following Hines acquisition at 3.8% discount to valuation
- 2.1% NTA uplift to $2.47 per unit since October 2018 portfolio acquisition
Capital management initiatives:
- ICR of 5.6x and LVR of 37% ensure ample headroom with debt covenants
- New debt tranches implemented further diversifying debt expiry profile
- No debt expiry until end of FY20
Repositioned CMA as a pure play office REIT:
- On track to deliver FY19 earnings and distribution guidance
- Strong 12 month return on equity of 10.9%
For more, watch Fund Manager Grant Nichols present.