Centuria strengthens balance sheet, hits FY19 EPU target

Company News

by Anna Napoli

Centuria Industrial REIT (ASX:CIP) has announced statutory profit of $88.8 million for the 2019 financial year compared with $98.9 million for the prior corresponding period.
Total revenue rose by $4.9 million to $92.4 million.

Distributable Earnings of $48.7m generated EPU of 18.8 cents per unit, which is at the mid-upper range of FY19 guidance of 18.5 - 19.0cpu.

Total assets increased to $1.25 billion as a result of the acquisition of 6 assets for $147.4 million as well as revaluation gains of $72 million.

Total distributions of 18.4 cents per unit was paid in line with guidance.

Centuria says during the period, it strengthened its balance sheet, refinancing $310 million of short term facilities and securing an additional $60 million of facilities. Along with introducing a new lender to a diversified lender pool, the company now has no debt maturities until FY22.

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Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.