Centuria Industrial REITs (ASX:CIP) portfolio valuation up 8.3%

Company News

by Melissa Darmawan

Centuria Industrial REIT’s (ASX:CIP) portfolio grew more than $2.6 billion for Q3 FY21. Within that time, a valuation of 58 out of the 61 investment properties led to a rise of 8.3 per cent or $196 million when compared on a like for like basis from prior book values.

In the quarter, they acquired $90.5 million of high-quality industrial properties in NSW and Victoria. This brought the total acquisitions for FY21 year to date to $784.2m. Terms were agreed or leases completed for 56,173sqm representing approximately 5.3 per cent of the portfolio with occupancy up 1.1 per cent to 98.8 per cent as property WALE was maintained at 9.7 years.

The company reaffirmed FY21 funds from operations guidance of no less than 17.6 cents per unit (cpu) and distribution guidance of 17.0 cents per unit.

Jesse Curtis said, “CIP delivered a strong set of results for the quarter. The REIT’s portfolio metrics have strengthened while holding a healthy balance sheet that continues to provide headroom to pursue opportunistic acquisitions. CIP is well positioned to continue delivering secure income and capital growth to our investors.

“With CIP’s current momentum growing portfolio expansion to $2.6 billion, and continued re-rating of industrial markets, CIP continues to position itself as Australia’s largest domestic pure play industrial REIT".

Shares in Centuria Industrial REIT’s (ASX:CIP) is trading 0.57 per cent higher at $3.50.